day trading for a living isn't possible to day trade for a living
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is it possible to day trade for living let's think about that so when I say a
living does that mean how much money do I need to make I need to make a million
dollars a year $100,000 a year $20,000 a year what's my living how much money do
I need to live and that's kind of a hard question that's something you need to
ask yourself you know what's the kind of the bare minimum and then kind of figure
it out where are you when your day trading career are you just now starting
out are you just now learning about a tree should I quit my job today to start
day trading tomorrow if I quit my job today
can I start day trading tomorrow and then make enough money to live on that's
a hard question really it's a hard question and I think the best way to go
about it when you first start dating is to not put the pressure on yourself do
not put the pressure on yourself to live off of day trading and people who I want
to I want to make a real run at it I really want to day trade for a living I
think the best thing to do is figure out ways that you can day trade but still
make money doing other things so let's say you want a day trade and you're like
I want to really day trade I want to make a big run at it but thing you think
about is how much money does it take for you to live what's your income
what's your rent what's your overall bills for the month so let's say you
have trouble at first learning how to day trade and you don't earn a lot of
money you put a lot of pressure on yourself and normally what happens is
you're gonna blow up your account you're gonna put too much pressure on
your account you're gonna take too many big risks and you're gonna blow up your
account and then you're gonna be done so you're gonna lose that money that you've
started out with and it's gonna be really hard to get it back and at that
point you're going to be really discouraged it's only been about a month
you started learning how to day trade a month ago and now you want to do it
full-time and it's not working out and you feel discouraged you lost your money
that's your hard-earned money that you made already think about that if you're
really day trading when you first start out and you're using real money and you
lose it it's very emotional to lose that money so yeah I think about that and I
think the big thing really is just to focus on learning on a day trader first
so find a job maybe you can do at night maybe find a job that you know you're
working an afternoon or kind of figure out some way you can
make money to pay your bills to not keep the pressure on yourself to be able to
live off of only day trading is it possible to turn day trading into a
full-time career it is there's no doubt about it but it takes time you won't
want to do it right at first so you won't be able to quit your jobs a day
and start day trading tomorrow when you have no idea about the fundamentals of
day trading the big thing to think about is when you first start date trading
just figure out how to pay your bills keep the pressure off yourself so let's
say you have $100,000 and you put twenty thousand dollars into your bank account
for your bills you put twenty five thousand dollars in your brokerage
account and you just put that money in there and you focus on learning you
focus on building your account but at the same time you're not worried you're
not pressing yourself you're not saying oh man my rents due tomorrow I got to
really have a good day trading I'm gonna really go aggressive today and what
happens normally is when you have those kind of days where you say I'm gonna be
really aggressive you're gonna blow up your account you have a bad day so I
like to always go into the market with the idea that hey I'm gonna take
whatever profit I get today a lot of times I'll go into the morning I'm like
hey kind of not really feeling it I'm not really feeling like a great day but
I'd be happy to Mars if I'm making $100 I'll be happy with that and it works a
lot of times because I'll make $100 and I'll get extra profit so let's say I
make $100 in the morning I might have one more trade in the afternoon I might
make three hundred four or five hundred dollars in one day but I went into the
day with the idea that I always gonna make a hundred dollars so the pressure
is off keeps the pressure off of me so obviously I have other income sources
but day trading supplements that so I think day trading is really great when
you first start out to supplement your other incomes don't put all the pressure
on yourself to live only off day trading don't put all the pressure on yourself
to pay all your bills just from day trading it's really really difficult
when you first start out so don't put the pressure on yourself keep the
pressure off yourself and focus and learn about day trading learn about the
market and overtime you know one two three years once you see your accountant
growing once you see yourself consistently profitable then think about
maybe quitting your other jobs but when you first start date trading this kind
of you know be be conservative think about it like this okay I could lose all
my money today and I don't want to risk not be able to pay my rent tomorrow so I
need to be able to focus and make money other ways if I work other jobs at night
that'll supplement my income I can live that way and that's not to say you can't
make a lot of money day trading is this the idea of keeping the pressure
off of yourself I find and I trade a lot better when I don't have the pressure I
don't put the pressure on myself to make a lot of money in one day those are the
days I usually end up losing a lot of money so I really need to focus on just
growing my account stacking up profit every day being consistent and that's
the hardest thing with the market the market is so up-and-down you might have
a stock one day that goes up a hundred percent and the next day you see it
going up again and you buy it no sudden it drops and you're thinking self well
it went up a hundred set yesterday so why can it keep going up and there's all
that pressure you start losing money the stock goes down the stock comes down and
the emotions kick in and you don't want to sell it because you're worried that
if you sell it you're gonna lose out on the next move or something's gonna
happen and that's the worst way to trade I think when you trade with the pressure
the pressure will get to you over time you first started out so a lot of the
full-time traders they've been doing it for a long time they had other income
they did other jobs they had other income sources while they were learning
to day trade so don't put that pressure on yourself right away so focus on
learning about day trading focus on execution and focus on growing your
account before you put the pressure on yourself to be able to day trade for a
living full-time so one of the questions that I get a lot is people ask me could
you live off of day trading I could live off of day trading and if I really
wanted to I rather just make money from day trading make money from YouTube make
money from my other jobs and make all this extra money and power it all
together and then be like wow that's great I had an amazing month and I made
twenty thirty thousand dollars this month from everything combined and I had
a really good month but the same time I'm not like man I really need to make a
lot of money today in the market because if I don't I won't go to pay my car
payment tomorrow so that way I always have income coming in I'm not worried
about it I'm not forcing myself to over trade not forcing myself to hit a
certain goal every single day I think that's the worst thing when you put
those like really high goals I used to do that when I first started trading I
put goals on myself I was like I need to make five hundred dollars every single
day and it's just almost impossible it's really really hard so you might have a
day where you're down 100 bucks and you're thinking okay I want to get to
500 and you hit that $500 goal I got to hit my 500 our goal and that's the worst
thing before you know it now you're negative 500 so instead of being up 500
you're down 500 ours it's gonna take you five dollars profit to get back to zero
and probably more work you got member Commission's and everything else fees so
let's say you're down 500 dollars Commission the fees now you're 700
dollars in the hole the possibility of you gaining a
back to that $500 mark and getting out there up $1,000 amazing but really
difficult you're gonna keep just digging yourself
deeper in the hole so keep their pressure off yourself it is possible to
daydream for a living but when you first start out day trading don't put the
pressure on yourself keep the pressure off learning about day trading learning
about the stock market and you'll learn over time how to become a consistently
profitable day trader and that's the big thing to work on don't put the pressure
on yourself trying to become a consistently nine to five day trader be
more about hey day trading is great I love D trading I have my other job I can
make money in the morning I can do my other job and then I come back and have
more money and money money money money money everywhere and that's what it's
really about keeping the pressure off yourself when you first start that's
what's helped me become consistently profitable and to become a better day
trader so hopefully that helps you guys hopefully it gives you idea that you can
become a consistently nine-to-five profitable day trader but at first I do
not suggest quitting your day job today and then start day trade tomorrow trying
to pay all your bills your mortgage your insurance your car payment don't put all
that pressure on yourself keep the pressure off focus on learning about day
trading focus on the execution focus on making money growing your account and
then get to the point where like hey I feel really really good right now I feel
confident I got a good system in place I got a good way of making money so I'm
gonna quit my other job and now I'm gonna add a trade full-time and then
once you to that point you're gonna know it I'm not at that point yeah I'm
definitely not at that point I don't know if I'll ever be at that point I
kind of like the way I have setup right now where I can just day trade make a
little bit of money it's fun I don't put pressure on myself and then I you know
do other things as well so I make these videos so that's always great it's fun
hopefully you guys enjoyed this video if you haven't already make sure you
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