6 Step Day Trading Business
"The MOJO Challenge Yourself" is the first of it's kind day trading challenge. Your the only person that needs to prove yourself to yourself. Challenge the stock market by trading on a simulated DEMO platform for one month with $60,000 of virtual buying power. Get trade reviews one-on-one with ProTrader Mike so your trading improves each day. Challenge yourself to be profitable for one month then start your own day trading business.
Getting Started After becoming a member of the Mojo Chat Room you can subscribe for the challenge. Most platform fees run $150 per month which covers the real-time data feed for the platform. Mojo has negotiated a lower rate for traders for one month. For just $99 you get the TradeX Direct to Market Access Trading Platform loaded with $60,000 in virtual dollars. This includes trade reviews throughout the month with ProTrader Mike. Let's together make you a profitable trader and business person.
Characteristics of Professional Day Trading Professional day trading is not simply a hobby. Day trading requires a continuous effort on the part of the trader to improve their day trading skills while generating a profit and minimizing losses. There are only 20 days a month to trade. Day trading combines high leverage and short-term trading practices in order to capitalize on small movements in the price of stocks.
While it may sound like day trading is strictly about turning a profit as quickly as possible, it also serves two important functions in the markets. Day trading activities are responsible for a large portion of market liquidity, and they help to keep the markets running smoothly with multiple buying and selling activities. Hence the orderly market.
Day Trading Example Let’s say Trader Andy, buys 1,000 shares at $3.90 and in 10 minutes the stock rises to $4.40, at which time Trader Andy decides to sell his 1,000 shares. If the price went up by $.50 or 50 cents, when Trader Andy sold his shares, he would make $500. Now compound that $500 two times per day 240 days per year and you can potentially replace or exceed your prior income.
Experience One thing that will be very helpful at being successful day trading is experience. While you can read every book that has been published on the subject, create a digital library filled with articles that cover successful strategies, and watch every how-to video you can find, you can still get hammered by the markets. One of the best ways to ensure that you will have more positive results is by having experience with the markets. Find a day trading chat room with members that last for years with proven results. Then it's highly recommended that you start the MOJO Challenge. It's an online trading account using a simulator and paper trading to prove your consistent and your trading is working.
Education & Training = This kind of goes hand-in-hand with experience. Yes, there is a difference between learning about a topic and actually doing something, completing some training before you dive head-first in the world of a full-time day trader will at least give you something to fall back on while you are fine-tuning your strategies. The Mojo University Day Trading Course is FREE for all chat room members. Find out more here
Don’t start off too large Regardless of how much money you have sat aside for your day trading efforts, start off small, especially when starting your first account. Paper trading first is essential before going live. Using smaller amounts will help to avoid large losses if your strategies don’t work out as well as you thought they would. There will be plenty of time for going large once you have found the strategies that work best for you.
Day Trading Salary It is not unusual for the beginner day trader to make less than $50,000 during their first year in the industry. However, the current average is above $100,000 per year, about $103,000.
The state from which the day trading takes place will also have an impact on the average day trading salary. In New York, the average day trading salary is in the neighborhood of $120,000 and in Connecticut, the average is $112,000. However, when you look at Texas with an average day trading salary of $98,000 and Florida at $99,000, you can see just how much of an impact your area will have on the average day trading salary.
How to Learn Day Trading
While having experience in day trading helps, you can still learn day trading and do day trading for a living. Whether you are wanting to learn day trading to start a new career, looking for a way to make extra money, or simply interested in the industry, you have to approach it as you would with any other subject you want to learn. It will take a commitment of time, research, and work with different strategies until you find the one that works best for you if your goal is to learn day trading.
If you are completely new the world of stocks, take the Mojo University Online Course if you want to learn day trading:
While it is true that many day traders have experience in the markets and college degrees, that does not mean you have to have these in order to learn day trading. In fact, there is currently no educational or experience requirements needed to be an individual day trader. The only thing you need besides operating capital, time, and an understanding of how stocks is effective strategies. You can get that in MOJO University!
See here ProTrader Alan 510 - 2 year Win Streak comment in the chat room today
See here ProTrader Alan 5 year Win Streak comment in the chat room
Keep it profitable and thanks for reading,