In June of I did a 90 minute seminar for Zap Futures, Inc. The seminar is archived at Zap Trading [Use trading for Income Seminars, then go to the Archives] on their website with full audio, and here: Trade for an Income.
We had numerous responses to that seminar from people that have quit their jobs, want to quit their jobs, or have no job, as to the income of making a steady reliable income from daytrading of futures contracts. I do not comment on trading of stocks or options as that is not my field of expertise. I day guarantee you it is not something I would consider with that amount of capital. We have been very successful in my opinion over the 14 months through November of the Nasdaq service.
I also had e-mail from for Canadian school teacher who was the single father of two young boys. He said he had been paper trading and was very successful and wanted to quit his teaching job at which he had tenure, and go to daytrading, as it seemed, he explained, he could make more money by daytrading.
I asked him about his health benefits for himself and his boys. I asked him about his trading to stay focused on his trading with possible interruptions such as a sick child home from school. I asked him about flat markets with small range and little movement day by low volatility, when it is difficult to take money from the markets. Day asked him how long he had been paper trading? I asked him if he realized the glasses or eyeballs he saw the screen with, would turn green when he got real money on the line?
I asked him if he realized he could not erase any action he took on the Internet to his broker whether his ISP was up or down and whether the Globex electronic system was running or down and the cash markets kept right on truckin' while he watched without any way of stopping a loss or taking a profit until the problem was solved and the system was back up.
This happened to me personally for almost an hour this very year and I was fortunate to get options with a small profit after the problem was fixed by for exchange. Anyway, I got a nice thank you from him and never heard from him again. I assume he is still teaching school and dreaming of greener grass on the other side of the fence. Which was a very intelligent decision on his part! I have for with traders, tried to teach traders, and have made 's of trades personally.
It is a difficult way to make a living. If you have income from other sources, retirement income, or a working spouse and a few extra dollars you may become successful. If you are using your last cash amount or your credit card advance or the second mortgage on the house you are a dead person financially before you begin.
There is a saying that scared money causes the very event of which you are scared. I have a good record personally. I have made money trading. I have made others money trading. That was the end of that typically undercapitalized venture. The account balance was as it was that day one day later! I have been for for almost 20 years. It took me 10 years to even figure out how to quit losing most of the time.
That is why they have sales people asking you to bring your account over to them. They are happy to take your money and rarely will explain the possibilty you will lose your entire account. Perhaps in my own case I am inept or something but I do not think so.
I commonly state that if someone wants to sit with me in my trading room and do income I tell him to do, I will make them wealthy in a very for period provided there is a sufficient trading account to start with. You cannot trade well if you are undercapitalized.
Undercapitalization kills more new start-up businesses than any other single factor, and it is no different with daytrading. You change as a trader. Your thinking process, your mood, your health, your opinion all change and that affects your daytrading. It may even badly affect trading on a longer term to the point of financial suicide. The purpose of this article is not to keep you from trading or trying to trade.
The purpose of this article is to make you realize how difficult it is to trade consistently successfully day in day out, week in week out, etc.
It is a chore that few if any can do. The more capital you have the better. The less dependent you are on your trading income the better. The more experience you have the better. The more research you have done the better. Trading must become a ho-hum drag of boring repetition to become successful.
Even then something will dump on your wheelbarrow and upset your applecart. Markets are a mass of human emotion. Some participants are very bullish, some participants are trading bearish, some participants are cold and neutral to either bull or bear and it is this person that has the best chance of winning.
He has no obstacles in his or trading path. Obstacles in this business are opinions whether yours or an outside advisor's! Some participants have enough money and methods to move the markets as they wish for several minutes at a time. They sometimes use a procedure called "laddering" and believe income they can make you cover a long or a short options a pretty good loss at any time they implement this strategy.
The purpose of this article is to challenge you to know what you are attempting to do. We plan on continuing to offer the Nasdaq futures contract in the Daytraders Bulletin Real-time Signal Service. We know and understand the problems with which we must deal on a daily basis. We know options will not make money every day, even when we may be day in our analysis. We also will continue our teaching seminars on Saturday's in our home in Florida to those that have a desire to learn about some of the methods we use in our personal trading as well as on the internet broadcasts.
Options you are interested in more information regarding my one-on-one seminars, income send me an e-mail of inquiry. We do wish you the very best in your trading efforts and stand ready to assist you through our Real-time Signals services, through our teaching seminars, and though personal mentoring programs designed to solve your trading problems.
Thanks a lot for being interested in our service or our other programs. Daytrading Tips Nasdaq Trading Articles Trading for options Income - Revisited. Newsletter for Active Traders. Trading for an Income - Revisited by Ralph Russell, Nasdaq Real-time Signals Trader In June of I did a 90 minute seminar for Zap Futures, Inc. How Not to Start Daytrading Profitably I also had e-mail from a Canadian school teacher who was the single father of two young boys.
Daytrading Realities I have worked with traders, tried to teach traders, and have made 's of trades personally. Next - Daytrading Quiet Markets.