We plan on sharing the recaps from the last few weeks but wanted to update a quick trade that I am watching at the moment. We just finished up our live market class and we had an explosion to the upside. Looking for a nice run up in order to exit and possibly look for another good opportunity.
More live updates coming shortly….
One of the things that we have learned from trading so long is that sometimes one good trade is better than sticking around the whole day. Even though the market was giving us an exceptional run to the upside we have certain rules for exits for a handful of our trades.
I probably left a significant amount of points on the table but more often than not we are going to see the market pivot from our areas here. One trade at about 10.30pm here in Singapore and off to bed!
Here is the market after wards:
Some would be upset that they would have left so much on the table. Many also don’t realize that day trading isn’t about making money, the concept is to be consistent each and every day. Once we are consistent we are able to add on contracts and start making a great living day trading!
This trade was just a mere 1.5 points. When we put that into perspective we realize that can amount to roughly $750 with 10 contracts. Assume that over a 200 day trading year (there are 245 actual trading days in a calender year) and you have roughly $150,000. Anyone can make a comfortable making a gross income of $150,000. Just to put that into perspective:
- $30,000 Annual Salary = $115 per day
- $50,000 Annual Salary = $192 per day
- $70,000 Annual Salary = $269 per day
We also should take into account that a day trader does not pay social security taxes on his winnings. That alone is a large amount of money.
Stay profitable my friends
Click here to see the complete list of Market Recaps
Nice Post!