So you wanna be a day trader?

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Day Trading As A Means to Freedom

By Brandon Whittinghill 

 

The fancy suits, the nice watches, keeping any hours you want, always having a large stack of cash, a nice car, basically, anything you want, this is the image we have of a day trader. At least it's the image I had as well as several of my friends and family when I asked them what they knew about day trading. Not surprisingly, many of the answers were the same as mine when I first thought about it myself. Day traders, we thought, had money to blow and so they invest in the stock market and have some trick, or some method that allowed them to make money that ordinary people just didn't have access to. Right?

Well, not exactly. Sure there are day traders just like that, who went to college to learn about finances and economics, and will work large accounts for themselves and maybe for a company as well. However, there is a different kind of trader out there that looks just like your everyday average citizen... because they are everyday people. People who live in regular houses, drive regular cars, and who didn't have large amounts of money to get started. In fact, I have read and heard stories of people who got started with $1,000, $500, even as low as $200 in their investment accounts.

Surely they couldn't have made that much money only investing such small amounts, right? Unless they get really lucky, then no they aren't making a lot money, but they are getting anywhere from $10 - $100 a day. If we add it up, over time, making these small amounts on a daily basis tend to add up, and soon that $500 account has ballooned up to $5000. These day traders are working only a couple hours a day from their homes, and without risk and volatility of Wall Street.

That's right, I said without Wall Street. This is all being done using on the foreign currency market, or forex. Here banks and nations buy sell against each others currency and trillions of dollars are exchanged every day. By comparison, the New York Stock Exchange is the world largest exchange and it rarely goes higher than 250 billion. With all the people out there competing for a piece of that multi-billion dollar pie, its no wonder why those who aren't institutional investors, typically don't make much. Think about if you could get, even a fraction of a percent of the forex market (which again does trillions of dollars a day), you'd still be getting tens of thousands of dollars a day!

As nice as it would be to make that kind of money, I'd be happy with just enough that I didn't have to work outside of the house. Better yet, think about all the people out there who are struggling to pay off credit card debt, or to take care of the mortgage this month. There are people put there, who worked their whole lives and now have next to nothing to show for it, and regardless of what the reason for it is... it's not right.

If there is any hope of taking a few hundred dollars and being able to turn it into a supplemental income, I think it's worth looking into. So, I have made a desicion. After I publish this article, I'm going to open a forex account with $200 -$500 and try it out. As I do, I will be sure to publish my results, as well as any tools, methods, or techniques I learn. This is meant to be a journey of growth, and experience, so I hope that after you read this you will subrcribe, follow, bookmark, or whatever, so that you can follow with me on this quest.

Let's see if we can do this together! I look forward to posting my next article, in which I'll go over what I've learned about forex and what I've done to get started down the path to financial independence. Follow me on facebook for daily updates as well.



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