If you plan to make a living from day trading, you need to be able to afford to lose some money daily, and it is generally in the range of $5 to $10 per day. While no one can guarantee a particular number because the reality of day trading differs depending on the situation, it is fairly safe to say that a small amount of losses per day is acceptable. It doesn’t have to be massive, however. If you’re losing $200 or $300, that’s okay. If you are winning $100 or $200 per day, you are in good shape.
What do you need to be able to afford to lose a daily trade?
It all depends on where and how much you will lose during the day, but a decent portion of investors will have to keep a steady stream of money in reserve in order to lose as little as possible each day. Since you’ll need to have a minimum of $100 or $200 in reserve each day to make a living from day trading, it is important to be prepared to deal with the financial consequences of losing as little as possible.
What percentage of your profits will you be able to make day trading?
While it is safe to say that if you’re losing $100 or $200 per day, you’re in good shape, it is also safe to say that if you’re winning $100 or $200 per day, you are in better shape. You don’t need to be a millionaire to make a solid living from day trading, though, and the majority of day traders will have to be able to make up to $50 or sometimes even $100 per day in order to make it worthwhile.
Is it acceptable to miss a day’s profits?
To take full advantage of day trading, it is essential that you regularly check your balance. This is not only very crucial when you are dealing with day traders who trade on your behalf, but it can be also tremendously damaging if these day traders try to take a cut of your profits. Since most traders have multiple accounts to keep track of each day, it is important they take full advantage of their account balances.
How do you plan on making a living with day trading?
Whether you are a day trader or not, every day trading day is difficult for one reason or another. Many traders will not make it to the end of the day without missing a trade, and it pays to have some extra money in reserve to deal with the day trading