Day trading can be risky, but, with the right education and approach to the markets, it can also be your ticket to true wealth. And when I say wealth, I am not just talking about having a lot of money. “Wealth” to me means having the TIME to ENJOY your money, the time to do what you want to do when you want to do it.
With that in mind, here are ten reasons why I believe day trading is the perfect way to become wealthy:
1.) The ultimate “equal opportunity” job
Your race, skin color, education, gender, origin, age, background, history, lan¬guage, looks, social status – none of these things MATTER. All that matters is that you have sufficient funds to trade.
2.) No employees to hire
This means you don’t have to worry about job interviews, payroll, evaluations, holidays, sick days, or employee performance. Your only “team member” is your broker, and if he doesn’t perform, there are ten others just like him waiting in line for your busi¬ness.
3.) No inventory or office space
You don’t have to worry about expenses for buying or renting office space, or stocking products, which means you don’t have to worry about expiration dates, damaged goods, shipping, handling, insurance, or displays and promotions of goods.
4.) No vendors, no customers, no invoices, and no accounts re¬ceivable
You won’t have to deal with any face-to-face contact. You don’t need vendors or cus¬tomers, you don’t need to provide any customer support, and you don’t need to worry about invoices, bounced checks, fraudulent credit card charges, returns, or charge-backs.
5.) Minimal time required
Whether you have a regular job or run your own business, the chances are that you’re working at least forty hours per week. With day trading, you can trade either part- or full-time. You can start for as little as one hour per week, or you can go for the maximum two hours per day. Your choice.
6.) Low capital requirement
You don’t need a lot of money to get started. It’s not like buying property, where you’re on the hook for a monthly mortgage and other cash-draining expenses. In trading, you can get started with as little as $1,000.
7.) Almost instantaneous returns
I'm talking "fast cash" in the sense that trading allows for quick liquidation. You can convert trades for cash within seconds. Where else in the world can you make money this fast and comfortably? You can buy, sell, and buy again in minutes. You don’t have to wait to see your profits. Try this with real estate or physical goods, where you might have to wait weeks, or even months.
8.) Low transaction cost
You’ll pay less than $10 per transaction in trading. Compare that to real estate transactions, in which you have to pay sev¬eral thousand dollars in closing costs, not to mention a 3-6% commission to your realtor.
9.) Learning how to make money with day trading is simple
You don’t have to go to college. And unlike most other professions, years of experience are not necessary. After teaching hundreds of people how to make money with day trading, I firmly believe that everybody can learn how to become a successful trader.
10.) You don’t need much to get started
In fact, there are only six things that you DO need:
a.) A computer
b.) An Internet connection
c.) A charting software
d.) A broker
e.) A properly funded trading account
f.) A good trading strategy
I could go on and on, but I think you get the picture. If you have the proper education, the discipline, and the will to succeed, there is no reason that day trading can’t be your ticket to true wealth.
Author’s Bio:
Markus Heitkoetter is a professional day trading coach and author of the “The Complete Guide to Day Trading.” In this book, he lays out a simple, proven system for trading success. He covers it all, from the basic essentials to the actual process of making money in the markets. Visit www.thecompleteguidetodaytrading.com to learn more. |
Added: Wed May 14, 2008 6:56 am GMT 