We’ve all dreamed of hitting it big on the stock market, but few of us ever take it further buying safe index funds, which while a great part of a long-term investment strategy, is never going to generate serious income until you invest serious money in the first place.
If you’ve dug a little deeper, you’ve likely considered day trading – which is notoriously difficult to crack. However, this 23-year-old day trader has done just that.
What is Day Trading?
Day trading is a method of buying and selling stocks in a short space of time, typically over a day – hence the name. Day traders that have found a method that successfully and reliably makes money for them over time have a very lucrative career.
Day traders use a variety of techniques and strategies to predict how the stock market will change and buy and sell accordingly in the space of just a few hours or days. It involves analyzing various markets (typically Forex or Stock), paying attention to current affairs, and other indicators to decide when to buy and sell certain stocks in order to make a profit.
Why is Day Trading So Difficult?
Day trading is a notoriously difficult career, with some that compare it to gambling. There’s a lot more to it than that, but there’s no set system and you are, to a certain extent, taking a gamble on whether each trade will come out as you predict. There’s no way to come out on top on every trade – even experienced traders can make serious losses if something changes and their strategy stops working for them.
Dedicated day traders that make it their full-time profession have a high tolerance for risk and know when to call it quits for the day. In short, they understand the difference between trading and gambling.
How Does He Do It?
Justin Mueller, a 23-year-old trader has been trading for some years already, but his most recent successes come from day trading on the Dow Jones. In this video, he shares the results of his trading efforts for all to see. In the past week alone, he had made $5,477 – that’s the kind of weekly profit that would change most of our lives significantly. Now, he’s offering free 1-on-1s to help others better their trading strategy.
What Do You Need to Be a Successful Trader?
Day traders are typically well-educated and already have a degree of wealth. This is so they have enough money to play with without having to worry about paying their bills, and use enough money in each trade to make a good profit. You need to be someone with patience, self-control, and the ability to analyze markets effectively. This last skill can be learned, and the best way to do so is from a successful mentor.
How You Can Do The Same
Day trading isn’t easy, which is why you need an experienced mentor. The best way to get started is to reach out to Justin to find out if he is available to give you a free 1-on-1 and point you in the right direction for how to start trading successfully. You can find him on Instagram at @imjustnntime, or at his blog.
Justin Mueller is also CEO of Forex Simulator, highly customizable real-time Forex trading simulator to help you run simulations once you’re more advanced.
Day trading isn’t a get-rich-quick scheme, but with dedication and guidance, you can succeed.
