subject: Beginner day trading: make $425 - $825 per day [print this page] Beginner day trading: make $425 - $825 per day
So you have decided to start day trading futuresbig step. Did you lose your job and on unemployment? Does your wife have benefits? Is your wife and kids on board? Great. One of my articles focused on trading the e-mini Dow and the Euro FX currency. I have had tremendous and consistent luck trading this combo lately.
It all starts at 8:30 am EST. the Euro FX opens at 8:20 am EST and starts to trend between 8:30 am EST and 9:00 am ESTwait and see where its headed and pick your position with the help of your broker you are using (Highly advised if you are a beginner to use a broker Pay the $45.00- $50.00 per contract in the beginning until you get good and comfortable and then move to on-line trading at that brokerage firm). Expect to get filled around 9:30 am 10:00 am. Risk $200.00-300.00 per contract to make $212.50 per contract or $425.00 trading 2 contracts. $425.00 in an hour to an hour and a half!
Now start looking at the mini-Dowdo not trade before 10:05 am EST. Give the market time to settle down. If the mini-Dow opens too high like 80 points and above, then you will have to wait to see if it gets a little choppy or starts to trend down. Have two computers: one on the e-mini Dow and one on CBS Marketwatch chart, this is the one I like to use to see a trending market or follow my article on "How to Find and Follow a Trend." Risk $200.00 per contract to make $200.00 per contract or $400.00 per 2 contracts within an hour or so if trending your way.
Margin requirements to stay in the game: day trade do not swing trade your position overnight, especially on currency! You will truly need $13,200.00 for margin and a little pad. Can you get away with $6000.00? Sure, if you on-line trading margin is $500.00 per contract or you are very, very careful and prudent! Remember, beginners need full service brokers with knowledge and guidance as to when to trade and when not to trade .Listen to the broker and respect support and resistance! Waity until news comes out: do not place trade until 15 minutes later and see what direction the market is trading. Do not trade on Fed day. Interview at least 6 brokers and if your not making money with him or her switch to choice #2 quickly!
I hope this helps you not make the same mistakes I made so you are profitable quickly and reduce your learning curve!
