It really depends on what you’re trading. The main focus is how hard you can work and the level of education you have to have.
If you work part time, it’s hard to say that is your income for the day. The average day may pay somewhere around $5,000 to $6,000. If you work full time (50+ hours per week) that can be upwards of $40,000.
I have friends in a business where we can make $10,000 just from day trading.
Do trades to diversify.
Do lots of trading in one week.
Start as low as you can and go up.
If you’re trading on margin with some real money, go way in the long run and buy big.
If you can’t afford to buy big, then be happy if you’re saving some money, even if it’s $100 a month.
If you can’t afford this, then you might as well invest in your kids.
Do your homework.
If you don’t do your homework, then do it later.
Take a risk when you’re first learning about the market.
There is no one right answer. Don’t be afraid to try something new.
My tip for the beginners is to do your homework and find out what works best for you.
How to build trust
Your first goal – build trust.
It starts by doing lots of experiments and reading articles before you start trading.
For my first year as a trader I read about 10 articles and tried everything out.
I read about a lot of different things.
And in the beginning there were two weeks where I didn’t read at all.
I was nervous.
There were some serious traders who made an entire year of losing money because they read something, put it down and didn’t read again for the next three weeks.
The idea of investing is to build your trust and you’re only going to do this if you get to really know your portfolio.
If you read all of the articles in your portfolio, then you don’t need to know as much information as the average person has. You will see a lot more mistakes.
I find if you read 50% of a portfolio, you can be 95% of the person who’s missing something, but you’ll still be able to work out which one of their mistakes