Intraday Trading-How to day trade for a full time income.


Intraday Trading-How to day trade for a full time income.

Intraday Trading is a specialty at TRADEPRO Academy, so we figured we would let the rest of the world in on some of our secrets. We intraday trade for a living! That’s not the secret though. In the following article we will outline how we started to day trade to produce a lively income. Each morning we participate in a live day trading room open to members. We read the markets “story” and find the best trading opportunities with our community. Check it out here!

Intraday Trading-Basics

There are many ways one can profitably trade the markets for an income. Traders can rejoice in, Forex, Options, Stocks or Futures. And anything in between. All can be profitable in their own right. But out of the four mentioned above, only one meets our specific criteria in generating a full time active income. You probably have the answer, if you have read ahead. The TRADEPRO focus on intraday trading is the futures market.

Let us explain why we’ve chosen futures before we dive into the rest of the article.

Forex trading

Starting with Forex, we believe Forex is a good tool for swing trading. Although some may use it to day trade as well. The reason for staying away from the Forex market when day trading is the lack of consistency, currencies are largely effected by news data that widens the spread drastically. This can eat away at potential profits. Not to mention the lack of volume when trading the market, it misses a key aspect. Order flow.

Engulfing Candlestick Pattern Example

Swing trading Forex with TRADEPRO Academy

Options and stock trading

We’ve classified options and stocks together for their similarities. Of course there are huge differences but lets not jump into those right now. The bottom line here is that both take a substantial amount of capital to get going with. While stocks require way more capital, even if using a margin account than options. Options have expires, and day trading them can result in a loss due to theta if the right expiry isn’t chosen. Even if the options is profitable. Both stocks and options prove difficult to day trade with regular requirements. There are a lot of stocks that can be illiquid. While options spreads can eat away at profits instantaneously.

AAPL Credit Spread Option Strategy June Expiry

AAPL Credit Spread Option Strategy

Intraday Trading-Futures

That leaves us with Futures. There are many positives to day trading futures. They present traders with a great intraday trading opportunity. For one markets are very liquid, assuming you trade US equities, energy markets and commodities. Even Japanese and some European markets have great liquidity. Not to mention Forex futures. The leverage is good as well, and not as devastating as it can be in Forex. There is great possibility of wins, but also of losses.

The main key to futures day trading for an income is the consistency. This will be discussed a little later on but it can be achieved with a trading plan and a lot of discipline. The opportunity in the liquid futures markets presents traders with hours of endless opportunity. Meaning you don’t have to sit there waiting all day for one move you might miss like you can in stocks/options trades.

To trade futures for a full time income you do not need a massive account, thanks to margin. For example trading the ever classic ES E-mini futures require $500 in margin in your account to trade 1 contract. This means with just a $500 account you can trade 1 ES E-mini contract, although the cushion is recommended. So in more honest terms a trader can trade a futures account with $2000 approximately. With grave discipline one can even use less.

Using the 5/8’s strategy on the ES futures, 5 ticks of risk for 8 ticks of reward. With a winning trade a day, when you start off you can start with $100 on 1 contract on a tiny account. Once the account grows and your margin and abilities grow, the profit opportunity can be endless.

The bottom line is you don’t need a huge account to generate an active full time income from trading futures. Luckily for you, we’ve got an in depth Futures Trading Course and live futures trading room. Which runs every morning (Monday- Friday).

Picture of the TRADEPRO Futures setup-Footprint-Tick Charts-Correlations

Intraday Trading-Psychology and consistency

Knowing what, how and why can only get you so far in intraday trading. To be able to make a full time income from intraday trading a trader must have a solid mental psychology that goes beyond just risk management of and trading. Not to mention build consistency, a consistent income requires consistent profits and consistent trading.

Some traders might go as far to say psychology is 80% of trading, at TRADEPRO Academy we too believe that. Psychology is a main factor of becoming a consistent trading.

Poor trading psychology can lead traders to over trade, become emotional and enter into a self sabotage cycle. To mitigate instances like these traders should develop a trading plan in which they should follow. A trading plan not only builds consistency but if followed can strengthen ones psychology and emotions. TRADEPRO Academy has also constructed a in depth Psychology Course that has helped many members.

Intraday Trading-Benefits of a community

Just because trading is an individuals job, doesn’t mean that traders have to sit in a dark corner of a room and fight for their income alone. Trading communities where in person or online are a means of strengthening a traders abilities and build consistency.

Trading in a community can be very beneficial to traders in accomplishing their trading goals. A trading community can help traders become profitable together, in a network of support and ever flowing learning. Trading is a career in which you have to adapt to different changing market conditions.

A community can help you do just that. A trading community can be filled with traders of different experience and level, but they all come together with the same goal in mind: profitability.

You can learn a lot in a community, whether its risk management or different trading techniques. A community helps traders in holding them accountable, in upholding reputations that they’ve built. It is a strong positive environment in which traders support each other in generating a full time income.

At TRADEPRO, we’ve developed a well rounded supportive trading community, that has members of all different experience and trading backgrounds. They all come together to support each other in the markets everyday, no matter the hours. Click here for a glimpse of the TRADEPRO Room!

Intraday Trading-Conclusion

Conclusively, intraday trading is a channel to produce a full time income. You will have to put the time and effort into honing your skills, but with consistency and psychology one can turn this stay at home hobby into a fruitful career.

We outline how we trade futures in our course and in this article to generate a full time income just by trading a few hours a day. Trading psychology is a vital aspect in your journey to profitability and we highly recommend traders to not disregard this step in their plan.

To wrap it all up, we’ve listed just a few of the benefits to trading community and how it can help you achieve your trading goals. A blog can only convince you so much though, join us to experience it all for yourselves!

 

 

If you want to join us in our live trading room, check out the Day Trader package here >

If you prefer to trade more passively, checkout our newsletter, trade ideas and live analysis in the Swing Trader package here >


The information contained in this post is solely for educational purposes, and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. TRADEPRO Academy is not responsible for any liabilities arising as a result of your market involvement or individual trade activities.