Well of course it all depends on how much money you have to trade with and you also need to have a decent stock trading strategy to make a profit and to pay yourself, so that you are earning money. $30,000 is a decent trade account and you can make about $5,500 a month or 18% in return (leveraged a 4:1) this is roughly $7,500 – $2,000 gets you the $5,500 a month. Keep in mind that you are utilizing about $100,000 to $120,000 in buying power on each trade, not just $30,000. Of course, we have people in our room who trade with lower amounts of money, so it all depends on your trade account.
At Elite Day Trader, LLC dba www.fastmoneytraders.com, we teach you how to be a disciplined trader, and mentor you on chat. We show you what stocks to watch for each week, what we are looking at before buying a stock, when to buy in and what range you are looking at to sell and make some money. One of the greatest mistakes day traders make is being greedy and trying to hold on to a trade that has spiked, but not selling the stock when they could have made a tidy profit.
Our chatroom is for new day traders, seasoned day traders, and those wanting to learn from one of the best day traders on the net. Luke shares his scanner that he spent many years developing on the screen in chat. We send out a weekly watch list for swing trades and Luke is live on the mic thirty minutes prior to the bell and throughout the day. We use eTrade for shorts and of course, all brokers have their pros and cons and you are welcome to use any broker you choose, but we have found over all that eTrade is the best for shorts. When we do option trades, it is shown in the trade window, however, options are not our primary focus. We do not do momentum monsters, as right now there are no gap plays due to the conditions of the market, if it changes, we may decide to do them in the future.
Disclaimer: The information provided in this article is as a service to investors. It is neither a legal interpretation or a statement of policy. If you have questions concerning the meaning or application of a particular law or rule, please consult with an attorney who specializes in securities law. Stop Loss orders and Stop Limit orders may not be available through all brokerage firms. Investors should contact their broker to determine which orders are available for buying and selling stocks, and their broker’s specific policies regarding these types of orders.
Do I need to be on eTrade? I use think or swim on Ameritrade right now.
eTrade is better on shorts than Ameritrade. For the past couple of weeks we have been shorting because that is how the market has been playing out. Each broker sets their own rules, but we have found that eTrade works best when shorting.