Is Swing Trading For A Living Possible
Today I’m going to cover the 10 million dollar question, the most frequently thought and just as frequently asked question about swing trading. “Is Swing Trading For A Living Possible ?”
There are several factors that need to be examined to determine if swing trading for a living possible. Many people read how to get rich books and publications and think that swing trading for a living is an easy process. I will be the first person to tell you that if someone gives you the impression that trading is easy, you should run the other way as fast as you possibly can.
Current Financial Position
One of the most important and practical factors is your current financial position. It is very difficult if not impossible to trade when you NEED to make money. Trading is very difficult psychologically, adding more pressure to it will only cause you to make bad decisions. Remember, making easy money from swing trading is not very easy at all and will cause you to go bankrupt fast.
When you trade you compete with millions of other traders and you have to be very good at what you do and more importantly you need to be consistent at what you do. Many traders believe they can open an account, get a good software program and that’s all that is necessary. Unfortunately, trading is a mind game and till you master this game, you will not make consistent profit. You have to know what you are doing if you are going to be competing with the big boys.
Many swing traders who ask me “is swing trading for a living possible”,don’t understand that swing trading, like any other activity takes a full time commitment. You need to dedicate a large portion of your time to swing trading to benefit financially from swing trading. Lawyers, Doctors, Engineers have to go to school and make a commitment, so do you if you want to be a profitable swing trader.
You need to have a long term swing trading plan to succeed; there is no secret or magic formula here. You need a solid strategy, and trust in the strategy so that you will not abandon it during losing periods, which always occur when you least expect them. Market Geeks can help you with this aspect of your trading. We will show you several strategies that are robust and will work with most financial markets including stocks, futures and ETF’s.
I was at a seminar a few months back and someone asked me “Is Swing Trading For A Living Possible?” and I started going through all these factors, I could see that the young man who asked me was not expecting to hear what I had to say. He was hoping I would try to sell him something that would give him the secret weapon to win. Unfortunately, the markets do not work this way and neither does anything else that’s worth while in life.
If someone ever asks you is swing trading for a living possible, please forward them a copy of this article.
Have a great trading day,