Make a Living As a Day Trader

MAKING A LIVING means different things to people in various circumstances. But we could make some assumptions that may be sufficient for our Marginal Stock Trader.

Decent living
The day trader we have in mind will be happy to make an extra 150,000 pesos in a year or 12,500 pesos monthly or 3,000 pesos per week, assuming that you trade 50 weeks per year.

Start small
Markus Heitkoetter, author of the international bestselling book The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach offered some suggestions on how to start day trading. Here is how Marginal Stock Trader implemented the approach:

Requirements			Implementation
START small			MARGINAL stock trading fund is 3,000 pesos (see BPI Trade settlement account)
our goal should be LOW, very low, even marginal so that it is easy for you to reach it			ONE buy and sell transaction weekly for the first 4 to 12 weeks
set a WEEKLY PROFIT GOAL of 30 pesos per 10 shares and a stop loss of 20 pesos per 10 shares			ONE board lot equal to 10 shares of Ayala Corporation (AC) stock
succeeding weeks profit target of 300 pesos per 100 shares and a stop loss of 200 pesos per 100 shares.			BUILD MINIMUM BALANCE of 25,000 pesos in your BPI Trade trading account

If you don't have enough money yet for online stock trading read this post: How to Build Equity for Your Speculative Stock Trading.