Is it possible to start day trading with 1000 dollars? The fact of the matter is that online trading these days is now very easy for everyone, especially in the forex trading arena.
The requirements for opening trading accounts are minimal. You can even open $100 or even $500 trading accounts.
Lets look at some facts and myths about starting to day trade with 1000 dollars.
10 Myths & Facts About Day Trading With 1000 Dollars
Myth #1 : Putting $1000 To Day Trade Is Like Gambling.
- Fact: day trading is not like gambling. Day trading is like anything in this life…if you go unprepared, you will be burnt. Day trading requires huge amount of practice, focus, determination and following rules.
Myth #2: Day Trading Is A Man’s Game
- Fact: False. Day trading can be done by the female sex as well. Just because you are are woman and you are wondering what to do with $1,000 (instead of buying lipsticks and high heel shoes what nots), day trading is one option where you can put it to.
Myth #3: Stop Loss are Not Necessary in Day Trading
- Fact: There are too many arguments about about not to place stop loss or to place stop loss. Believe what you want to believe but for me, its all about sleeping peacefully at night knowing that I can only lose what my trading risk calculation allows me to lose.
Myth #4: You Can Make Money Day Trading ALL day.
- Fact: you only have a narrow window of trading opportunity in any given day and there will be good days and there will be bad days. There will be days were you can make money because the trading setups work out as anticipated.
Myth #5: You Can Always Day Trade From Work
- Fact: day trading is like a full time job. Trading from work is really going to be extremely difficult if you have a job that requires constant focus and attention.
Myth #6: You Can Let Your Winners Run In Day Trading.
- Fact: letting winners run in day trading is not the norm. That is for swing traders. In day trading, you are looking at short quick profits.
Myth #7: The More Indicators You Have, The Better You Will Be In Day Trading.
- Fact: the more indicators you have, the more confusion you create, the more you lose. Simple as that.
Myth #8: You Can Make A Living Day Trading With $1,000
- Fact: only a few have turned $1,000 into hundreds of thousands. Most of us will not.
Myth #9: You Need To Get A University Degree To Be Able To Day Trade And be Successful
- Fact: any high school student can day trade as long as you are 18 years or above, which is a requirement in some countries for you to open an online trading account.
Myth #10: It Is Ok to Hold A trading Position Overnight In Day Trading
- Fact: if you do that, you are not day trading but swing trading.