Answer: Make more money.
Sounds easy but it’s not. No, it is not easy but it can be done. But first, you need some seed capital. This is the money you will grow. You will also need some funds for training. Don’t skimp on either; both are important.
If you secure a cash account from your broker (we recommend Tastyworks for their outstanding commission structure), you can start with as little as $5,000. By hook or by crook, get this into your trading account. Once you learn our program – and paper trade appropriately to build confidence – you should be able to turn the $5k into $100-$300/day by simply scalping it up. It’s not much at first, but over time, it adds up nicely.
As your capital increases, you can purchase more contracts and/or trade more often. With a cash account, you can trade as much as the funds in your account. At $200/day, you should gain $1,000 every week. Traded correctly, our scalping program can push your income and capital higher. I suggest you do not withdraw any funds until much later, perhaps when you hit $50k or higher in your account, preferably more. The more funds you carry in your trading account, the more you can earn and shelter bad trades, should the market turn on you.
The challenge will be your own emotions. Think you can handle that?
It’s what I call the cash to brains ratio. The more cash you acquire, the less brains you have. It’s easy to get overwhelmed with the influx of cash. Then, the trader gets careless and greedy. When you hit this stage, make sure you are hooked up with us; we’ll help you keep it. Think I’m kidding?
Many traders can make money. Few can keep it. Just Google ‘Lottery winners that went broke’.
Head Trader, DayTradeSPY