From the bottom of my heart I’ll tell you this; it’s really challenging to make $5,000 a day trading, regardless of the market.
But it’s not impossible. Making $5k a day as a trader, there are certain variables that you just check positively. It’s not something the average trader does. It never happens, well, unless there’s some crazy spike in market prices and your portfolio is built by some of the top booming financial assets.
Without this variable and a couple more variables in your favor, then there’s zero odds you’re making $5k a day trading. So, I’ve mentioned one very unlikely odd, and there are other likely ones that can validate the possibility of making $5,000 dollars a day trading in your reality.
Here they are.
How to Make $5,000 a Day Trading: 9 Realistic Strategies that Could Work
Understand the Concept of Trading Online
It’s going to be impossible to make as much money as $5,000 dollars a day trading the online markets if you have no idea how it works and what it’s about.
So, your first assignment would be to learn about trading online, how it works, what it’s about, and read about some of the most successful traders too (in the different markets on the internet).
Educate yourself and excel. There’s no excelling without education here. The more you learn, the better you’ll be at it. And the fatter your chances of making wads of money off trading online.
On the bright side, trading online is one of many things that can make you rich very quickly. It’s more about the quality of your emotional discipline and trading perspicacity (all of which you’ll never have without taking the first series of steps to learn).
Select a Market or Two
Right now, there are lots of markets to trade. You’ve got crypto, Forex, the stock market, options and more. So, if you’re looking to make a whopping $5,000 a day trading, you’ve got to stick to one or two markets.
Stick to just one market and learn everything you can about it. Master it. If you’re going to focus on crypto, do just that.
If you’re going to learn all about stock trading or Forex, do just that. The chances of you making lots of money while you trade between markets are low. And while there are lots of experts online who are versed in trading multiple markets, they’ve had years to gain this much mastery.
Learn All You Can About Technical Analysis
Technical analysis is probably the meat of trading on-the-chart. There are several tools to accompany your analysis, and some of the things you look out for when undertaking technical analysis include trend determination, points of reversals, support and resistance levels, exit points, entry points, possible breakouts and more. Understanding how to carry out technical analysis is very critical to attaining success with any trade.
If you want to make $5k a day trading, you can make it happen with just one trade drawn out of the result from critical technical analysis. It’s more like a cheat if you’re really good at it. It’s what aids you in determining where to go long or short, if to sell or to buy.
So, learn about technical analysis to the best. There are lots of materials online in the form of blog posts and YouTube videos that you can learn from.
Keep experimenting on a demo account before initiating your voyage to $5k/day trading.
Understand the Risk Factor
There’s always going to be risks in whatever market you choose to trade. Be it crypto, Forex, stocks, or anything else categorized as a financial market.
In the real world where you start up businesses, you can’t completely eliminate the risk of running at loss too. That’s the same thing with the online world, particularly the financial markets.
Understand the risks involved in trading. Acquiring a thorough understanding isn’t everything you need though, there’s also a need to know how to tackle them. Luckily, there are measures to eliminate or reduce risks in trading. So, learn the ropes.
Learn About Every Indicator
So, if you’re sticking with a market, you want to make sure you’re good at trading with the indicators. However, it’s not really a great idea to trade the market using just indicators.
This would be otherwise called “trading in isolation”, and it’s really bad. You could lose a ton of money. Still, you need to master the use of indicators as a complementary way of making decisions or opening trade positions.
You can trade with them alone. And you can’t totally ignore their usefulness. They’re there for some reason. If you want to make $5k a day trading, have a set of favorite indicators and their customized configurations to suit your purpose.
Avoid the Fear of Missing Out
One sign to not get into a trade is when everyone else is rushing into it. It’s when even the dumbest guy in the corner of the street is talking about a particular market. Stay back and watch it crash. It’s either going to crash, or prices will diminish not by much.
Either way, you’d be on the losing end if you’re one of the last people to rush into it. When you look at the market charts and you see how things are going on smoothly, how the markets have been on a bullish (rising) momentum for some time, it’s unwise to invest.
It’s either going to hit rock bottom with your investment or prices will consolidate and just move downwards slowly. Avoid getting into trades just because you don’t want to lose on the profit. This in trading terms is known as “FOMO” (the Fear Of Missing Out).
Tame Your Emotions
You want to make all the money. And at the same time, you don’t want to lose any of it. It’s a dilemma really. But you must understand however that it’s a market. You make wins.
You make losses.
The market never dies.
And there’ll always be price fluctuations. So, if you want to make as much as $5,000 dollars a day trading, then you’ve gotta tame your emotions.
If you’re too scared to lose, you may never win big. And if you’re too scared to trade, the odds of winning at all are slimmer than a pin. Take the risk. Take the trades. Mostly without looking back.
At the End of the Day, it’s a Market
There’ll be gains, there’ll be losses. Acknowledge this and take the trade. You’ll miss out on a lot of trading opportunities if you’re too scared or too reserved to enter into a trade especially if you’re sure about it.
Or if you’ve analyzed it thoroughly. Plus, it’s not very wise to enter into an already moving train kinda trade; this is the kind of trade that really frustrates even the best of trading.
Rushing into trades without analyzing is a no-no especially if everyone else is already opening positions on the same trade. You’ll make $5k a day, but it’s not by being scared; it’s also not by rushing into seemingly profitable trades.
Recommended: How to Make $17 Million Dollars: 10 Smart Ideas
Trade with a Larger Liquidity
Basically, the more money you get into a trade with, the more money you’ll be able to make out of it if you’re in profit.
With $1,000 dollars, you’d go home with a profit of $100 if you’re able to make a 10% profit off your trades. If you open a trading position with $100,000 dollars, then you can make $10,000 dollars in profit with a 10% price movement in your favor.
So, if you want to make $5,000 dollars a day trading, open trade positions with fatter liquidity or more money. It’d be easy to make this happen if you’re already rich, and you’ve got like $500k to trade. You’d make $5k in profit with a movement of 1% in your favor.
This way, it’d be easy to make much more than $30k in profit a month trading the online markets. And you wouldn’t have to trade every single day to make this happen (assuming you already have $500k or more to start trading with).
How to Make $5,000 a Day Trading: 9 Realistic Strategies that Could Work – Summary
While making $5,000 a day as a trader isn’t very easy or any easy at all, it’s possible. You might make $5k today, $2k the next, and maybe $6k, or have a loss of -10% or something. The possibility of making $5,000 dollars a day trader every single day is more realistic with these hacks.
And they include trading with a larger capital, understanding that it’s a market and you may never or will never outsmart the system, incorporating emotional control, choosing a market or two to focus on, learning and understanding technical analysis, avoiding the fear of missing out, understanding indicator configurations, and prioritizing the risk factors.
By doing all or any of these, you’re striving to make more and also putting yourself in a defensive position against unforeseen losses.