On June 25, from Dr. D. S.
As a dentist, I face an appointment cancellation occasionally. I day trade during these openings with an average profit target of $US 5,000 for the week, closing out all trades on Fridays and entering orders on Mondays and other weekdays.
Is that the right approach?
Monday Morning Millionaire Program Answer:
The average annual income for dentists ranges in between $175,000 and $275,000 or $3,365 to $5,288 per week. If you are meeting your average profit target, you should hope for more appointment cancellations.
Review our recent blog on trading. Day trading and other high frequency trading accounts for more than half of the daily volume on the New York stock exchange. The brokers involved in these transactions are the only guaranteed winners.
About 40 years ago, Paul Samuelson, winner of the Nobel Memorial Prize in Economic Sciences stated: “Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” Other economists agree. It is unlikely that sensible investing is any different today.
Unquestionably, day trading is exciting. The Monday Morning Millionaire Program recommends that members keep it out of their core portfolios and day trade in their explore portfolios only. Conservative investors do not need an explore portfolio.
For the same level of excitement with likely higher profit potential, you might consider selling derivatives which can be done safely and effectively.