What does every self-respecting novice trader aim for? To becoming financially independent and living on the income from trading. But it is by this criterion that distinguish professionals from amateurs. And the first questions that you probably ask yourself – how do I understand, is it already possible to withdraw money from the exchange ? When can this be done? Or is it better to wait to keep the bill? How much is required to keep on the account? And anyway, when can I leave work to deal only with trading? How much do professional traders earn? What is the income of a trader?
When and how can I withdraw money from a trading account?
Beginners have two extremes. Some take everything to the penny, because they are afraid to drain the deposit with profit. Others leave a profit in the account in order to increase the volume of trade. There are also some eccentrics who keep profits on the account just to admire the number of their virtual zeros.
Where is the golden mean, under which it is possible to increase the deposit and withdraw some part of the profit in order to spend it at your pleasure? Professionals just recommend to take part of the profits. So less risk and more moral satisfaction. You understand that trading is not in vain and have some intermediate results. This gives impetus for all further movements.
What is bad extreme when removed every penny in excess of the deposit? On the one hand, it will protect you from losses, but at the same time will make it impossible to build momentum . From trampling on one place is unlikely you will get some kind of sense.
To reach the golden mean, you need:
- develop an objective view of everything you do;
- regularly analyze your actions;
- have clearly defined goals and a plan;
- diversify your risks;
- do not panic.
You should think about how you will withdraw funds at the stage of choosing a broker.
The following options will help:
- think about the most convenient and profitable way for you to withdraw money, especially since some methods have a commission, while others do not. Money is quickly and conveniently withdrawn from online transactions;
- in which currencies is the withdrawal of money? Local and foreign currency are displayed in different terms and conditions also differ. Moreover, a foreign one has an additional commission, consider this;
- Ask your broker if it is possible to withdraw money urgently. Just remember that an extra fee is charged for urgency.
How do I understand when you can start withdrawing money from the exchange?
You can start withdrawing money from the account if your initial deposit has increased 3 times. Talking about specific amounts is difficult here, since everyone starts with different ones. But if you were able to triple capital, this is an indicator that you have learned and developed the basic trading skills and can confidently move on.
Remember that money can be withdrawn from the stock exchange according to the rules set by brokers. Therefore, in advance, determine the choice of brokerage house to make the conditions convenient for you. Thanks to the Internet, you are not tied to any brokerage office geographically and have the right to choose any, even if there is no representative office in your city.
The withdrawal conditions of different brokers may vary, but there are general rules:
- brokerage account must have money;
- before withdrawing, you need to issue a corresponding document (online);
- Withholding the amount of profit withholding tax. In your case, it will be paid by the broker, thus relieving you of paper troubles.
What amount must be left on the account? You can withdraw any amount of money, but the amount must remain on the account to pay the tax. And now the most interesting question that worries everyone.
When can I dismiss my boss?
If on your account the amount is about 500,000 rubles, and the financial pillow is enough to live without work for six months or more, then you have crossed a serious line and become a good professional trader. Especially if you had to start with small amounts in the range of 20-30 thousand rubles.
For comparison – let’s say you immediately put into the account 250 thousand rubles, and for some time the capital doubled. On the one hand, a high start is good. But on the other hand, with such amounts it cannot be said that you have been training hard for a long time and your trading skills so far have been in great doubt.
With a deposit of 500 thousand rubles, to which you came from small amounts, you can safely leave work and live on the income from trading. Such figures eloquently say that you can now freely receive from 50 to 100 thousand rubles. per month, if this amount suits you completely and used to be familiar. What is the approximate average income of a self-confident professional trader?
This has many advantages – you can trade not every day and not more than 3 hours a day, devoting the rest of your time to family, friends and hobbies.
But there are moments that you have to figure out:
- What kind of lifestyle you can realize if you learn to enjoy trading;
- can you effectively organize your trade at home, where there are no bosses and no one will kick you.
If you succeed in all this, it means that the whole journey has been completed correctly, and you have become a professional trader. But this does not mean that at this level you will not expect other pitfalls. Because at the new growth point you will operate with other amounts and the risks will be different too. This is one of the reasons why good traders regularly undergo training on personal growth and self-knowledge.
Myths and misconceptions about trading
1. Professional traders are becoming after many years of practice.
Do you really believe that? Read reviews of students who have completed various courses of Alexander Gerchik. Experience is really important. But with the support of teachers and a good theoretical base, you will significantly shorten your path. Half of Gerchik’s students start earning their first income during their studies.
2. In order to take place in trading, it is necessary to spend a day without a break at the terminal, read reports, draw charts and write plans.
The truth is that the more time you sit behind the monitor, the less you earn and lose motivation. Trading should not be as exhausting and exhausting for you as your former job. You didn’t leave her for that? A trader who spends a day at the monitor quickly gets tired and by definition cannot be effective. You can receive up to 25% to the deposit per month, if you pay to trade up to 3 hours a day. At the same time not becoming a zombie with red eyes from fatigue and tension.
3. If I do not have a million dollars in the account, then I have nothing to do in trading.
Also not true. Gerchik’s students start with very different amounts, often with small amounts. Usually they are equivalent to a monthly salary. Putting on the account is no longer recommended, so as not to be afraid for the deposit and not to be nervous beyond the limits. You can start with a smaller amount – but it will not warm you and you will perceive the trade as self-indulgence. Each determines its amount to start itself. But God forbid you to take a loan or mortgage property – it is better to go to success slowly and gradually, but for sure. Otherwise, you will serve and feed your fears, and they will control your trading.
You did not come to this trading for this? Moreover, surely you have a family and some financial obligations that you cannot risk.