Tuesday, November 17, 2009

How to Make a Million Dollars Sitting On Your Couch

How to Make a Million Dollars Sitting On Your Couch

You can make a million dollars sitting on your couch.

Knowing how to make a million dollars will help you to change your life. You can do it from the comfort of your own couch. You cannot do it by doing nothing, it will be hard work, but you can do it by sitting on your couch and working on the internet.

PREPARE - Get a functional computer with internet access. Preferably a wireless laptop.
Sleep well at night when you should be sleeping because you will need to be up and functioning by at least 6:00am Monday through Friday.

OPEN AN ACCOUNT - Open a stock trading account with a reputable company. Ask them if they offer a practice account and other support. Open a margin account.

If you open a margin account with at least $2000 starting balance (depending on the company) you will not have to wait to buy and sell stocks. You will also be given the option of buying stocks worth up to double the amount you have in your account. If you do use the margin, you will be charged a margin fee.

If possible, you should carry a balance of at least $25,000. If you have at least this amount in your account other SEC restrictions will not apply such as Day Trading rules that limit you to only 3 buy and sell round trips on the same (in one day) per week.
If you choose to open up a cash account, you will only need to start with a minimum of $500, but you will also have to wait a three day period between transactions for them to settle.

EDUCATE YOURSELF - Study stock trading thoroughly before you actually start trading. Buy book such as The Complete Trading for a Living and actually read it.
There are many free online training programs that you can do.

PRACTICE - Use your practice account for at least three months before trading real money. Your practice account will help you learn the ins and outs of stock trading.

GET HELP - Find a mentor online or in your community that you can go to for help when you need it.

Knowing how to make a million dollars sitting on your couch won't be easy but you can do it.

No comments:

Post a Comment