Option Trading for a Living - Can You Really Survive by Trading Options?

So many of us have dreams of working at home. No rush-hour commute, no time clock, no boss, total time freedom. It's very alluring, and indeed, many have already made the leap to full time self employment. With the ever increasing availability and lower costs of online brokers, some people have chosen option trading for a living.

Option trading isn't for everyone. If you have a "worrier" personality for example, you will likely become too emotionally involved in your trading. Likewise, an habitual gambler or an addictive personality might make trades for emotional, rather than logical and mathematical reasons. To successfully trade for a living, you need to be able to pull the trigger on a trade, whether on the winning or losing side, without emotion.

Option trading for a living requires steady, calm, rational decision making, and a willingness to follow a strategy that works for you, while often ignoring the advice of others. You need to have the discipline to follow through on your system, even if that means, for example, selling many trades at small losses while waiting for a winning trade to come along. Not everyone can do that successfully.

There are reports that up to 80% and more of beginning traders fail at trading for a living. Many are undercapitalized, many lose too much of their starting bankroll early and get disillusioned, and many start without a trading plan. Like anything else, this is a business, and businesses require planning.

If you are thinking about this business as a way to support yourself, remember that you will be going head-to-head in competition against professional market makers who have been trading for a living for years. It's not impossible to succeed, but before making that big leap, you need to know this business thoroughly, have adequate starting capital, and above all, know yourself, as in the end, it's an internal psychological game.

To learn the secrets to trading options for a living, visit Options University.

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