The US Census report of 2000 show that 22% of surveyed payday loan borrowers hold a bachelor's degree from college. More than two-thirds of people surveyed reported an annual income of a minimum $25,555 and has a savings account. Also, 51% of surveyed population had a retirement savings plan.

Viewing industry statement, it seems that payday cash advance customer has more than average level of education than general US population.

A typical payday loan customer is between 25 to 40 years of age and has an annual income between $25,000 and $50,000. Also people from all walks of life, including teachers, civil servants and corporate employees considers payday loan as an efficient solution to short term financial emergencies.

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Get to know your market and use a charting program to study price movements. Metastock is a well-known charting package, but there are others.

4*Don't borrow unless you can cover lost money.

Please don't be foolish. If you play with borrowed money you should have a similar amount in cash sitting in your bank account. Playing with profits is good and easy, but when it's not your money you become an emotional player and you will LOSE BIG TIME!

5*Following on from that point - get a grip on yourself. You must act mechanically - not emotionally. You make decisions because your system tells you to BUY or SELL, not because rent is due.

Trading for a living is possible when you have no problems paying your living expenses. I'm talking from experience. I've had to take on a job just to help me get through my losses. It wasn't an easy time for me, but I did learn a lot from my experience and I make that available to anyone who is interested - check link below in author's bio.

If you choose to live by trading week to week you may find trading won't work for you. There are a few things to sort out first and one of them is peace of mind - then you can make good decisions.

6*Know when to quit a trade - before you enter and apply "stop loss" during trade. Quit losing trade. Protect your profit by getting out while in profit.

7*Decide type of trader you wish to be, but don't try daytrading till you are successful with your method. You can trade different time intervals:

minutes, days, weeks, months or years.

The shorter time interval more you have to be on ball. You need to get to know your market very well. Your market could be: stocks, options or futures. If you choose a currency to trade then gewt to know chart of that currency very well.

Well now you know how I made money very quickly by compounding my profits. Of course same works in reverse - you can also lose your money very fast!

I want to thank you for reading this article and would like to give you a gift. It's a fascinating report called, "How to Double Your Way to a Million", written by legendary multi-millionaire success guru Stuart Goldsmith.

To obtain your copy, simply go to: http://www.tutorhelp.com.au/millionaire.html

Regards, Joseph Sgro

Joseph Sgro writes the "THE 10 Simple Rules Ezine" which aims to present the best trading resources.

Read his trading experiences: http://www.tutorhelp.com.au/sharemarket.html

Subscribe to past ezine editons: http://www.tutorhelp.com.au/ezine.html