Should I Learn to Day Trade?
Does it seem like every day trader is REALLY into day trading? They never talk about anything else, bring it up constantly, and even try invite friends to learn more for themselves.
We all know someone like this, but my situation was different…
I was related to this person (my father).
Honestly, the man wouldn’t shut up about it. He was so excited and it seemed like I couldn’t get a word in edge-wise. But I realized really quickly that he was excited for a reason.
My father recognized the opportunity to find financial freedom through day trading. Do you understand what that means?
No more living paycheck-to-paycheck, financial stress or relying on low-paying jobs at heartless corporations.
I understood why he was excited, but I was still skeptical. This was, of course, until I learned for myself what it takes to find success as a day trader.
Pre Day Trading Day Trader Checklist
The idea of day trading as a means of continual income is usually dismissed right off the batt. Many excuses include a lack of understanding, not enough time, full-time work elsewhere, etc.
While there are many ways to trade in the stock market, day traders tend to fall into one of two categories. The first category includes those who trade every now and then as a hobby. The second, those who want day trading to be a main source of income.
If you fall into the second category, here’s a list of what you’ll need to find success day trading:
The first thing many people learn about day trading is that they need to have money to make money. Many choose to only use risk capital, or money they can afford to lose (discretionary income). This keeps emotion from dominating the trade and helps the trader avoid financial ruin.
The paragraph above is true in most cases, but recently a group of day trading education companies have made it possible to start trading using account funded by a corporation (see video below).
Learn more about how to day trade using this group’s money by CLICKING HERE.
In a lot of cases, having a strong knowledge of the market and experience within it is even more important than having risk capital. It’s not impossible to make money without these traits as a day trader, but it is highly unlikely.
Fortunately, there are a lot of programs around the country more than willing to help you learn everything you need to know about day trading. You can find a directory of these programs, along with more information by CLICKING HERE.
When one person makes money in the stock market, this is because another person has lost that money. This makes having a strategy (understanding your competition) is absolutely critical to success.
Some examples of strategies include arbitrage, trading news and swing trading. Following the plan is what helps refine the trading process, increasing the likelihood of taking profits.
Most of the time, emotion is the enemy of successful day trading. The truth is that many trades will go against you before correcting. If you can’t stomach the stress that comes from a small swing in the wrong direction, this type of trading might not be for you.
On the other hand, having the discipline to overcome that emotion is what makes good traders great. Remaining calm and collected during a trade is essential to success.
Learn to Day Trade
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Still Not Positive You Want to Learn to Day Trade?
Check out some of our FAQs below to see if others have had similar questions!
Do I have the necessary time to learn to day trade and make money doing it?
First of all, this answer obviously depends on the trader, market and available trading hours. Most day traders learn to day trade and go on to spend between one and two hours per day trading in the market. This is more than enough time to make a good return on your account without being too overwhelmed in your trades.
Is it actually possible to learn to day trade and do it for a living?
Of course it’s possible to make a living by day trading. Many even consider it to be the ideal source of income for themselves and their business. Furthermore, day trading is powered by a daily financial flow of $5.3 trillion, meaning there’s plenty for all to create extra cash, lifestyle income and wealth.
Do I need to have money before I can make money?
Capital is needed before one can make money day trading most of the time. However, a recent movement has emerged which allows day traders to access corporate-funded trading accounts and keep a certain percentage of the profits returned. (See YouTube video above for better explanation)
When I learn to day trade, how will I know which trades to make?
Most day traders use different strategies and tools when predicting market direction. As a result, programs usually offer software that charts market data and indicates which way the market is trending over a specific amount of time. These tools are typically algorithm-based and referred to as “indicators.”
Watch the video below to see an example of indicators as they work:
Will I be a successful day trader?
There are a lot of different resources online which can show you the ideal characteristics of a day trader. These resources claim to find the common traits shared by successful traders and promise to teach you how to develop them for yourself.
You can also check out our Should I Day Trade? page to find more information on the subject.
Can I find out more information without committing to a day trading program?
You can contact us using the form above, or email us at [email protected]!
Think what you have what it takes to make it as a day trader?
If you think you have what it takes, or just want to learn more, fill out the form below and we’ll send you a list of certified, background-checked trading coaches ready to answer any question you have!