Can I Make A Living Day Trading?
Day traders use short-term trading strategies to benefit from small price movements in liquid stocks. Unlike long-term investments, day trading gives you the opportunity to generate active income. Though we can’t ignore the risks and commissions, once you become trained and experienced, you can reap great potential reward by day trading.
So, the answer to the big question “Can I make a living day trading?” is definitely yes. Generating income by day trading is a perfectly viable and legitimate option for those who are willing to take the risk and can afford the potential losses that may occur in the beginning and throughout.
One thing that every day trader should know is that day trading is definitely not easier or requires less work than a regular daytime job.
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- Can I Day Trade Only Part Time?
Yes, you can also day-trade on a part-time basis and thousands of Tradenet’s students do so.The Wall Street trading hours are 9:30 am-4:00 pm (New York time) Monday to Friday. Learn the times of day that offer excellent trading opportunities and stay focused for the duration of trading.
Note: If you’ll be trading part-time, it’s imperative to understand that committing a limited amount of time to your trading activities may sometimes result in a slower progress towards financial independence. However, it would allow you to maintain your current daily life schedule and only change it mildly.
Day Trading for a Living – What Does Your Day Look Like?
Analyzing yourself is very important when it comes to day trading. Active day traders invest significant time and effort into turning a profit, and trade activities are their primary focus. Hence, they are more active during the trading hours and have the liberty to quit whenever they want.
First Steps to Day trading
Before starting your journey from novice to an experienced day trader, take the following basic steps:
- Find a Mentor
Day trading is not as easy as it sounds. It involves many challenges, risks and sometimes, losses even if done properly. This is why having a mentor can be invaluable.
Day trading mentors have trading experience and knowledge of the different phases of the market. They know the potential risks and also the ways to deal with those risks. Learning from their knowledge and experience can save you a lot of money and time.
Find a good day trading mentor, talk to them, read their works, and learn from their past trades on YouTube.
Also, when you actually start trading, and things get tough, you have someone to motivate you and help you go through the challenge smoothly. Mentors also help you find answers to questions like can I day trade only part time or full-time?
Meir Barak, the founder of Tradenet, has years of experience mentoring thousands of day traders. Tradenet is a company that offers expertly-designed programs with mentoring to new traders.
- Have Structured Education
If you are asking yourself “can I make a living day trading?” you must choose structured education before entering the field. Like in any other field of career, making your career in day trading also requires well-structured day-trading courses taught by experienced and skillful traders in the industry.
Be cautious of people with little trading experience trying to make money off courses or subscriptions. As a general rule, only choose a course offered by a trader with over ten years of trading experience.
- Start Trading on Demo Account
Once you have found an excellent mentor and a good course, it’s time to try things in real time. Make sure you start with demo accounts as it will save your money and help you practice day trading.
Practice hard and use the knowledge you acquired through the course. Reach out to your mentor whenever you feel a difficulty. And only when you think you are ready to start with real-world day trading, move to real money.
If you feel ready to find a good mentor or a good day-trading course, Tradenet is a great option.
Tradenet (tradenet.com) is the fastest-emerging day trading education firm that has educated over 30,000 traders so far. You can choose from a wide collection of expertly-designed self-study courses, video training, top trader courses, and much more.
If you are interested in learning day trading at Tradenet, Contact them here.
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