Day Trading Career – Tips and Reasons
I completed my undergraduate degree a few years ago. After the degree, I enrolled to a post graduate course. I also landed a job at a leading non-governmental organization. I was very lucky to have achieved that at a very tender age. Then, one day, I decided to call it quits and everybody was surprised. Why would someone leave a good job to become a day trader? Many asked. I had started using a demo account in my college dorm. Though it has been a bit challenging (I have lost thousands of dollars), I still believe that I made the right decision. Here are five key reasons you should consider start a day trading career.
#1 – You Will Learn a New Thing Each Day
One of the best things I experience on a daily basis is the chance to learn a new thing every day. In my previous career, I was used to routine work; wake up early in the morning, go to work, and do the same thing, Monday to Friday. As a trader, I always learn a new thing every day. There will never be a day that is similar to another one. Every day is always different. This makes trading a very interesting field. Some days you will make a lot of money only to lose it the next day and vice versa.
#2 – Can be Rewarding
The next reason you should consider the day trading career is the massive opportunity it has. As a trader, you can make money on a daily basis. The financial market is open every weekday for 24 hours. This makes trading a very interesting field. If you are really good, this means you can be able to make money every day. This is contrary to what many businesses offers.
#3 – Low Start-up Cost
Starting a real business can be expensive. The process is also a very complicated one. In fact, most businesses that are started usually fail because of a number of issues such as competition. In the financial world, the more people there are the better for you because of liquidity. To be fair, most people who start trading fail because of the complex nature of the market. You can start your day trading career with just $5000 or less. Depending on how successful you become, chances of getting more money from other people will be high. Also, you don’t need an office to be a trader. For many years, I traded right in my bedroom. Also, you don’t need the transport costs associated with setting up your business.
#4 – Many Opportunities
Imagine a market where you can trade thousands of items on a daily basis. The financial market is an important one where you can trade thousands of instruments using hundreds of strategies. If you are a currency trader, you can easily trade more than 100 currencies. If you are a stock trader, you can trade more than 5000 stocks. The beauty of it is that you can trade only one asset and become an expert in it. For instance, you can decide to trade the Euro/Dollar pair. As a specialist trader in eur/usd, you will be at a good position to understand how the pair moves with ease.
#5 – Own Boss
As a trader starting your own day trading career, you have an opportunity to be your own boss. Being your own boss is an exceptional opportunity. This is because you will have no one telling you what to do. You will also trade when you feel that you are adequately prepared to trade. You will make decisions based on what you feel and how you feel.
While trading can be a rewarding career, you need to be fully prepared about it. You need to have learnt the procedures of trading and tested your strategies. You also need to be aware of the risks that are in the trading career and how to avoid them.
Day Trading Career – Useful Links
- Read more about Day Trading Career on Investopedia
- Disocver more about Day Trading Career on TheBalance