Work in Day Trading – Introduction
Day trading is not easy. Being a full-time trader has given me opportunities that I could not get during my years of being employed. Yes, being employed has its advantages but I believe that being a trader has helped me in many ways. It has helped my social and economic life. Today, thanks to day trading, I am able to travel the world and spend a lot of time with my close family and friends. It was not always easy. I have told the story of how I lost more than $20K in less than a week. This article is targets people who are fed up with their careers and who have the ambition to start their own trading businesses.
#1 – Start Early
I started learning how to trade very early in my life. As a college student, I enrolled to a Forex trading online club. I also started to read online tutorials about day trading. Also, I started using the demo accounts to practice my trading. This was a very important step in my life. As a 20-year-old student, I was able to create a strategy and test it. If you are employed and have a desire to start trading, remember that the earlier you start, the better it will be for you.
#2 – Take Time to Learn
Learning is a very important thing for you to do as a trader. You will not be successful if you don’t take time to learn the fundamental basis of day trading. In fact, many people who start trading fail because they don’t take time to trade. Luckily, there are many sources for you to learn how to trade. I recommend a website called Baby Pips. The website focuses on forex trading. It has tutorials from the preschool level to the post graduate level.
#3 – Trade and Work Concurrently
Day Trading is not an easy venture. In fact, chances are that you will fail as a trader and you are not alone. In fact, most people who start trading fail. Therefore, you should not rush to quit your job to become a trader. Doing this will put you at a very difficult position financially. The secret is to be open-minded. You should allocate your time in the best way possible. If you work during the day, you should work well and learn how to trade in the evening. Furthermore, the market is open all day.
#4 – Find a Mentor
Having a mentor is one of the best things you can have as you begin trading. A mentor is someone who has been trading for many years. This is someone who has been there and done that. The benefit of having a mentor is that he will give you the insights about trading. He will guide you through market volatility which is really important.
#5 – Don’t Pay
As you start your trading career, you will find many services that provide service to traders. Perhaps, you have heard the amazing story of a rock-star trader who has a Lamborghini and lives in a palatial home. The trader will be holding a seminar on trading in your city for free. Don’t attend these seminars. This is because after the end of the seminar, you will be enticed to pay for a course. You should also not pay for trading terminals such as Bloomberg which charge you up to $20,000 per month. Use the free websites and applications instead.
#6 – Have a Safety Net
Finally, when you move from being an employee to being a day trader, you should ensure you have a safety net. You should ensure that you have the funds to last you for a year. This is because trading is a career which can come to an end within minutes after a big loss. Having a good safety net will help you move on if you make a big loss.