It’s a common story: you spend years working hard to earn your degree, only to find yourself stuck in a job that doesn’t excite you. But what if there was a way to break free and pursue your true passion?
Day trading offers the opportunity to take control of your financial destiny and build the life you’ve always wanted.
Day trading is the process of buying and selling financial assets like stocks, forex, cryptocurrencies, bonds, and stocks with the goal of making a profit. Trading differs from investing in that participants hope to make short-term gains by ensuring that trades are closed before the market closes.
The number of people choosing day trading as a career is growing rapidly in the past few years as people have been incentivized by free brokerage accounts by companies like Robinhood, E*Trade, and Schwab. In the first quarter of 2023, Robinhood had over 23 million customers in the United States.
In this article, we will look at some of the top reasons to start your day trading career. At Day Trade the World (DTTW), we house thousands of traders from around the world who have built fulfiling careers over the years.
Contents
Day Trading Career: Choose your path
Are you ready to take the leap and start your career as a trader? Congratulations! But before you get started, it’s important to consider your options.
You can work for an existing trading office to gain experience and mentorship, strike out on your own as a solo trader, or build your own team and office from the ground up.
No matter which path you choose, there are pros and cons to each. However, keep in mind that you don’t have to commit to just one.
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For example, you can start trading on your own to get a feel for the markets and gain some experience, and then join an office for additional support and mentorship. And who knows – you may even decide to start your own office down the line!
Biggest benefits to start your own business
#1 – You Will Learn a New Thing Each Day
One of the best things You can experience on a daily basis is the chance to learn a new thing every day. In your previous career, maybe you were used to routine work: wake up early in the morning, go to work, and do the same thing, Monday to Friday.
As a trader, You 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. You just need to win more than you lose.
#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 $500 or less. Depending on how successful you become, chances of getting more money from other people will be high.
#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.
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#6 – Flexibility
The other main reason why you might want to start your trading career is the flexibility it has. As a day trader, you are your own boss and you set the rules, meaning that you can trade at any time of the day.
Further, there is also the flexibility of the assets that you can day trade. For example, you can decide to trade assets like commodities in one day and stocks in the following day. There is also flexibility in the strategies you can use.
Further, day traders tend to have good work-life balance since they set their own schedule. The most experienced traders spend just a few hours per day trading.
Related » Day Trade Part-Time or Full-Time?
#7 – Independence
The other important reason you may want to consider day trading as because of the independence it provides, especially when you are trading in your personal account. In this case, you are not answerable to anyone and you can make all types of decisions.
There is also independence when you are running a trading floor. As a floor manager, you have the freedom of letting other people trade for you. As a result, if you delegate your duty well, you can even take trips and holidays and your financials will be just fine.
Summary
There are many benefits of becoming a day trader. In this article, we have looked at some of the most popular reasons to become a day trader. As you have seen, it helps to promote independence and flexibility. It is also one of the best ways of making money in the world.
However, day trading is never a walk in the park, which explains why most people fail. It requires a lot of practice, education, and dedication for one to succeed.
Day Trading Career – Useful Links
- Read more about Day Trading Career on Investopedia
- Disocver more about Day Trading Career on TheBalance