10 Reasons Why Now Is The Best Time To Start Day Trading

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Every profession has its requirements and that a person should possess to earn his name, fame, and money from that occupation.

If you want to become a Doctor you need sincerity. For a lawyer, you need to have the ability to question others. For an engineer needs to know the “why” of things.

Similarly, a day trader is someone who has the courage to take bold steps.

Someone who takes the right decision at the right moment. And has the willpower to follow through those decisions with audacity.

If you are not sure if day trading is for you. Here are 10 reasons I hope you have to start today.

Love The Independence

If you are one of those people who hate answering to your superiors then day trading is meant for you.

You are responsible for every task that takes place, for every problem that arises and every solution that you find.

Think of it like driving a car. You are the driver who has complete control of your life.

If the amount of fuel (discipline, time and patience in our case) you put in is more, the car is bound to run longer (thus giving more returns).

Keep reading below if you like to live an exciting life filled with challenges and love your freedom.

Work From Anywhere In The World

You get an option to choose your place of work.

Imagine how exciting it will be when your office doesn’t have to be at the same place every day.

Today you could work from the coffee shop, tomorrow from the mall and the day after when you are sitting in a boat on a beautiful lake.

It certainly beats the monotony of a 9 to 5 cubicle job.

All you need is an electronic gadget, high-speed internet, and an account with an online brokerage firm and you are good to go.

It is your choice whether you want to trade alone in your room or to host meetups where you can meet like-minded people and trade with them.

Loves Technologies

A (very long) long time ago, trading was done over phone calls or by shouting high in a room where you would have to get in touch with the floor broker.

By the time your order was placed (in a matter of minutes), prices used to change dramatically.

But the times have changed drastically now.

Technology played a huge role in the development of Financial services industry.

Today, faster computers, innovative market research tools, and sophisticated software have helped traders get live feeds, monitor and automate their trades.

Hours are spent before computer making spreadsheets, analyzing them and finding profitable investments.

You need to be proficient at using a computer, handling software installation and crashes, quickly fix glitches and get back to task on hand.

Therefore, it is essential for a day trader to be technology friendly.

The Only Way To Live

This is the motto that people in day trading live by.

They believe in mastering their talent and handling their own money than relying on anyone else.

Day traders derive great pleasures in working independently.

They go into the jungle (markets) alone and master the ability to hunt (analyze) and survive without the help of masters (large organizations) who only pretend to guarantee safety.

Many people employ people from these large organizations like brokerage firms, hedge funds or exchange traders to trade securities.

If you are one of those who doesn’t like to share his profit or someone breathing down your neck while you invest.

Congratulations you are a perfect fit to become a Day trader.

Adore The Unexpected

If Wall Street makes you feel exhilarated and you can’t stop watching CNBC then you were made to be a day trader.

If you have always been fascinated with the workings of the market, the back and front operation, who regulates it and have infinite such questions.

You should practice day trading to quench your thirst for knowledge.

A Few Experience Under Your Belt

Day trading can begin in various forms.

Investment in a mutual fund, buying a single stock or opening an account with a brokerage firm – all these small steps are the stepping stones of a career you may make in the Day trading industry if you want to.

Begin by taking small steps.

Don’t directly quit your day job to begin your life as a day trader.

Use short-term trading, practice it over a period of time, gain adequate knowledge and confidence before you jump in the business meant only for the daring hearts.

Understand What Works And What Doesn’t

You need to be prepared when you dive in to begin your business as a day trader.

You should have a strategy that is well tested, defined and makes you stop when the limits are reached.

You should test it for months and keep refining it until you are very sure about its success.

Also, make sure you experiment with your policy in different market conditions which keeps you well prepared in the time of action.

Therefore, many traders practice their skills and strategies with a stable job on their hand, at night or on weekends.

This way when they are sure that they are ready to pursue day trading as a full-time career, they have enough saved to last a minimum of 2 years in the case of failures and a well-tested strategy to pursue.

Decisive And Full Of Hope

Trading is a game of intuition and instincts.

You must take your decision in a moment’s time because every second lost has its worth in thousands.

You can’t leave it to discussions, hesitation or panic attacks. Every decision taken is yours and you must bear the consequences of it.

Additionally, traders are said to be determined and resolute. Once they adopt a policy, they stick to it whether it results in profit or loss.

The ones who are persistent, even in their bad times, are the ones who can succeed in this business with their head held high and their pockets filled with enough money to continue trading further.

Losing Money Is Not An Issue

Trading is a game of psychology.

You need to prepare yourself for the good and for the worse and you can only do that when you have enough financial resources to view the market clearly as they are and not panic.

Stressing again on the point that trading business has its highs and lows, you need to be sure that you have yourself covered well when the low time strikes.

What does “covered well” mean?

It means you have a second source of income, enough money to cover your basic living expense and you are sure you will still be able to eat, pay your bills and have your home when your strategy doesn’t work because sometimes it isn’t going to work.

Many short-term traders often quit the business because they couldn’t earn well in their first year or the stress wasn’t worth the pay.

Day trading business requires time to grow. It isn’t your conventional way of generating current income but an investment in earning long-term asset.

If you are serious about Day trading business make sure you have a “walk away fund” set up well for that day when you decide to call it quits.

A Supportive Backup Plan

Let’s face the facts.

You need to have a strong support system to face the high and lows of the market.

It can get very stressful sometimes to handle the pressure or to control the adrenaline rush while making a trade.

Traders often experience the rock bottom and they adopt different habits to overcome their loss.

Alcoholism, depression, divorce and suicide are commonly faced by traders who mix their professional and personal life.

People join trading in the hope to study crowd psychology, to learn about people’s different cultures. And what makes them act irrationally when it’s time to take a major decision.

You get the opportunity to learn about people from different walks of life.

For most full-time day-traders, the biggest benefit is that you get to do what you love at a job that consistently challenges you. Sounds appealing?

But on the other hand, you will have less stability, especially as you start out.

You will have good months, bad months, great months, and mentally exhausting months.

While this roller coaster of emotions is part of what makes day trading exciting, it can also be stressful if approached improperly.

Markets are not your friends. They will suck the life out of you if you are not headstrong or if show them your vulnerabilities.

Some days you will feel high with enthusiasm and profits and on other days you won’t even realize what hit you!

That, in short, is the life of a day trader.

Conclusion

Day trading is a learning experience.

If you can summon the will and courage to make the jump, you’re sure to have a rewarding and recession proof skill.

It sounds so cliche I know, but there’s no better way of describing it.

If anything, this article proves one thing I’ve always wanted to make clear with people: you don’t need a degree to start your own day trading business.

Do you know of anyone who has success with day trading you’d like to share?

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