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DAY TRADING FROM HOME
Day Trading From Home: Is This Right For Me?
Working from home is the ultimate the dream for many people as they keep thinking about how could it be achieved and what's the right way to make it happen. Day trading , I mean becoming a good day trader is one of the options available for anyone.
This is already a reality for more and more people who are successfully making a living by trading (including day trading) and it can definitely be achieved by anyone who is determined to invest, learn to trade and then put in the effort and the discipline.
Have you ever said to yourself or maybe have had one of those moments when you look back at your daily rat race and think:
- I really need a change; I'm so bored of the same work day in - day out; I've been doing same job for too long...
- I'm getting tired of the daily commute, sick of the crowded public transport or frustrated by the slow traffic on the congested roads
- I want a flexible job so I can organize my priorities (e.g. take care of my parents, spend time with my kids/partner/dog )
- I am so sick of putting up with annoying psycho bosses and the nonsense of regular performance reviews
- I want to put my brain to good use and make money without too many constraints (you will know what I'm talking about if you work in the corporate world!)
- I'm retired now but guess what: I need to do something and keep by brain busy and also be in control of my investments
- I am at home anyway minding my lovely kids so why not challenge myself learning something new and eventually put some cash into my pocket
I'm pretty sure that you answered 'YES' to (at least) one of the questions above. If this is the case then keep reading....
Is Day Trading from Home The Solution?
Well, this is my dream and it is an opportunity open to all of us which I want to share with you. The rewards can be high, with some traders earning thousands of dollars a week just by buying and selling shares, futures, CFDs, Forex or options, but in a high stakes game the losses can be equally big.
For a start, Day Trading doesn't always take place during the day.
As long as you have a PC or a tablet or a mobile phone and internet connection you can choose when to trade - morning, afternoon, evening or night time.
Develop Into A Successful Day Trader
Becoming a skilled and successful trader is achieved as the result of a developmental process and not as the uncovering of any magic setup or indicator. The single greatest challenge for traders is to harness his/her developmental process.
First step: Know yourself ! What are you strengths, what are your weaknesses? Be honest and humble and make an inventory of your skills and gaps.
Ask yourself the following questions:
- What is the environment that stimulates me the most? Do I enjoy being surrounded by people, the smell of fresh coffee and food? Or I like to work in total isolation, with no distractions and like to have lots of monitors around me?
- What is the time of the day / night when I am most productive and alert?
- Am I a morning person? Then you should consider intraday trading on ASX market(assuming you live in Australia) - ASX200 futures and ASX listed shares or CFDs
- Are you at your best during the afternoon? You should consider trading European stocks , European future indices or trade currencies ( also known as Forex or FX)
- Are you a night 'owl'? Why not trying the S&P500 futures and shares listed on NYSE or try trading currencies (Forex trading)
Regardless of the answers to the above, once you decided to go ahead and learn how to become a successful day trader then you must be on a constant learning curve that may eventually lead you to making a comfortable living as a day trader.
Day Trading: Most Asked Questions & Answers
What is a day trader?
A day trader is usually a trader that enters and exits a position (i.e. buys and sells the financial instruments) in the same day, before the end of the trading session. However, this is a bit hard to stick with this definition when trading currencies, futures or any other financial instruments that are open almost 24 hours around the clock.
Other terms used for the same meaning are intraday trading or intraday trader.
How do I start day trading?
As anything else in life, you need to start learning as much as you can - see more ideas and resources here.
Can I become a day trader with little money?
Yes, actually it is recommended to start with a small amount and build your skills and confidence first, before investing more money. Some brokers will allow opening a real online trading account with $100 deposit or sometimes may offer a bonus so you don't need a deposit at all. Depending on what instruments you choose to trade, this can be enough to help you get a sense of the real trading.
If you want to find out more about Day Trading read some of our related articles and posts:
Have you been thinking about trading but don't know where to start ?