Make a living off trading stocks
I learned about day trading but I also learned a lot about myself and what I was good at, what I was horrible at, and what I was psychotic at. Things that had nothing to do with day trading. Day trading is the best job in the world on the days you make money. You make a trade, then maybe 20 minutes later you are out of the trade with a profit, and for the rest of the day you think about how much money you made. I would make a trade, it would go against me, and then I wanted my heart to stop so my blood would stop thumping so loudly.
All of these lessons I will certainly use today, many years after I stopped day trading. This applies not just to trading but everything.
You could be married for 10 years and the next thing you know you are divorced and you would not have predicted that. You could be healthy all your life and drink your vegetables and exercise and reduce stress, and a year later you could be dead from cancer. You can always seek to increase the odds in your favor.
But certainly a path to unhappiness is thinking the future can be predicted and controlled. A hundred percent of opportunities in life are created because people are uncertain about almost everything in their lives. We are constantly trying to close the enormous gap between the things we are certain about and the things we are uncertain about, and almost every invention, product, Internet service, book, whatever has been created to help us close that gap.
Sometimes this is hard. If your husband betrays and leaves you, you often feel like crawling on the floor and burning all the self-help books. You can say it something inside of yourself. Some people take too many risks and they go bankrupt. This happened to me.
But then I would take big losses and that would wipe out all my profits. The key is that you can take larger and larger risks if you work on better and better ways to deal with those risks. For instance, I might be able to risk marrying someone if I know she is not a hard-core drug addict who regularly betrays the people she is close to.
I can risk driving without a license if I always stay below the speed limit I know this is a stupid risk, but still. How can I get that job? When I was raising money to day trade, I probably contacted over 1, people. When I was starting an Internet business I started over a dozen Internet businesses and watched all of them fail but one. When I was trying to sell my Internet business I contacted over a dozen companies although Google broke my heart — damn you Google! When I wanted to get married, I went on lots of dates.
She would only go to tea with guys. Within the first 20 seconds you know if you are attracted. So keep it to a tea. But this is just a mental bias. Say no to it. Day trading pulls everything out of you.
It sucks the soul out of your body, blends it up, and then explodes. So you have to take care of yourself. And obviously, this applies to everything else in life. Every day, what small thing can you do to become a slightly better you? The only way to survive is to laugh. Guy makes a trade. The market goes against him. And then he loses all his money and goes crazy. The market is never crazy.
The world is never crazy. And I will go so far as to say that your girlfriend who just lied to you about where she spent the night is not crazy. Despite the difficulty, there are some obvious benefits to day trading for a living.
To name just a few:. Despite the obvious allures, comments about day trading for a living also highlight some downsides.
The most prevalent of which are:. What are the popular securities and markets then, amongst those who day trade for a living? The cryptocurrency market, for example, is highly volatile, enabling some to make a very good living. Whereas, day trading stocks for a living may be more challenging.
It is already a saturated market. In addition, a relatively high amount of initial capital is required and losses could be more financially devastating.
Again, day trading commodities or futures for a living will present its own challenges. All of which points to the need for effective. Whether you make it day trading as a living will also depend on where you live, and the market you opt for. Day trading for a living in India, Indonesia or South Africa, not only offers volatile markets, but you also have a very low cost of living, making a living a more feasible.
Day trading for a living in the UK, US, Canada, or Singapore still offers plenty of opportunities, but you have an abundance of competition to contend with, plus high costs of living.
Making a living day trading is no easy feat. Below the top tips have been collated, to help keep you firmly in the black. The question on many aspiring traders lips is, how to start day trading for a living? The answer is you need just a few fundamentals. Not only that, but you always had to maintain at least that amount in your account. These tough regulations meant the for the majority of people, trading for a living was simply not financially feasible.
However, globalisation of the financial industry has allowed numerous platforms to develop outside of US regulation. If you want the best chances of succeeding at day trading for a living you need to utilise a wide range of resources. Fortunately, you can now find free, educational tools with just a few clicks of the mouse.