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<\/h2>\nAdvantages vs Disadvantages<\/h2>\n
Despite the difficulties, there are some clear benefits to day trading for a living.\u00a0To name a few:<\/p>\n
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- No boss \u2013 You are your own boss.\u00a0No more pandering to demanding and unreasonable bosses.\u00a0You can work exactly as you want.<\/li>\n
- Hours \u2013 You set your own working hours.\u00a0In today’s world there is always an open market.\u00a0Therefore, you can choose when you want to work and for how long, according to other commitments.\u00a0If you want a four-week vacation, there’s no HR department to navigate first.<\/li>\n
- Overhead \u2013 No more expensive train tickets to get to work.\u00a0No more petrol and parking costs.\u00a0No more expensive clothes.\u00a0You just need a computer, an internet connection and some capital to get going.<\/li>\n
- Comfort \u2013 While everyone else is ironing their shirts for the day ahead, you can slip into some comfy clothes and begin the 15-foot journey to your desk, with a fresh cup of coffee.\u00a0No more stuffy offices or annoying co-workers.\u00a0You work from the comfort of your own home.<\/li>\n<\/ul>\n
Weakness<\/h2>\n
Despite the obvious appeal, reviews of day trading for a living also highlight some downsides.\u00a0The most prevalent are:<\/p>\n
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- Solitary lifestyle \u2013 Your friends may have driven you up the wall at times, but sometimes it’s reassuring to have people around.\u00a0Day trading for a living can be lonely.\u00a0If you don’t like yourself, think twice.<\/li>\n
- Inconsistent pay \u2013 Your pay will fluctuate wildly.\u00a0You might make $3,000 one day and then lose $2,500 the next.\u00a0You may not have a stable salary to rely on.\u00a0Also, if you take a day off work, you won’t get paid a dime.<\/li>\n
- Career progression \u2013 The only thing that can be improved is your achievements.\u00a0You may also find it challenging to return to the business world.\u00a0A few days of trading for live forums have suggested you get less work in the end.<\/li>\n
- The battle against bots \u2013 Algorithms, automated systems, and bots are all taking over the market.\u00a0They are now responsible for 60% of the total market.\u00a0Although, there will always be a place for humans in the market, you need to find new ways to adapt and evolve if you want to maintain an edge.<\/li>\n<\/ul>\n
What Are People Day Trading?<\/h2>\n
One of the most important decisions you will ever make is to start day trading for a living.\u00a0What securities and markets were popular at the time, among those who day traded for a living?<\/p>\n
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- Shares<\/li>\n
- Penny stocks<\/li>\n
- Forex<\/li>\n
- Cryptocurrencies<\/li>\n
- Forward<\/li>\n
- Eminist<\/li>\n
- CFDs<\/li>\n
- Commodity<\/li>\n
- Gold<\/li>\n
- Options<\/li>\n<\/ul>\n
Whether you’re trading penny stocks for life or currency, the volatility and volume in your chosen market will seriously impact your profit potential.\u00a0The cryptocurrency market, for example, is very volatile, allowing some to make a very good living.<\/p>\n
Whereas, day trading stocks for life may be more challenging.\u00a0It’s already a saturated market.\u00a0In addition, relatively high initial capital is required and losses can be financially worse.<\/p>\n
Again, day trading commodities or futures for life will present its own challenges.\u00a0All of them show the need to be effective<\/p>\n
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\nRegional Differences<\/h2>\n
Whether you day trade for a living also depends on where you live, and which market you choose.\u00a0Day trading for a living in India, Indonesia or South Africa, not only offers a volatile market, but you also have a very low cost of living, making life more affordable.<\/p>\n
Day trading for a living in the UK, USA, Canada, or Singapore still offers plenty of opportunities, but you have plenty of competition to contend with, plus the high cost of living.\u00a0You will not experience infertility or volume, but you have to sit down and calculate how much you need to make on average every week or month, to really live.<\/p>\n
How to Make a Living<\/h2>\n
Day trading is not easy.\u00a0You will have some potentially expensive obstacles to overcome.\u00a0Below the top tips have been compiled, to help you stay firmly in black.<\/p>\n
Preparation<\/strong><\/p>\n
The question on many aspiring traders’ lips is, how to start day trading for a living?\u00a0The answer is that you only need a few basics.\u00a0Get the basics right and you’ll be in the strongest position to make a generous salary.<\/p>\n
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- Hardware \u2013 You need at least a remote computer and an internet connection.\u00a0Any hardware or internet crash can be costly.\u00a0Many suggest having two monitors up and running, in case of an emergency.<\/li>\n
- Broker \u2013 Make sure you choose a broker that suits your needs.\u00a0They need to offer competitive pricing, reliable customer support, and an easy to navigate platform.<\/li>\n
- Strategy \u2013 You need a strategy that suits your trading style.\u00a0It should rely on charts, patterns, and technical indicators.\u00a0It should allow you to make frequent profits on high volume, low value trades.<\/li>\n<\/ul>\n
Trade Office<\/strong><\/p>\n
Location is an important topic.\u00a0Will you have a home office or try and trade in multiple locations on a laptop?\u00a0You may have seen the image of a single trader sitting behind 6 or 9 monitors monitoring all kinds of data \u2013 but is it necessary?\u00a0An alternative to trying to dedicate some space at home to trading, is to use rented desk space.<\/p>\n
There are also services that take it a step further.\u00a0ETrading HQ offers desks and office space for rent, but also trading data and daily collaboration.\u00a0Like soulful traders can exchange ideas and strategies face to face.\u00a0The concept is booming in London and New York and can make day trading for a living far more viable for those concerned about market data, privacy and office space.<\/p>\n
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\nCapital<\/strong><\/p>\n
One of the first questions from the lips of aspiring traders is ‘how much capital do you need?’\u00a0One necessity of day trading from home to survive is capital.\u00a0Roll the dice a few years and you need at least $25,000 to start day trading in the United States.\u00a0Not only that, but you are always forced to maintain at least that amount in your account.<\/p>\n
These tough rules mean that for the majority of people, trading for a living doesn’t have to be physical.\u00a0However, the globalization of the financial industry has allowed many platforms to grow outside of US regulation.\u00a0Today, you can start with as little as $1,000 in your account.<\/p>\n
How much capital you need depends on what you want to start trading.<\/p>\n
Education<\/strong><\/p>\n
If you want the best chance of day trading success for life you need to use a variety of resources.\u00a0Fortunately, now you can find free educational tools with just a few mouse clicks.\u00a0Among the most effective resources worth considering are:<\/p>\n
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- Books \u2013 see a list of good reads, including easily accessible Google books.<\/li>\n
- Ebooks \u2013 eg ‘the new trade for living ebooks’, by Alexander Elder (no hassle download)<\/li>\n
- Audio books<\/li>\n
- Blogs<\/li>\n
- PDF<\/li>\n
- Tutorial video<\/li>\n
- Forum \u2013 perfect for those who want to start day trading stocks, futures, forex, and cryptocurrencies.<\/li>\n
- Study guide<\/li>\n
- Podcasts & MP3s<\/li>\n
- Flipkart<\/li>\n<\/ul>\n
You’ll get advice from experienced traders on forums, blogs, and chat rooms.\u00a0You will benefit from detailed strategy examples from books, PDFs and video tutorials.\u00a0Many trading days for live ebooks, epubs, and PDFs are available for free download as well and can be accessed via Kindle.<\/p>\n
If you are looking for specific guidance on how to trade forex, see the forex page.\u00a0Alternatively, check out the stock page if you’re interested in selling stock from home for a living.<\/p>\n
risk management<\/strong><\/p>\n
If you are looking at how to day trade for a living, one of the important components is how you manage risk.\u00a0As Larry Hite says, \u201cThroughout my financial career, I have continually witnessed examples of others I know who have been ruined by a failure to respect risk.\u00a0If you don’t take risks, it will take you.\u00a0”<\/p>\n
You need a system that ensures you have enough to make the move, while maintaining enough capital that you don’t have to go back to the day job.<\/p>\n
A good system revolves around a stop loss and take profit.\u00a0This allows you to plan ahead and prevent rising emotions from taking over the decision.<\/p>\n
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- Stop-loss \u2013 This is simply the price at which you will sell the stock and take a loss.\u00a0It will eradicate you holding on to the hope that it will come back.<\/li>\n
- Take profit \u2013 This is the point where you will sell the stock and take profit.\u00a0This will help you keep those gains, by allowing you to sell before the consolidation period runs.<\/li>\n<\/ul>\n
Psychology<\/strong><\/p>\n
If you trade for a living, consistency and stability are the goals, which will require a consistently disciplined mind.\u00a0As Victor Sperandeo stated, \u201cThe key to success is emotional discipline.\u00a0If intelligence was the key, there would be more people making money trading.\u00a0”<\/p>\n
It may sound easy now, but when you have $2,500 on the line and you’ve been staring intently and intently at a screen for the past six hours, keeping fear at bay isn’t so easy.\u00a0An effective way to limit your emotional liability is to use as much technical assistance as possible.<\/p>\n
Keeping your emotions in check will take practice, lots of mistakes and then more mistakes.\u00a0However, a trick that helps many traders is to focus on trading, not money.\u00a0Take it from seasoned trader Alexander Elder, \u201cThe goal of a successful trader is to make the best trade.\u00a0Money is secondary.\u00a0”<\/p>\n
Final Word<\/h2>\n
The daily trading volume of people for living since 2014 has increased.\u00a0Is it realistic?\u00a0The answer is, it depends entirely on your ambitions and commitment.\u00a0It will not be an easy journey.\u00a0But, if it suits your work style, you choose the right market and you use the mentioned tips, then you can be one of those successes.<\/p>\n
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