Day Trading for a Living - Part 1
Day Trading is *not* a get rich quick scheme. Day Trading is a business, a career and a chance for those who have a deep desire to be a successful entrepreneur while being involved in the stock markets. There is no sure fire formula for successful Day Trading, it takes a great deal of time, focus and deep hearted determination. Whether you want to Day Trade Stocks, Day Trade Futures or Day Trade Forex – do it the right way.
One of the key steps to successful Day Trading is learning to control your Trading Capital – protect your Trading Capital as though your life depends on it because, without your Trading Capital, you can’t Day Trade without it. By controlling your Trading Capital, you are at the same time, fine tuning your personal Discipline. Without developing a strong, sincere personal Discipline you *will* make so many very costly mistakes, you *will* be looking for another career before you know it, possibly in a matter of minutes, hours or days from the time you first begin Day Trading. Personal Discipline consists of controlling your emotions through the highs and the lows; the good trades and the bad. Personal Discipline is something you develop in yourself to not repeat the mistakes that lead to large losses; the mistakes that make you an investor because you didn’t take your stop loss; the mistake when you don’t take profits on a trade that you now have to take a loss on. A loss is a loss and you *will* take stop losses, it’s all part of Day Trading. No one likes to take a loss however; successful trading is taking a loss when that loss is your stop loss which means, you controlled your trade, your Personal Discipline was correctly utilized.A key to successful Day Trading is laying out your Personal Trading Strategy, step by step. Set pre-determined share trading amounts. Determine the maximum number of shares/lots you plan to trade depending upon price of the Stock, Futures or Forex; volatility and overall market momentum. Determine the amount of loss, you are willing to take, depending upon the number of shares/lots you trade. The more shares/lots you trade, the tighter the stop loss you should run with. A tight stop loss is a controlled stop loss. When a Stock, Futures or Forex you are in hits your stop loss, you should already know what to do. Participate in professional Day Trader training. The cost of a Training Program can be the equivalent of one possible loss you could end up taking, on just one trade.
Above all, you should never ever trade one single dollar of real Trading Capital until you have demo-traded or paper-traded for several months or weeks depending upon how much time it takes you to develop your Personal Trading Strategy. Take your time and be sure you have your Personal Trading Strategy, down pat and to the ‘T’. Become part of a professional Day Trading Service for the Stock, Futures or Forex picks they can provide. You should focus on developing your personal Day Trading Strategy and Day Trading skills while demo-trading or paper-trading, while utilizing the professional Day Trading Service.
Do not, for any reason, attempt to rush the process. It takes time to become a professional Day Trader. In a hurry and you could end up becoming the former, Day Trader wanted-to-be.