Is Day Trading For A Living Possible – 2020 Guide
The new age brings us fresh ideas and means to earn enough money for a living by working from the safety of your place, and day trading is one of the not yet well-known professions that makes things like that possible. Although day trading is not the newest occupation on the market, it has gained popularity and this vocation has become more available to a broader audience willing to trade their skill and time for a certain amount of money. Day trading is a job like any other, except for particular features that make the difference.
Do not fool yourself that your financial issues will be solved by solely opening a dealing account while the money keeps flowing into your bank account. There is a reason this article is about earning a living by day trading, since numerous individuals seek their fortune this way, alas, only the patient and the persistent succeed in the process.
Even though dealing for a living is a real thing, proved and experienced by many, it is still a job that requires dedication and commitment, and your prosperity in this particular industry depends on multiple factors. What we should talk about when day trading is in question is the characteristics that make it comparable with a regular, day job, and its features which make it distinct.
Old Vs New
Day trading was not occupation as popular as it has been for the last decade. Not so long ago, only privileged personas with large sums on their bank accounts could consider trading that way. The reasons are multiple, and one of the main culprits is the proportions and the ongoings on a that-day global scale. Not only did the pioneers make enough for a living, but the scale was controlled by far lesser persons than it is today. Doing the same job then was something reserved for the elite and the ones close to them, since not only did you need twenty-five thousand dollars to enter the game, but you were also required not to get under that sum at all times to continue exchanging.
Nowadays, that limit is 25 times lower than the initial sum, so the game is opened for new competitors. If that were not the cause, the number of active day trading practitioners would have been significantly lower.
Work from Home
What makes this occupation similar to the regular day job is the necessity to work in order to be paid, but you are not paid for sitting in front of your laptop waiting for things to happen. Only you decide when you work. You will most definitely not get payed for a day off, and will not take penalties for arriving late to work. Except for being a boss, you are also a secretary, the manager, the cleaning lady, and the supervisor. At the beginning and in the end, you pull all the strings of your day trading job. View more on stocks and trading and how to get started.
The dress code is not something you will have to worry about when day trading. Imagine how much money will you save only by not going to the office with ironed clothes and a clean shirt. Except, you can wear whatever you want in front of your screen since you will not be dealing with colleagues inside an office but from the warmth of your room. Another way you will stop spending cash in comparison to a conventional work is the utilization of public traffic and gasoline you would usually have to spend on driving from home to work every day. With just a few basic things that differentiate a day trading from a regular day job, you save a certain sum of money which is not irrelevant. Multiply the buck you save with a couple of months and create a plan on how to use that money properly.
On the other hand, some situations make working at home a not so pleasant experience and these situations remind you that you are the only one in charge. Also, the only one to be blamed if things go downhill. Since you are working on your own, you will have no one to share the responsibility with. You are the architect of your own future. Although working alone can be beneficial for some, others provide their best results while working in a collective. Also, having a standardized routine may prove useful for acquiring results on a broader scale, and if you are on your own, only outstanding self-discipline can provide the same results. Another thing important to be analyzed is that you finance all the necessary equipment for your business endeavor. On the one hand, you will have to invest a buck to get started, but if you decide to operate with a laptop, then you become a mobile day dealer and the spatial limitations are not the worry you will have, since the only thing that stops you from working is an internet connection. Namely, we live in the era of information and the internet is almost as necessary as drinking water, so that is not a troublesome issue at all.
Another way to secure the highest profit is to do your homework and thorough research about factors you do not control. That implies you may change your place of residence if you find a state that offers lower taxes and lesser cost of living. Since the internet is all you need to get started, changing states should be an option not to be neglected, especially if devoting to earning money is your goal.
All Eyes on You
Finally, the only conclusion about whether it is likely to produce enough for a living by day trading or not we can make is that it strictly depends on you. If you spend a lot and earn a little, well, this will not cover your costs. On the other hand, if you learn your strategies well and invest smart, the chances that doing day trading will pay off for you are great. Hopefully, you will find your way in the world of dealing and maintain a long and healthy business career.