Technology has ensured anyone with a working internet connection can start day trading for a living.
While it might be possible, how easy is it and how do you go about doing it? We will look at the benefits of day trading for a living, what and where people are trading, and offer you some tips.
Is Day Trading Possible and Can You Live On It?
I say YES since I have been doing it since June 1997.
Making a living day trading has to be a lifestyle and passion, not necessarily a career, because it’s not easier or less work than a regular daytime job.
- You are your own boss, and can work any way, how, where and when you want. With a laptop, tablet or smartphone you can do it anywhere, anytime.
There are many who claim to make a fortune on day trading, but usually these people are trying to sell you a course or seminar.
There is such a thing as “easy money”.
There are ways to make it easier, for example, you don’t need to make as much if you live in a low-cost, low-tax country, I have friends that love Colombia or Panama and so on.
Cutting down on living costs can also make a big difference, as “making a living” you don’t need as much income to cover expenses.
What Are People Day Trading?
One of the most important decisions you’ll make is what you want to trade. What are the popular securities and markets then?
Whether you’re day trading penny stocks or currencies, the volatility and volume in your chosen market will seriously impact your potential profits.
The cryptocurrency market, for example, is highly volatile, enabling some to make a very good living or lose it all.
Day trading stocks for a living may be more challenging.
A relatively high amount of initial capital is required and losses could be more financially devastating.
Day trading commodities or futures will present its own challenges.
All of which points to the need for effective planning, focus, determination, discipline, desire.
Please feel free to contact me if you have any questions or input.