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Day Trading for a Living – Live the Ultimate Lifestyle!

Day Trading for a Living – Live the Ultimate Lifestyle!

Use Day Trading to ‘live the dream.’

Are you stuck in a 9 to 5 job that you hate? Is your boss at the top of your enemies list? Do you want the freedom to live life on your terms without the hassle of having to get up to your alarm clock every morning?

If you answered a resounding “YES” to the above questions, then you may have considered trying day trading for a living.

Just imagine

There’s no doubt about it, day trading is an exciting occupation. In fact, when you consider that Monday is often the most action filled day in the trading week, you would find yourself actually looking forward to Monday morning!

How many people can say that?

Not many.

Because being a day trader can be done from anywhere in the world, with only a laptop and an internet connection, you would have the ultimate freedom to travel anywhere you wanted.

Maybe even spend a couple of hours on the beach in the morning before doing a few trades. Quite the lifestyle, wouldn’t you agree?

Is Day Trading for a living it possible?

Obviously this kind of lifestyle wouldn’t come overnight. If you are really serious about doing day trading for a living, then you would have to work really hard at it in the beginning.

Being a day trader is not like being a gambler in the casino putting his chips on red or black at the roulette and tangkas table. Day trading is a skill that is perfected over time, through experience, learning and trial and error.

If you are truly committed to becoming a full-time day trader, and achieving your dream lifestyle then nothing can stop you.

It doesn’t matter what your grades were like in school or if you went to college. Day trading has nothing to do with that kind of stuff. Day trading is a skill anybody can master.

Are you interested in the Real Estate business?

At the end of the day, becoming successful in day trading is just like becoming successful in any other business.

Take Real Estate for example. To make it in that business, you need a sharp eye for detail, a sense of opportunity, good money management skills, a capacity to handle risk and control emotions, and a knowledge of the industry many other people don’t have.

All the above traits are needed in day trading.

Advice for beginners to day trading:

If you are just starting out in the world of day trading, and dream of it one day becoming your sole source of income, here are a few tips to get you started.

Go slowly

Resist the urge to jump in at the deep end. Don’t go and quit your job tomorrow. Keep the job for now, and put some money aside to use for trades in the evening.

Keep it basic

There are so many different day trading strategies to learn, but when you are first starting out it’s best to keep it basic. Discover a couple of profitable strategies and put all of your focus on them for now to avoid overwhelm.

Software

Invest in day trading software as soon as you can. It won’t make you rich overnight, but the right software can save you hours of your time if you put it to good use.

Forex Day Trading For The Intelligent Investor

Forex Day Trading For The Intelligent Investor

Forex is one of the largest financial markets anywhere in the world, where billions of dollars worth of trades are made every year.

Forex day trading is the act of quickly buying and selling foreign currencies. Instead of trades lasting weeks or even months, things usually happen during the course of one day, and even sometimes in a matter of minutes.

Because of this fast paced environment, there are many people who become interested in Forex day trading every year. The lure of fast profits and heart pounding action means there will never be a shortage of people day trading in the Forex market.

If you are new to Forex day trading, then it is important that you are aware of the finer points of what makes a successful trader. The number one reason for failure among newbie Forex traders is lack of knowledge.

With this in mind, here are some Forex day trading tips to get you started in the right direction.

Stop losses

In the world of Forex day trading, stop losses are a vital part of an overall winning strategy. The market can be extremely volatile at the best of times, with large swings happening when you least expect them.

If you don’t use stop losses on your trades, then a quick fluctuation in currency prices can leave you with huge losses. It’s these type of losses than can be mentally hard to recover from, especially for a newbie Forex trader.

Educate yourself

The Forex market currently has hundreds of different currencies available for you to trade. If you are to stand any chance of making consistent profits using Forex, then it is essential that you take the time to educate yourself on only a select few currencies and countries.

Having this kind of familiarity with only a small group of currencies and countries will allow you to make more informed decisions on the right trades to make.

Trading funds

A big mistake that many newcomers make is to risk too much of their total trading funds on any one trade. In order to protect yourself, it’s a good idea to look at Forex day trading with a long term view, which is why you shouldn’t risk more than 2 to 5% of your funds on a trade.

Lots of traders go broke risking the majority of their money on that one hot tip which can’t fail. This is a gamblers mentality, which will only lead to disappointment.

Emotion

Because of the large swings and unpredictable nature of the market, it’s very easy to get overly emotional when day trading Forex. Unfortunately, when people get too emotional, it almost always leads to bad decisions.

Remember this: Forex day trading is a long term pursuit. Some days you are up, some days you are down. It’s the traders who religiously follow a proven strategy that prevail in the end.

If you took a big loss yesterday, don’t feel that you have to make it up today. Just stick to your plan and follow your head, not your heart.

Day Trading Broker To Make You Rich?

Day Trading Broker To Make You Rich?

Do you need a Broker to Day Trade?

If you are involved in day trading on a regular basis, then you are no doubt aware that enlisting the help of a quality day trading broker can mean the difference between success or failure.

Some day traders believe that they no longer need a day trading broker, due to the range of software now available to assist with every little detail of making trades. While this might work for certain individuals, the vast majority of people still find it extremely beneficial to have a broker on their side.

Put simply, a quality day trading broker can offer expert insight and guidance that a piece of software can’t. Most brokers have many years of experience to draw upon, and often pick up on the small things that many other people miss.

It’s for this reason that a day trading broker can be the most powerful tool that you have in your arsenal of weapons.

Finding the right person or company can be tough though. Here are a few points to consider when looking for a day trading broker.

The right approach

Understand this: no two day trading brokers are exactly alike. Every broker will have their own unique approach to working with clients and calculating which trades to make.

Before enlisting the help of a broker, it’s important to choose one that has the right approach which fits with your overall day trading strategy.

For example, some of the larger brokering companies, may have a large client base and have no real specific strategy for day trading. On the other hand, you can find a smaller brokering firm that only deals with a small number of clients and focuses only on one way of day trading.

Have a plan

Before hiring any day trading broker, you must consider what your end goals are. As mentioned before, every broker is different and has their own unique style, and this style must fit in with your overall day trading plan if you want the partnership to be a success.

Make sure you ask a day trading broker as many questions as possible before you decide to hire them. This will give you a better feel for what their strengths and weaknesses are, and how they view the day trading market as a whole.

Research

Don’t just blindly hire the first day trading broker that you find. Instead, be prepared to do a little research first so you can find out what other people are saying.

Forums and blogs are a great way to get a feel for a brokers reputation. Many times there will be people who have had first hand experience working with a particular day trading broker, and they are usually only too happy to give their honest opinion, whether it be good or bad.

If you are mostly coming across negative reviews, then this is a sign of a problem, and it’s probably a good idea to stay away and find another day trading broker.

Five Habits of Millionaire Day Traders

Five Habits of Millionaire Day Traders

If you want to become a successful day trader, then getting the right information isn’t enough. There’s another part of the equation that many people in the world of trading are missing, and without it they will always struggle to make healthy profits.

So what is this missing ingredient?

Every highly successful trader has built their fortune around building the right habits, and then following them on a daily consistent basis. Do this for a while and the habits become a part of you, and that’s when the profits really start to flow.

Want to make your first million in trading? Well, learn these 7 habits of millionaire day traders and start to implement them in your own life. If you do, then you will be well on your way to your goals…

Discipline

Every millionaire trader develops a day trading plan and then sticks with it. They don’t allow their emotions to get in the way, as this would knock them off course, which ends up losing them money. Not good!

Having discipline isn’t always easy, especially when things start going against you. Realize that if you are following a proven day trading strategy then it is the long term plan that you need to focus on.

Trading capital

A common mistake among beginners is to trade with more money than their trading capital allows, which means if just one trade goes badly wrong they will end up broke.

Millionaire traders never risk their trading capital like this, and can always afford to have short term losses.

Niche trading

It can be very easy to get drawn into shiny object syndrome. Sometimes trading can become boring, and it seems exciting to seek action in other markets.

This is a huge mistake, because as every millionaire trader knows, the profits are in what you know best.

American Stock Exchange

That’s why it’s important to find your niche and then stick with it. Learn everything you can about it and gain experience trading in that market only. This is what gives you the edge, and having an edge is what brings in the profits.

Exit strategy

Every time you place a trade, you must have an exit strategy in place that clearly defines both the amount you want to profit on the trade and the amount where you are going to place a stop loss.

Learning exactly where to place your profits and stops will come with experience of trading on the market and working with your specific strategy. All millionaire traders understand this, which is why they are able to bring in consistent and reliable profits month after month.

Review your strategy

All highly successful day traders spend much of their time constantly reviewing and tweaking their strategy. This is best done away from the computer and once your trading day is over.

It’s during this time of review that your best ideas will come to you, as it gives you the chance to look at your day trading efforts in a detached way so that you can see things more clearly.

How to Overcome Day Trading Stress

How to Overcome Day Trading Stress

Stress is everywhere in today’s world. In the workplace, in the car, and in the family. If that’s not enough, then stress can also rear it’s ugly head in your day trading world, and have a direct impact and your trading profits and losses.

Stress can be caused by many different factors. For example, maybe you are constantly worrying about losing money, and you find that you lie awake at night thinking about things going wrong the next day?

The problem with this kind of thinking is that it only ever makes the problem worse. The more you think negative thoughts, the more you get stressed, and the more you get stressed, the greater the chance of bad things happening.

One way way to reduce the amount of stress that you are currently feeling is to have faith in yourself, your knowledge and your experience.

If you are following a strategy that has been proven to be profitable in the past, then you must stay confident even when things are going against you. Things will eventually turn around, and you will be able to deal with any bumps in the road that you meet along the way, now or in the future.

Here are some specific ways that can help you overcome stress:

Trading frequency

Something that can build up stress inside of you is when you have to make decision after decision constantly throughout the day. This can lead to your mind becoming numb and a feeling that you are going to explode.

This is caused by making too many trades throughout the day, and the best way to overcome it is to reduce your trading frequency.

Ask yourself if you really need to make so many trades? If the answer is yes, then maybe it’s time to start looking at a different trading strategy, where the the focus is on quality and not quantity.

Increase the winners

A lot of people follow day trading strategies where they are always looking for “home run” winners.

The problem with this way of thinking is that the wins often take a long time in coming. While you are waiting for the big win, it’s natural to become tense, worried and stressed, especially once the small losses start adding up.

Instead, it might be a better option to follow a strategy that focuses on high probability signals, which results in smaller wins…more often.

Start early…finish early

If you conduct your trading activities from home, then it is very easy to slip into bad habits.

One of these habits is staying up half the night and then not getting out of bed until lunchtime. This often leads to feeling like your whole life revolves around trading and it becomes hard to think about anything else.

It can be a good idea to try being an early riser to overcome day trading stress. Doing this, may allow you to finish your trading day by lunchtime, which gives you the opportunity to play a relaxing game of golf or meet with some friends in the afternoon.

This helps to get your mind away from day trading, so you feel fresher and have less stress the following day.

Five Day Trading Tips

Five Day Trading Tips

It doesn’t require much capital, tools, or knowledge to get started as a day trader. In fact, if you’ve got a few thousand dollars in savings, have some simple software, and have the most basic understanding of how trading works, then you are ready to take the markets by storm.

Because of this low barrier of entry, many people enter the world of day trading completely unprepared. They think that overnight riches will simply pour into their bank account while they just sit back and relax, while maybe doing a an hour of “work” a day.

Unfortunately it doesn’t really work like this. Sure, day trading can be a rather simple business once you gain experience and start to understand what works and what doesn’t, but in the meantime you are going to have to be prepared to put in some serious hours.

In this article, we are going to take a closer look at some of the best day trading tips, that will help you reach your financial goals faster than you thought was possible.

Keep a written journal

You are going to learn from your day trading mistakes much quicker if you make it a habit to keep a written journal on a daily basis. It’s a good idea to make your journal as detailed and accurate as possible, almost as if it’s a snapshot of your entire thought process.

For example, include things such as the reason why you decided to make the trade, your profit target, your stop loss, what you would have changed if you were to make the trade again, how you felt during the trade, and ultimately why the trade was a success or failure.

Try to be as specific as possible and completely truthful, as doing this will make you into a better day trader…guaranteed!

Analyse more

In reality, the majority of day traders spend almost all of their time day trading, and very little of their time analysing the trades. The main reason for this is that they want action and excitement, and don’t want to bog themselves down in study and theory.

Successful day traders approach things a lot differently. In fact, it would not be far from the truth to suggest that they spend as much as 90% of their time analysing the markets looking for profitable trades.

The remaining 10% of their time is reserved for actual trading. At the end of the day, trading is all about predicting what a stock will do, and you can only gain a real insight into this once you do your homework and gain real knowledge into the factors of what makes a stock go up or down.

Focus on losses, not wins

It might seem strange, but another day trading tip that many experts swear by, is to always focus on your losses and not your wins. What this means is that when your thought process becomes too focused on “how much can I gain?” it usually leads to you taking silly risks.

Understand that if you are following a proven day trading strategy over the long term, then profits will come naturally and consistently, which means you should be more concerned with limiting your losses.

This doesn’t mean that you have to become a fearful day trader, it simply means you are looking to protect your trades so you don’t end up breaking the bank.

Five Day Trading Tips

Learn how to use charting software

There are some traders who don’t use day trading charting software, but not many!

Basically, charting software is a way for you to quickly analyse the current information about your market, so that you can identify trends and patterns.

Sure, you could get this information without the help of software, but it’s going to take a lot more of your time. Instead, it’s a much better option to learn how to read the different types of charting software now, so that in future you can get all of the day trading inside information within a few minutes.

There are lot’s of different charting software programs available for you to use, with some of the more popular options being Sierra Chart, Esignal and TradeMaven.

Best of all, the majority of programs come with a trial offer, which means you can take them for a test run before parting with your hard earned cash. Then, once you find the programs you feel most comfortable with, you can pay for them and then have access to day trading tools which will pay you many times over what you invest.

Using the “EPD” formula

Day trading can be volatile at the best of times, which means you need to be using the “EPD” formula to keep bringing in consistent profits, despite what is going on around you.

So just what is this formula? Well, it’s 3 traits that every successful day trader possesses, and if you want to follow in their footsteps, then you should make it a point to focus on all of these traits.

Emotion

Quite simply, you must avoid day trading with high emotion. Things don’t always go your way, and getting emotional is something to be avoided whatever happens.

When you trade with emotion you make bad calls, which can only lead to losing money in the long term.

Patience

Day trading is all about patience. Sometimes it can take hours to find the right trades, and you must be prepared to stick it out and not get “trigger happy.”

Ultimately, there are a lot of shiny objects in the day trading world, and a trader without patience is going to end up distracted every few minutes. Don’t let this happen to you.

Decisions

If you were just a normal investor, then you would have days and even weeks to make up your mind about where to invest your money. Unfortunately, you are not given this type of luxury in the day trading world.

Sure, a certain amount of analysis is needed in day trading, but once you have gotten enough information to make the trade, then it is all about making the decision. Failure to follow through will never get you anywhere.