Can I Make Money Day Trading Part-Time?
Can I Make Money Day Trading Part-Time?
Blue Tulip
Publish date: Sat, 13 Oct 2018, 02:44 PM
I really do not know but I am willing to take the risk. Only time will tell. Came across this article and I thought it would be great to share it here:
For many people, the attraction of day trading is that traders can very much control their own hours. Many markets, like foreign exchange, trade around the clock. And with easy Internet access, day trading seems like a way to make money while the baby is napping, on your lunch hour, or working just a few mornings a week in between golf games and woodworking.
REMEMBER:
That myth of day trading as an easy activity that can be done on the side makes a lot of traders very rich, because they make money when traders who are not fully committed lose their money.
Day trading is a business, and the best traders approach it as such. They have business plans for what they will trade, how they will in invest in their business, and how they will protect their trading profits. If you catch a late-night infomercial about trading, the story will be about the ease and the excitement. But if you want that excitement to last, you have to make the commitment to doing trading as a business to which you dedicate your time and your energy.
Can you make money trading part-time? You can, and some people do. To do this, they approach trading as a part-time job, not as a little game to play when they have nothing else to going on. A part-time trader may commit to trading three days a week, or to closing out at noon instead of at the close of the market. A successful part-time trader still has a business plan, still sets limits, and still acts like any professional trader would, just for a smaller part of the day.
TIP:
If you want to be a part-time day trader, approach it the same way that a part-time doctor, part-time lawyer, or part-time accountant would approach work. Find hours that fit your schedule and commit to trading during them. Have a dedicated office space with high-speed Internet access and a computer that you use just for trading. If you have children at home, you may need to have child care during your trading hours. And if you have another job, set your trading hours away from your work time. Trading via cell phone during your morning commute is a really good way to lose a lot of money (not to mention your life if you try it while driving).
Source:
https://www.dummies.com/personal-finance/investing/investing-strategies/can-i-make-money-day-trading-part-time/
Discussions
Be the first to like this. Showing 19 of 19 comments
This is like asking can I break 100m world record of 9.58s.
Is not impossible but the amount of hard work to achieve that is simply overwhelming.
Don't do it.
2018-10-13 15:21
Can make money in day trade but need to scroll every minute for 8 hours lor...
2018-10-13 15:32
In order to succeed in this business and in fact, any businesses, is the need to commit, FULL TIME and RESOURCES, into it..
Trading part time can only be a means to hone your skills..
Don't do day trading in the strict sense of the word ie close all positions by the day... Time is your friend, try to learn setups for momentum trading within a 2 week time frame for market makers or syndicates have a plethora of skills to shake, rattle and roll your positions..
Try to make sense on how to spot inherent weakness (distribution) in a stock itself or is it falling in sympathy with market conditions?
You have to find your own edge in your trading style
2018-10-13 15:52
TrippleZ, well noted and tq.
ABSBOSS, that's very time consuming. In a month time, I will sure put on weight. :-)
Ayoyo, thanks for your advice. Will take a year time to find my edge. :-)
2018-10-13 16:27
set up your trading plan, trade with dicipline, manage your losses, as you gain experience, making profit is not a question. Its only how much you make that matters, your selection of stocks and timing is vital in order to be successful.
2018-10-13 21:00
Books by Alexander Elder, Marcel Link, Brent Penfold and Vadym Graifer, go and have a look
2018-10-14 15:21
I am assuming you use technical analysis to trade, these books are worth to read
2018-10-14 15:22
Focus more on risk management first rather than the methodology/strategy, in this way, you will remain in this business for a long time. Slowly use your experience to improve your trading system.
2018-10-14 16:01
" Can I Make Money Day Trading Part-Time? ",
Maybe should ask 1 question first, does u acquired the neccesary skill and experience first?
Before thinking of the results.
That, will remind u ... Risks to be take care of at every trade decision.
In another word, increase your winning probability over a longer term.
Learn to accept manageable lost .
In market sentiment like this, what best and worst can offer ???
2018-10-14 16:18
Thank you to the many SIFUs here. What is the recommended % to risk in every trade?
2018-10-14 16:31
tulip, preferably < 1% of your capital. I've used 2% before, quite risky. Now reduce to 0.75% - 1%.
2018-10-14 16:41
Thank you again guys for sharing your invaluable experience. My first trade was done last Friday. Bought MyEg at 1.49 and I don't think to hold it for long. Market is a bit jittery of late.
2018-10-14 17:55
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yes, you can
2018-10-13 14:48