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Fulfilling Those Day Trading Dreams

Fulfilling Those Day Trading Dreams

Staring your commute in the face for another day. Sitting in a grey cubicle, ready to read another spreadsheet about marketing calendars or inventory reports for the department store in the failing mall near the highway. Watching your company shut down call center after call center, shipping these jobs to another part of the country or overseas.

Those are the types of situations that might drive a person to seek out a career where you can make your own hours, be your own boss and control your own destiny. Day trading can be that career. What you need is the desire to work hard and study long hours in order to really understand the necessary day trading techniques and strategies. You have to know the terminology, be able to spot trends early and execute the trade, and have the risk management mindset that requires you to put a stop-loss on each traded.

But before we get to explaining all that, let me tell you what can be accomplished after you get to be a veteran day trader. What you need to do is get really, really good and then you can get rich overnight. Now, let’s take a step back and understand what that actually means. Day traders with a lot of experience can take a small amount of cash outlay and then grow that into a small fortune in just a couple of months.

[Related: Women and Money: Are You in Control of Your Finances?]

It actually can happen. There is an interactive broker over at Warrior Trading that took just over $500, put it in a brokerage account and grew that into $100,000 in just 44 trading days. I highly encourage you to check out their verified earnings directly on their site.

The disclaimer is that this particular broker has years and years of experience in the day trading game, with plenty of hard knocks to learn from. It was an understanding of risk management and certain day trading strategies that allowed this trader succeed.

For example, those strategies include momentum day trading strategies. Success in day trading means being able to take advantage in the volatility of stocks every day, grabbing onto the momentum of the stocks that are poised to make big moves during a particular day and holding on as they take you to the land of big profits.

It is about hunting for the stocks that are going to be the biggest movers. Finding those stocks takes knowledge of technical indicators, breaking news catalysts, and how that all might combine to create a run. Then the next step is figuring out how to make the trade at the right time and get out at the right time.

That is where risk management comes in. Risk management is key because you are going to have losing trades. There is no way to avoid it. But there are ways to limit those losses, and learning how to limit those losses is essential to making real money as a day trader.

There are tools out there that will help you on your day trading journey. A day trading chat room is a great place to interact with other traders, get ideas and trade tips back and forth. They can provide a chance to trade under the direction of veteran traders, and they give you a chance to have some camaraderie in a job where most of the work is solitary.

One of the most important ways to learn how to day trade is to jump into a trading simulator. What that means is a simulated environment that looks and feels just like the software that you use to track the market and make trades in a brokerage account. A simulator can allow you to make trade with virtual currency at the speed of the market and take chances on strategies that you learn in day trading classes. The best part is that you will not risk any real money. You can make all the mistakes you want, and you won't eat into your nest egg.

With all these ways to really make your way into the day trading world, it makes it very easy to take the leap. When you are faced with a boring job and a terrible commute, you can make the choice to be the captain of your own ship. Give day trading a try. You won’t get rich overnight, but you will learn how make good financial decisions and make a good living. 

[Related: Ready to Invest? 7 Steps to Get Started]

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Adrienne Monson is an award-winning hybrid author of paranormal romance, quoted by MSN as being a vampire expert. She has done many author appearances, the most memorable ones are as a panelist at ComicCons and writers conferences. Adrienne is currently focused on continuing to publish more books every year while expanding her network with other professional women.


Have more questions? Follow up with the expert herself.