“How to Day Trade for a Living” by Andrew Aziz is a powerful look into the world of day trading. Although I do not aim to become a day trader, I can transfer many essential skills to my love of options trading.
Day trading is a brutal profession that can destroy most people who try it. Surprisingly, the most difficult part is being in control of your emotions. Nobody wants to lose money, so day trading can be at odds with who we are as people.
To combat the rigors of trading, day traders must become masters of their craft. They must wake up early, follow the market religiously, find trading groups, and document each interaction with the market. In short, it’s a full-time job as a day trader, not just a way to work from home.
1) You cannot be an emotional person when you day trade. The best way to control your emotions is to create a plan before the trade and stick to it. This may sound easy on paper, but it proves to be much more difficult in reality.
2) Day trading requires the right tools, software, education, patience, and practice. You must have top-notch software and fast internet access. Your computer must be up-to-date and have a manageable amount of bloatware. You should pay for access to deep stock market information unavailable to the general public.
3) Day trading is a lifestyle. This means you should be healthy, exercise regularly, eat properly, and wake up early. Your mind must be clear to handle the stressors of day trading.
4) Day trading is a serious business. Everything you do within the world of trading revolves around your business. If you attempt to take shortcuts or move too fast, you’ll pay the ultimate price of losing money.
5) Day traders do not hold positions overnight. If you hold positions overnight, that is called swing trading. Swing trading and day trading require different mindsets and strategies. Day trading can be more lucrative but costs a steeper time commitment.
Most people cannot become successful day traders because this profession is like professional sports. Only those who can display the most discipline and recover from the stiffest hardships will succeed.
Day traders must work together to defeat the computer algorithms that try to beat them at every turn. They should focus on the “stocks in play” they determine using their daily criteria.
Once they find a “stock in play,” they have more due diligence to perform. Then, they must set their goals for the trade. Even if they don’t win money on the trade, they should focus on whether they performed everything correctly according to their plan.
Most people cannot recover from losing their money, so they avoid day trading. However, if you can give it two solid years, you can create a lucrative work-from-anywhere business where you make your own hours.
As an options trader, I know that day trading can be pretty lucrative. You must prepare yourself for the rigors of losing money and overcoming the steep learning curve. However, at the end of the tunnel, you can live the life most people only dream about at night. Good Luck!
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