Are you tired of the 9 to 5? Do you dream about leaving it all behind for an exciting day trading career? If you believe your instincts are keen and your demeanor is calm enough, you just might be ready for the life of a day trader.
While there are many markets to choose from, read on to learn more about what you can expect and what your life could look like if you decide to make the leap.
Good Morning, Trader
Depending on which market you choose, setting your own hours will vary. The traditional stock market opens at 9:30 am ET, so if you live on the west coast, you'll want to have your morning coffee before 6 am.
When the stock market opens, trading begins so be sure you're caught up on all the news that could possibly impact the stocks or futures that you'll be trading.
Forex trading deals with the buying and selling of currency. Because of the nature of international business and the many time zones that it is traded in, this trading market is open 24 hours a day, 5 days a week.
Once the markets open there's usually a good deal of volatility in the first hour or two. This can be due to market speculation or whatever news has broken overnight.
Experienced traders often watch the market swing and wait for it to settle before waging their bets on what they believe will happen next. If you're thinking about becoming a full-time day trader, chances are you've had some market experience and may have even made a few predictions that saw some healthy returns.
Following your instincts is key, but it's important to check any emotional gut reactions you may have when the market becomes unstable. The returns can be tempting, but risky moves can cost you the chance for a long-term day trading career.
While being your own boss comes with its perks, the life of a day trader may not have all of the comforts you've grown accustomed to if you've been working full time for a larger company.
Many small business owners say that working for yourself means trading a 9 to 5 for a job you work from the moment your eyes open to the moment you fall asleep. The same can be said for those first venturing into the world of day trading.
Because day trading means gambling your own money, you may find yourself longing for the days of a company health insurance and an income that doesn't require financial risk.
How much money can you make as a day trader? Click here to find out.
For those who dream of day trading as a full-time job, but worry about losing some of the stability associated with office life, it may make sense to consider transitioning from a full-time job to a part-time job while you become more acquainted with the daily routine of day trading.
Make a few great calls and you'll be ready to transition into full-time trading without the headache or anxiety associated with quitting the traditional workplace cold turkey (or at least take a vacation before making the career switch).
Are You Ready for the Life of a Day Trader?
Are you ready to take the leap toward becoming your own boss? Are your ready to start focusing on your financial goals full time or looking to transition into part-time work while you decide if day trading is the right path for you?
Remember to be smart, never wager anything you can't afford to lose and remember Warren Buffett's sage advice. "Be fearful when others are greedy and greedy when others are fearful.".
To learn more about what to expect from the life of a day trader, visit our blog.