The minute you tell someone you are a full-time day trader, everyone wants to know “how.” Well, in today’s blog post we are going to walk you through the first five steps on how to make a living day trading.
Start Calling Yourself a Day Trader
You have to first believe you are one before you can become one. Pretty Zen, right? Day traders have confidence and part of that confidence comes from knowing they “can” do something; not that they “will” do something, or that they will “try” and do something. From this point on you are a day trader. Now you have to figure out how to make a living being one.
Get Your Equipment in Order
If you want to make a living day trading, you are going to need the right tools. Here is what we consider the day trading starter kit:
- a dedicated place to work (this can be your home office, an executive office you rent, or a quiet Starbucks but you need to find somewhere where you can concentrate and not be distracted);
- a highly functioning laptop and fast internet connection (you do not want to miss selling that tanking stock because your computer crashed or your internet is too slow); and
- time (dedicated, non-distracted, fully alert, not watching ESPN, not doing laundry time).
Find a Community
You are not reinventing the wheel here, learn from the people who have already figured out how to make a living day trading. Warrior Trading is our favorite place to find a community because they put a wealth of knowledge at your fingertips and their chat room is both friendly and welcoming to beginners but also engaging enough for more advanced traders. And don’t forget to connect with DayTradeWarrior on StockTwits. Trust us, you do not want to miss his mid-day recaps!
Set Time and Money Goals.
Set your work hours and set money goals. Start slow in regards to both and ramp up as you get more comfortable with the systems and processes. Make sure you schedule time off. Some beginners make the mistake of diving head first into the deep end of the pool and quickly realize they forgot their life vest. Healthy, well-balanced day traders are more likely to find success making a living day trading.
Now, you are all set to start making a living day trading. Best of luck to you and let us know in the comments below what questions you may have about how to make a living day trading. You never know, you might just inspire our next blog post!