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​How To Become A Day Trader

​The Practical Guide To ​Day Trading

​Most people who get into ​trading want to​ eventually ​be​come full time day traders.​

The ​aspiration ​is to ​​make money daytrading from ​home and be ​your​ own boss.​

That's the dream, ​right?

how to become a day trader

​The reality, however, is not so encouraging. ​​​Research ​has ​shown that among ​those ​who attempt to day trade for a living, only a small ​group ​​is ​able to pull it off​.

become a day trader

​The implication is that if you want to succeed, you ​must ​approach ​day trading differently from ​most people.​

​How To Day Trade For A Living

​The first thing to know is that ​there's no ​straight-forward ​procedure to day trading​.

​Ultimately, ​it​'s a form of​ entrepreneurship​. And ​just like how there's no ​fixed ​path to ​​​become a successful entrepreneur, there's also ​no ​fixed ​path to ​become a profitable day trader.

​This being said, there are guidelines that ​will keep you on the right track, ​and ​these are the ​points I'll be covering in this guide.

1. ​Conduct a Self-Assessment

​Day trading is often portrayed as a fun and exciting ​path to ​easy money​.

In ​truth, however, it's ​a highly stressful activity both mentally and emotionally.​

​Since ​day trading​ is about​ opening and closing​ trades within a few hours​, there is little room for​ ​mistakes.

​Success in ​this business ​requires:

  • ​Extensive ​research,
  • ​Meticulous ​planning, and
  • Years of ​market experience

You will not find a truly successful day trader with less than 5 years of experience.

At the very ​minimum, ​therefore, you should only consider ​this path if you're able to commit​ ​to at least​ ​2-3 years ​of dedicated practice.

​In addition to this, you should also consider ​w