The first attraction for someone to enter market is the fantasy world of day trading where Traders think they can make huge money on small capital taking huge leverage. The attraction of day trading is that traders can very much control their own hours. Most of traders who gets involved in day trading are not professional but most of them want to make some side income with dabbling in stocks or they want to trade part time while working in office. So now the question arises Can Money be made Day Trading Part-Time ?
First and Foremost let me clear the air which most of aspiring traders have “Day trading as an easy activity that can be done part time”,Day trading is most difficult and taxing job. It required lots and lots of discipline and concentration which most of the people does not have, specially when you are doing a job.
Day trading is a business, and the best traders approach it as such. You need to have a business plan, contingency plan for what they will trade, , how they will protect their trading profits.Day Trading is not about excitement and adrenaline rush which you get when you see your account swinging from loss to profit or vice versa. Its all about making money on consistent basis as any other business do.
Can you make money trading part-time? You can, and some people do. To do this, they approach trading as a part-time job, not as a little game to play when they have nothing else to going on. A part-time trader may commit to trading three days a week, or to closing out at noon instead of at the close of the market. A successful part-time trader still has a business plan, still sets limits, and still acts like any professional trader would, just for a smaller part of the day.
Part-time trading works best when the trader can set and maintain fixed business hours. Your brain knows when it needs to go to work and concentrate on the market, because the habit is ingrained.
If you want to be a part-time day trader, approach it the same way that a part-time doctor, part-time lawyer, would approach work.
1. Make sure when you are doing there is no one to disturb you. People who trade from office make sure that you do not have meeting when you are middle of trade. Do not trade between your tea and coffee breaks.
2. Have a dedicated office space with high-speed Internet access and a computer that you use just for trading.
3. For Housewife who wants to trade ,If you have children at home, you may need to have child care during your trading hours.
4. Trading via cell phone during your morning commute is a really good way to lose a lot of money (not to mention your life if you try it while driving).
very nice articles. our mind is so sharp than this software if at all if v fine tune this one with discipline
Intraday is a “lovely game.. v hv to practice it for hrs/monts/year’s together for this. if u look at the screen and while watching the price movement, u should know on that day “whether mkt will move up/down or grind on that day” then he is the king/queen 🙂 no probs at all. failures may be less if v stay out on some days..nothing hurrey v hv nearly 20 trading days in a month. but yes, v hv 2 sit thro out the mkt hours. sometimes i know when mkt will move.. i fnish of my work and will come and sit infront of system.. now no probs..i joined for a job..casually doing only INTRA time permits
spending time with family.profession as well as my trading too..time schedule is very tight..
my regards to your wife.
PS : whoever visiting here try this one – sit on a chair slightly lift your right foot move to clockwise (left to right side) at the same time write “6” on the air with your right hand…your leg will automatically come to “left again” it will not go to “clockwise” beauty of our “automated brain system”
Dear Sujatha Madam,
Thanks a lot for your inputs. You rightly described the mentality of Intraday traders.
Pay my regards to your family.
VERY NICE ARTICAL BUT IF ANY PERSON KNOW THE RSI GRAPH KNOWLADGE DAY & INTRADAY & STOCK MOVEMENT BELOW 2% THEN ITS POSIBLE TO EARN MONEY DAY TRADING PART TIME.
really a very good article.its very much useful for new comers
You are correct.Even though i know it is risky and also i am always free for the past four year i am loosing because i dont put stoploss and also i always feel that within that month it will give some profit.But it is not true.I am learning for the past four years.But i know i will climb everrest
This article is very valuable for me because i was planning to do trading part time….now i am very clear with the do’s and don’ts of part time trading…thanks for everything…
My best wishes for successful career in trading
Thx, very good article.