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).