Should You Start a Career in Stock Trading?

Have you ever wondered whether you might be able to make a full and regular income just by buying and selling shares? There are plenty of famous examples of people who have earned their millions by doing just that. In fact, some forums in the current marketplace make it seem like anyone can become a millionaire overnight.

Of course, the truth is that, like with any career, becoming a full-time day trader is something that requires commitment, a good education, and plenty of practice. However, if you have the patience and the skillset, there’s nothing stopping you from making money this way. All you need to do is decide whether this is the path you want to take and create a plan for success.

Start by considering your goals and risks

The first thing you need to know is that a day trading career isn’t as easy as some people make it out to be. While it’s possible to be successful and earn a good living, it takes a while to become an expert in this arena.

The first couple of years spent building your skills are likely to be tough. There will be a lot of ups and downs that you’ll need to deal with, and you will need to prepare for the possibility of losing some cash initially. In this way, starting a day trading career is a lot like launching your own business. There are risks and benefits to consider. Start by asking yourself some of the following questions:

• Do you just want to quit your job? If you’re thinking of taking this path because you’re sick of your job, remember that you’ll need to spend a couple of years working on the side to maintain a full income. You shouldn’t quit anything immediately.
• Can you commit the time? Even before you leave your current career, you’ll need to find two or three hours every day to commit to watching the markets, buying, and selling. If you can’t do that, then you’re going to have a hard time making a living.
• Do you have the patience? For most people, becoming consistently profitable takes at least a year of practice. You’ll need to have the patience to work on your skills and unlock new opportunities over time.
• Do you have the right capital? In other words, do you have enough money to start experimenting? You should only risk money you can afford to lose at first.

Think about your market

Once you’re ready to start thinking more seriously about a DT career, you can begin to think about the...

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