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How to Day Trade for a Living

Andrew Aziz

How to Day Trade for a Living

28min

28min

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Trading is not gambling or something you can do just for a hobby. Traders are free, flexible, and have the potential to earn a lot, but trading is a profession, in every sense of the word, and to be successful in the long-term, it requires professionalism, planning,  and self-discipline. How to Day Trade for a Living describes the fundamentals of day trading and explains the differences between day trading and other trading styles and investments. It also explains how to approach this profession from scratch, what you can reasonably expect, and which strategies can be applied from the very start.

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Analysis and key concepts

01.

Day trading is a real profession, not a shortcut to wealth

02.

The essential tools to start day trading: a business plan, training, starting capital, a broker, and a reference community

03.

Guerrilla trading – the advantage of day trading over institutional traders

04.

How to choose stocks in play: look for those that are driven by a catalyst and offer excellent risk/reward opportunities

05.

The importance of managing your risk and your capital: respect your stop-loss and view losses as part of the process

06.

Candlestick charts and the impact of the indecisive on prices

07.

The ABCD pattern: a day trading strategy that can be applied from day one

08.

Planning, discipline, patience, and reflection: the mindset of a successful trader

09.

Quotes

10.

Take-home message

01. Day trading is a real profession, not a shortcut to wealth

Day trading is not a get-rich-quick scheme. If it was that easy, everyone would be a successful trader and there wouldn’t be such a high failure rate amongst traders. The most common reason people fail at day trading is because they treat it as a form of gambling that will make them rich quickly and easily. Day trading can be a profitable profession, but it is a very demanding career and not something that amateurs can dabble in.

It takes experience to become a profitable trader: on average it takes from six to eight months of daily practice. Learning to control your emotions is an important skill in successful day trading. You need to enter every trade with a well-thought-out plan and stick to it: you can’t let your emotions get the better of you in the middle of a deal. Day trading is a profession in all senses of the word and, as such, requires the right tools, adequate training, patience, and practice. To learn how to trade with real money, you need to spend hours analysing different trading styles, observing expert traders, and practicing using simulations. A mildly successful day trader can earn between $500 and $1000 a day, but remember that the amount you can expect to earn depends on the amount of capital that you have behind you.

02. The essential tools to start day trading: a business plan, training, starting capital, a broker, and a reference community

03. Guerrilla trading – the advantage of day trading over institutional traders

04. How to choose stocks in play: look for those that are driven by a catalyst and offer excellent risk/reward opportunities

05. The importance of managing your risk and your capital: respect your stop-loss and view losses as part of the process

06. Candlestick charts and the impact of the indecisive on prices

07. The ABCD pattern: a day trading strategy that can be applied from day one

08. Planning, discipline, patience, and reflection: the mindset of a successful trader

09. Quotes

10. Take-home message

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Many useful tips to:

  • Learn the fundamentals of day trading.
  • Learn why day trading is different from other types of trading and investments.
  • Understand how to start day trading and what you can expect.
  • Recognise the importance of risk management and controlling your emotions when trading.

Andrew Aziz is a Canadian trader, founder, and CEO of Peak Capital Trading, with headquarters in Vancouver, and founder of the global community of independent traders, Bear Bull Traders. He is the bestselling author of texts published in numerous languages and has been ranked for a number of consecutive years amongst the top 100 best authors in the “Business and Finance” category since 2016. Before turning to trading full time, Andrew completed a PhD in chemical engineering and worked for a research company. An entrepreneur since childhood, Andrew is an active investor in Fintech companies active in the development of artificial intelligence for trading. When he is not busy watching the markets, he loves trail running, rock climbing, skiing, and high-altitude mountaineering.

Publishing house:

Createspace Independent Publishing Platform

Year:

2016

Pages:

382

ISBN:

978-1535585958