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How to Day Trade for a Living
Read in 22 min.
Listen in 28 min.
Learn the key ideas of the book by Andrew Aziz

How to Day Trade for a Living

The secrets and strategies to becoming a trader

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.

How to Day Trade for a Living
Read in 22 min.
Listen in 28 min.

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.


The key ideas of "How to Day Trade for a Living"

Day trading is a real profession, not a shortcut to wealth
The essential tools to start day trading: a business plan, training, starting capital, a broker, and a reference community
Guerrilla trading – the advantage of day trading over institutional traders
How to choose stocks in play: look for those that are driven by a catalyst and offer excellent risk/reward opportunities
The importance of managing your risk and your capital: respect your stop-loss and view losses as part of the process
Candlestick charts and the impact of the indecisive on prices
The ABCD pattern: a day trading strategy that can be applied from day one
Planning, discipline, patience, and reflection: the mindset of a successful trader
Take-home message
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