.jpg)
Introduction:
Have you always wanted to be a trader? Do you have some experience trading securities in the stock market, and now you want to explore ways of making money from home?
Or maybe you’re curious about learning how to day trade or swing trade, but you’re not sure if it’s possible to do this full-time or even part-time as an at-home job. Either way, read on to find out what you need to know about trading online, whether it’s for a living or just for fun.
Before we get started
To be clear, I'm not encouraging anyone to do either. We'll dive into both strategies and their benefits, but these are advanced trading strategies that should only be attempted by seasoned traders.
Additionally, it's important to keep in mind that trading is difficult and it's not for everyone. If you're looking for more info on becoming a trader, check out Investopedia's Become a Trader hub for all of our beginner articles. Now, let's get started!
What are you looking for in a mentor?
There’s no doubt that mentorship is invaluable when it comes to honing your skills and taking control of your future. A mentor—someone who has been there, done that—can help you get started, show you how to navigate obstacles, advise you on new opportunities and keep you from making mistakes along the way. tor to find such an experienced professional who can really give you some guidance on your career (and life), it helps to know what sort of mentor would be best for your needs.
For example, some people are looking for business mentors while others need academic mentors; still, others want a personal/professional mentor who knows them personally and professionally as well as their goals. Finding a good fit is key to getting something out of your relationship with a mentor. Here are some questions to ask yourself:
What do I want out of my relationship with my mentor?
What kind of expertise do I hope they have?
What qualities do I value most in someone I look up to?
How will we communicate? What does success look like for me and my mentor relationship?
How much time am I willing to invest in our connection?
How will we evaluate our progress together over time, if necessary? Who else might be able to help me achieve my goals (e.g., other mentors)?
If you don't have anyone specific in mind yet, try reaching out directly via social media or email first before settling on one person.
3 Things To Consider
1. Market Volatility
2. Sustainability
3. Personal Psychology Let’s take a closer look at each of these three factors...
#1: Market Volatility It’s no secret that day trading is highly volatile and can make you money one day and lose it all another. But if you don't have a solid plan in place to help manage your emotions, you could be on an emotional roller coaster that is not conducive to long-term success.
#2: Sustainability The question of sustainability relates directly to your ability to handle losses and pull yourself out of bad trades before they affect your overall account balance (or more importantly, your peace of mind). If you can't get over small losses and learn from them, then it's going to be hard for you to sustain any sort of success in day trading over time.
One Person’s Story
Unfortunately, no. Unless you are very well-established in your field and have an established following, it is unlikely that you will make a living (or even break even) by trading at home.
This isn’t to say that some day traders aren’t successful—some are.
It just takes money to make money in most circumstances, especially if you don’t have an investing background and don’t know how to invest yet. If there was such a thing as making real money day trading without any involved, everyone would be doing it—but they aren’t!
What Are Some Tips To Start Learning Day Trading?
Unless you’re an experienced trader with an excellent understanding of technical analysis, I wouldn’t recommend trading in and out of stocks. It is too difficult to get solid returns in today’s low-volatility market environment. A far better strategy would be to invest your money for at least 3 months and look for quality companies with strong fundamentals that pay healthy dividends.
Relying on stock price movements won’t get you very far today; it is more about taking advantage of high dividend yields instead. For example, if you buy $10,000 worth of shares in Altria (MO) at $37 per share and its yield rises to 5%, your annual income will increase by over $500 per year. That’s not bad for just holding onto one stock!
How Do I Get Started If I Don’t Have Anything Or Anyone To Help Me Out?
When you start to get involved in day trading, it can be quite confusing because there are so many places where you need to look for information.
I would recommend that you start with one of two different kinds of sites – your brokerage firm’s website, or The Wall Street Journal. They both have some good material that can help you learn about how stock markets work and also give you tips on how to become a successful trader.
If you don’t have any experience with stocks and investing yet, then I would suggest checking out Investopedia as well. This is an online encyclopedia that offers free articles on investing topics ranging from A - to Z.
Is There A Way To Start Learning This Without Taking On Any difficulties?
Absolutely. There are numerous online sites where you can register and read up on trading as much as you like. Sites like Investopedia and Business Insider have a great selection of articles on trading that are geared toward beginner investors.
If you would rather invest in an actual stock, there are also sites where you can sign up for a penny stock subscription service that will give you daily recommendations on which stocks to buy and sell, without having to actually buy any stock yourself.
Whether your goal is to start day trading or swing trading from home, it's certainly possible - but it does take some dedication. What matters is that you begin taking baby steps today so that when (or if) your dream becomes more of a reality tomorrow, you're ready for it! Good luck!
Are There Tools And Resources Available For People Who Are Starting Out In This Field And Want To Learn More About It But Don’t Have Any Money To Invest In Buying Them Right Away?
While I’m still new to day trading, I have been introduced to two very useful and helpful resources in my quest for more knowledge. They are:
1) Jim Cook’s Chat Room, Jim has kindly invited me into his chat room where he is more than willing to answer any questions I have about using his platform. He was also very kind and patient with me as I was struggling to figure out how everything worked.
2) The book Market Wizards by Jack Schwager, is an amazing read.
How Much Time Should I Expect To Spend On This Before Seeing Results Or Making Money From It?
If you’re serious about trading as a business, then we recommend devoting two to three hours per day to your trading. However, that doesn’t mean it has to all be done in one stretch—you can break those up throughout your day if you prefer.
In fact, that’s what many traders do! At Tradimo we offer live 1-on-1 support from our experienced mentors and an active community of students and traders with whom you can share your own tips and strategies. The most important thing is to set aside time every day—or even every other day—to devote to trading as if it were any other job.
Conclusion
So what can we learn from these individuals that have helped them achieve success with trading? They’ve set clear goals and know their plan of action. They aren’t afraid to admit they may be in over their head but are willing to work through it until they get there.
They put in long hours and dedicate themselves completely to finding success. And perhaps most importantly, they do it because they love it and would do anything for it. I hope after reading about these people you found some inspiration to pursue your own trading career, whether it be full-time or part-time, knowing that anything is possible with dedication and hard work.