10 Things You Should Know Before You Start Day Trading

Photo by OTA Photos

Photo by OTA Photos

Are you ready to start day trading?

Day trading is the act of buying and selling stocks within the same market day, for a profit, derived from the small price movements throughout the day. Day trading is usually conducted online and carries a huge risk factor. If you are not extremely knowledgeable about what you are trading you will not make a profit.

Do not make the mistake of thinking that day trading is another ‘get rich quick’ scheme, a quick profit bandwagon that everyone wants to jump on. It’s not. Not just anyone can make money with day trading. In fact, the people making a profit are the ones who have plenty of money to start with. That old adage mostly holds true: you have to have money to make money.

To be successful, you must make day trading a full-time job and be prepared for a career that is mentally and emotionally draining. If you plan to begin a career in day trading you will probably have to quit your current job and hope you can learn fast enough and succeed well enough to support yourself. Here are 10 things you should know before you start day trading.