By Peter Skotnicky
It used to be that only banks and investment firms were day traders. But as advances in technology connects markets to customers and other key players, a lot of people, particularly those with experience or interest in personal finance, are taking charge of their finances and becoming day traders themselves.
Why Become a Successful Day Trader?
People can have varied reasons for wanting to engage in day trading. But if you look closely into it, you'd find the bottom lines are almost always the same:
For salaried employees, financial flexibility is always an issue. Earning fixed monthly income limits your spending power. Even if you're making substantially more than minimum wage laws dictate, living expenses usually grow with the amount of your paycheck.
And in the case of families with growing children, their needs grow with their children. Unforeseen and/or emergency expenses can catch anyone off-guard and leave your net worth like that of a donut with a huge gaping hole. If you become a successful day trader, financial flexibility would not be an issue.
2. Flexibility of Work Schedule
The intangible market selling financial instruments - money, forex, stock, etc. - is open only a few hours each day. Expert traders can even do their trades from home and work only the famed four-hour work week and make money.
3. Now, if you can create wealth working a few hours a week from anywhere in the world, who wouldn't want to have that chance?
People have so many mistaken notions about day trading and some, unfortunately, get into it without much thought and consideration and end up losing their life's savings in careless gambles. But for those who take their business seriously and treat it like they would a full-time job actually become a successful day trader and make money