My concept of a Day Trader
Since day trading can be such a lonely profession, I find myself interacting with other traders on Facebook. Often times through discussion, I realize their concept of being a successful day trader is much different from mines. Many day traders over trade or sit in front of the computer until the market closes at 4pm, which completely defeats the purpose of becoming a trader to begin with. (My opinion) My purpose for becoming a full time day trade was due to the convenience of time. Using my time wisely allows me to spend more time with my family without the hassle of “work taking up 6 to 8 hours of my day” I spend my time by taking my girls to the park, library, teaching them the essentials and traveling where ever I may want. In order to make time more efficient, the key is to trade less. In order to trade less you have to have a well-defined strategy which will allow you to achieve a particular success rate in day trading. My first trade makes way beyond my goal measures for the day, so the second trade becomes unnecessary. However the second trade will be made with much less risk to fill my need to trade. In essence, I am satisfied with the amount I made, my premarket analytics, and my execution of the actual trade during market open. By 10am/ 10:30am I am usually finished. The rest of my day is then dedicated to my family or what ever I may choose to do. At night once my girls are asleep, I spend well needed time with the hubby and around 10:30pm I back test all my setups. I analyze each trade I placed or charted, to see how well it worked or didn’t.
2,715 total views, 0 views today