Warrior Trading Blog

Are You Ready To Be A Day Trader?

day trader

Are You Ready To Be A Day Trader?

If you are reading this, then you probably already have your own personal vision of what your life will be like as a professional day trader. You will get up early, exercise while catching up on the overnight financial news, eat a healthy breakfast while firing up your trading platform and newsfeeds, and then start making more money in one hour than you used to make in a day.

Whatever the exact details of your personal vision of your life as a professional day trader, it is definitely equally compelling and enticing.

Unfortunately this level of professional success does not come easy, and it takes a lot of hard work and dedication to get from where you are now to where you want to be. Fortunately those who have gone before have offered some guidance on the 3 key steps involved in quitting your job and becoming a professional day trader.

Getting Educated

While every day trader will eventually find their own unique niche in the markets and develop personalized trading strategies that work for them, there is a common level of foundational knowledge that every day trader needs to get started.

Fortunately there are now a small number of extremely high quality day trading courses available on the Internet that will allow you to develop the knowledge and experience to succeed at day trading, all from the comfort of your own home and at a pace that is suitable for you.

Contemporary day trading courses add so much value for their cost that it makes too much sense to not start with one.

Practice Makes Perfect

All successful professional day traders take the time to practice on a high quality trading platform simulator to gain essential experience and refine their trading strategies before they dive into the real thing. Today’s trading simulators are mostly indistinguishable from the real thing, so much so that you can transition to trading with real money and not even notice the difference as far as order entry and fill prices go.

Paper trading is an essential step that all successful professional day traders take to ensure that they are fully prepared for the real thing. While the knowledge and experience that you gain from an online day trading course is a necessary first step, you need to practice under real conditions before you will truly be ready to step out on your own and succeed in the highly complex and competitive modern markets.

Winding Down Your Day Job

The hardest step for every successful day trader is actually stepping away from the comfort and security of their day job to become a dedicated professional day trader. While it is easy enough to find some time to take an online course and then practice with a trading simulator, quitting your job to become a dedicated professional day trader is a significant step with major repercussions.

Whenever possible, try to phase yourself out of your day job gradually. This may mean taking on a part-time position or contract work so that you can still have a solid source of income while you acclimatize yourself to the reality of professional day trading.

As you become more successful and comfortable as a day trader, spend less time at your old job and more time day trading. Soon enough you will be able to quit your old day job completely, and live your dream as a full time professional day trader.