If you are looking for the ultimate side hustle that can make you real money from the comfort of your home, then I would recommend learning how to day trade. Since starting day trading, I was able to replace my full-time income by trading for an hour or two in the morning, and spending the rest of the day with my family. I do not have a course to sell you about day trading (well, not yet anyway), but I just want to spark your interest as to how you can make more money from home.
I do caution that trading is not for the faint of heart. It takes patience and discipline to learn how to trade effectively and consistently, and a lot of that has to do with the mental aspect that is involved with trading.
Let’s take a look at my profits for today: 2/24/2020
$351.65 Profit (Daily Goal: $250)
Today, I was able to take advantage of some subtle moves in the future /NG, trading both sides of the coin. I could not get a clear bearing of what direction the future was currently trading, which led me to calling it a day earlier than usually with my daily goal already met.
Here are the keys that led to my success and what you can use to improve your trading in the future:
Key #1: Waiting for a few minutes after the market opens before taking a position
As the market first opens, I have found that this is the time where uncertainty is at an all time high. Even though a stock may look like it is consistently trading according to a certain pattern, once the market opens and the influx of volume occurs, anything can happen.
So what I like to do to combat this is to wait for a few minutes, typically between 10-15 minutes after the market open, before I take my first position. That way I can confirm is my technical analysis is accurate and therefore trade more confidently.
You can also use this same approach during critical times during pre-market and the day as well. These times are typically 7:00 am, 8:00 am, and 10:00 am. I have found these times to have much more volume associated with them for some reason or another.
Key #2: Knowing when to lock in profits and cut losses with lead to a lot of success long term
It is very easy to get greedy or hopeful when you are day trading because you WANT the stock to do what you think it will do so you can make money. However, as most of you may know, the stock market is its own beast and you are there to observe what is going on and not hope and pray for a unusual change of direction to occur.
If you are in a position that is losing you money, the best thing that you can do as a trader is to cut losses in order to relieve yourself so that you can prepare for the next position.
Bag holding has led to the death of many trading accounts and I want to warn you of this so that it does not happen to you as well.
Also, having the ability to walk away when you are in the green is important because being greedy can lead to giving back your hard earned profits.
Key #3: Reflect on what went right and wrong with trading
That is basically what I do with these article updates, however, you can do the same thing with a notebook that you have.
As a beginner, after each trade that you take, take the time to reflect on what you right and what you could do better the next time. This allows you to learn from your own experiences, and when mistakes do happen you will be better prepared to deal with them.
If you can do this daily, you will fast track you way of being a full-time, profitable, and consistent day trader.
Hopefully this article has provided some value to you!
If you want to learn more about getting started investing/trading in the stock market, I recommend you read this article:
and here’s the book that led me to begin investing in the stock market in the first place. I highly recommend!
Thanks for reading!
Have a great day!