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Summary of How to Day Trade for a Living 

4.5 . 14419 reviews

Short summary

Very few careers offer the amount of freedom, income, and flexibility that day trading does. As a day trader, you can choose to live and work anywhere you desire. You can also determine when to work and when not to work because you’re your own boss. That is the life of a successful day trader. Many people desire it, but very few achieve it. Day trading is not an online poker game or gambling. For you to practice day trade successfully, you need to have the right tools and motivation to work hard and persevere. In this summary, Andrew Aziz, an official member of the Forbes Council and proprietary fund manager at Peak Capital Trading, explains how you can take charge and have success in day trading. It is not a difficult, complicated technical and complex guide to the stock market. “Profits in trading do not come from reading a few books, but with enough practice, the right equipment, and proper knowledge.” ~ Andrew Aziz, Ph.D.

Table of content

  • Summary of How to Day Trade for a Living
  • About the author
  • What is How to Day Trade for a Living about?
  • Who should read How to Day Trade for a Living
  • Topics in How to Day Trade for a Living
first key point

Day trading is different from every other style of trading and investing

Listen the first key point
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Many people assume day trading is the same as gambling or playing the lottery. This is a fallacy that people have about day trading. Statistically speaking, 90% of everybody who starts day trading fails and loses their money. This might make winning seem impossible, but it is easy to be among the remaining 10%.

There are 2 significant principles of day trading.

1. This is not a get-rich-quick strategy.

Day trading is not easy; you’re in a battle with the strongest and most intelligent minds in the world. The market consists of many traders, with each one trying to succeed by beating others in their game. That’s why it requires a lot of concentration and should not be treated with levity or ignorance.
There is money in the stock market only because other traders have managed to put it there.
2. Day trading is not as simple as everyone would like.

One thing that determines if you’ll succeed or not as a day trader is how you handle day trading. If you see it as important, you will be successful. If you trade with only your emotions, you will fail more often. You need to improve on skills such as self-discipline and defensive money management.

It is not enough to be an average day trader. You need to do better than others if you’re going to be successful. Many people just think they can make trades impulsively and gamble their way to success. It doesn’t work that way; you have to work for your success.

Successful day traders are disciplined, they think differently from others, and do not stop learning. Look within yourself and find the decisions and ideas that are negative, then replace them with positive strategies and thoughts. Change is difficult, but it is worth it in the end.
Like law, medicine, and engineering, day trading is also a profession. ~ Andrew Aziz, Ph.D.
You might be wondering why people fail in day trading. It’s because they see day trading as a side job or hobby. They make wrong decisions, gamble, and make many mistakes. These people get lucky sometimes, but in the end, they don’t survive the market.
second key point

Day trading is unique and has its own set of rules

The first step to day trading is to find stocks that are progressing in a predictable way. Next, you need to trade them for one day without holding them overnight. For example, if you buy some Amazon shares on Monday, you have to trade them that same day. If you hold the Amazon stock overnight you have not done day trading; you have done swing trading.
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third key point

Day trading is risky, and to be successful at it, you need to learn the rules of risk management

fourth key point

As a new trader, it is possible to find actual profitable trades

fifth key point

Like other professions, you need important trading tools to begin your day trading

sixth key point

Your trade decisions are highly dependent on your ability to analyze data

seventh key point

A good way to enter the market at a good price point is to take note of trends

eighth key point

Conclusion

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What is How to Day Trade for a Living about?

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Do you find yourself staring at your computer for long minutes, unaware of time slipping by? Do you enter a room and suddenly cannot remember why you stepped in the first place? Is it a herculean task for you to sit through ten pages of a book without reaching for your phone? If yes, your focus needs some work and fast.

Actually, yours is not a unique situation. Many adults like you have issues concentrating on a given task. However, in this fast-paced world of ours, you can’t afford to be not focused at all times. Thankfully, this article comes to your rescue! With the tips and tricks from Hyperfocus by Chris Bailey, you will get in the top percent of folks who have mastered the art of concentration.