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Posted 20 hours ago

Trading for a Living: Psychology, Trading Tactics, Money Management: 31 (Wiley Finance)

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ZTS2023
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Day trading full time in the UK, US, Canada, or Singapore still offers plenty of opportunities, but you have an abundance of competition to contend with, plus high costs of living. His '80-20 Rule' relates to his aim to spend 80% of his time doing, and 20% talking/thinking/watching YouTube videos etcetera. This article sheds light on obstacles that no one talks about. You probably won’t have heard about many of these things because new traders or those learning don’t know about them, people who just want to sell you something aren’t going to tell you about the hardships, and experienced traders are usually focused on answering questions related to strategy and risk management (which is what I am usually doing).

I tend to ignore cup games and internationals completely. There are already more than enough league games played all over the world and they suit my trading style perfectly (consistent teams doing consistent things). But wealth is about making more than you spend. And most people continue to spend in line with what they make. Wealth is about accumulating money—SAVING—not just making more. Day trading on margin can amplify your gains but also your losses. The U.S. Securities and Exchange Commission has specific margin requirements for day traders, which you must adhere to. Failure to meet these requirements can result in a frozen account. Should You Start Day Trading?

High 5!

There are lots of emotions which drive our motivations; love and hate perhaps being the strongest. Why do you want to make money on Betfair? What is going to keep you focused and drive you forward?

The art of speculation is older than money. Since people started to barter (exchange goods for their intrinsic value), there was always a bargain at one side of a trade. Modern speculation implies selling or buying currency pairs on the interbank market (the official name for the forex or foreign exchange market) and make a profit from their movements. The principle that applies when trading on the currency market is similar with trading any financial instrument. Or, in fact, with trading any in any market. This is how you build a foundation for understanding what really works so you can learn to adapt that to any market. I love trading for a living. It provides the flexibility and time to do things I love. I know many of you want to trade for a living, maybe because you are unsatisfied with your job, or you enjoy studying and trading the financial markets, or you want to make more money. And I want you to achieve your goal of being a trader, and I encourage you to pursue your dreams. Yet, I also want to tell you about some of the hardships or obstacles that trading for a living presents, and what it entails. At the end of the year, hopefully, you will have a huge amount saved up from your great year. If you had a great year and you have nothing saved, you could be in trouble.

WE FUND FOREX TRADERS!

Trading is not all or nothing. It is flexible. You may decide to have trading as your sole income, trade on the side of a full-time or part-time job, or you may freelance and run a business while trading. In short: Stop watching YT videos, reading endless blog posts and forum threads, drooling over other people's results (even if they are genuine!). In my experience, and that of many of my readers who have told me they feel the same way, this does more harm than good. And be honest with yourself... this isn't a bragging contest so be sure to record results properly. You will see Betfair trading courses advertised which promise that you'll learn enough to start making a profit right away. Rubbish! They can teach you the mechanics of trading, but without the necessary experience, you're not going to get very far. Location is an important topic. Will you have an office at home or try and day trade remotely in a variety of locations on a laptop?

Support and resistance, risk management, and time management are great starting points. How To Day Trade for a Living Top Strategy #1: Risk Management I can't remember the last time I watched a match while trading; it's just not necessary. Also, a football match is 90 minutes long and I have better things to do with that time. You probably do too.In my experience, solo day trading requires a unique blend of confidence and humility. You’re your own boss, but the market is always ready to teach you a lesson. Access to a Trading Desk Even imaginary or 'paper-trading' will teach you ten times more than watching someone else. But live trading with minimum stakes will teach you even more. Yes you'll screw up, that's why you're on minimum stakes. But every screw-up moves you towards your goal. Very little else does. Here’s a positive thing. You may have read that you need lots of money to trade for a living. That is not always the case. The potential for significant financial gain is real, but it comes with risks. Always set aside a portion of your earnings to reinvest in your trading education or to diversify your investment into more stable asset classes. Remember, don’t put all your eggs in one basket. Cons of Day Trading How hard it will be for you depends partly on how much you need to earn to be able to 'go full time' and make it your career, handing in your notice at the nail salon or whatever pays your mortgage currently!

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