Hello to everyone in the currency community! I hope you have had an amazing day so far, and I can make it better by going over the pros and cons of day trading. I’m going to go over some of the pros and cons I have found being a day trader myself.
First, let me remind you what day trading is. Day trading is a strategy of buying and selling future trades, within same day without holding open long or short positions overnight. It takes a lot of knowledge, experience and discipline to make day trading successful. But, it's possible with the right mindset and discipline! Some of the advantages of day trading, are that you have the potential to make a significant amount of money or profits. You do need to have a strategy and game plan going in, and you need to make sure you keep your emotions balanced. Being your own boss, making your own schedule is appealing to everyone, so this is obviously an advantage as well. However, if you’re not disciplined, being your own boss could come with downfalls and lack of motivation.
Another advantage is the fact that you can get your education for a great price from most places. I personally have my education and support coming from Apiary Fund. I’m a slow learner, and I appreciate having the support from Shawn Lucas and the wisdom and patience he shows to everyone willing to learn his trade!
Some of the disadvantages you can expect from day trading is the chance of losing a significant amount of money. Being a day trader, you'll also notice that the cost to stay on top of ongoing prices is daunting. You need to keep in the loop and have all the right tools, such as the right platform, a laptop, continued education, etc.
One of the other disadvantages you can expect is not having consistent pay. You have to work hard for your check and will sometimes go without being paid. If you’re ok with that, and you can use it to motivate you further, you're in the right place. My last con I would want to explore is the high stress environment. If you feel like you handle stress well and you don’t let it distract you, I think you have a great chance at becoming a successful trader.
One thing I love about the community I have embraced, is watching these people develop a confidence that helps them get that much further in their journey. Shawn Lucas is a man who embodies confidence when he is in the market, and it truly is something I love watching. To be so sure of yourself, and have it pay off in profits is something I strive to gain along my journey! I hope this article helped you decide if this is something you wish to make a part of your life.