What is Day Trading?
Day trading is short term trading strategy where you buy and sell stocks quickly within a one day time frame. All positions are closed out and you are sitting in cash overnight.
It is not like investing where you buy and hold stocks for years.
Company fundamentals are less important as you are focused more on technical aspects of the trade (chart patterns, support and resistance, etc).
Despite what some will try to sell you day trading is a tough and stressful business that requires serious persistence and resilience in order to be successful.
PROS:
You can work for yourself with no boss to report.
You determine your destiny.
A lot of money can be made if you know what you are doing.
You can work from anywhere in the world.
Does not require any particular formal education.
You can self educate.
CONS:
It is a very high stress pursuit.
It can be emotionally and mentally draining.
It takes a lot of hard-work and effort to become good.
There is a lot of false information on the Internet ( trading is easy, etc).
Requires a lot of time in front of the computer.
It can be isolating if you are always trading alone.
It is not like investing where you buy and hold stocks for years.
Company fundamentals are less important as you are focused more on technical aspects of the trade (chart patterns, support and resistance, etc).
Despite what some will try to sell you day trading is a tough and stressful business that requires serious persistence and resilience in order to be successful.
PROS:
You can work for yourself with no boss to report.
You determine your destiny.
A lot of money can be made if you know what you are doing.
You can work from anywhere in the world.
Does not require any particular formal education.
You can self educate.
CONS:
It is a very high stress pursuit.
It can be emotionally and mentally draining.
It takes a lot of hard-work and effort to become good.
There is a lot of false information on the Internet ( trading is easy, etc).
Requires a lot of time in front of the computer.
It can be isolating if you are always trading alone.