Before we used to be limited to the word of trading by the walls of inaccessibility, but now with the wave of technology it is as easy as tapping your phone and making a quick profit. But how do people actually make such profit in such little time?
Stocks have been around for hundreds of years, helping people and governments economically since 1611, but within these thousands of stocks there are multiple ways of trading. Hello my name is Nicolas Kristoff and in this article I will be discussing a specific form, which is relatively new, called day trading, and my personal experience with it.
But before we dive into this complex and elaborate world, we must first understand what exactly it is that we are talking about. Day trading consists of buying and selling a stock, cryptocurrency, or other asset, that may result in a loss or profit, because of the fast and rapid moving prices. To do this, day traders will use a plethora of different techniques, such as observing patterns and candle sticks, in order to predict the direction of the stock.
In day trading, there are two main types of stock, bullish (which is when the market goes up and the candles are green) and bearish (which is when the market goes down and the candles are red) in both cases there are ways to make profit. In a bullish stock, the trader makes profit by buying the stock when the price is lower and selling when the stock is higher, resulting in some profit. In bearish stocks on the other hand, the trader makes profit by borrowing a stock, selling it, buying it back at a lower price when the market goes down, and returning the stock to the owner, making a profit. This action happens very fast in online trading but can also happen over a certain amount of time in real life.
Now that we have a more knowledgeable approach to day trading, we can talk about how I actually began my trading journey, I have been interested in trading for some years now since it is also a hobby of my father, nevertheless my experience with day trading was completely new, all the trading I had done beforehand was long term trading on a paper trading account (which is basically a trading account with no real money) I started by first researching what exactly day trading was, and how it worked, I looked at different trading websites, videos, and articles for hours on end. In my opinion, the most helpful one was videos, since they showed the techniques and strategies in a visual form. This whole process of investigation took me about 2–3 weeks.
Now that I had more understanding of how to day-trade, I opened an account and put my own money at risk to see if I could make some profit. The first trade I took my hart was racing, and I was sweating profusely, unlucky for me, I ended that trade on -$4. I learned a lot that day and prepared myself on how I would take the next trade. Throughout the course of the following trades, I made some profit on some, and lost on others, but in the end I managed to make a total profit of $41.07 which made me very glad for being a beginner trader. I will admit that in some cases I did get help from shock callouts, but that only happened for two of the seven trades that I took.
In conclusion, in my opinion and experience in day trading, I would say that with persistence and determination, it could definitely become a full time job. This has been demonstrated countless times, with people scaling their trading accounts to millions or even billions. This project has been a very interesting experience, and I would recommend it to anyone thinking that they can take on the challenge.
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