Leroy Rushing is an active, professional day trader; trading coach; and author. He is the Founder and CEO of Trading EveryDay, a provider of educational trading products and services that are available worldwide. Trading EveryDay has complimentary/FREE products, a Tools of the Trade eBook and a Trading Room Report, that are downloadable for your convenience.
A daily trader focuses on trading once a day, while a day trader focuses on trading stocks throughout the day. Though in context the difference may seem small, the trading discipline and trading success that comes out of taking trading seriously is done best by day traders.
The active, professional trader
A daily trader is more interested in trading daily, not focusing on profits or on quality of trades, but merely the frequency. The active, professional trader is akin to a day trader determined to producing profits from quality trades. The professional trader is focused on profits and the financial freedom from full-time day trading around the world clock. Professional traders aren’t interested in meeting a quota of trades; most would rather earn their living from just a few trades each day.
Becoming a day trader
Day traders are the product of experience more than anything else. Many day traders actually start as long-term investors, who acquired enough knowledge in the market to make it a career, eventually trading every day as a way to generate an income.
Becoming a day trader isn’t difficult, but requires discipline and desire to do well. Many people get sucked into the idea that being a day trader is easy and profits just flow in; while this might have been true during the first few years of electronic trading, it isn’t true today. Day traders make money based on how well they do, and it’s assured that they earn every bit of it, both profits and losses.
Financial freedom
The financial freedom that comes with day trading is the best part about it. Day trading allows for investors to make substantial profits day to day, while allowing a flexible schedule. Some day traders and scalpers prefer to only trade during certain parts of the day; for instance, they may opt for the latter half when volume slows and the market moves more sluggishly.
To get to the top of the trading world takes plenty of work and a desire to do well. Day traders aren’t following a get rich scheme; they’re in a lucrative career path that accommodates for large profits and wealth building.
How to start
Start in this lucrative profession by first day trading with a small account to get an idea of how the market moves and what kind of profits and losses are obtainable. The leveraged positions of day trading can be exciting to some who see it as a way to double profits, but it can also double losses. After a few weeks with a small account, you should decide if professional, full time day trading is really for you. If it is, construct a plan and get to trading, you’ll learn a lot along the way.
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