The answer should be “BIG NO”. You should not intraday trade for a living. Here are the reasons behind it by NIFTY Trading Academy trailblazers.
1) You will fail
You might have heard about failure % among traders. It could range from 90-95%. Still there are many traders who want to step into stock market.
There is discrepancy between gloomy statistics and uplifting stories.
Firstly we have an ego and we want to protect it. Secondly we are surrounded by the people who always believe in uttering this you can do it too”. These are the reasons why we avoid talking about failures.
Once you have believed that it’s easy to make money by trading, you trade more. Brokers start earning more. You will buy more books, enroll in courses, seminars. And that’s how everyone earns more and spread the successful trader’s stories. Also most of them claim to be rational and make decision based on facts. So remember the statistics which may lead you fall.
2) simple ways to make money
There is definitely way to make living by trading in the market. But with your skills and experience it becomes simple to make more money.
You can always work for few hours based on your work. Also if you have marketable skill then you can get fussy clients by doing freelance work.
But when you trade just for living, you don’t get money for the hours you have put in. also you might lose money.
If you think you want to become independent trader by starting your own business then trading is not for you because starting a business is too risky.
3) Good trade needs lots of time, money and efforts
To earn decent and make living one needs lots of trading capital. Also on top of that the trading income will be volatile.
You need a lot of trading capital to make a decent living.
Now that you know how difficult it is to Intraday trade for a living, choose A or B below.
A- I am certain that I should not intraday trade for a living.
That’s nice. You should still save your money and learn to invest for retirement.
B- I know it’s tough but I still want to do it.
Good. You’ve choice to pursue trading as your career. Keep reading.
ARE YOU REALLY SURE YOU WANT TO Intraday TRADING FOR A LIVING?
To make sure that you want the unstable life of a trader, go through the 6 questions below.
- DO YOU HAVE sufficient MONEY?
You need one year’s worth of living expenses stored in your savings account. No personal debt. The trading capital you need depends on your trading plan. If you don’t have the answer doesn’t trade.
- ARE YOU ready TO PAY IN ORDER TO WORK?
This is what all traders have to go through. To trade for a living you need to used to losing money at the end of the workday.
- ARE YOU prepared TO WORK HARD?
The thought task for a trader is to learn how to trade. And if the trader is ready to work hard then its win-win situation.
- DO YOU LOVE STUDYING THE MARKETS? IS IT SOMETHING YOU WILL DO EVEN IF YOU’RE NOT PAID?
Everyone who wants to trade for a living should answer yes to this.
- WHAT’S the OPPORTUNITY COST?
You can get a chance to work on an exciting new project in an exotic country. And you know that it’s something you would really enjoy. Take it. The markets will still be around when you return.
- WHAT IF YOU FAIL?
This is a reality check. Hard work is the key to success. And you must be prepared to work hard and yet fail.
IS INTRADAY TRADING ALL BAD?
If intraday trading is so bad, why should any one trade? Why traders are still trading?
Intraday Trading is an excellent activity if you understand risk, uncertainty, and yourself.
Trading is an awe-inspiring experience for most people. Even for those from the top of their fields, the market gives them their fair share of frustrations and failures.
Even if you do force down on and become a serious intraday trader, no one can promise that you will be in profitable condition all the time. But you will definitely find it to be a great Intraday trading learning journey