Is it a good idea to be a day trader for living? Or Is it possible to become a full day trader and live a better life

General
2

Trading for Living is good, as long as you can consistently generate money for your living.

Else trading for additional income is always good.

3

If you are currently employed, I suggest you continue to do so and monitor the markets and understand various things which happen in the market, meanwhile use virtual account and learn technical analysis etc. Once you are confident, then you can plunge in.

Full time trading is good, as one can spend more time and effort in trading. Whether you become a bread winner or loser depends on you. Having additional constant sources of income along with full time trading, like house rent etc., is a better option.

3 Likes
4

Full time trading is good, with some additional support of passive income like how @AastroGuru mentioned rent.

I will add a few more:

Working as a part time Insurance Agent, Real Estate Agent, Mutual Fund Agent, Loan Agent, teaching computers, teaching “How to trade” (if you are really good at it)

1 Like
5

Hi, Continue doing what you doing. Monitor the markets. 

Get a Virtual account Free Online Virtual Stock Market Trading Game, Virtual Stock Exchange & stock Games and also do paper trading, once you get a hang of it start small and make it big.

Intraday Trading is for someone who can do it full time. Intraday trading need's lot of money and good strategy in place can be fundamental or technical. It test's your patience and emotions to the edge.

Who is a trader?

Also if you getting into full time trading, make sure you have other sources of income like Rent, commissions etc.

It is easy to start by opening an account in a broking firm, choose a good broker.

These are few things you look for.
Background, Financial Health, Online Presence, Brokerage, Account Opening Costs, Transparency & other costs, Platforms, Charting, Reporting, Margins, Support & Tools, Convenience

What do you look for in a stock brokerage firm?

Best of Luck :)

6

Very specific question. But to be true, it entirely depends on your skill set which can surely be developed with practice. In my opinion, you shall consider taking up trading as full time only after you have enough experience and have successful track record on PAPERS for at least a year or two.