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TEN ALTERNATIVES TO DAY TRADING

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TEN ALTERNATIVES TO DAY TRADING Maybe you like the idea of trading, but after reading this book, you’ve  decided that working for yourself making large numbers of short-term  trades isn’t exactly what you want to do. But then what options are there? I put forward several ideas for alternative activities that might  better match your interests than day trading. These include other career  options, different ways to invest your money, and entertainment that gives  you the excitement of trading without the same amount of risk. Proprietary Trading for an Investment  Company or Hedge Fund Day trading is a solitary pursuit, and not everyone who wants to trade also  wants to run his own business and work by himself all day. Good thing many  companies need people to trade for them. Investment companies, brokerage  firms, and hedge funds hire traders. These people are often known as prop  traders, short for proprietary, and their job is to trade money for the firm’s  account. Th

MAKING A DAY TRADE OF IT

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MAKING A DAY TRADE OF IT Day trading is sometimes presented as a profitable hobby. Anyone who buys a day trading DVD course via infomercial can make money easily in just a few hours a week, right? Well, no. Day trading is a job. It can be a fulltime job or a part-time job, but it requires the same commitment to working regular hours and the same dedication to learning a craft and honing skills as any other job. The best traders have plans for their business and for their trades. They know in advance how they want to trade and what they expect to do when they face the market. They may find themselves deviating from their plans at times, due to luck or circumstance or changing markets, but in those cases at least they understand why they are trying something else.  Failing to plan is planning to fail. And if you can’t remember that right now, don’t worry. I repeat it several times in this book.  Here’s another reason for planning: Trading comes in many flavors,