Day trading. Is it profitable?
My partner just recently started a full time position as a day trader, something which I know nothing about. His previous occupation was a full time online poker player. While he was able to sustain a decent living, he felt it was time to move on to a profession where he could earn serious cash (also, I suggested that a more stable income may come in handy for future mortgages, and kiddies).
I guess my question is- is day trading a profitable, long-term, occupation? As a previous poker player, who’s had to rely on logic, expected values, math, and so forth; will his skill sets give him a leg up? At 27, is this an ideal career option?
Day Trading is much more than gambling, in fact holding for the long term is real gambling, you have a paper profit that may or may not be there when you are ready to sell. A good day trader is well informed, a studier of the markets, understands risk and that he hasn’t made money when something has gone up, but when he has closed out the trade. Every Day Trader should read “REMINISCENCES OF A STOCK OPERATOR”. He should also learn Technical analysis. This is the indicator to help find stocks that may have breakouts. He must also follow the news on several companies. It is not easy, but can be lucrative.
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