Day trading involves the purchase and sale of commodity futures, stocks, currencies, or options within a single trading session. Depending on the strategies that a trader uses, part-time day trading is possible and can be as profitable as spending all day, every day at the task. The cost or overhead of day trading is largely the cost of setting up, managing, and exiting a trade. The key to making money in part-time day trading is to learn the necessary skills and exercise discipline when on the job.
Is Day Trading Part-Time Worth It?
If you already have the necessary skills to be a profitable day trader you can certainly trade whenever you want to. The problem for anyone starting out is that it takes time and effort to learn what you need to know in order to stand a reasonable chance of making profits. At DayTradeSafe we teach what is needed to be a benchmarked professional trader. You will need to spend enough time to reach this level of competence if your want to reliably make money day trading.
Day Trading as a Part-Time Job
Day trading is a job and a business. Many who wish to quit their current job and go into day trading often need to make the transition gradually as initially they will not make enough to support themselves through their day trading efforts. Once a new day trader has learned the necessary skills and applies themselves with discipline to the task of making profits while day trading it is possible to gradually transition from day trading as a part-time job to day trading as one’s sole occupation.
Part-Time Day Trading Strategies
The most profitable times to day trade are commonly the hour or two after the market opens and the hour or two before the close. If a day trader is not able or willing to remain at their trade station for the entire trading session, they will need to either complete their trades during the time when they are present in the market or set trading stops that will get them out of trades that are going badly when they are not present. No matter what, day traders should exit their trades before the end of the trading session unless they are willing to take the risk of a trade going badly before the next session opens.
Best Place to Start Part-Time Day Trading
If you are able to day trade during daytime hours in the USA the best place to start part-time day trading will be in the futures market for commodities followed by the New York Forex Market or US stock markets. If you can only trade in the evening or early morning you could trade currencies on the London or Tokyo forex exchanges. If you are willing to accept the risk of trading crypto currencies, these trade around the clock. The best way to approach this issue is to pick the best market to trade, which we suggest is commodity futures, and then adapt your hours to match.
Day Trading Part-Time in College
Day trading part-time in college is like day trading part time when you have a full time job. The difference is that you do not have any income coming in to support yourself. To the extent that you want to learn how to day trade while pursuing a formal education this is not only possible but something that others have done successfully. No matter how a day trader starts they goal is the same, to be a benchmarked professional trader able to choose, enter, manage, and exit day trades successfully.
Can I Make Money Day Trading Part-Time?
Stock, currency, and futures day traders make money when the market is volatile. To the extent that a day trader can successfully anticipate the market they are trading in will move sufficiently to create profits, making money day trading part time is possible. The key is to learn the necessary skills, apply the necessary discipline, and stick with trades that do not require your constant attention on your trading platform all day long every trading day of the week.
Part-Time Day Trading Salary
Because not all hours of the trading day are equally profitable many day traders find that they effectively trade part time even though day trading is their full time job. When a person works as an independent day trader, they are not pulling down a salary but rather creating income using the skills they have developed through programs such offered by DayTradeSafe to create day trader with the skills necessary to profit in any and all markets. Having said this, many of the benchmarked professional traders that have worked with DayTradeSafe find it possible to make what amounts to an extremely comfortable part-time day trading salary.