No doubt there is something glamorous and enticing about having your own business and being your own boss. These concepts alone are enough for millions of people every year to “Give Up the 9 to 5” – whether it’s a part-time or full-time job – and pursue being entrepreneurs, and some even become full-time day traders.
As appealing as it sounds, there are underlying concerns that must be addressed and definitive steps to consider before pursuing such an alluring path. In the following pages of this e-Book, we will discuss these concerns and layout some specific steps showing how you can become a full-time day trader and simultaneously transform your trading into a successful small business venture. We will also discuss the all important concept of viewing your full-time trading as a small business in order to improve the odds of your success.
Getting “Sold” A Bill of Goods If you are like millions of other people throughout the world, you are looking for a way to improve your finances and make your life better. Many of you want out of your job and into your own business where you are your own boss and you decide what to do and when to do it. This scenario is a reality for a small fraction of those who desire it. For the others, it is a dream “waiting to happen”.
Instead of putting in the time and effort to make that dream a reality, they are watching late night TV infomercials; they are persuaded by “get rich quick” day trading commercials; and at 2:00 a.m., they are easily persuaded. Others are searching internet websites and blogs for “how to get rich by day trading and trading the stock market”. Again, they are duped and fall short of making their dream a reality. They continue to fantasize about working from the comfort of their own home, spending more time with their families, and only working a short amount of time each day because they are making so much money in their trades. Eventually, these people create a delusion between their respective dreams and realities and somehow convince themselves – purely emotionally – that now is the time to go for it! Without thoroughly and rationally thinking things through, they are on their way to pursuing their dream of day trading full time. Unfortunately, they also have no idea what they are getting themselves into and what it truly means to be a day trader.