At The Close by Don Bright
Transitioning To Trading For A Living
month I interview
dozens of potential
new traders, and the question of transitioning from
the safety of a paycheck to successful
trading comes up often.
In my opinion, thereís no need
to leave job security behind.
Letís discuss a few scenarios.
One of the first things to take
into consideration is to realize
that trading is, indeed, a business,
and must be treated as such.
With this in mind, letís cover
some business basics. One of the
primary reasons for not succeeding
in any business is lack of
capital. Iím speaking of capital
to properly run the business, not
living expenses, which weíll get
to later. Many books and seminars
and TV ads attempt to convince
the public that money can
be made with their products with
only a $25,000 retail brokerage account. This is extremely
difficult. Can you and should you invest your own money
with a retail account? Sure you should! Do your homework
and trust yourself, not a stockbroker, to make investing
decisions for you. But investing is not trading for a living.