If you are new to day trading, it is wise to start with this article because it outlines what it takes to be a successful investor. Knowing which type of trader to turn to is just as important as finding which stocks and shares to try. Professional or private? The choice is yours.
Professional versus private trading
On the one hand, a professional trader is a person who has a job at a bank or an investment company. They are paid for hours they work, just like everyone else with an ordinary job. These people are called “employed traders”.
These professionals are, for example, paid to manage a fund that does not consist of their own (private) funds. They are, by definition, professional traders since they trade professionally. On the other hand, a private trader is also someone who draws enough money from trading so that he or she can live.
Often, these traders have the same skills as an employed trader or they are working towards that goal. Private traders are also called professional traders because they earn money with their trading. Professional, however, involves the way they perform trades since he or she is not an employee.
In the end, a day trader is profitable and consistent and is actively making trades daily.
Develop a morning routine
So, what does it take to be a good Forex & CFD day trader? It just depends on developing good routines. Having a routine is a good thing, even if the word is perhaps a little negatively occupied.
Routines have less to do with duties, but rather with habits that save time and money when trading. Did you know that people who do not have to choose what to eat for breakfast are less tired in the afternoon? A “routine” does not help people constantly think about what they should do.
The truth is that it takes hard work for the brain to make decisions (even small and simple ones). Just remember how tiring the exams were during high school or college. Investors can get decent results by optimizing their performance and saving resources. This applies to life as well as to trading. Visit Markus Heitkoetter YouTube channel for more details.