What is day trading?

You’ve probably seen them on YouTube or Instagram: day traders. They are the cool kids of the stock market, who make money by buying and selling stuff faster than you can say “stonks”. They are always partying and drinking, showing off their fancy cars, boats, and mansions. They travel the world and work from their laptops while having pool parties. They are living the dream, right?

Wrong.

While it’s true that you can make it big with day trading, real day trading is not as glamorous as it seems. What they’re showing you are probably just rented cars or boats, and Airbnbs. In fact, day trading is a lot of hard work, stress, and loneliness. Real day traders spend hours staring at charts, looking for patterns and signals that tell them when to buy or sell. 

They have to deal with volatility, risk, and uncertainty. They have to follow strict rules and discipline. It is like playing a video game on the hardest level, but with no cheat codes or save points. You either win or lose, and sometimes you lose big. 

But don’t worry, we at 247trading are here to help you understand what day trading is and how it works. We’ll explain the basics of day trading, the pros and cons, and the tools you need to get started. 

So kick back, put your feet up on that coffee table you still haven’t assembled correctly (yeah, we see that wobbly leg). And just maybe, we’ll be successful enough to be able to trade while having pool parties, and posting watch and steering wheel shots on Instagram. Ok, I admit, I want that lifestyle, and I’m sure you do too right? Right?

But seriously, what is day trading?

Day trading is a form of investing or trading in stocks, bonds, cryptocurrencies, or anything else that has a price that changes over time.

The main difference between day trading and other forms of investing or trading is the time frame. While most investors or traders hold their positions for days, weeks, months, or years, day traders buy and sell within the same day. That means they don’t care about the long-term value or potential of what they are trading. They only care about making a quick profit from the price fluctuations that happen during the day.

Day traders use charts to analyze the price movements of what they are trading. These charts show green and red bars that represent the price changes over time. Each bar can be set to a different time interval, such as an hour, 15 minutes, 5 minutes, 2 minutes, etc. Day trading usually uses very short time intervals, such as 5 minutes or less. This way, they can see every tiny change in the price and react accordingly.

Day trading is like playing a musical instrument but with money. You need to use various indicators and strategies to help you hit the right notes and avoid the wrong ones. These indicators and strategies may sound something from a sci-fi movie to the uninitiated, such as Fibonacci retracements, Bollinger bands, moving averages, candlestick patterns, head and shoulders, double tops and bottoms, etc. 

Traders use these indicators and strategies to read the charts like musical notes. They try to find the rhythm and melody of the market and dance along with it. Sometimes they get lucky and make a hit song. Other times they get unlucky and make a flop. Either way, they keep on playing and hoping for the best.

And here at 247trading, we’ll be like your singing coach, and make you the next Justin Bieber, er, of trading. We’ll teach you how to trade like a pro, how to spot the best opportunities, and how to avoid the common mistakes made by traders. We’ll also give you access to the latest tools, technologies, and trends in the market.

The myth of the day trader

Day trading sounds like a dream come true. You get to make money by playing with the markets, without having to leave your home or deal with annoying bosses or co-workers. You get to be your own boss, set your own hours, and live the life you want. Sounds awesome, right?

Well, no. Day trading is not as easy as it looks. In fact, it’s very hard and stressful. And most people who try day trading end up losing money, I know, I was one of them before.

Why?

Because day trading requires a lot of skill, knowledge, experience, discipline, patience, and luck, and most people don’t have enough of these qualities at first. You have to spend hours every day watching the charts and making decisions. You also have to invest a lot of money in your trading account and pay fees for every trade you make.

And even if you do everything right, you will have to deal with a lot of excitement yes, but also lots of uncertainties. You never know what will happen next in the market. You can win big or lose big in a matter of seconds if something unexpected happens.

So don’t be fooled by everything you see on social media. Those day traders who show off their lavish lifestyles are either scammers or just plain lucky. They are not representative of the reality of day trading.

The reality of day trading is that it’s a rewarding and fulfilling activity that can help you grow as a person and as a trader. It’s not for everyone, but if you have the passion and the perseverance, and work and try hard enough, you can be one of those “real” trading rock stars. And we at 247trading, we’ll help you become one of them.

Day trading is more accessible than ever

Hopefully, I didn’t scare you away from day trading. And If you are still here despite all the warnings and the dangers, this means you are dedicated and willing to really learn how to day trade. Now, we’re going to give you the good news, and we’re here to help you become a successful day trader.

First of all, you don’t need to rob a bank or sell your kidney to start day trading. You can use any device that connects to the internet, like your laptop, your smartphone, or even your smartwatch. You can trade from your couch, your bed, your bathroom, or even while driving, but please, don’t. I did this once and almost crashed my car. Never again.

Best of all, you don’t need to risk all your hard-earned cash to start day trading. For a small fee or amount, you can join these prop trading firms. They are like talent scouts for traders. They will give you a test to see how good you are at trading. If you pass, they will give you a lot of money to trade with. And if you make money with their money, they will share the profits with you. How awesome is that?

And most importantly, you don’t need to risk your entire life savings to start day trading. For a relatively small fee or amount, you can “audition” for these prop trading firms, and if you “pass”, they’ll fund you with exponentially more money than the money you are risking. 

You can check out our reviews of the best prop trading firms in the market there. You can compare their features, benefits, and drawbacks, and choose the one that suits your style and personality.

But be careful: these firms are not your buddies. They have strict rules and conditions that you have to follow. If you break them or lose their money, they will kick you out or sue you. Just kidding on the sue part, but yeah they’ll definitely kick you out. But if you are willing to learn and improve, these trading firms can punch your ticket to the life you are dreaming of. 

The reality and possibility of day trading

Day trading is not for the faint of heart. It’s a fast-paced, high-pressure, and often lonely game that requires nerves of steel, brains of Einstein, and the reflexes of a ninja. You’ll have to analyze charts, patterns, trends, and news in real-time, and make split-second decisions that could make or break your bank account.

But don’t worry, you don’t need to be a millionaire to start day trading. Thanks to modern technologies and platforms, day trading is more accessible than ever. You can even find trading firms that will fund your account if you prove your skills. That means less risk and more reward for you.

Of course, day trading is not a get-rich-quick scheme. It takes a lot of hard work, education, and luck to succeed. That’s why we at 247trading are here to help you. We provide you with the best resources, tools, and tips to help you become a trading rockstar.

And If you’re ready to take on the challenge of day trading, and maybe one day enjoy the perks of trading from a poolside cabana, then sign up with one of the funded trading programs we have reviewed and curated for traders like you looking to become the next hottest trading hotshot.

Remember, the flashy cars and mansions you see online are not the norm, but the exception. But with enough dedication, discipline, and a dash of luck, you could be one of them.