Typically? What are you talking about?? One trade a day is not typical for day trading, I don't know where you got your information from.
Yes I know but I meant Day trading is another short term trading style, but unlike scalping, you are typically only taking one trade a day and closing it out when the day is over. These traders like picking a side at the beginning of the day, acting on their bias, and then finishing the day with either a profit or a loss. They DON'T like holding their trades overnight. Day traders are suited for those that have enough time throughout the day to analyze, execute and monitor a trade. If you think scalping is too fast but swing trading is a bit slow for your taste, then day trading might be for you. You might be a day trader if: You like beginning and ending a trade within one day. You have time to analyze the markets at the beginning of the day and can monitor it throughout the day. You like to know whether or not you win or lose at the end of the day. You might NOT be a day trader if: You like longer or shorter term trading. You don't have time to analyze the markets and monitor it throughout the day. You have a day job. Some things to consider if you decide to day trade: Stay informed on the latest fundamentals events to help you choose a direction You will want to keep yourself up-to-date on the latest economic news so that you can make your trading decisions at the beginning of the day. Do you have time to monitor your trade? If you have a full time job, consider how you will manage your time between your work and trading. Basically....don't get fired from your job because you are always looking at your charts!
http://www.investopedia.com/terms/d/daytrader.asp#axzz1xfNvVt3g I believe you have a misconception of Day Trading...
I would imagine one of the benefits would be the ability to be self employed. Being able to set your own hours is a ridiculous luxury.
Uh, yeah true but you can ONLY do this once you actually acquire the skills to earn money from the markets. For some, it never happens, for others it may take years.
Unfortunately that's not exactly true. When I started 7 years ago I thought it is much similar to running a business, which I did at that time, turned out it makes me sit almost exactly same hours every day except bank holidays in major countries and weekends. Everyone who plans to start trading for freedom must understand: day trading is rather self-employed job, not a business. And to be truly free you better have a well managed and running business, not a job.
True self-control and personal responsibility for everything is something many dream about, but it is very, very emotionally hard in reality. Guess that's one of the main reasons so many people fail in trading and in running own business.
Except you end up working way longer than most people while you try and perfect your craft. The "hours" worked is very deceiving.
Unfortunately, I am not my own boss, and I don't set my own hours. The market rules me, and tells me when to work. And the market is a very, very tough boss. It doesn't let me slide or screw up. Make a mistake and there's no place to hide. No team members to blame. From market open to market close, I'm a slave to data, to systems, to screens. So you can toss the idea of increased personal freedom if you chose to be an active trader.
Well I took my trade for the day, what am I going to do now? Have you guys all taken your one trade for the day...that's all the market allows you know.