What it really means to be a Day Trader

If there’s one thing that annoys us here at Tekton HQ more than anything else about this business, is the mindset that a lot of Brokers and even some Educators put out that you 

“must commit yourself full time to the markets if you want to be a trader”

This idea that you can only succeed in the markets if you are a full-time trader is ridiculous and can be self-destructive for those that follow it.  It’s actually bad advice.  A career change is not a small decision and shouldn’t be taken lightly. 

Now we’re not saying you shouldn’t want to be a full-time trader. Of course not.  What we’re saying is that for a lot of New traders, this is not required and, in most cases, just not practical in order to find success in the markets. In fact, for most people, I would argue that it may be better to keep their day job and learn to be a part time trader instead. 

You don’t need more than an hour or two maximum a day to think about your trading strategies and applying them to the markets. 

Finding the opportunities and spotting which strategy works with which FX pair is the hard part so we decided to make it easier with Tekton.  

Create your strategy, test it with various pairs and apply it live to trade on your behalf.   While your strategy is running Tekton is monitoring for those opportunities for you without you screen watching all day or night 

If you’re workingkeep your day job – earn some of your income from that. 

Keep your trading account separate and build it up as well as your overall income using Tekton.  Share your trading logic with others in the Tekton Algorithmic trading Community and you might just improve your chances that little bit more.  We have loads of material on our community site for you to learn and develop your knowledge and skills. 

If you’re new to trading and Algorithmic Trading specifically and want to learn more, join our easy to learn course on Algorithmic trading using Tekton

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Well, they all seem to put a lot of focus on the actual ‘Entry’ and nobody seems to talk must about the other part of that equation – Which is the ‘Exit’ right?

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Not only does trading discipline keep you from doing stupid (i.e. greedy, angry, reckless) things, being consistent with your strategies also teaches you a lot about how the market works. And that’s how you build up the confidence you need to make a business out of trading.

So, discipline, good. Gut instincts, bad.
The problem is, to practice your craft, you’ve got to actually get in there and play the market. And that means exposing yourself to a whole bunch of psychological obstacles you’ll need to be able to deal with effectively—pressure, fear, anger, uncertainty, etc.—if you want to come out on top.

How much discipline do I need to be a successful trader?

No one ever said that conquering the markets was easy. But being successful definitely isn’t impossible. It just takes a lot of hard work and even more discipline, no matter how much natural ability you have.

The problem is, to practice your craft, you’ve got to actually get in there and play the market. And that means exposing yourself to a whole bunch of psychological obstacles you’ll need to be able to deal with effectively—pressure, fear, anger, uncertainty, etc.—if you want to come out on top.

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