Women are looking for a way to create extra income, especially if they’re able to do it while working from home. If you’re looking for options that you can do from home, you’ve probably considered the usual: network marketing, blogging, and even reselling on Amazon or eBay.

But have you considered day trading?

Some think that it’s an underrated way to create an amazing income. But is it really for everyone? …let’s explore.

If you ever wondered if you would have been able to achieve success as a stockbroker but lived nowhere near Wall Street, day trading might be worth a look. In short, you get to buy and sell stocks in the comfort of your home.

But what do day traders really do?

Purchasing a few shares of stock doesn’t make you a day trader. Even if you open an account with a brokerage (online or in person), you still won’t be a day trader. Day traders spend their days analyzing the movement and performance of all stocks – searching for the ones that show volatility. Then they purchase shares of the stock and hold until they feel that it is leveling out. They sell hopefully at a high price than what they paid and make a profit. They are not traditional investors. Their goal is not to hold onto the stocks. Many see them more as gamblers… constantly hoping to bet on the right trade.

Is it really as flexible as you think?

If you’re in search of a work from home opportunity that allows you to juggle switching loads of laundry and making dinner – with the occasional glance at the computer to stay updated – day trading is not for you. Day traders stay on top of the game at all times.  You’ll find many of their home offices decked out with multiple computer screens, just so that they don’t miss anything. It’s a rapid pace that doesn’t leave room for long lunch breaks, play dates with the kids or running to the bank – that is unless you’re okay with missing real-time market changes. The upside is that when the market closes, your job is done for the day – no late night hours to consider.

side-hustle entrepreneur - Tiffany Nicole Forever Blog

Use your resources

If you’re not familiar with the industry, start by taking a course. You don’t need an undergrad degree in finance, but you should know what you’re doing. Look for inexpensive courses on Udemy or even Youtube (just be sure that the person teaching is reputable).

Tip: Once you’re comfortable with trading terminology and interfaces,  you’ll want to use websites that help you research stock stats like MSCI stock.

You will need regular self-care

Day trading is a high-stress industry. Aside from the fast-paced constantly changing data you’ll be reviewing, sitting in one spot with your eyes glued to a computer screen can also wreak havoc on your health. Even if you believe that you thrive under pressure, constant stress is still not good for you.

You also need to account for the emotional stress of suffering through large monetary losses – especially when you’re just getting started. Be sure that you are working out regularly and have a strong self-care routine in place to counter the high levels of stress that you will be experiencing.

Do you have what it takes?

Becoming a day trader takes some preparation on your part. From learning the industry to making sure that you have the technology needed and the funds to invest – there’s a lot to consider. Be honest with yourself about the pressures of day trading and if you can handle that type of stress and constant involvement.

Tip: start by learning the stock market… maybe even consider penny stocks as a side hustle before jumping head first into day trading.  

Day trading isn’t the type of field where you can spend 20 minutes here or there and expect to be successful You need to be all in. But if you’re up for it and you learn the industry it can be very lucrative for you!

*this is a contributor written post