The almighty 401K. It is the holy grail for a certain type of person. The type of person that needs a steady cubicle job, with bosses and co-workers and safe retirement plans handed down by ensconced executives. The 401K is a great way to save for retirement, if you do not want to venture out in the world of investing and forge your own path. Especially if you can get a company to match funds on your 401K.
When you become a day trader, you don’t think about things like retirement accounts or a 401K. Those things are for boring corporate drones. Your move is to be a volatility hunter, a seeker of scarcity, a lover of leaping stocks. They boring world of the 401K is not for you.
But you can learn how to maximize the 401K you do have if you begin life as a non-day trader, or, in other words, as a corporate stiff. The corporate stiffs of the world have to pay attention to the 401K, so that they can feel safe in retirement. Day traders create their own safety net out of money raised from dedication and education.
Learning how to be a day trader is valuable for just about anyone, even if you are a working stiff with a 401K by day. You can use your off hours to bone up on day trading strategy and learn how to get ahead of everyone. That is the ultimate way to become profitable. By learning the strategies and secrets on the side, while you hold down a day job.
Teaching yourself how to day trade can be a real bummers. Learning the business by trial and error means that you are opening yourself up to major losses right off the bat. Inexperience in a day trader is not the way to go. What you want to do is find a day trading education site that will feed your need for online classes and allow you to sit in chat rooms, watching veteran traders show the ropes. And you also need time in paper trading environment, where a simulated interactive broker account is available and you can practice by trading virtual cash. That takes away all the risk.
Risk is the name of the game. You have to learn how to manage it if you are going to try to avoid a boring 401K job and strike out on your own. First off, lower your overhead. You need to stay lean and mean in the first few years of day trading so that you can handle big losses without going hungry. You need to keep your investing money separate from your living money. Your living money needs to be the meat of what you eat and the investing money needs to be free, so you can risk it without having a heart attack.
Day trading can eat your heart out, if you can’t handle it. You need to make peace with the fact that you are a lone wolf, ready to kill what you eat. Day trading education can help you avoid the harsh realities of nature and avoid having to go back and get a 401K.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.