Day Trading For Dummies, 4th Edition

Chapter 14

Setting Up Your Day Trading Like a Business

IN THIS CHAPTER

Writing a business plan

Choosing your equipment

Managing the stress of the trading day

Day trading is a business venture. It may be a part-time gig or a side hustle, but face it: you’re committing real money, so you should set yourself up in order to increase your chances of success. The stakes aren’t only financial. You’re committing your time and your energy, which is worth something. Honor that time and energy by figuring out how to use them effectively.

In fact, protecting your energy is a key reason to have a plan. Trading can be extraordinarily stressful, which is good for many people who function best under pressure. (For example, I know a book author who leaves a manuscript alone until two days before it’s due. Maybe you know who she is? Hint: Check the cover of this book.) People like this find that the weight of the endeavor pushes everything else out of the way so that they can get down to business.

Of course, even those who function well under pressure occasionally get a visit from the yips — that sports term that describes what happens when a high-level athlete suddenly becomes unable to perform ...