When people ask what I do for a living and I answer stock option trader on the NYSE, I get two reactions: envy and worry.
They’re envious of the prestigious and risky lifestyle it leads. Many people dream of being risky, but don’t have the courage to live it.
Then, worry sets in because they think that if they can’t live that kind of lifestyle, no one should be able to do it successfully. They become worried for my financial security and the safety net that holds myself and my family’s futures.
But here’s a reminder: trading stock options is not gambling. It’s a calculated risk. I go into a trade with a multitude of information, analysis and knowledge. I stick to my strategy and exit when I hit the 5% profit mark.
But not all day traders are full time traders. You’ve probably met a lot more traders than you know of, but they consider it as a secondary source of income, rather than their primary job.
Often times, day traders are doctors, lawyers, athletes, students, full time mothers and fathers.
How do they manage both?
Stock trading CAN be a full time job! It takes a lot of time analyzing and researching the best trades. Luckily when you trade one stock option as a day trader, this cuts that time down, as you only have one area of focus to analyze.
Trading time itself only lasts about an hour or two in the morning, which means that premarket time is spent reviewing news and events from the night before. Once the market opens, you start trading, exit your trade within 2 hours, review the quality of your trade and then go for lunch.
It opens up the rest of your day to take on clients, grab the kids from school, or go to afternoon and night classes.
Finally, you end your night with a brief analysis of where the market headed throughout the day and ultimately where it ended up when the closing bell rang at 4pm.
Hugh Grossman, Head Trader at Day Trade SPY.
Hugh Grossman is the founder and Head Trader at DayTradeSPY and uses his vast experience to teach his methods to make consistent daily gains trading SPY options. Join Hugh in his interactive Trading Room to see how he regularly pulls in the profits!
Want to learn how to day trade SPY options? Join us in Hugh’s Trading Room – a program designed to fast track you to success. You will be able to watch Day Trade SPY traders, Hugh and Alex, daily in an interactive setting. Subscribe here.