If it's because you want to impress your mates down the pub, you're going to struggle to remain motivated when the going gets tough. If you dream of laying on a desert island and logging into Betfair every now and again to top up your bank account, you're living in a fantasy world. They show the breakdown of how many traders reached profitability (1st profit split). About 12 of 9,262 who tried. Key takeaways are important:

This is why I also write articles. It helps me avoid doing foolish things when there aren’t any good trading opportunities, and provides a way to stimulate creative parts of my brain that pushing buy and sell buttons doesn’t offer. But life isn’t usually smooth. There are unexpected expenses, and the people who trade for a living usually end up needing to withdraw most or all of their profits. This is especially true if you start with a small account. Brokers with education– leading brokers offer user-friendly resources with insights into different markets and tips on managing risk and growing your day trading salary

Advancements in technology have ensured anyone with a working internet connection can start day trading for a living from their laptop or PC. But whilst it might be possible, how easy is it and how do you go about doing it? In 2022 the market was down the entire year, with only brief rallies interspersed. That means few swing trading opportunities if you are predominantly a long-only swing trader (most swing traders are). So little income from that.

On a short trade (sell), the exit price must be lower than the entry price. Traders bet on the currency pair declining, and if that’s the case, they make a profit. That is a gross profit. Next, from the gross profits, traders should deduct the associated expenses. Every trade has a cost, and it differs from trade to trade. You won’t be short of volatility or volume, but you will need to calculate how much you will need to make on average each week or month to be financially comfortable. ‘How To’ Guide If you are used to taking a vacation for a month, while you still receive your salary, with trading you likely won’t be receiving any money for that month (or a lot less than normal). Price trends are significant factors in trading activity. Being aware of market influences like hedge funds can provide insights into potential price movements. Computerized trading is often used to capitalize on these trends, although one must be cautious of trading illiquid assets. What Should Beginner Traders Know About Pattern Day Trading and Setting Goals? Day trading full time in the UK, US, Canada, or Singapore still offers plenty of opportunities, but you have an abundance of competition to contend with, plus high costs of living.Not just in trading, but in various areas of life from buying a car to dealing with moronic delivery people who want to photograph my children without my consent just to "prove" they delivered a toothbrush. (Don't even get me started on that cr*p). How did the world ever manage without 'smart' phones I wonder? I digress... How Much Time You Can Commit Or maybe you lose a bunch on one bad trade you keep holding. Or maybe you’re having a bad time and you are losing a few percent most days. At the end of the month, half your money could be gone. As you get more practice and grow your skills, you’ll spot more patterns and build more strategies for trading smart. 2. Choose Your Broker Above all the biggest benefit is not being alone. Trading is a lonely pursuit by its very nature, but it can be made a lot less lonesome with just a handful of people to share your experiences with. Before you first opened your Betfair account and started trading, you probably had a full-time job. You know what salary you earned and whether it was enough to make life comfortable for you and your family.