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How to Start Day Trading as a College Student

It can be difficult for a young college student to look into or even think about investing. And many college students believe that only people with financial degrees can invest. But the truth is anyone can get started in investing or even making online income that they can use to invest over time.  

How to Start Day Trading as a College Student
Read on below for 7 easy to follow steps on how to get started day trading as a college student.

I have to say that day trading in my opinion is one of the best ways to get started making income online remotely and flexibly and in a way that can fit into your college student lifestyle.

So read on below and I will give you the best tips to starting trading as a student and you will be able to get started implementing them right after you finish reading this post. 

And if you would like to have more time to put to investing and day trading then you could consider a coursework writing service like https://thesisgeek.com/coursework-writing-service.php

And I do believe you can start investing (in both money and time) to start learning to day trade which has potential to make a very good online income. If you’re reading this, you’re probably already making moves to start this but need some helpful tips on how to start. 

If you’re reading this and are not a college student then check out another helpful post I wrote for anyone who wants to get started in trading by reading my beginner guide to trading in 5 easy steps.

But this post you are reading right now is targeted at college students who generally have a lot more free time than people working full-time jobs to learn and study day trading and investing. But these tips really can apply for anyone getting started in trading.

These 7 Steps will set you up in a great way to get started trading from which you can advance to learning the fundamentals of day trading and making online income with day trading and really get your day trading journey started as a student.

Step 1: Discover Your Why

Before you take the path of day trading and investing, ask yourself a fundamental question: ‘why do you want to become a day trader?’. The road to becoming a successful day trader is bumpy and can be risky.

Keep in mind that success in day trading requires time, patience, hard work, and self-discipline. And I understand that college life can already be hard and time-consuming. So you need to ask yourself whether you want to devote time and energy to day trading.

You have to discover your reason for investing because there may come a difficult time when you’re tempted to give up. On the other hand, there will also come times of consistently elevated returns where it’s easy to make the wrong decisions. Understanding why you invested in the first place will keep you committed to your day trading strategy – no matter what.

Step 2: Build Your Knowledge

If it is too difficult (financially or otherwise) to invest while in college you can always make use of free time to invest in your knowledge. One of the best investments one can make is building one’s knowledge and developing one’s education.

As you are already at college you can make use of the many learning resources on campus to learn and study day trading to improve as quickly as possible in your free time.

And learning how to day trade is one such investment of your time and energy that could pay off very well financially if you stick to it and take the right path.Always keep your studies as a priority and you can make a decent side income with day trading. There is also help you can get with college work like getting professional dissertation writing help which is a great way to build your knowledge in college.

How to Start Day Trading as a College Student
The mental habits of a day trader can make or break them, depending on what those habits are.

Step 3: Watch Your Mental Habits

The mental habits of a day trader can make or break them, depending on what those habits are. Don’t expect everything to be rosy in your trading journey. And be prepared for some fears and self-doubting. 

To reap the true benefits of trading, you must be patient and aim for long-term gains. It can be even harder to escape the day trader psychology in college as there is this fear of missing out. You can save yourself from making the wrong decisions by becoming well-acquainted with the nature of day trader psychology. Read academic- and day trading-related books regularly and learn the 4 ways to improve your day trading skills.

Step 4: Create a Workable Strategy

The next step is to create a day trading strategy that will work and importantly one that works with your student timetable. Being a student, you will likely be too constrained for time to do in-depth research on good assets to trade. 

Remember, taking a simple approach to day trading technical analysis and indicators is probably the best way to become a consistent and eventually, profitable trader.

Even though you are at college, you still have many commitments. And it can be hard (though not impossible) to conduct a thorough daily day trading analysis. So it’s best to adopt a simple and repeatable approach that you can test and improve on. You also want to adopt a realistic strategy that you can implement in your free time – even though it will be limited. Time management is so important and even more so if you are studying and trading. 

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Step 5: Network with the Right People

College offers you a great advantage that you’ll find useful while learning  day trading. And by that I mean you have the opportunity to connect with different people studying all kinds of interesting and helpful topics like Statistics, Finance or even programming (all of which could be helpful to learning day trading). Try to connect with a network of peers to discuss day trading-related topics and issues. 

Keeping the right company has long-term value, but remember that people may emphasize their day trading successes while downplaying their mistakes. Therefore, you want to approach every day trading discussion with a healthy dose of skepticism. 

You’ll be surprised how many people share your interests. And how you can help and learn from each other.

How to Start Day Trading as a College Student
Try to connect with a network of peers to discuss day trading-related topics and issues. This is very possible in a setting like your college campus.

6. Join  Online Trading Communities

There are a lot of online communities that are made up of day traders looking to help and learn from each other. These are really great places to meet up with traders and investors to help and share ideas with each other. You can also get updated news events and different viewpoints that can be helpful.

Some helpful online trading forums can be helpful are:

Elite Trader is a popular forum for active traders covering a wide range of topics including stocks, options, futures, and forex. It provides a platform for traders to share ideas, strategies, and market insights.

Trade2Win is a community forum focused on trading discussions across various markets including stocks, forex, futures, and options. It offers a space for traders to interact, share trading experiences, and learn from one another.

Reddit – r/DayTrading – Reddit hosts a variety of trading-related subreddits, and r/DayTrading is one of the largest communities dedicated to day trading discussions. Traders can share strategies, ask questions, and discuss market trends in this subreddit.

7. Learn Trading for Free

This is probably one of the most important tips as a student trying to learn day trading. You don;t need any upfront investment to learn – apart from your time and energy.

And the best thing is you can practice a lot – for free. By using backtesting (which I recommend you do a lot to test trading strategies) and also by paper trading which is performing real time trades but with no money.

By testing out strategies for free you can over time develop a higher and higher percentage trading strategy which can make you a very profitable trader over time.

Conclusion

Taking investing lessons in college is a profitable albeit challenging endeavour. To improve your chances of success, you need to enter it with a clear sense of purpose. Also, be willing to give it the required commitment and create a realistic strategy for investing while in college. If you want a good investing future, it all starts with laying a strong foundation in your college years.

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