I’ve tried day trading, both stocks and foreign exchange (which actually fits in nicely with my current job, in which I need to monitor fluctuations in the currency markets on a daily basis). I can really see the potential in both of them, but I think my expectations, which were admittedly high, were off-base in the sense that day trading is very time consuming, and its all about timing. Trying to do them part time just didn’t work for me.

Like I said above, I can see the income potential (especially if you have $50,000 or so to start), but its not one of those things that you can just establish a position and check back on it, like you do with email or project work. To day trade effectively, you really have to be involved and see what’s going on, and there are certain times for each market that you really have to be watching, such as market open and close and general market announcements.

In the foreign exchange market (the forex), this is magnified by several different markets opening and closing throughout the day and night, as well as announcements (and rumors and interpretation of rumors) whenever they please. My problem was that those markets opened during the night (tough to stay up until 11 or 12 and get up at 5 if you have to work all day) or they opened and closed when I needed to be traveling or doing something for my day job.

Because I’ve tried them, I really admired the people that can make them work – like my friend Blake (see the sidebar for his blog about trading the forex ). He seems to do well and have it figured out.

Maybe one day I’ll try again, but this time I’ll go in with my expectations realistic and my financial independence secure, so I don’t have to worry about having a day job.