Day trading involves buying and selling assets, whether stocks or currency pairs, within a short period of time to within a day. Day trading is highly risky because it relies heavily on price fluctuations and the volatility of the financial market for profit-making. Day traders typically make small profits on the asset because they are not holding it for a long time, but they can trade the same stocks or currency pair multiple times in a day and compound on existing gains.

Despite the risky nature of day trading, there is a reason why traders go for it regardless. It is a great way to make quick profits, and there is a feeling of satisfaction when you become successful in something like day trading that has a lot of odds stacked against the day trader. Plus, it is relatively easy and free to become a day trader by joining any of the free broker platforms, owning a laptop, and having a stable internet connection.

Most day traders are independent, and their profit-making ability is completely based on their skills and the amount of time they give to it. This way, they can constantly challenge themselves to hit new profit targets and possess all the necessary data to review their strategies. However, there are several obstacles a day trader has to overcome to become successful. They may have to pay taxes on the profits earned apart from the commissions received by the broker platforms, and someday traders take action based on their emotions and lose their money. This level of risk and the presence of emotions influencing trades is one of the reasons most traders seek to automate their trades.