BN12: How to day trade for a living
For full book: How to day trade for a living
DAY TRADING IS DIFFERENT FROM EVERY OTHER STYLE OF TRADING AND INVESTING
Many people assume day trading is the same as gambling or playing the lottery. This is a fallacy that people have about day trading. Statistically speaking, 90% of everybody who starts day trading fails and loses their money. This might make winning seem impossible, but it is easy to be among the remaining 1%.
There are 2 significant principles of day trading.
- This is not a get-rich-quick strategy.
Day trading is not easy; you’re in a battle with the strongest and most intelligent minds in the world. The market consists of many traders, with each one trying to succeed by beating others in their game. That’s why it requires a lot of concentration and should not be treated with levity or ignorance.
- Day trading is not as simple as everyone would like.
One thing that determines if you’ll succeed or not as a day trader is how you handle day trading. If you see it as important, you will be successful. If you trade with only your emotions, you will fail more often. You need to improve on skills such as self-discipline and defensive money management.
It is not enough to be an average day trader. You need to do better than others if you’re going to be successful. Many people just think they can make trades impulsively and gamble their way to success. It doesn’t work that way; you have to work for your success.
Successful day traders are disciplined, they think differently from others, and do not stop learning. Look within yourself and find the decisions and ideas that are negative, then replace them with positive strategies and thoughts. Change is difficult, but it is worth it in the end.
Like law, medicine, and engineering, day trading is also a profession.Andrew Aziz, Ph.D.
You might be wondering why people fail in day trading. It’s because they see day trading as a side job or hobby. They make wrong decisions, gamble, and make many mistakes. These people get lucky sometimes, but in the end, they don’t survive the market.