If day trading were as simple as chucking a couple thousand dollars into an account and starting your education the year before you could retire, every single person with access to $2,000 and a library would be day trading. It isn’t a simple method of getting rich quick. It is either a hobby or a career, but you have to choose which one it is for you.
If you’re willing to give yourself a five years window, commit a significant time, energy, and financial investment, and learn strategies, processes, and new ideas until your head swims, you will be well on the road to making day trading a fabulous career choice. Why paint it with such grim prospects. Because the internet has opened up a new and thriving market for anyone who wants to charge you for their “secrets” to “instant success.”
Day trading is not about instant success. It is about learning and growing and losing and winning. It is about a process that every successful day trader has already undergone and is wearing proudly like a badge somewhere under the scars they picked up along the way. There is work involved, and if you’re not disciplined and patient enough to do the work, you are going to lose your money.
Can you do it? Absolutely. With the right attitude, the ability to learn, and a commitment to the process, you can absolutely become a very successful day trader. Approaching it with the right attitude and going through the process which earns you your scars of education creates fantastic day traders that walk the walk and live the dream. It can take a little time to start on the right road of educating yourself, considering all the various claims and programs out there that promise you the world and deliver much less than an envelope.
The market is an unforgiving territory filled with possible loss. It can be a great place to earn a fabulous income, but not for those who can not make the commitment. Sure, there are a few rags to riches stories out there, but what those stories often leave out are the years of sweat and turmoil and hope that the wonder traders lived through before their big break. It doesn’t just happen like a scripted movie. People hit their big break because they learned how to find it, not because they got lucky within the first few months of trading.
Commitment isn’t just about a financial ability to keep your account funded. Commitment is also about being passionately driven to learn something fundamental every day. If you committed yourself to learning one new fundamental trading insight or strategy every week, you would know 52 additional fundamentals at the end of one year. Out of those 52 fundamentals, perhaps 10 will get you where you want to go, when exercised appropriately, strongly, and rationally.
There are plenty of people who dabble in the market. They play with a little money here and there to get a feel for what it is like. Most people are still hiring professionals to manage their money because they know they lack the time commitment to do it well for themselves. If you are only able or willing to commit to dabbling, that’s fine, just make sure your account balance and the size of your trades matches your level of available commitment at all times.