MOST PEOPLE WILL FAIL AT DAYTRADING!
As a professional trader that runs a day trading chat room, I have everything to gain by telling people they will get rich if they learn how to trade stocks (insert picture of me with my Ferrari surrounded by swimsuit models here). However, I’m not wired that way. I want people to know it’s the hardest thing I’ve EVER DONE!
Learning what a good chart setup looks like is easy. Making money on that setup is not quite as easy, but it’s also fairly easy. Making money from several different chart setups is fairly easy once you learn them.
So why not just learn one or even just a few setups and only trade them? Wouldn’t that make it easy to become a day trader? In theory, yes. But theory means nothing once the opening bell rings. The charts start moving, the news squawks start chirping. The chat room posts start scrolling. The numbers on your trading platform start changing, sometimes very rapidly.
If you remain cool and focused, you could have a great day. If you can do this on a regular basis, you could have a great month. If it becomes part of who you are, you could have a great trading career. So why do most people fail? Because they can have the great day, and maybe the great month, BUT …. a great trading career requires this discipline to become part of who you are. Most people never get there.
A huge winning trade and I can pay off my car and my credit cards. A really huge winning trade and I can pay off my house. These kinds of thoughts permeate most new traders brains, and it’s like poison. It keeps them from ever learning to have a process and stick to it. I blame human nature, but I also blame these ‘gurus’ out there showing their ‘baller’ lifestyle that they claim is from trading.
You too can have this lifestyle, if you only buy my trading DVD or take my trading course. BULLSHI*!! Any real trader that wants you to succeed WOULD NEVER dangle that carrot in front of you. Any real trader knows how hard it is to get past that hump that we all face in our trading journey. You know….that moment when we realize the market is NOT a casino and that we MUST have a process in place to trade safely, defensively and consistently.
If you are enamored by these ‘Ferrari Gurus’ when you first start your trading journey, my guess is you won’t be trading for long. Trading for a living is VERY POSSIBLE, and can be very rewarding, but you have to find a process and let go of the image put out by people that are just trying to sell you something.