UNFOLLOWED BY A MARINE!
I wrote an article about why most people fail at day trading. I tweeted it. One response stood out. The guy said ‘noone likes negativity. Unfollowed.’ What really surprised me was that he is a Marine. I’m not sure I respect anyone more than a Marine. I mean, he made it through boot camp with those drill sergeants in his face, and I’m too negative? Anyway, the guy has my respect no matter what. I just wish he would have realized my commentary was meant to help new traders, not to discourage them.
If your first year med school professor told you on day 1 that med school is gonna be hard, would you drop his class? Guess what…it is gonna be hard. It’s gonna be REALLY FREAKING HARD! There’s nothing wrong with being told that. It’s called honesty.
When day traders post expensive cars and homes on their site or on Twitter, they are fostering a gambling mentality. I will always say that this is irresponsible if they really care about your success. They should be telling you how hard it is and how serious you have to take this to become successful. If they want to inspire you like many of them claim, they should be telling you to try and make $100 a day but to ALWAYS protect the downside FIRST!
You can’t make 2k a day if you can’t first make $100 a day. Treat it like weight lifting. Set your goals very small and attainable, and when you can hit this goal fairly easily and consistently, then slowly raise your goal. Dangling the fancy stuff in your faces before you even know how to trade immediately puts you in the wrong mindset to learn how to trade DEFENSIVELY.
There’s a big difference between being negative and being realistic. If someone shows you stacks of cash from trading, ask yourself if they are trying to help you or if they are trying to sell you something.