It really isn't hard to lose everything in day trading. Far to many traders are willing to go "all in" , hoping that they catch a wild card and make some easy money. Even a blind squirrel finds a nut once in a while and unfortunately the same is true for day traders. And that is the biggest pitfall that many traders fall into. They will continue to lay down bet after bet on junk hands and never notice that their stack of chips is dwindling away to nothing.
Traders will hit pay dirt from time to time. But day trading is a gamble and just like in "Texas Hold 'em" the cards are stacked against the unlearned traders. Before they even know what hit them they are sitting with a "short stack" of chips and they don't know why. It's really in their best interest to get a hand up on the game.
Been There Before And Done That. What About A Day Trading Break... To Success!
It takes a lot more than getting lucky and common sense to break even in day trading. But who wants to just break even? Day traders get into trading for the thrill of striking it rich, hitting the big one. Day trading tutorials are one way traders can shorten the learning curve and have greater odds of hitting more than losing.
On the subject of risk, day trading is almost unique in that it can be learnt and practised with absolutely no financial risk at all, by means of paper-trading – that is - trading using freely available simulation software. Thus in the same way a trainee airline pilot won’t be let loose into the skies without having learnt and rehearsed their skills in a simulator, so a new trader can employ the same technique before they start trading real money. I "sim-traded" before I gave up the day-job; it made it easy to leave the safety-net of a monthly pay check knowing from my simulated trading sessions that I could already make money in the markets.
In trading, there are bad days of course, days where things just don’t work out. It certainly took some intensive studying, tutorials and a lot of practise before becoming a consistently profitable trader. But the end result of that hard work is an immensely valuable life skill that nobody can take away, and which allows for incredible freedom.
Since I first started trading, the learning curve has become even easier for the aspiring day trader, with a multitude of training courses, tutorials and books all covering the subject. I envy anyone starting out in this business today – they certainly have many more learning aids available to them than I had at the same point in my own career.
So is day trading the ultimate GAMBLE? No. I firmly believe it’s the ultimate work-from ANYWHERE job if you get the proper training - seriously!
Sign up for Mark McRae's Free "Day Traders Secrets" Mini Course and get a head start in the world of trading today!
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