The idea of learning how to day trade is super easy isn’t it? You find a stock, buy it really low and sell it really high and then poof! Millionaire! You buy and sell it million times and make thousands of dollars a day. If it’s so easy why isn’t everyone doing it?
It’s not as easy as everyone thinks it is
That’s why I want to try and help people learn how to day trade at my new site www.daytradingacademy.com
There are certain aspects to learning how to day trade that many people and companies out there are not going to tell you. It’s not about the indicators you find online or even the strategy that you are using.
It’s actually all in your head
Day Trading is as much about your mental state than it is trying to analyze and dissect a set of indicators. Being in this industry for roughly 9 years, I will be the first to tell you that most of the indicators out in the marketplace are the same indicators retooled over and over again; different colors, names, and great marketing attached to each and every one of them.
When you learn to day trade there are typically two problems that every day trader runs into, overconfidence and fear. Understand that most day traders are intelligent well established business men that want to start living their lives to the fullest.
Some have even created empires and are looking for other ways to generate revenue in a more effective manner with their freedom. These types of people normally get into day trading thinking it is going to be as simple as creating the financial stability that they have created for themselves.
You cannot learn how to day trade in a matter of weeks
Unless of course you were born with a god given talent to day trade. Yes I know you are part of the select .00001% of the population that can do that but you still are not going to be able to learn in a matter of weeks.
What usually happens is day traders blow off the initial training that companies provide. They don’t apply themselves and go through the motions rather than treating it as a serious business. This leaves most people with insufficient training and that’s when the fear sets in.
I blew through $25,000 in student loans when I first started day trading
If you don’t take it seriously the same thing will happen to you. If you don’t believe me you can check out my about section. After you blow that kind of money you are going to get gun shy and not losing money is going to be your primary goal. You will miss trades then get angry at the end of the day when you realize the money you could have made.
The downward spiral continues.
The smart traders go back and re-complete the exercises that they should have done to begin with. The stubborn traders blame it on the education and say that it’s not up to par. Other traders bounce around from company to company spending tens of thousands of dollars of their hard earned money on software and training they will never use. If you’re interested in learning how to day trade I have one recommendation for you.
Be Very Humble & Disciplined
Day Trading is a skill that you have to learn not something that you are born with. The same market that can bring you to the promise land is going to bring you to your knees first. The ones who make it are the ones that always keep an open mind and consistently work to make themselves better.
The most successful day traders that I have met in the last decade are the ones that always are willing to learn something new. The cocky day traders that think they know everything always get to a point in their careers where they lose all or most of their fortune.
What kind of day trader are you going to be?