I don't know why many people think that day trading is a gold mine. I mean, developing traders always feel this way. Probably because of the way it is being presented to them by these so called pros. With all my years of experience in this trading industry, I've learnt so many things, by personal experience and by studies. Day trading doesn't make you more money, rather you are being exposed to risk and capital lost.
I used to think this way before, when I started out my trading journey. I heard a lot about day traders and how good they are. I used to admire how these guys post their success online and how day trading has made them wealthy. I admired all of that, and I wanted to be like them. So, I started studying even more than before because I thought the more I read or study about the market, the more successful I would be.
I didn't just end with studying, I also followed these online gurus and subscribed to their telegram channels because I wanted to be like them. I Followed every instructions posted in the channel and I also registered with their brokers, because they always wanna get you to register with their brokers. So I did. because I needed to make this money daily and be like them.
Now after doing everything, I started following their signals sent to the channel, some calls played out but we were already late on the entry, while some calls went the other way completely and we lost a lot of money. At some point I figured out that these guys are making money off our trades, and that they are not even trading either, because they always come out successful, while their followers are losing money.
Now this doesn't bother them because even when you exit the channel, new people are still subscribing, why? because these guys ran ads on every social platforms, sending wrong information to the public, deceiving developing traders, making money off them while selling them dreams.
While a lot of traders are being deceived to believe that day trading is a gold mine, the hidden truth is; they are to embarrassed to reveal the truth that they are losing so much than they make daily.
I will carry you through proven and strategic ways you can can successfully generate profits trading in any market. First....
Have a trading plan, which is very important for traders who want to treat trading as a business (of course it's a business). Your trading plans will include: the purpose why you are in a particular trade, and what you hope to achieve ( this helps takes off unnecessary emotions like panic), Risk management, which is very important like: position sizing, maximum draw down and account risk of 1% or 2%, which keeps you discipline. trading routine, is also part of your trading plan, including both trading psychology and and proper Journaling of your trade.
2) The Market structure: This is very important as you will need to figure out market direction, key levels and liquidity zones. When once you are able to set-up your plans and stay discipline, avoiding over trading or trading daily to make you feel like a trader, once you can figure out the market direction and stay discipline to your rules, which are included in your plans , then you are good to go.
The best trades are always the once that come to us. So some times throughout a week you might not find your set-ups, don't try to force trade, keep calm and keep to your discipline. When you can do these, you will be among the top 1% of traders who are making steady income and profits from the market.
Now it is important for you to understand that trading the financial market carries a very high level of risk, therefore none of these are financial advice. this article is written for educational purposes only. So, trade the market wisely. Cheers!
