Day trading for a living – is it feasible?

Before I started the adventure of day trading, a lot of time was spent researching how the best traders act. I’ve always known that the majority of day traders don’t make money, as in 9 out of 10. Some, properly rightly, claim that it is actually only 1% that make a real living day trading, a few breakeven, and the rest are losing money. Being aware of this there are essentially two paths to take. The first one is where you draw the conclusion that since 9 out of 10 lose money, I probably will too, so I’m not going to dive into this type of activity in the markets. Another conclusion one can come to is this: If someone is doing it and succeeding, then why should I not be able to do it? After all – we are all just human beings, right?

I figured I’d give it a shot. Starting with a demo account I would see if I had what it takes to make it in this market.

Quickly seeing success and also a ton of failures I decided that I wanted to try it out for real. I went on to fund my trading account with a small sum to start with. My goal is to average at least 1% per day, but I think I can realistically make 1-5% per day.

Since I’ve started day trading, I have noticed that I tend to make some of the mistakes that know all to well that I should avoid. Even with that knowledge I tend to make the mistakes anyway. In future posts I will dive into the common mistakes, how I’ve made them and what can be done to help me avoid it in the future.

The common mistakes are:

  1. Being overly confident
  2. Not managing risk
  3. Revenge trading
  4. Not being able to take a loss
  5. Not letting winners run
  6. Adding to losing positions
  7. Not adding to winning positions

(Fearing more will be added in the future).

Stay tuned.

Published By
Mr. Storm

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