Day Trading Online for a Living

Day trading online for a living is a hard goal to reach. As markets change from day to day and from month to month, all experience is put to the ultimate test.

Day Trading Online is Tougher than Most Think

Day trading online in an effort to make a full living is exceptionally hard, perhaps much harder than other ways of trading. This is all because there is a constant pressure to make money trading online, over the course of the day. This very urgency to make money ends up sabotaging traders and makes them trade impulsively, emotionally, and not at relaxed pace. There is a minority of traders who are successful, but nobody else really knows how that is possible. Those who can and trade profitably, on a consistent basis have developed extra senses for dealing with the financial markets. Many of these people make money day trading forex, and other popular markets. But their techniques are not popular in any way. In fact, many of them do all kinds of crazy things that most traders would never do. Things such as adding to a losing trade, buying new lows, selling new highs, or even not using stops at all during certain trading hours. These are all rules that most traders would never break, and their firm beliefs in discipline and risk avoidance keep them unable to master day trading. It makes no difference if one follows the best tips and advice available on day trading. If a trader is not capable of trading profitably in longer term time frames, then they will certainly fail in day trading.

How is Day Trading Online Possible Then

Day trading online is only possible when one thinks as a daredevil, and outside the box. In an original way, and without treating trading very seriously. But because successful trading is synonymous with professional achievement, and professions are about taking things very seriously, traders end up failing. Most jobs are about serious work, and a lot of devotions, but there’s no much uncertainty to worry about. When it comes to trading, uncertainty is too large so as to allow for rational thinking and taking things very seriously. The trader simply doesn’t have much control over their trades. So placing too much rigid faith in a trade or opinion, is wrong. Day traders who are successful, take things lightly and they know that at least 50% of tips, opinions, indicator readings and trades will be wrong. They bear that 50% in their minds, at all times. They focus instead on getting out of losing trades early enough, and planning the next trade without crying over the previous loser for too long. Even when using the best forex trading platform, currency day traders, no matter how successful, never forget the 50% expected fail rate. They look for few good trades and that’s about it. Even with a minority of profitable trades per week, and by breaking all possible rules, one can end up making $50,000 a year. There is no much logic involved like there is in swing trading or investing. Day trading when profitable is irrational and nonsensical.