I’m going on over four years since being introduced to futures day trading. It’s been a long and wild experience, and I’m still learning a ton every day. I’m passionately perusing what I believe is a calling in my life. In the midst of this pursuit, here are two related statements that all aspiring day traders must personally own and embrace as truth:
1. Day Trading Is Not Easy Money
News flash, everyone! There’s no system or methodology for sale that will unleash the mother load of profitable trading decisions. All good things in life require work. Good friendships. Good jobs. Good marriages. Day trading is no different. It is not a money tree.
2. Day Trading Is Hard Work
Persistence. Patience. Day trading is without a doubt the hardest thing I’ve ever done in my life. In his book Outliers, Malcolm Gladwell proposes that it takes about 10,000 hours to truly master a skill, be it playing the violin, computer programming, or skateboarding. How hard are you willing to work?
Take two sticky notes, and write down the statements. Attach them to the bottom of your monitors.
I work closely with lots of day traders. Some are successful traders; most are aspiring traders. Overall, it is painfully obvious when a client of mine hasn’t accepted these two statements. These clients are the absolute worst to support and program for!
I have one word for any day trader who can’t agree with these statements. Quit.
If you read this far, you’re probably not a quitter, so consider these questions:
Are you looking to day trading as an easy way to make money? Do you really enjoy it and believe that success is possible? Are you willing work, potentially spending over 10,000 hours looking at charts before earning consistent income?