Day trading sounds pretty glamorous, doesn’t it?
You wake up, place a few trades, earn some money and go about the rest of your day doing. It does seem like you get a lot of free time to do whatever you wish.
However, have you ever wondered if that lifestyle was too good to be true?
I hate to break it to you, but the answer is yes. Well at least until you get good at it.
If you want a realistic portrayal of day trading, check out this infographic. It sheds light on what is truly like to be a day trader. The most compelling point for me was that 25% of traders who started out losing money began to be profitable after a 3-5 month learning curve with training.
This makes so much sense to me. I find it completely baffling that first-time traders think they can figure it out by themselves. The school of hard knocks is always more expensive than real education.
Also, look at some of the other statistics. 70% of day traders actually lose money. That means you really need to be willing to take on a lot of risk and have enough capital to weather those storms. If you can’t tolerate such a volatile environment, then you may be better off looking at another type of profession.