Is Day Trading a Legitimate Enterprise?

Talk to the average person about day trading, or follow a thread about day trading in online forums, and it won’t take long to be inundated with negativity. There is a learning process to become a day trader, and the opinions and viewpoints about day trading from those who don’t understand it or have not found success predominate. The traders who lose money frequently visit forums and post to social media threads to dissuade others from even trying to trade. They claim success isn’t possible.

Are they right?

In one sense, they are. No one in any professional position would expect to be successful without the proper education and training. Can you imagine thinking you could succeed as an engineer, doctor or lawyer by simply reading up on the subject and then giving it a try? Yet beginning day traders do this all the time. Small wonder 95% of traders fail to become profitable.

But success is possible with the right approach. Just like any other valid career, becoming an experienced, profitable day trader requires careful study, thorough understanding and consistent application of key principles. You can do this on your own over time, or you can find a reputable mentor who can help you avoid common pitfalls and guide you on proven strategies. Although there are not enough mentors and educators out there to serve the demand, seeking one out can save you years of frustration and losses. (See my story about frustration on the path to success.)

Don't fall for the negativity. Understand what is required to make day trading a profitable career, and stay focused on the goal.

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