In this article, we will look at how day trading works, and why day trading could be interpreted as being hard. I believe nothing is difficult to learn if you have the persistence to achieve it. With that being said, people still like things brought to their attention, so they can come to their conclusion. Before you start analyzing the difficulty level of something, you must first comprehend what it is. So, we will cover that briefly before we dive into anything, so everything can flow smoothly.
Learning something new involves creating a new path in the brain. Humans by nature seek comfort and stability. In dealing with these issues, it pushes people to deal with self-doubt and insecurities. All of these things require coming out of your comfort zone and being uncomfortable until you become comfortable. Which would require you to carve out time, stop procrastinating, and put in the work.
Getting Familiar
If you are new to day trading, the stock market can be exciting yet intimidating. Even experienced day traders fall into letting their emotions take the wheel when success requires analytical thinking and being objective. Day trading is a different type of investing because it is only for a short period. Several components are needed to learn day trading. Which would require someone to cover the material and practice. They would also need to get familiar with the financial industry regulatory authority business days rules, so they don’t get themselves in a bind.
Day traders buy a stock at one point during the trading day and then sell out of the position before the market closes. The most successful day traders will use a strict methodology to analyze potential turning points in the market for entry and exit points; which translates to buying and selling. Traders will often use technical analysis to detect potential trading opportunities throughout the day. Technical analysis is the use of chart patterns and technical indicators to find turning points in the market data where buyers and sellers could make a profit.
With trading options, you can purchase a call or a put option. A call option gives you the right to buy a stock and a put option gives you the right to sell the stock. If you believe the market is trending upwards, you would purchase a call option. If you felt the market was trending downwards, you would purchase, and put contracts. You would then sell your contracts to either follow your strategy or to minimize a loss. Before you invest a single dollar in day trading, you need to learn about how the market works, so you have an understanding of what the overall stock market is doing.
Unlock the Mind
Susan Elizabeth Phillips said, “Anything worth having is worth fighting for”. Let’s say you wanted to open your own business. It would require you before you can even think about a loan to develop a business plan. With day trading, it’s the same concept, you would need to have a trading strategy. A trading plan that was well tested before even considering investing any amount of money. In both business and trading, you would have to invest your own money to make money.
Once you open your own business, you would have to put in the time and work before you can step away confidently knowing the company will still strive. The same applies to day trading, you need to practice and put in the time on a trading platform before you start trading real money. It is important to understand, just like in a business you can lose money; you can lose money with trading as well. You may have a few bad trades, which means you would have to go back to the drawing board to practice more to reduce too much risk.
Learning about day trading does not require long periods, but if you are trying to carry on more than you can lift, it can delay your education. Where many traders get confused is when they try to focus on more than one stock. With the MK VIP training, I teach you the material, how to minimize your risk and how to make a profit. Many day traders don’t succeed because are not taking advantage of investing time in themselves. You can have all the desire in the world to be a successful day trader, but if you treat day trading like gambling and enter into a trade relying on hope rather than a skill, you will lose a lot of money.
You also don’t need to empty your retirement savings to start day trading. The best rule of thumb to use is, to use money that will not make or break you. So that if you do not make a profit initially, it will not put you in a position to rely on borrowed money. Also, something that is constantly encountered in day trading is investors not being able to accept the fact that day traders lose money. Just because your business had a bad day you wouldn’t close up shop, right? The same applies to trading, a bad trading day should just bring intense focus the next day on how to improve.
Summary: Is Day Trading Hard?
You have learned what day trading is and that you can be your biggest obstacle if you don’t have the right mindset. We live in a society that is constantly seeking instant gratification, when the reality is hard work and persistence are what will make you successful. Day trading is not difficult, you just can’t let fear get in the way of your purpose and goals. Our inner critic will always creep up when we try to do big things, no matter how positive we try to be. The way to quiet the noise is to raise your confidence; the way to raise your confidence is with practice. The average day trader doesn’t even get to see short-term capital gains because they weren’t able to master this concept.
Harriet Tubman said, “Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world”. My goal has always been to help as many day traders achieve their personal financial goals, whether they are novice traders or experienced traders. The MK VIP training has plenty of resources to help you get started on reaching your day trading goals. With my program, you can learn how to begin day trading, and you will be profitable for at least 80% if not more of your trades. I can teach you the best strategy that if you put in the work and practice, you will be a successful trader for at least 80% if not more of your trades; winning trades.
Learn More
Maurice Kenny has helped over 600 people become financially free through one-on-one coaching, mentorship, and options trading strategy. Many of these new traders are now full-time traders, and they all started by watching his 1-hr webinar.
Feel free to check out other FREE educational resources to help guide you as you begin your new journey to financial freedom.
Also, download a (FREE E-BOOK) by Maurice Kenny, “DAY TRADE LIKE A MILLIONAIRE.”
