Day Trading

Because it is virtually almost impossible to predict the market on a daily basis, so daytrading falls into the category of gambling. You can still be a successful gambler though, you just need to be right more times than you are wrong. Daytrading is not a viable source of daily income, somedays you will get absolutely wrecked, it's like Poker in a way. Long term successful daytrading can be profitable, when you hit the longterm depends on your skill and the amount of time you have traded.

I see what you're saying. It is important to to get real experience of something if you want to really learn it. My concern is that I don't know what to expect enough to even understand why I should try day trading to begin with. The people promising you can reliably turn $500 into $1,000,000 in a year are clearly full of shit, but now it seems like even the people who say you can use $10,000 to make on average $100/day are also full of shit. So if I can't make a good living doing it, why should I get that real experience to begin with rather than trying something more viable?

>somedays you will get absolutely wrecked
This is preventable if you follow strong rules for cutting losses, no? It seems to me like day trading would slowly lose you money over time rather than costing you your ass. There are ways to hedge risk, such as splitting your money into multiple positions and setting a % loss at which you will exit your position no matter how you feel about it.

It is human nature to "chase your losses". You have to be a robot to stomach the losses and keep playing your strategy, aka not be human. As a human, when you lose, and you keep losing, you will naturally change your strategy... when in fact you simply ran into a long chain of bad luck.

Easier said than done (splitting money into multiple positions/setting a % loss no matter how you feel about it). Market is designed to take money from emotional herd. You can't really set a "daily limit for profit". You can't assume that you will make a $100 a day and you will be living of that. Sometimes you make a BUNCH of money in one trade and sometimes you will have a week or month without a single $ profit. That's why is so important no to jump in straight away into day trading, quitting your job and shit. You need at least! Savings for 1 year so you're not stressing about not making money every day. I wasn't so fortunate to quit my job and become full time trader. I've traded before and after work (swing trading is better to start off your trading career). Build your account and take it from there.

People can accomplish all sorts of shit when they are dedicated. Following a strict set of rules for entering and exiting positions despite your emotions can't be harder than being an elite soldier, a celibate monk, or a head of state, and yet there are millions of these kinds of people. I've heard that only about 10% of day traders are profitable long-term, and since human nature is what it is, that's not surprising. However, noting how difficult it is stay consistent with one's rules is by no means a knockout argument against day trading, as there will always be those 10% of people who can do it.

>You need at least! Savings for 1 year so you're not stressing about not making money every day
Assuming I am that fortunate, would you still recommend I start with swing trading?

I've lost around $10,000 day trading.
From what I've read, you have all the theories down, but like everyone is telling you, you won't know how you'll react until you start losing your money.
The best thing to do is to have money you don't care about losing, things get much easier when you're not emotionally tied to your cash.
If you've got rent and bills to pay...good luck.
I hope you have $100,000 sitting around that you don't care about in order to make a living off day trading.

You haven't shown any dedication to daytrading though, it appears you are just looking to make quick money by doing nothing other than clicking a mouse a few times. Successful day trading takes years to develop winning strategies, you are also pitted against proven successful daytraders every day. These are people that are mathmeticians, people so smart that you could only dream about the math/reasoning they use to trade.

So after spending months and months studying/trading, get back to us and tell us how you have performed. Otherwise, stop fantasizing about making "easy money", it ain't easy.

Yes, start with swing. Day trading is hard as fuck for newbies. Less stress with swing. You set orders and wait. Either SL hit or you make money. I do enjoy day trading or even scalping. Once you get a grip is easier to manage price swings on LTF.

>You haven't shown any dedication to daytrading though
I already said that I'm looking for a reason to do that. Read this post:
Then tell me how I'm wrong. I'm not saying I want easy money, I'm saying I want to know if day trading is even worth dedicating myself to. If I can make a living from my computer without having to market something or get connected on social media, I will literally work my hands to the bone to ensure I end up in that position, even if its its just comparable to my last day job in terms of income. So, do day traders really make 253%+ annual ROI, or do you not know the answer to that and yet want to condescend to me on the issue?

How much money can I expect to make if I do it right?

Honestly I would suggest not wasting time doing it, there are far more other ways to generate income that don't require gambling. You could build a business, or learn a skill like programming that is highly sought after.

You won't do it right at first... trust me... I'd love to say to you that you'll be different and you'll start making money from day 1. How much money you can make? Sky is the limit bud once you'll get a grip :)

around 90-95% of retail traders lose money from day trading.
most of those traders are retards who are looking to get rich quick so you can assume the successful 5% aren't the ones who just threw all their money in margin, overleveraged and blew up their account like the rest.

day trading is profitable and potenitially a career option but you'd have to treat it like a job instead of a hobby and like every profession you need to study and learn, if not it'll ultimately be just a pipedream for you user.
a good free start is BabyPips

I'm going to have to assume you don't know the answer since you've ignored the question so consistently. As to your point though, your advice is duly considered. Now I'd like to see if people on the other side of the issue can convince me otherwise.

I mean as you say, it's a gamble, right? Well nobody wins consistently at roulette. Unless there is some genius who can do that, most people who consistently win at gambling do things like Blackjack, Poker, sports betting, etc. So there definitely are some forms of gambling that provide opportunities to be reliably profitable and some that don't. Trading seems to be one of the do's. However, is that only for the Rainman-type autists who spend all their days gathering and analyzing data, or is the pool of winners more generalizable? I keep hearing that the top 10% are successful at day trading in the long run. If there are about 10 million people day trading, the top 10% is 1 million people. There must be some opportunity for the not exceptionally mathematically gifted in the field. The rules and principles used by the very best tend to become public knowledge over time. This means potential traders have a wealth of information from highly successful genius investors at their disposal. That must (and seems to) count for something.

That's not a real answer. Give me an example of a person who day trades and is profitable in the long term, and how much do they make? I'm looking for some realistic expectation.

10% a day bottom end. 60% a day high end

Give me an example of someone who does that.

i pay to be part of 'true trading group' and the people who live stream hand feed TA and day trades that are 80% profitable.

There was a youtube channel named Quickfingers Luc, he has a nice strat and probably a multimillionaire right now

ok but what does this group trade? fx,low float penny stocks? commodities?

>to us and tell us how you have performed. Otherwise, stop fantasizing about making "easy money", it ain't easy.
How big is your trust fund? now think about risk vs reward. 1% per week would be pretty safe but if you want to take on more risk you could always add leverage and make bigger bets. really just a pointless question until you actually succeed at it, in which case, money wont be an issue.

Try it out, a good starting BR is $50k, most sites won't let you day trade with less than around $20k. You won't learn anything from paper trading IMO. You don't necessarily have to be an autistic mathematician, you do however need reasoning for your trades, and if your reasoning is that you "feel" it's going to go up/down, you might as well just go buy lottery tickets.

And what question did I not answer? Yes, people can make money over the long term. Even investopedia agrees.

Looks like a million other bullshit trading gurus I've come to despise since I've started my inquiry. Why does he need to charge $1800 to poor people who want to become rich if he's so filthy rich himself? Doesn't he supposedly make more than that in a day? That kind of money should be negligible for him. How many people ask for their money back?

The question is how much can I expect to make? I doubt it's 1%/day.