Why do people say day trading is impossible, is it really impossible or just for most people?
TRADINGFEATURED
"Simplicity is the key"
Trading is not impossible.
Follow these 10 things to be in the top 1%.
Process = Profits. Focus on the process of trading good setups rather than making money to stay in the game long-term.
Don’t get greedy. If you want to make consistent gains as a trader, get used to taking/trimming profits.
Cut your losers. If a trade shows signs of going against you, cut your losses and wait for A+ setups.
Simplicity is the key. A simple trading plan with a clear set of rules always works better than multiple indicators.
Size up slowly. Once you find consistent profits from your trading plan, slowly begin to scale up size to increase profits.
Be prepared to lose. Accept that loss is an unavoidable part of trading, the key is to learn how to limit it.
Discipline is everything. Motivation can get you started but will run out when you face obstacles. Discipline will get you through the tough times.
Be patient. This is the most important quality of a trader. You need to be patient enough to work hard for years before you succeed.
Forget yesterday. Whether you were profitable or not, trade each day as a new day.
Don’t give up. Contrary to what you see on social media, trading is a long game. It may take you 1 year or it may take you 5. The most important thing is that you will eventually make it if you stay focused.
Credit: Quora