beginner day traders get the impression that day trading is a get-rich-quick
scheme!
It’s not. What many day traders hardly brag about are the times they also
lost money and how long it took them to master
the craft enough to quit
their jobs and do it full time. And even rarer are stories of the myriad
number of people who’ve attempted day trading and failed. It’s the dearth
of such stories that tend to make day trading
neophytes have unrealistic
expectations about day trading.
What’s the problem with lofty day trading expectations? Here’s the
problem: if you have very unrealistic expectations, it’s almost certain that
you’ll fail. It’s because unrealistic expectations can’t be met and therefore,
there’s zero chances for success.
One of the most unrealistic expectations surrounding day trading is being
able to double one’s initial trading capital in a couple of months, at most.
Similar to such expectations is that of being able to quit one’s day job and
live an abundant life in just a few months via day trading. Successful day
traders went through numerous failures, too, before they succeeded at day
trading and were able to do it for a living.
If you decide to give day trading a shot, have realistic expectations. In fact,
don’t even expect to profit soon. Instead take the initial losses as they come,
limiting them through
sensible stop-loss limits, and learning from them.
Eventually, you’ll get the hang of it and your day trading profits will start
eclipsing your day trading losses.
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