As Jack Welch told us: “change before you have to.”
Beginners are attracted to day trading because, most of us when we start out, only consider one thing: risk.
With day trading we’re offered a low-risk, and the beginner takes this (usually unsuccessfully) with low probability entries.
The professional counters by taking high probability opportunities.
This often requires close attention for long periods followed by quick and decisive action.
Like all the best games, day trading is easy to learn but hard to master.
As Seth says, “if failure is not an option, neither is (the) success.”
Readers will know that our chosen trade method is day trading a currency pairing.
People that are not familiar with how we go about our business will think ‘gosh, that’s risky’. And of course, to a large extent, they are right.
As with many disciplines that require a great deal of skill and practise (to merely achieve mediocrity), it comes across as risky because most don’t take the time and effort to learn.
Ironically a significant draw for us to day-trading is the control of risk.
Our e-book on the subject, release date within the first quarter of next year, shows, in some detail how this is possible.
Day trading, if done well and with practice, can provide a consistent daily or weekly return. So unlike other more traditional trade or investment methods.
With all worthwhile disciplines, it does not come to us overnight.
As Seth Godin said:
“The hard part is ‘steady.’
Anyone can go slow. It takes a (particular) kind of commitment to do it steadily, drip after drip until you get to where you’re going.”