Is Day Trading A Good Idea Actually for Real People for Success?

Is Day Trading A Good Idea is a certain question, every novice would face before the option to either day trade or invest.

Day Trading if done with Utter Discipline can be Considered a Lucrative Job! Even better than a Software Architect Job in IBM in the USA!

Usually, day trading is the mother of all Negative Speakers in the market 🙂

About 90% of the people who talk negatively about day trading don’t understand or have not been successful day trading!

Other 10% who understand do not understand how to make Day Trading as their Career!

Day trading is a fallacy in traders’ or investor’s arsenal. It’s pointless to mention people are right when they speak badly about day trading.

See in Kannada, there is a Sarvagna Vachana.

Murkhanige Budhiyanu nooru kaala pelidaru
gorkalla mele maleya garedhare
Aa kallu neeru kudivudhe sarvagna

It means,

Giving advice to a fool for hundred years
Is like heavy rain pouring on a stone
The stone does not drink the water 

This reminds me of one more saying in selling:

You can’t sell to someone, who isn’t ready to be sold!

So without further ado, let’s get to the heart of is day trading a good idea?

Good Read: 4 Best Investment Ideas For Small Investors with Hyper Enormous Potential in 2021

 

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What are the traits of a Day Trader?

1. A day trader is always motivated and driven towards his daily goals.
2. Day trading is as good as a job. When your manager asks to do a tough job, you’ll feel bad. But you’ll anyways do it. As a result of this, you’ll not be regretting it in 2 – 3 days or maybe by the EOD. Your life comes in between. In the same way, when you make a loss, you may feel bad, but you should anyways take it and move on. You don’t have a choice.
3. Day traders are quite content with whatever the small profits target shows. They are not greedy!
4. They are good in technical analysis and have a good grasp on setting the targets and stop losses.
5. Usually, they maintain their composure in any situation of the day, whether it’s a profit or a loss.
6. They are not bogged down by the News Channels news. They know to trade the rumours and sell the news.
7. Day traders don’t personalize the losses or their profits and keep calm.
8. Day traders know with every trade, what is their breakeven level and move their stop loss to break even sooner.

Good Read: 5 Helpful Books On Stock Market Basics To Be A Fearless Informative Trader

 

Is Day Trading a Good Idea? Myths Busted

1. Its Gambling and Cannot Make Money:
   People cannot understand something and hence would speak badly about it! Same as a fox when it could not reach grapes, left saying, grapes are anyways sour. So it’s of no use in trying to reach it!
2. You make Money One day and Lose 2 Days:
   Same like above, if people don’t know something can make consistent money, they think, it does not exist in the world! Typical frog’s mentality of narrowing thoughts within a small well! As a result of this, their profits never soar.
3. You can Buy Bengaluru in 1 Year if You can Make Money Daily in Day Trading:
   I’ve heard this a lot. People do all the Math in the world to prove a formula to make consistent daily returns in Day Trading does not exist!
   Because of this, they put you down saying, if you make 5% returns daily, within a Year you can buy the whole of Bengaluru!
   It’s not true because consistent money-making is surely possible, but it’s possible with low investments.
   Because, more investment means, more the risk you should manage, the more risk you manage, the more you think before taking the trade,
   if trading in market prices, your slippages would increase and will not make more money with higher investment!
4. There is no Day Trader in Richest List:
   Warren Buffet was a trader and slowly turned investor not because Day trading was not profitable. Because day trading needs more calm mind and more involvement churning the technical charts!
5. 90% of Day Traders End in Loss:
   Am not saying it’s false, but I say 90% of Day Traders with No knowledge about trading end up in loss.
   Others don’t show that they are in profit or loss as they don’t have to 🙂

GOOD READ: What Investments Have The Best Returns?

 

Facts or Fundamentals of Day Trading:

1. Consistent Money is Possible:
   If you can be consistently disciplined and manage your risks well, it makes a perfect career to be a day trader.
2. BP control is Very Important:
   Many people cannot be in profit and cannot let the profits ride, but can be in loss and let the losses soar! As a result, your BP raises. Keeping Calm and riding the profits and being mechanical and cutting the losses with Stop Losses make you profitable.
3. Stop Loss is to Cut Your LOSS but not to Make You the Loss:
   Every trader in every trade should place a stop loss. If not you are gambling and not trading! Cut the loss at SL and not let the losses soar by increasing your SL.
4. Stick to Your Trading Strategy and Trust It:
   Don’t keep on looking for the next Big What. Every indicator can be twisted to show it can make you money. But if you are a Jack of All, You never can make money in Day Trading.
5. Do Some Meditation and Keep Yourself Calm:
   Day Trading can soar your BP really high if you’ve not practised keeping yourself calm during situations of being uncomfortable.
   Day trading is the Beginning of being comfortable being uncomfortable (Read it Again, if you don’t understand)
   If you are Day Trading for a Career, you cannot be in a comfortable zone and lie on the couch and make money daily! Start to learn to be Uncomfortable and go out of your comfort zone.

   Comfort zone is Very Good. But NOTHING Grows in the Comfort Zone.

6. Get Comfortable Taking the Losses:
   Best of the best traders in the world cannot trade without Losses.
   So Understand Warren Buffet got into a $900 Million loss in a night when IBM shares fell in price!

   If you personalize your losses, you can never personalize your Profits in Day Trading.

7. 90% Day Trader become Investors Very Soon:
   Any day trader should close the trades the same day to be a day trader. If the day trade turns against you, and you take it to the next day, means, you are an investor and not day trading anymore. Keep day trading for the day and not for the next day!

I FEAR A PERSON WHO HAS LEARN’T 1 KICK 1000 TIMES RATHER THAN THE PERSON WHO LEARN’T 1000 KICKS 1 TIME – BruceLee

GOOD READ: [Answered] How To Trade In Sgx Nifty From India? Can Indian Trade In Sgx Nifty?

 

How much can a day trader earn in a day?

A) Literally speaking, my options trading course students earn at least around ₹1,500 / day with an investment of ₹30,000 daily.

 

How to have an office set up for Day Trading?

A) Your office should be calm and should lack distractions to keep your composure. Try to keep the paint which is soothing.

 

Is Day Trading Crypto Worth It As A Normal Guy?

A) I would say, it’s the best return you may get than stock markets of the world! So go ahead open a Crypto trading account now.

 

Is Day trading without Margin good or day trading with margin good?

A) I would suggest trading intraday without margin is the best. Because of this, your profits are capped. In case you have good discipline and good strategy, you are good to trade with margins.

 

Open Your Trading Account with one of the Top 10 brokers and start day trading today!

That’s what I wanted to give some Gyan is day trading a good idea or not. But Day Trading can be Very Lucrative if you follow disciplined strategies!

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Happy Trading and Happy Money Making!