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Is it Worth It!!!
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Is it Worth It!!!

  #1 (permalink)
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Is it Worth It!!!

Hello Everyone!

I want to start off by letting everyone know that I am very very New at Day Trading actually I am in the very first stages of trying to learn how to Day Trade. I know nothing about it.

I came across this statement from the NO BS Day Trading website...

For Inexperienced traders
If you know absolutely nothing about trading, my first piece of advice for you is donít do it. The stories of million dollar traders are real. It can be done. But the amount of time, energy and money which is required to make it happen is substantial. You are not going to start printing Benjamins as fast as you think.


So my question for Everyone is this. I am an Inexperienced Trader and so I want to know if this statement is true. I ask this because for the last week I have been studying my butt off day and night. I probably have around 40 hours this week alone watching webinars, I bought the Al Brooks Training Course and I've been going through it and I'm starting to realize there will be months and months and months if not years of learning or trying to learn and at the end when finally I feel comfortable trading my own money I end up losing it all or that I'm so far into it now that I have to keep going because of all the time that I have invested in learning. I don't want to regret wasting all this time when I could have been spending time with my family or learning how to Sell on Amazon if you know what I mean.

I don't mind putting in the time it would take to learn if its worth it. I'm 39 years old and I'm at a point in my life where I want to learn something new that is fun and exciting. I want to do something that could possibly make me some really good money and so I figured I would try and get some advice from you guys and see if you had to do it all over again would you learn how to day trade and if not day trading then what would it be?

Thank you

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
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Trading is like any other occupation. You have to work and study at it for a while before you see the rewards. Even then the rewards may never come.

If you want to be an auto mechanic, do you just open a shop and start fixing cars, without a clue what to do?

If you want to be a surgeon, would you try to get a job at the hospital with no education or experience?


Why should trading be any different?


The problem is the barriers to entry in trading are small. $1000 deposit, answer some questions on an account form and bam! - you can trade.

But that doesn't mean you should trade.

I agree with the No BS statement: most people should never trade.

For those that try, it is a long road. Don't plan on overnight success.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #4 (permalink)
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Thank you for the reply.

I totally understand that learning is part of anything that you want to do in life that you want to be great at. I guess my question is, is it worth learning? Knowing what you know about day trading and the money that you make or could make would you take the time to learn it all over again? Or would you go into something else because the likelihood of you making good money is not good?


Thanks

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  #5 (permalink)
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this is a question perhaps one should himself/herself answer.

the underlying ...as mentioned also above by @kevinkdog >> why should trading be different.
The key lies here>> do all Dr's make money...do all engineers make money>> as in any profession so in trading...so make it big////so are decent....some are not.

however with proper mindset & passion to succeed AT ANY COST.....i think any profession can make it big. However there is a lot of sacrifice....no free lunches.....when u get something...it typically is at a cost of something

there are some in this line....actually many.....who eats/drink...sleeps trading......so it's in their blood. even in those...some are very big and their trade stats CANNOT be matched even with countless hrs of learning. Anyways the whole point is if you like something for a greater cause than money....this is where probably in my small mind passion comes in.....the likelihood of success is greater....be it anything...not just trading

cheers n goodluck

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  #6 (permalink)
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The learning curve is steep and perilous. If making money is all you're basing it upon then you'd likely be well served to look elsewhere. If it's something you're passionate about, learning how markets work and the psychology of the people behind it (as well as your own,) then I'd say it's worthwhile to delve deeper.

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  #7 (permalink)
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kevinkdog View Post
Trading is like any other occupation. You have to work and study at it for a while before you see the rewards. Even then the rewards may never come.

If you want to be an auto mechanic, do you just open a shop and start fixing cars, without a clue what to do?

If you want to be a surgeon, would you try to get a job at the hospital with no education or experience?


Why should trading be any different?


The problem is the barriers to entry in trading are small. $1000 deposit, answer some questions on an account form and bam! - you can trade.

But that doesn't mean you should trade.

I agree with the No BS statement: most people should never trade.

For those that try, it is a long road. Don't plan on overnight success.


I have a question about your statement "most people should never trade". How do you know if you are one of those people?

I guess what I'm really looking for is for someone to say "Man I started out not knowing anything about day trading and now after 2 years of studying my butt off I'm now making a great living at it. It really is a great craft to learn. It gives you such a great filling knowing you can wake up in the morning and work for a couple of hours and then have off the rest of the day. Totally worth taking the time to learn and understand! This is truly a great craft to learn!

Or you could say, I've been studying for years and years and I'm still not making any money at day trading, in fact, I have lost all my savings and I wish I have never gotten myself into day trading. Very few people ever make it as a day trader.

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  #8 (permalink)
Market Wizard
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navionpilot View Post
I have a question about your statement "most people should never trade". How do you know if you are one of those people?

I guess what I'm really looking for is for someone to say "Man I started out not knowing anything about day trading and now after 2 years of studying my butt off I'm now making a great living at it. It really is a great craft to learn. It gives you such a great filling knowing you can wake up in the morning and work for a couple of hours and then have off the rest of the day. Totally worth taking the time to learn and understand! This is truly a great craft to learn!

Or you could say, I've been studying for years and years and I'm still not making any money at day trading, in fact, I have lost all my savings and I wish I have never gotten myself into day trading. Very few people ever make it as a day trader.

It is one of those things you don't really know until you try.

As others have said, you have to live, eat, breathe and drink trading.

I knew it was for me because I found myself spending all my free time on studying the markets. And most of that time I was losing money. The mental challenge is what drove me, and drives me still today. The freedom (if you can call it that) and the money are secondary. Loving what I do is primary.

If you go into it thinking "I can make a ton of jack" or "I only need to work 1 hour per day" you will likely fail because 1) those things are generally not true and 2) you are going into it for the wrong reasons.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread

Last edited by kevinkdog; January 5th, 2018 at 12:17 PM.
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  #9 (permalink)
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Rrrracer View Post
The learning curve is steep and perilous. If making money is all you're basing it upon then you'd likely be well served to look elsewhere. If it's something you're passionate about, learning how markets work and the psychology of the people behind it (as well as your own,) then I'd say it's worthwhile to delve deeper.

There again how do you know if you are passionate about something when you know nothing about it? Its like when you start dating someone, at the very beginning you are attracted to them because of there looks and that's how I feel about day trading. Day trading sounds like and looks like something worth learning but when you see statements from experienced day traders saying to stay away. It puts doubts in my mind about trying to learn this.

Thanks

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  #10 (permalink)
Market Wizard
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navionpilot View Post
There again how do you know if you are passionate about something when you know nothing about it? Its like when you start dating someone, at the very beginning you are attracted to them because of there looks and that's how I feel about day trading. Day trading sounds like and looks like something worth learning but when you see statements from experienced day traders saying to stay away. It puts doubts in my mind about trying to learn this.

Thanks

OK, let's pursue this and elaborate on what you just said. WHY does trading (not necessarily day trading) look appealing to you?

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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