Day Trading – 99% Fails – Find Out Why

I have been day trading for 10 years. I blew up 2 accounts – one $30,000 and other $37,000. I was in the group of 99% who never got to day trade. The thing is, I’m a relatively smart, college-educated guy with an IQ of 140, and I still blew up two accounts.

I wrote this article for anyone interested in day trading to help them make a decision. They will learn to be part of the 1% of winners who will be able to day trade (from anywhere in the world) or be one of the 99% who will fail and blow up their accounts. So if you really want to try day trading, read on.

Now, to tell you the truth, I went into day trading for a few years with no education. I soon realized after spending a few thousand on penny stocks that there really was no riches to be found there.

Then go online for the wisdom of the collective. That’s a dead end and your information is flawed. In fact, day trading is a trillion dollar a year business, do you think anyone on the internet will give you correct day trading advice? Almost everything you read on the internet about day trading or stock trading is fake and designed to help you get your money out of your wallet.

What about the books? Yes, there it is! I’ll read some books and I’ll be able to trade stocks like Jim Cramer… (read all of his stock trading books by the way) the thing is Jim Cramer is an entertaining TV clown and he probably wouldn’t be on TV if he really was what it is. he says it is, harvard education and all.

Really put this to the test, watch his show, then see what happens to the actions he mentions. Not even 50%. All it will help you do is lose money faster than your popsicle melting on a 95 degree day.

I even took some private lessons and paid a good fee to be taught how to trade. One that comes to mind is Wall Street Basics run by Gary Williams. Not that the classes were half bad, but they were not what one needs to learn to trade in the day. They took me down a path of continuing education. But I still lost my day trading accounts, as will you if you don’t follow my instructions here.

So what’s the answer I asked myself as I looked out the window of my caretaker’s house overlooking the Caribbean Sea (a job I took to earn enough money to open another business account)?

The truth is that I needed a mentor, that’s when the rubber hit the road and my brain started to smoke. How the hell would I choose someone? Someone who was already in the trenches and trading every day, and why the hell would they lead me? There it is, that’s what came to mind…

These are the biggest problems day traders will face.

1. Low capitalization: in my opinion, the largest. Capital is the soul of it. If you don’t start with at least $30,000, you’re better off starting by saving your money. In fact, the FTC won’t let you day trade right now without at least $25,000 in an account.
2. Emotions – That’s right, everything changes when you have money at stake. Especially if you need the money to live. My advice? Save enough so you don’t need the money you’re trading with. Negotiating with the necessary money will DEFINITELY be a strong negative
3. Low education. I don’t care how smart you are. YOU NEED A PLAN. If you can’t trade with a plan, then you are planning to fail. No yes, I buts about it.
4. Expecting to hit a home run every time. No, this is really a job, a well-paying job, but it is a job. EX I make an average of $250 per day. Some days I hit a home run. Most days, it’s just one. My best day so far? $1200. My worst day? -$5000 GRRR.
5. To get a plan, you need a mentor, one who isn’t really interested in teaching for the money. That is why you are here: I am going to share my guru with you. Take it or leave it, he’s the best on the planet at what he does, and he’s willing to only share with a few a year. Why am I sharing? There really is plenty for everyone, the stock market is full of wealth, a small handful of people learning to day trade will have no effect on the markets.

Now, having day-traded for at least 4 months or so, I could tell fakers from ponies. There are a lot of guys out there who are suitors. They look at a screen and tell you when to buy and when to sell. It’s like the old adage “If you want to feed a man for a day, give him a fish, if you want to feed him for life, teach him to fish.”

I have added a link in the resource box which is a direct link to the only day trading source I trust or would use on the internet.

It took me two years to find Mark, don’t make the same mistakes I made. Mark gives away a free daily trading guide that is second to none