Hey /biz/, how easy is day trading? I have a distant family member

>>1627765
Trading is the hardest way to make money. And out of the different types of trading, day-trading is the most difficult.
You would be stepping into a cagefight with apex alpha predators. Everything they do is to try to trick you to get you into giving your money to them. Read that again everything you see is done by apex predators and is done to subvert you and take your money.

You're going to need to dedicate the next few years of your life to study and learn and practice.

One of the biggest parts of this is literally (You). For example even if you had the perfect winning playbook with details of exactly what you need to do, you yourself and your psychology will be a big stumbling block. You'll second guess yourself, you'll be too paralyzed to do what you're supposed to do when you're supposed to do it because its very uncomfortable doing it when it looks the scariest(like buying a huge freefall dip falling knife), you'll want to break your rules, you'll want to move your orders even though its wrong, you'll have a great desire to be vindicated as being right so you'll hold on to loosing trades too long, you'll have a burning overwhelming lust to not be patient and wait for the right setup at the right time and you'll end up chasing, you'll have a burning overwhelming lust to not be patient and not stay within safe risk and you'll overleverage. You'll be your own worst enemy. You'll have to discipline yourself and remain disciplined everytime, in order to have the privilege of leaving the 95% of looses and joining the ranks of the elite.

And even after all that you're still guaranteed to lose. Why? Well for one, remember: every trade starts out as a loosing trade, and you have to work your way out of it being a loosing trade. Also you are always going to have losses. Your psychology will fight tooth and nail against this but you'll have to be able to take many many losses. Even the best most elite traders still take many losses.

>>1627783
Thanks for the write up. I appreciate it. It sounds scary but I am very interested/determined in trying to make it work.

So is my family member lucky enough to have joined the elite 5% in just under a year?

>>1627765
drop out of school? No fucking way. If you are dedicated you can study trading while studying at school. Trading is dangerous and for newbies it is way too easy to lose their money.


This bois gets it >>1627783

>8k a day with about 50k capital
BS.

>>1627786
Has he lost literally all of his account yet? That is pretty much a prerequisite to even possibly think of yourself as a Trader. If you haven't blown out at least one account, get ready to be blindsided. Earning money trading can be very easy- Keeping it is next to impossible.

Trading is as difficult as, and requires as much dedication and practice/training as becoming a kung fu master.

>>1627783
doubt anyone will take the time to say it better than this guy. /thread

It might sound weird, but digital currency kind of fast tracks your learning curve. Get involved.
I have never put more than im willing to lose on pump n dump shitcoins though. The real money makers are in the legit markets though.
Just take the knowledge and apply it

>>1627847
> fast tracks your learning curve

What is randomness

To this day i still wanna say one thing that you might learn The Hard Way is trade commssions. I did.
My first couple buys were good, but what i didnt do my full research on to find out though, was that buy commission is Also what your Sell commission will get charged too!
Brokers dont advertise openly about that! Atleast when they Only show the Buy commission price anyway... They never say its actually Double that.
Youll have to be in a stock offgate with enough overhead just to cover that commission price times two.

The shit ISNT random. If anything is random its your thought process on what the next logical thing for you to do is

>>1627851
>He thinks he can work out market psychology
At the end of the day m8, it's a collective of individuals making decisions about other peoples decisions. Throw in High Frequency Trading (which makes the up the majority these days) and global geopolitcal shenanigans/natural disasters happening on a daily/weekly/monthly basis which effects the markets. e.g. Kobe Earthquake & Nick Leeson. Seems pretty random to me.

What's the verdict on paper trading?

>>1627765
Day trading is super easy. Tying my shoes in the morning is harder than day trading.

Buy VXX tomorrow. Sell at 29.