When it comes to the deep dark world of trading stocks, there are many scary statistics that get thrown in your face. The latest one I have heard is that 98% of all day traders fail to make any money on the stock market. While those figures are astronomical. I would not be surprised if they were actually true.

Over the years I have interviewed many different sorts of traders, at different levels. The one thing i did notice, is that there was only a select few who were making their living from day trading. Meaning that was their only source of income, they did not have a 9-5 job.

It was real proof to me that this whole day trading thing is a lot harder than people think. A lot of people try their hand, and are not prepared and then they have to face the consequence. Most of the time a newbie trader will come into this high risk world with dollar signs in their eyes and think about how much money they can make, without pausing and thinking about the risks involved and how they can manage those risks or have a backup plan for when things or the market goes against them.

If you go into the market from day one thinking you are going to get rich, you have already lost your account in my eye. Even if you happen to capture a big profitable trade on your first go, this mindset will soon be your greatest downfall.

Even the professional traders, who sit at their computer and take hours to study and analyse charts and manage big accounts get it wrong from time to time. So how can a newbie to this game expect to make gigantic piles of money from day one. That is almost impossible.

The truth is that to become a highly successful trader, you must spend time with the market. It takes years to see pattern and time things properly. But success really comes to those with a proper money management in place and those can can learn to control their emotions.

It is the psychological aspect to trading that is normally seals the fate of those trying their hand at this game. What can take years to profit can be gone within a few days. There really is no magic pill that you can take to ensure you will make big money day trading stocks. It takes time, hard work and daily dedication in something you believe in for it to work. That will ensure you yourself do not become a statistic and end up in the failure pile destined for the scrapheap.

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