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The success rate of day traders is estimated to be around 10% while 90% fail.

A

adrienneadams

How to be profitable in Day Trading knowing that 90% fail:
  1. Don’t be deterred by the naysayers and Believe you’ll succeed.
  2. Arrange sufficient capital before starting out.
  3. Make a trading plan and Set up a trading strategy.
  4. Do not shy away from using stop losses.
  5. Back-test your methods before you trade real money.
Above all, trust yourself and your practice because ultimately everything comes down to the amount of work you’ve put in.
 
K

Kazumu Fukunaga

Trading for living is possible but not by everyone. For this one needs good skills and experience. Great analysis skills and trading psychology is needed to make money in forex market.
 
A

adrienneadams

Kazumu Fukunaga said:
Trading for living is possible but not by everyone. For this one needs good skills and experience. Great analysis skills and trading psychology is needed to make money in forex market.
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Very right but I also feel that hardwork beats experience. Many traders I see can't make it even after years of experience in the forex market only because they are not willing to put in the work required.
 
A

adrienneadams

gailramos said:
What about choosing a reliable broker? Does that matter?
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It is highly important. Day traders are looking to make many small trades throughout the day and irrespective of whether you win a trade or lose, broker will get its cut either way. So it should be a primary concern for a trader to choose a low cost reliable broker who offers faster speed for executing trades.
 
D

dwaynegibbs

gailramos said:
What about choosing a reliable broker? Does that matter?
Click to expand...
Of course, it does. You might be having the best trading plan with you but if your broker puts restrictions on it or has high trading costs and wide spreads, all your hard work would go in vain. When I started day trading with Coinexx, I ensured that the broker had tight spreads, low slippage, and fast order execution speed. If anything of these were missing, it would have been difficult for me to keep up with the market.
 
A

adrienneadams

dwaynegibbs said:
Of course, it does. You might be having the best trading plan with you but if your broker puts restrictions on it or has high trading costs and wide spreads, all your hard work would go in vain. When I started day trading with Coinexx, I ensured that the broker had tight spreads, low slippage, and fast order execution speed. If anything of these were missing, it would have been difficult for me to keep up with the market.
Click to expand...
Very well said, what are the spreads on eurusd, are they fixed?
 
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