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An effective system provides you, the daytrader, with excellent prospects to increase your earnings. You need to position yourself so that you can endure long strings of losses, and maintain your day trading system. Day trading normally holds the stock for only the day, and completes the trade by the end of the day.
In most day trading systems the chances of getting 50 losses in a row is very, very slim. True day traders do not own any stocks overnight because of the extreme risk that prices will change radically from one day to the next. Some people have given up their day jobs to start out as a Day Trader, attracted by the possibility of huge gains on the stock market.
Day trading is not about "he who trades the most or she who trades the most wins." It is commonly stated that 80-90% of Day traders lose money. Day-trading is a job, and your paycheck is determined by your ability.
If you are afraid that you will lose money, then day trading is not for you. A study in 1999 found that those day traders that made money the profits were made from just one trade. Day Trading can be very risky, so you should only trade money which you can afford to lose totally.
Day trading is not a get rich quick business. Any day trader who starts with the expectation of becoming an instant success is setting himself up for failure. Is Day Trading Right For You? No system wins all the time. So bear this in mind when you choose your day trading system.
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