Being your own boss, no staff, no work commitment to other people, enjoying a job that brings a steady stream of income… it’s what everyone dreams of! So why do so few people not make the jump to becoming a successful day trader?
Professional Day Trader and multi-millionaire Daryl Morse explains that most people don’t make it their ‘A plan’. People just look at it as a bit of side income, never really making the commitment to learning how the markets work. This route is doomed to fail. So what can a trader do to make it his ‘A plan’ and what are the steps to becoming a full time successful trader?
Because you are reading this you are already considering becoming a day trader or are a day trader that is struggling to make consistent profits. So let’s assume that you’re just starting out…
1. A Successful Day Trader Avoids Fake Gurus
If you search online there is a plethora of trading ‘gurus’ who are more than willing to take your money with promises of “get-rich-quick” trading programs and techniques. As a day trader, I’m going to give you the cold hard facts: day trading isn’t hard, but to become consistently profitable you need to be consistent. Be lazy with this and you’ll lose your money in a heartbeat.
Buy a $100 trading program online and you’re sure to throw your money away. Ask me how I know? Like most experienced day traders, we’ve had our fair share of experiences with “snake oil” sales men, and every time it’s as though we had thrown our hard earned dollars into the fire! And as the saying goes, “If you pay cheap, you pay twice!”
2. A Successful Day Trader Needs a Mentor
Learning the stock markets is all about learning and repetition. But it’s not all about reading books and seeing patterns as shown in the books; it’s also about “doing” in real-time, in the real world!
One thing most new traders struggle with is seeing the chart pattern set-up, or failing to see other indicators that could potentially make them miss the trades. Another struggle for new traders is knowing when NOT to go into the trade. Yes, you can learn this with repetition, and usually this takes traders 7-10 years to achieve on their own. That’s why nearly 93% of traders ultimately fail.
But, what if you had a mentor, someone who is in the trading room with you, who calls out the trades and explains the reason for the entry into the trade. Daryl’s trading room is just that. This is mentoring, and this style of teaching greatly accelerates your learning. Daryl is a self made millionaire many times over from day trading.
So ask yourself, would you prefer to learn from someone who is extremely successful at what they do, or would you follow someone who had no known credentials and probably never made a penny on the markets? The traders in the Limitless Volume trading room started with Daryl’s online day trading course, then paper (simulator) trade until they are consistently profitable, then begin to trade for real. Daryl mentors you through each stage, reviewing your trades and working on your weaknesses. This is the power of one-on-one mentorship.
3. A Successful Day Trader is Decisive and Persistent
As an example, if you decided to go out and learn to play tennis, would you expect to be winning games and scoring aces against your seasoned opponents after one week? What about after one month? What happened if you only turned up to matches and never practiced? It wouldn’t go well!
It’s no different with day trading. Day trading takes time and effort to learn, that’s why Daryl always recommends that his new traders learn his online course first, then trade in the trading room using the simulator until they are consistently profitable for one month. After this the live trading begins.
With tennis or any sport, you have to keep practicing and learning if you want to be on top of your game. It’s the same with day trading, because ultimately you are trading against some of the best traders in the world.
Conclusion
If you wish to become a successful day trader, start out by doing it the correct way.
Time and time again, we have traders coming to Limitless Volume who had been unsuccessfully trading for a number of years prior to joining us. During that time, they progressively picked up bad habits. In a sense, they are psychologically damaged from poor trading practices, and it takes a lot longer for these traders to regain their mojo for day trading than it does for traders who are starting out fresh.
So do yourself a favor, contact Daryl via messenger to discover the right road to day trading and save yourself a bunch of time and money! Learn more about our membership options here.
