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Day trading is a very high level profession, that many people treat as a hobby or a gamble. To the hobbyists\gamblers the answer to your question is no, but to the people spending enough time researching, learning, practicing etc, and executing trades properly - day trading can be a very profitable venture.

Unfortunately, around 90% of day traders actually lose money

-Zero sum game

-Emotion/Impulse

-Lack of preparation

-Execution

Zero Sum game

Day trading is very fast paced and is considered to be a zero sum game especially the futures and FOREX markets. For every position you trade, there is a different person with the opposite trade whom you are competing against. Due to this, every time you profit from a trade, you essentially directly remove money from your opponents, and vice versa. If you are not prepared your opponents will be taking money from you, resulting in many losses.

Emotion/Impulse

People are not machines, we have flaws and emotions the hinder our logical and rational thinking. Many stock prices, currencies and other financial assets rise or fall in price based on human sentiment, and consumer confidence. Unfortunately this affects day traders as well causing some to buy into the hype and purchase an inflated asset without thinking to much about the true value.

Whenever you day trade it is highly recommended to try and remove as much emotion as possible, do research on why the asset price is what it is and buy/sell with caution. Never buy into hype and buy assets on an impulse as that is one of the worst things a day trader can do.

Lack of preparation/Execution

To be successful you should prepare for many different outcomes, as well as based on the previous data the you have available. Once the preparation is complete you should successfully execute the trade based on the plan you have in mind.

Execution is a main part of day trading, it is not about the signal but the ability to get in and out of the market. This ability is crucial for making money through day trading. It takes time to learn, improve and master the craft, which is something you can not do by only looking at the market and practicing for a few hours a day. When executing trades you should be equipped with:

Entering price

Stop loss price

Profit taking price

Having a ratio > 2

You are competing with people who have years of experience, education and expensive infrastructure at their disposal so educating yourself and taking time to plan and execute your trades is the most important thing you can do to be successful. Always remember you are competing with people who do this full time.

Take away:

Day trading is like a job, you need to take it seriously to be successful. If you invest enough time into it day trading will work for you, but if you are just looking for a get rich quick scheme then I wish you the best of luck.