Rules for day trading:

Rule 1: Understand the power of experience and paper trading.

Day trading is a profession just like a doctor or lawyer. A doctor will go to school for 8 years to make the same income as a day trader. It takes the average day trader up to 2 years before they become profitable. That’s why I recommend paper trading for 3-6 months or until you become profitable.

Rule 2: Day trading isn’t easy and should be treated as a business.

With any successful business you have upfront cost like rent, electricity bills and other important cost. Trading has many recurring cost such as scanners, broker fees, trading software and many other fees. The average trader will $500-$3,000 per day, this is about $100,000- up to $1,000,000 per year. You should treat it as a business to increase your winnings.

Most people start trading as a hobby, thinking it will make them look “cool”. They understand how much work trading will take.

Day trading isn’t easy and doesn’t make you rich