There are 2 kinds of day traders, and I am guessing I know which group you fall into.
Those that fail. They represent 99% of building Forex wealth traders and are usually the people that focus on making money and come into day trading with financial goals (need to make $10k each month). All their decision are based around the money they want to make, and they usually spend hours designing spreadsheets for calculating their yearly financial target, down to an amount per day, and even an amount per trade, etc. They equate success with having a high win rate because they have been taught that the more you win, the better you are, and that equates to success. You get the picture. They are already thinking about what they are going to buy with their newfound riches before they make their first trade.
Then some succeed. This is a very very small group, that is focused on how much they can lose on trades, not how much they can make. They spend their efforts developing proper risk management protocols. They spend their time on what they can control, not what they can’t control. They treat money as a tool for making a trade, and don’t focus on it as a means to an end; they are emotionless about losing and winning because they understand that both are simply part of the overall process. You win some and you lose some, so why get excited about something that is expected to happen. They don’t focus on or concern themselves with their win-loss ratio because any experienced and successful trader will tell you, it doesn’t mean shit. You can lose 3 of 5 trades and make more money than someone who wins 7 of 10 trades if you know what you are doing.
Day trading is about managing money, not about picking stocks or winning and losing trades. Talk to any failed day trader and ask them why they lost their money, and they will not tell you it was because they didn’t know how to pick winners or every trade was a loser. They will talk about this one trade that destroyed their account. They will have a story about how it looked great, they bought at the lows, or so they thought, and they bought more as it went lower. Or they will have an excuse that they got in at a bad time, or the market is rigged or some excuse. To make themselves feel better about their failure, they will tell you it’s impossible to be a consistent day trader, and nobody can do it. I hear it all the time.
Day trading does not require any special training, or degrees. You can have a Ph.D. or be a high school dropout. The market does not care, and neither should you. If you are humble, admit your shortcomings, learn from your mistakes, and make preservation of your capital, which is the lifeblood of your trading existence, your priority, the profits will come with time IF you spent hours learning the craft. When I say hours, I mean 10,000 hours or more. Most run out of capital long before investing the time needed. Learn about the rule of 10,000.
I know a daytrader who blew up 3 accounts over 5 years and now has a 7 figure account and makes more in a month that most make in a year. Does he make the same amount each month? Of course not and his income varies each year…just like a salesman on commission.
So focus less on how much money you can make or might make, and focus on how much you could lose or might lose, and how you are going to control your losses…because you will have them for sure, and they are the only thing you can control in this business.
Trading is very risky, do not risk more than 1% of your account.