12-21-2021, 03:53 PM
Well, basically it is a fact that day trading is within reach of mere mortals and that you can indeed make a living doing it. This is proven simply by the fact that there are thousands, probably tens or hundreds of thousands, who do it. It cannot be done purely by using the same technical analysis formula over and over and over again, it takes more than that. Technical analysis can be a small part of it, it can be a large part of it. It is by no means the one and only thing that will make it work.
I think it's a lot like anything else that is kind of mixing practice, knowledge and just having the natural talent for it. Do not forget about that last part, it is crucial. Just like playing an instrument, or pretty much any sport ever created, some people are just better at it than others. To be good at, for example ice-hockey, requires a ton of practice & hard work for years and then when you move on from playing in the little league towards more advanced levels you also need a good level of understanding of different strategies, what works and what doesn't in a certain situation, how it all changes based on the current score etc.
And with all of that, even though all of that information is out there, only a small percentage of those who play ice-hockey actually manage to do it at a level which is significantly better than the average joe. Most people play for a while and then just quit, or move onto playing once in a while with friends for fun. The competition to be excellent is tough. It is no rocket science to figure out what is necessary for becoming good but still only a fraction of a percentage of those who play actually become extremely great at it, those are the guys you see playing in the NHL.
Now apply all of that to trading. It's the exact same thing. There is no "do this and you'll be great" handbook. The large majority will try and never become good, a small group of people will figure out a way to make it work for them, and then there is that tiny fraction of a percentage who actually are just super awesome at it and the results speak for themselves.
I guess to truly answer your question on how I would respond, it would be something like "yes it's possible but it's definitely not simple or easy. It takes a lot of time and effort and the competition is fierce, it really is not for everyone."
I think it's a lot like anything else that is kind of mixing practice, knowledge and just having the natural talent for it. Do not forget about that last part, it is crucial. Just like playing an instrument, or pretty much any sport ever created, some people are just better at it than others. To be good at, for example ice-hockey, requires a ton of practice & hard work for years and then when you move on from playing in the little league towards more advanced levels you also need a good level of understanding of different strategies, what works and what doesn't in a certain situation, how it all changes based on the current score etc.
And with all of that, even though all of that information is out there, only a small percentage of those who play ice-hockey actually manage to do it at a level which is significantly better than the average joe. Most people play for a while and then just quit, or move onto playing once in a while with friends for fun. The competition to be excellent is tough. It is no rocket science to figure out what is necessary for becoming good but still only a fraction of a percentage of those who play actually become extremely great at it, those are the guys you see playing in the NHL.
Now apply all of that to trading. It's the exact same thing. There is no "do this and you'll be great" handbook. The large majority will try and never become good, a small group of people will figure out a way to make it work for them, and then there is that tiny fraction of a percentage who actually are just super awesome at it and the results speak for themselves.
I guess to truly answer your question on how I would respond, it would be something like "yes it's possible but it's definitely not simple or easy. It takes a lot of time and effort and the competition is fierce, it really is not for everyone."