I have heard this statement many many times over the years on Hot Copper, and those posters have mostly long gone.......in fact I am hard pressed to think of many who once said this, and are still around.......so forgive me if I sound a little negative......as I am only trying to give you a reality check.......and perhaps save you some money.
Do you know what markets you are going to trade ??
ASX stocks, Currencies, Indicies, Commodities ??
Will you use leverage ??
You know this is much easier said than done,....to be a successful day trader that is....way easier said than done.
It is not easy at all, it is time consuming, repetitive, solitary, and just plain hard work at times.
You will need to be a researcher, analyst, and a trader, all in one (in a professional trading business, these tasks would all be done separately by individuals who specialise in each separate task).
It takes a certain personality type to be a successful trader.....full stop (whatever the timeframe),
alpha males in particular often have too much bravado, and take too many risks.
Which is fine when things are going well, but can be very bad for your account when a string of losers come along.
And on the other hand, when you are having a string of losing trades (as you will at some time), it is no good if you become trigger shy either.
Effectively, you will be pitting your skills against some of the best professionals in the country (if you are going to trade locally), or the best in the world (if you are going to trade internationally).
These traders will take no mercy on you, and will remove you and you cash from the market, without flinching if you offer them the opportunity.
Generally, the shorter the timeframe you intend to trade, the larger leverage you will need to use.
So no matter how you slice it, it is a fairly difficult task....not impossible.....but is not for everyone, that's for sure.
Be patient to begin with, don't force trades, sometimes trading less is more. Try not to have to make a certain amount each week, because that just encourages you to force trades.
and in the meantime, have a read of @sharks37 regular posts (perhaps use the advanced search function, using the posters name and the key word 'trading', possibly in the 'short term trading forum'). He is a smart and very level headed poster, with a professional science background, and has recently been trading for a living. he writes a lot of stuff that members should take note of.
Finally, check out the 'read only' STT (short term trading) Knowledge Thread **click here***, which has some invaluable advice for budding traders.
Good luck and keep in touch
cheers
(and I have tagged sharks in this post, so if you are lucky, he may drop in and comment as well)
