To become the best day trader possible, it takes discipline, dedication and direction. You need guidance to get where you want to go. There are those outliers than can jump into the harsh waters of day trading and learn on the job, without any classes or learning or help from chat rooms, but they are few and far between.
The rest are more like the 90%. The 90% is the amount of day traders that lose money out there on the open market. That leaves less than 10% that are profitable. That 10% is profitable because they put in the time and effort to get good at day trading. That means learning the strategies before they start trading, sitting in chat rooms, soaking up knowledge from other day traders. That also means paper trading, where you spend time in chat rooms while trading virtual currency in a real simulated stock market interactive broker. That is where you can learn by doing, but keep your cash reserves out of it.
When you become a day trader, you need to be comfortable with risk. There is no way around that fact. You need to be able to risk large sums of money on trades that might not work out. But it is not the Wild Wild West out there. You need to know how to manage that risk. For example, you need to have a real plan for each and every trader that you make. That way you can deviate from the plan and dump the stock if the trade is going south. You need to be able to cut bait without thinking. There is no honor in following a lost trade overnight.
Day trading is not like regular investing. There is no need to make a plan to hold a stock for a long time, and investigate the individual companies books, research their management or understand their competitive advantage. This is all about taking advantage of volatility in the stock market.
Search for Volatility
Day traders are volatility hunters. They are always on the lookout for stocks that are trending up or down and about to make big moves either way. There are technical indicators that will show themselves in the patterns if you are savvy enough to spot the patterns. And then you need to understand how to take a position and exactly when to move away from your position. Timing is everything.
When you start as a day trader, frequenting a chat room is important. That is where you get to start understanding the terminology and working with other people that share your outlook on the world. They are lone wolves that like to see an inefficiency in a market and work to exploit it. They are people that are tired of their day jobs and the office politics and they just want a path to financial independence.
Day trading is not for everyone. But it is possible to be good at it and create a new financial reality for yourself. If you can master risk management.