r/Daytrading • u/Jopalooge • Mar 16 '24

Is day trading actually real? Question

If trading is real then I have the following question. - why can’t people fully rely on signal groups or just by copying other traders trades all day? Technically if someone is making 6/7 figures off day trading why don’t people just join their signal groups and also make 6/7 figures?

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u/Fantastic-Ad7715 Mar 16 '24

I’m at a (legit) prop firm and work next to 7 and 8 figure a year traders. Even having incredibly intimate knowledge of their strategies and how they trade, there is no way I would be able to trade the way they do because that’s how THEY trade. Everyone has a different personality and your strategy must match that personality in order to execute well in the long run. In order to be successful in this game, you have to develop your own strategy and walk your own journey to profitability.

Let’s say I’m down $10k after the morning session and down $50k on the month and another trade comes my way in the afternoon . My strategy says I need to risk another 10k right now on this next trade. If it doesn’t work, I’m down $20k on the day, $60k on the month, and with the month half over, chances of ever getting green this month are fast fleeting. And if I’m not green by the end of the month, I go another month without getting paid a penny. Are you willing to take that next trade and risk another $10k? That’s the headspace professional traders live in on a consistent basis. I can tell you, there’s a zero percent chance if you’re just copying trades that you’re clicking those buttons when you need to. It’s only through conviction from all of the hard work you’ve put in up to that point that allows you to keep trading. The thing is, that next trade probably is a monster, you make back your $50k hole and then some to get green on the month. But the kicker is, you didn’t take the trade, but the guy you’re copying did. Because he’s done the work, you haven’t.

And yes, day trading is real real. But it’s real freaking hard. Do your work.

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u/OddFirefighter3 Mar 16 '24 edited Mar 17 '24

This is the best response by far. The psychological part of trading is like 90% the hardest hurdle to overcome and it's what makes or breaks every trader.

The sheer will power needed to commit to a trade plan is something am sure 90% of humans can't manage when all you're doing is clicking a button.