In this article, I want to go over the reasons for creating my book on day trading, as well as go into more detail about what’s included in the book. This article is a little lengthy, but worth reading if you want to learn more about the book.
If you followed me for any time, you know the main premise I try to promote in regards to stocks is making money with actual sound strategies, and not get rich quick schemes. With that said, I was fed up with other stock educators, especially in regards to day trading “promises.” There are a lot of scam artists in the stock world. While I can’t mention any names specifically for legal reasons, in the book, I go over the ways I was personally scammed many years ago. I used to give hundreds of dollars to these stock educators in the hopes of getting rich in a weekend. What I soon learned was they were selling people dreams and not reality.
The “professional” stock educators know what they are doing. They feed on the natural greed we humans are drawn to. Who wouldn’t want to turn $1,000 into a $1,000,000 in a weekend, trading from your laptop on the beach from a “simple pattern anyone can recognize.” And they promise us it can be done if we just give them our money each month so they can share their info with us. But once we get the info, we realize we just got duped. I talk about in the book how most of these traders either trade very little, or not at all, and make all of their money from education products. They then fake their charts, entry points, reviews, etc. to make it look like they actually trade.
Out of all the dreams of making it big in stocks out there, I’d say being a successful day trader is the ultimate one. You work for yourself, at your own home, make your own schedule, and are your own boss. You take vacation when you want, work when you want, etc. It has a lot of appeal. Knowing this, many educators make books which claim to teach you how to become a day trader. The issue is the books suck, and many then up-sell you to their “subscription service” or “more advanced strategies” which you supposedly need to actually day trade. These same traders also profess how “easy” it is to trade, and how “anyone can do it.”
I’ve been trading stocks for almost a decade now, and have gained a lot of experience in the process. With that being said, I know quite a bit about day trading. It is not easy, and is a skill that can take many months, even years to successfully master. And of course, many people may never master it. You could easily compare it to playing a musical instrument. When you first get your hands on let’s say a violin, it would take you quite a bit of time to play a song on it. And the more you practice, the better you will get with it. But will you ever get good enough at the violin to play in the Philharmonic Orchestra or another professional band? Very few musicians would, but some might. And it’s the exact same thing with day trading. Very few will be able to master it and do it full time, but it can be done, and some traders will be able to.
And that’s why I made this book. To cut through all smoke out there and show traders the truth. Show them ways to actually become a day trader if they so choose, but also explain that it’s not easy and many don’t make it. I explain in the book how it will not happen in a weekend, and the amount of hard work and dedication necessary needed to actually become a day trader if someone chooses to go down that path. I go over the downsides of being a day trader, which many people don’t talk about. And I show you how to practice before using your real stock account, potentially saving you a lot of money in your learning process.
The point I’m trying to make here is this book provides you with all the information you need to start day trading, and is an excellent way to learn more about the industry. Please do not think you are guaranteed to become a professional day trader after reading this book though; I refuse to blow smoke up your ass. You will however learn more about the education industry, the right brokers and software to use, and strategies you can use to day trade. As in everything you need to start day trading.
I want to mention here too, as I mention in the book, I am not a full time day trader, partaking in day trades infrequently throughout the year. I make the majority of my money in stocks with long term trading. Does that make me unreliable? I would argue no. Just like the violin, I know how to play, but am not in the Philharmonic Orchestra. I know the industry, I know the strategies, and I know what it takes to become a professional day trader. I explain in the book the reasons it wasn’t for me. I do feel it’s necessary for me to provide this information for your knowledge though.