What are the things people find most challenging about day trading full time. I want to go in with my eyes wide open so honest opinions welcomed.

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[Major Trader 35]

Resisting slamming my head against the desk when I make the same mistake twice!!!

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[INdo]

This guy knows lol

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[Sal]

😂😂😂

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[Sal]

Putting up with people telling you day trading is gambling! One thing that I’ve noticed is people either tell you you don’t know what you’re doing or if you’re doing well they want to see evidence and pick holes in all of it! Sadly forums can actually be the worst for that kinda stuff

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[INdo]

Noise. You have to find a way to block out the noise of it all, the markets and all the companies peddling stuff about the markets. You have to keep your head down focused on what you know and not get distracted.

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[Delph]

For me the hardest thing is the inconsistent salary, something made even harder when you have a wife and kids with high expectations. They can’t understand the unpredictability of it all, so you really have to plan and plan and be ready for those droughts.

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[Sal]

Yup and it’s one thing someone with a normal job will never appreciate.

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[Damien]

One thing I would say from my own experience over the last two years is the solitary element.

I guess it’s the same for loads of jobs like my cousin is a plumber and we were talking about it recently and not having people you work with every day can make it difficult.

You really have to think about your work set up. For example now I try and go for a quick walk before work, at lunch time and after work. That’s been helping quite a bit.

I’ve also been doing stuff like this coming on forums and the likes to try and meet other traders.

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[Clive]

I resonate with this and it’s not something I see talked about but your work environment is important especially if you plan to do this for long time.

I imagine it doesn’t feel quite so lonely if you have a family and the like around you but if you live on your own I’d keep it in mind.

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[Joan]

The mind f***. It’s the constant ups and downs and second guessing which take its toll over the years.

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[RHTrader]

One of the hardest things about day trading for me has been managing my emotions.

When you’re in the thick of it, volatility can feel like a rollercoaster, and it’s incredibly easy to get caught up in the moment. I remember this one time I was trading a tech stock and it had just released some news, and the stock started spiking up. The FOMO from the Twitter hype hit me hard and I jumped in without all my usual analysis.

Big mistake. The stock’s rally was short-lived, and it plummeted almost as quickly as it had risen. I ended up panic-selling at a loss, and that whole experience taught me a crucial lesson about sticking to my trading plan and not letting emotions drive my decisions.

It’s not just about having a solid strategy, it’s equally about having the psychological fortitude to follow it.

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[Sal]

I’ve thought of another thing which is progression. It’s a blessing and a curse in that it’s up to you how well you do trading which can mean no ceiling but at the same time there’s no clear progression and structure in the same way you get from a normal job.

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[Christian HarrisParticipant]

I’d say achieving consistent profitability is one of the most challenging aspects of day trading. It requires not only a solid strategy, but also the ability to execute it under varying market conditions. Even experienced traders can struggle with consistency due to the ever-changing nature of markets.

Next up i’d say is handling financial risk. Every trade carries the risk of loss, and day traders must be adept at managing this risk. This involves setting appropriate stop-loss orders, determining position sizes based on risk tolerance, and not risking too much capital on a single trade. The constant potential for financial loss can be stressful, and the pressure to recover from a losing streak without becoming overly aggressive can be intense—especially if you trade for a living.

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[Mackan]

This has been really eye opening and it’s great to get honest views on it as I know some companies want to make out it’s easy to make loadsa money day trading from home!!

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[Ethan 29]

Achieving profitability on a daily basis is extremely hard and that takes time to accept and plan around.

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[Clive]

Hi, just the amount of money you need going in is a challenge if you want to do it full time. It can be hard to realise substantial gains without a substantial bankroll so it takes some financial planning upfront.

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[Ronnie]

Sometimes it feels like the market is rigged against us retail traders, making it nearly impossible to compete with institutional traders who have all the best data and tech.

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[Casper68]

That’s why you need to upgrade your setup pal. If I were you, I’d be thinking about getting:

• Level II quotes from NYSE OpenBook
• Historical data from Quandl
• News subscription from Benzinga Pro
• Backtesting from QuantConnect
• DMA from brokers like IB

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[Author]

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