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Dont Be Surprised If You Lose Money at First

Many traders are disappointed and frustrated when immediate success in day trading isn't forthcoming. I urge you to persevere. Be persistent in giving yourself sufficient time to achieve success. We know from our evaluation of trading systems and methods that even the best system can lose money 7 or 8 or even 10 times in a row. It is the nature of the trading beast to bite you a few times before you show a profit.

Learning day trading from a book is like learning how to ride a bicycle by reading a book. Once you try to do it on your own, you have to be prepared for a few falls. But with care, precautions, and consistency you'll avoid breaking your neck when you fall.

Even if you have more than a slight amount of experience in position trading, you may still find yourself initially losing as a day trader. Although you may feel that your position-trading experience will serve you well, it may actually prove detrimental, since you have approached day trading with preconceived notions that may stand in your way, clouding issues and confounding your thinking. You will need to abandon these dysfunctional ideas in favor of those that I have offered in this book, if what I've said makes sense to you. Remember that this process takes time. Some failures at first are unavoidable. You will need to fall off the bicycle a few times before you can ride it. At first your riding will be shaky and slow. After a while, however, you will feel at home on the day-trading bicycle, and it will take you where you choose to go, provided you follow a smooth road.

How long will it take you to become a successful day trader? There is no answer other than perhaps more than 2 weeks and less than 2 years, perhaps never; however, these are certainly not hard-and-fast rules. Some of you will become successful day traders in several weeks, whereas others will never achieve consistent success.