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If You're Like Most People, Don't Trade
By Ken Wolff
RealMoney.com Contributor



Trading Strategies

The trading life isn't an easy one, and most people aren't cut out for it.
For starters, new traders need $30,000, the full support of their families and an unquenchable thirst for the market.
Part-time trading is often a smart alternative to doing it full-time.

So you want to learn how to daytrade? I have a passion for teaching. Nothing is more fulfilling than seeing someone's life changed by a new career that offers both financial success and freedom. And I know that as a teacher, it's my job to be as encouraging and supportive as possible. (You can do anything you put your mind to, and all that good stuff.)

But I have to be honest with you. This job isn't easy. Most who attempt it, fail. As regrettable as it is, not all people who want to be professional full-time traders are cut out for this business. And of those who fail, most were doomed before they ever started. So before you begin, allow me to offer a few helpful words of discouragement.
Rude Awakening

The ease of entry in this business is deceiving. No one would dream of trying to become a lawyer or a doctor or a college professor without a proper education, but you'd be surprised how many expect to open a trading account and become millionaires within a few months.

I wish it were that simple. I'm afraid you'll have to pay some dues. But before you get started, it will help if you meet several requirements first.

For starters, you need at least $30,000. To open a daytrading account, the minimum balance required by the government is $25,000. The additional $5,000 is insurance that a bad trade will not put you under the minimum.

This money must be in the bank. Borrowing or using a credit card is not recommended. And this can't be money to which you're emotionally attached. If you're trading your life savings, an inheritance from a recently departed loved one, someone else's money or any other money that you are absolutely petrified of losing, it's not going to work. The pressure will be too much for you. Your trading decisions will automatically be emotional, and you will lose. I've seen it happen too many times.

You need enough money in the bank, or other means of income, to support yourself and your family for one year, with no income from trading coming in at all. It may not take you that long to become profitable, but you can't plan for the best; you must be prepared for the worst. It's not realistic to assume you can consistently make enough money to live off of while you are still learning. And that assumption isn't fair to your family. The pressure of that type of situation will eat you up and sabotage any chance you have of success.

You must have 100% support from your family. I don't mean lip service here; I mean solid support -- the kind of support that will make your spouse willing to eat beans for a year to see you succeed. I have seen far too many traders fail simply because their families were not behind them. If you are anticipating a disapproving spouse looking over your shoulder every day asking, "When are we finally going to get rich like you promised?" or "How much money did you lose today? I could have bought a new pair of shoes with that money!," you'll carry that weight into every trade you make. And you will fail.

You must want to be a successful trader more than anything in the world. "I think I'll give this a try and see if it works out" will not cut it. You have to love the market and love the game of it. If you are in it half-heartedly for the money alone, you won't have the dedication and motivation you will need to get you through the difficult learning phase.

You have to be willing to devote the time from 7:30 a.m. to 5 p.m. ET, five days a week, to the market. You also must be willing to spend additional hours studying and preparing for the next day.

A lot of people who fail are simply lazy. I see them showing up five minutes before the opening bell, asking what they should trade that day. I know they won't make it. Many of them won't even take the time to keep a journal of their trading. They chase after other people's calls and continually look for a leader to follow. They aren't confident in their own decisions because they haven't put the work in. Nothing in life comes for free. If it's worth having, it's worth working for.

What about learning to trade part-time? Yes, it can be done. In fact, that's often the better route to take. It's hard to hold down a job and learn a demanding new career at the same time. You will have to burn a lot of midnight oil. But part-time traders have several advantages as well.

First of all, having outside income relieves many psychological pressures that sabotage your learning process. Second, the time restraint is often a blessing in disguise. The prime trading hours are the first two hours of the day. Many times, beginners wind up giving away their early profits later in the day when trading slows and becomes unpredictable. Beginners who can only trade for the first two hours of the day and are then forced to go to jobs often avoid many of the losses and form better trading habits.

I knew one man who attempted to trade full-time for about a year. He was barely holding his head above water, until he finally got a job. Once he got the job, he could only trade for the first two hours, but the relief and security of that job allowed him to trade much more freely. Soon he was making more in those first two hours of trading than he was at his full-time job.

So do you still want to learn daytrading, or did I scare you off? Still here? Have you met all of those requirements? Well, you might just be cut out for this after all.