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Is Profitable Day Trading Based Entirely on Luck?
by Ben Lardes
If you know anything at all about profitable day trading you might think the answer is yes. Certainly the risks associated with such trading are very high and many people lose out on the hard earned cash they try to invest in this way.
So is it all based on luck? Or is there something else involved?
Most often your research into successful traders who indulge in profitable day trading will reveal that a lot of hard work and research has gone into making trading a success. One thing that all successful traders have in common is a solid strategy. If you go into day trading with nothing but a fervent hope of making some money, you can expect to lose it very quickly indeed.
Most people who are attracted to trading find it appealing because it gives you the opportunity to make some money quickly. If you can buy at the right price at the start of the day and then sell to make a profit by the end of the day, this is undoubtedly an attractive proposition. Another benefit of day trading is that when the trading day ends, you have no investments out there that could lose value overnight. This is a risk that comes with other forms of trading which take place over a longer period of time. As such there are some elements of day trading which can be safer than other types of trading.
There is no doubt that some traders do get lucky with some of their investments. But since it is very easy to lose a lot of money with this kind of trading, luck of the bad variety is more often encountered.
Being prepared and being in the right position at the right time are undoubtedly more important than luck however. If you consistently make sure you are up and about and researching any relevant news before the markets open for the day, you stand less chance of being caught out by any recent developments.
In short then, while it may seem that luck is involved in some cases, it does not account for the majority of the profitable day trading that goes on. In actual fact the opposite is usually the case. If you want to succeed in it, you need to know what you are doing and rely on common sense, research and experience to up the odds in your favor.
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