In my post Day Trading Lesson: The Roadmap I present to list of steps to learn to Day Trade.  Here are the details of Step 1:

Decide if Day Trading is really for you

This is not a trivial decision.  Because Day Trading is NOT for everyone!  Here are some of the reasons folks want to Day Trade:

• Be your own boss
• It sounds cool!
• Make money based on your actual skill and efforts, as opposed to someone else's opinion of your skills and efforts
• No credentials are necessary
• Set you own hours (only somewhat true)
• Work from home - no commute - no dress code
• Avoid all the crap of working for Corporate America

But you need to fully accept these realities before you decide Day Trading is really for you:

• It's going to take a long time to learn and its going to take a lot of effort
• There is risk involved.  Yes, you can lose money!  In fact you definitely will have losing trades.  Let me repeat that: you will have losing trades! Probably daily. Taking loses is just part of the game.  Not everyone has the personality to live with this.  In fact, you may not even know if you can live with it until you've taken a few losses.
• You will spend a long time each day indoors staring at a computer screen. And you will mostly be working alone.  Not for everyone
• You need to be self disciplined.  A lot a folks will just skip over this one, because their ego tells them "of course I'm self disciplined" - don't make this mistake - this is a key element of trading and not everyone has it.  If you have been working a regular 9 - 5 job there is a lot of discipline imposed on you from the outside that you may not even be aware of.  As a day Trader you and you alone are responsible  for every single action you take (or fail to take).  And you need to have the discipline to say no to your "Rat Brain".  You can read about the "Rat Brain" here but suffice to say it will try to get you to make irrational trades.  Again, you may not even know if you have the necessary discipline until you've been trading a while
• You will need a sizable amount of money to fund your Trading account.  A future post will help you determine how much you'll need, but right now let's just say $15,000 is a realistic minimum.  This does not include purchasing a decent computer if you don't already have one
• You need the creativity to develope your own unique trading method.  You will not be successful if you take someone else's method and simply try to repeat exactly what they do.  Even if you were lucky enough to find a successful trader who was honestly willing to try to share with you everything they knew. The best you can do is take someone elses general method, and modify it to be your own.
• There is a high rate of failure among those those trying to Day Trade.  Let's not sugar coat it - failure usually means losing a lot of money then throwing in the towel.   I created the Roadmap in the hope of reducing the rate of failure among those newbies willing to follow it.

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