We are often asked if we have a day trading room, or if we offer one-on-one mentoring for day traders. The answer to that question is a simple, NO! So why don’t we offer any one-on-one price action day trading lessons here at price action trading system? Personally, we don’t believe that these type of services offer much assistance when it comes to day trading, because most traders that enter these training classes or trading rooms end up just following along, and they never really learn “why,” “where” or “when” to enter a trade. In addition, and most importantly, they never learn to control their trading emotions when following someone else’s lead in trading.
Most of the time, these day trading courses are well over priced for what you get out of them as well, so they are far too expensive in our opinion. If the trading teacher has a true understanding of day trading, it’s more lucrative for them to be a trader rather than a teacher really, so they have to charge exorbitant rates in order to make the service worth their time. Now if they can’t make it as a trader, then maybe it is more lucrative for them to teach, but this is a different conversation for a different day.
One of the main reasons people want to become a trader is for the freedom, while also having an unlimited income potential at the same time. As a day trader, you can work as hard and as long as you like, and take off when you want. It’s much like being self employed, while still being able to maintain regular business work hours, with weekends off. Even though the markets trade 24 hours per day, 5 days a week for the most part in recent years, most of the real volume is during regular New York business hours, so most traders only work during regular week day business hours. Sufficient volume is necessary for a day trader, so volume is an important part of the requirement for day trading most markets.
This freedom is the reason I became a trader myself, because I wanted out of the rat race and I wanted to leave my corporate job without having to answer to someone else any longer. I no longer wanted to work long hours and be away from my family many nights during the year. Most importantly, I still wanted the opportunity to make a lot of money. Day trading seemed like a good way to accomplish my goals, and I believe this is why many other traders also want to become traders. Most traders struggle right out of the gate though, and before long, they are looking for answers, and this often times leads them to spending large amounts of money on day trading rooms and trading lessons.
Below is an interesting article we found at www.online.wsj.com. Here is what Anne Kadet had to say in her article on day trading.
The offer shot from the Internet like a blast from the past: an eight-hour day-trading boot camp for $99. It sounded so retro, so Bad Idea 1.0. Day trading, you’ll recall, was a huge sensation before investors discovered more sophisticated ways to lose money, like real-estate speculation and Facebook FB -0.16% IPOs. Day traders had their own cafés, cable shows and rage-induced homicide events. Then came the dot-com crash, and, like the Mayans or the Valley Girls, an entire subculture vanished.
Now, along with black leggings and Beavis and Butt-Head, day trading has made a minor comeback as new college grads, retirees and the long-term unemployed seek an alternative to days spent doing nothing. Our city, no surprise, is the movement’s ground zero, with a dozen-plus schools offering crash courses to newbies. The National Association of Day Traders says roughly 80% of its growing membership—both traders and the commercial outfits catering to them—is based in New York.
The school offering the $99 deal, Equity Trading Capital (“Educate, Trade, Conquer”), operates from the Trump Building at 40 Wall St., a skyscraper featuring solid-gold elevators and the city’s fanciest Duane Reade—nicer digs than you might imagine. And while I expected a classroom crowded with sweaty kids in baseball caps, the students were mature and prosperous-looking: a Long Island therapist, a former pilot, a Manhattan financial planner.
Then there was instructor David Green, the school’s director of education. A big man with a booming voice, slicked back hair and a goatee, his teaching style relied heavily on rhetorical questions and decisive proclamations. Why isn’t every day trader a multimillionaire? “They don’t have the discipline!” What return did the average investor see over the past decade? “Zero! ZERO!” You can read the rest of Anne Kadet’s article here.
As you can see, even David Green, the director of education at a day trading school, says that most people don’t have the discipline to make money as a day trader, and we agree with that statement. It’s not that day trading is really that difficult if you have the right training. However, even after you get the proper training, you must still learn to control the inner demon that does make day trading so difficult, and that’s learning to control your emotional impulses. As a day trader, you will be bombarded by the emotions of fear and greed when trading for a living. We believe that you can learn proper trading techniques from almost any good trading book, but then comes the hard part, and that’s learning to control your emotions when trading, and most never make it that far.
We have a price action trading manual that will teach you how to read a price chart, and that manual will also teach you to understand what’s going on as prices print to the chart in front of you. You don’t need a classroom or a trading room, or even one-on-one trading to teach you that. You also will never learn to control your emotions through one-on-one training or by joining a trading room. That’s why so many that join these rooms, even when there is a very good trader leading the way, still manage to fail at becoming a full time trader. The only way to learn to control your emotions when trading is through experience, and you get this experience early on by trading on the simulator.
If you jump right into trading and trade with real money, you will lose it all before you ever even begin to conquer the emotional hurdles that new traders encounter. Rule number one: Trade only on the simulator until you can consistently make money every day for several months or longer. After all, if you can not make money trading on a simulator, why do you think you could trade profitably trading with real money? We believe that the only way to become a profitable day trader is to first and foremost, learn how to read a price chart or learn price action trading. Once you have a good understanding of how to read a chart, you then must learn how to control your trading emotions, because these emotions will talk you out of great trades and into poor trades almost every time if you haven’t learned to control them.
Because emotions are such an important part of learning to day trade, it’s for this reason that we don’t believe in high priced price action day trading lessons. Instead, we offer a basic price action trading manual that will teach you what you need to know in order to read a price chart like a professional trader. Once you learn to read a chart, you can then begin the journey of learning to control your emotions so that you can actually make a living as day trading. Please do not go out and spend large amounts of money on trading materials and trading rooms. If you are interested in learning more about our price action trading strategies, you can find that information at http://priceactiontradingsystem.com/pats-price-action-trading-manual/, and it won’t cost you a large portion of your trading capital to obtain this valuable information.