Stop Day Trading! Do This Instead…

Take my “Mental Strength Quiz” and get a free copy of my new manifesto, “The Ultimate Checklist For Traders & Investors” – https://chrisdunn.com/mental-strength-quiz

Check out the show notes with links & resources – https://chrisdunn.com/stop-day-trading-do-this-instead/

According to the University of California, over 99% of day traders lose money…

And despite people losing money, some traders will continue to lose for a DECADE before calling it quits.

So in this episode, I’m going to talk about WHY that’s the case, and the 5 steps you can use that are much better than day trading.

I expect some people will disagree with this video, and I’m 100% OK with that. Not only are these studies proving the average person shouldn’t day trade in today’s markets, but my own personal experience continues to support that idea.

In this episode, you’ll learn:
– Why over 99% of day traders lose money over time
– The huge conflict of interest on Wall Street and why they don’t want you to know this
– The goal that’s better than day trading
– How ALL trading strategies become unprofitable over time
– 5 steps for effective trading & investing
– The #1 reason why traders fail

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Resources:

– Grab my free bitcoin trading basics course here: http://chrisdunn.com/bitcoin-basics
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– Check out my personal blog: http://www.chrisdunn.com
– Learn valuable skills from expert mentors: http://www.skillincubator.com
– Buy Bitcoin at Coinbase: http://dunn.ly/coinbase-free

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Disclaimers:

– I’m not a financial advisor, attorney, or tax professional, and nothing I say is meant to be a recommendation to buy or sell any financial instrument. Do your own due diligence, and take 100% responsibility for your financial decisions.
– I will NEVER ask you to send me money to trade for you, directly buy or sell cryptocurrencies from you, or pump a specific market. Please report any suspicious emails or fake social media profiles claiming to be me. See this blog post for more info: https://chrisdunn.com/impersonators
– Trading and investing is risky! Don’t invest money you can’t afford to lose, because many traders and investors lose money. There are no guarantees or certainties in trading.
– My videos may contain affiliate links to products I believe will add value to your life.

Comments

Duzzi G says:

Don’t listen to somebody that has never done it, that percentage is because people dive head first and with wrong expectations, without learning what should they do. Day trading is profitable but you need to study a lot, a year or two at least, yes you can get the basics in a week and you’ll think you know something but without the screen time that is useless. Watch it happen and paper trade. Pro money doesn’t come without pro sacrifice. It takes time. Remember you’re “playing” against others. Live in their head.

Fatal Fury says:

my bot loves day trading .

Colin says:

Why do people discourage day-trading? yeah, chances are that you’re gonna lose money but with everything – persistence and repetition anything is possible. there are day traders out in the world right now making a living, so no it’s not impossible

Rasel Manorzz says:

Nothing beats day trading if you have put the screen time behind you. Day traders don’t give a shit about where the price going to be tomorrow or the day after. we only trade price action and what we can forsee for the next few hours.
Swing trading is too time consuming, always at risk of your trade turning against you. and when it does turn against you, you have lost several days, sleepless nights and a stop loss hit.

I find swing trading more of a gamble then day trading simply because of all the time thats lost hoping and waiting in the market.
But day trading surely is a professionals job. you wont be profitable at all over the long run for the first year 100%

jaja smile says:

Trade less is good . I think MM are batting poeple in just turn around and take their money . I’m going to options and FX …

Luis Becerra says:

I love watching your videos. You give great advice. The only thing I did not agree with you on was investing in stocks. Not too long ago you said you will invest. Stocks are just beginning to tank.

Andrew K says:

Those who say they can and those who say they can’t are usually both right.

D V says:

Honestly the only reason why only 1% of day traders make it is because anyone’s allowed to trade. Think about it. The percentage would be the same of doctors healing people if anyone could open a practice regardless of education. 1% of buildings would stand longer the a week if anyone were allowed to construct buildings regardless of knowing how to build. The 1% of traders that are successful simply know what they are doing and the 99% have no idea. It really is that simple.

Alex Chu says:

HFTs make day trading impossible!

soulseeker says:

why trade stocks when you can trade forex, it’s less complicated and it makes you money if you get your analysis and research down.

Ivo Pan says:

Chris,
You are totally wrong… people fail because they don’t have enough time and money.

jajati mohanty says:

Have u taken a look at digitex futures exchange. They mint Tokens to keep the exchange running and fee less

Eros Contrino says:

How much money are you making with your 5 effective steps? What a waste of time watching this video!

Gurpreet Singh says:

stop listening to these kind of peoples . they just want to get rid of competition. have faith in ur self. and keep working on your goals continuously whether to get successful in stock market or in any other market. listen to peoples who inspires you and motivates your in making your goals reality. (Always remember if u do not have faith in your self does not matter how much knowledge you have . you can achieve success in your life).

Kool BC says:

only 1% day traders make money because only 1% are the real traders , rest are new or just gamblers and panickers

Brian the Alien says:

How many day traders study for four years? It’s not that hard..the 10 percent that succeed studied. It’s that simple.

matthew titley says:

Legend. Really love this video, and appreciate your hard work of taking the time to list your trading quiz. I guess the thumbs down-people who don’t like self-reflection.

Heung Wing Wong says:

Things in micro level are more random than things in macro level.
We can easily predict the direction of a smoke by observing the wind. But it is completely impossible to predict the direction of a specific smoke particle. A particle can move down even when the smoke is rising.
The same goes for stock prices in macro and micro timeframes. The monthly timeframe is generally less random and more predictable. And the hourly timeframe or anything below is simply just a mess of randomness. And this makes day trading extremely difficult.

And we also need to take into consideration that the volatility of most days is only around 2%. And it takes a genius and a crystal ball to capture anything more than two thirds of this 2% range. After deducting commission and other payments, it means that in most days we can only take home less than 1% as profits. So if our stop loss is more than 1% or or win / loss ratio is less than 50 / 50, we will get screwed sooner or later.

MyTH says:

I keep hearing great advice from you. Thanks.

Subscribed to alerts.

Alex Bermudez says:

There are too many stupid people in this world. 99% don’t even know it. Let me shed some light. You’re one of them.

rajveer kamra says:

Soon percentage will change..

Crypto Scott says:

Top Notch video, Chris! I’ve been preparing myself all year for the moments that will be coming!

Wili Wds says:

Yes you said it to many people day trading watering down the profits closing there trades to early for smaller profits changing the rules of trading yes every man and his dog have bots now taking continuous smaller profit targets

Edwin Jansen says:

One Henry Ford once said: Whether you believe something or not either way you are right. One Van K. Tharp once said: Traders do not trade the markets, they trade their believes about the market. So congratulations Chris, you made an excellent case why day trading for income will not work (for you). Thank you for showing me that, I’ll now go look for someone who can prove and tell me how I can learn to day trade for income successfully, because they are there (as you said a small percentage does). 😉 Wow, this is one of the best youtube video’s to create a real cognitive dissonance about trading. You on the one hand said, you can not do it and on the other hand you say you can. I find it a really confusing video. And you are quoting statistics. Meaning you compare yourself with everybody else. Knowing that most people who share knowledge about trading are not in it to teach you but to make money, like most brokers, who legally scam you, and knowing most people do not have any persistence and are not willing to learn will quit, I think the statistic is quit useless in and of itself. The interesting question is why do they fail? About loosing your edge. Know when you need to change your edge and know which edges there are. Know macro economics (Ray Dalio has some real interesting video’s about it, as Roger Scott, former hedgefund manager) and adjust your trading to it when the macro economics change. That is what good hedge fund managers do too. There is an edge for every macro economic situation. But hey do not take it from me, I am just starting out day trading. I am just saying I hear you saying so many reasons why you should not day trade and then you offer information to help people to…. day trade. Very confusing. I see day trading as any other skill to learn, it takes time, persistence, perfect practice and searching out mentors who have done it and know where you come from and do not look at other people who say it cannot be done, figure things out for yourself, use your own brain and experience and do not risk any real money until you have really mastered the skill and thus yes your emotions. Learning how to trade is like a crash course in personal development. Alexander Gerchik said it in his interview here on YouTube: I learned more about my emotions while trading then anywhere else.

Artus Kalon says:

You also must differentiate between crypto and non crypto tradeing. In my oppinion crypto still is easier cause not so regulated but that will change

Larry Kanopa says:

It’s demoralizing

Big Ben Millionaire Trader says:

I love day trading..

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