Day trading can be a part-time or full-time career, depending on the trader’s style. It can be lucrative for some, but the long-term success rate is low. There is a lot of hype around day trading. There are lots of day traders around the world who find success and make a living off the markets, so the truth lies somewhere in between those two extremes. The hard part is that a day trading strategy may work great this month, but next month it doesn’t. Day traders need to constantly adjust, as no two day in the market are exactly alike. The problem most new traders make is that they don’t practice a strategy in a demo account, for several months or more, before risking real capital.
Therefore, they have no idea how a strategy works, and how they need to adjust it when market conditions change. Practicing every day builds the habits that are required for day trading real capital. As you begin practicing, you may notice you perform better at certain times of the day. While practicing may take several hours per day during the first year, many experienced day traders only trade for one to three hours per day.