Day Trading for a Living
The Reality of Day Trading
Although many Traders fail, such is the case with any business, those who do not have a winning plan and the discipline to follow it, increase their odds of failing.
A day trader must be disciplined, adaptive, and have a strong belief in their self and their trading system.
There is no need for exceptional intelligence or any other exceptional trait. In fact the best Traders I know seem to be simple in their methods but highly disciplined.
I've heard many times that trader's who have the most problems and take the longest to become successful at day trading are considered alpha males or of exceptional intelligence, at least in their own mind. An example would be people such as doctors, lawyers, engineers, etc...
Lack of discipline is the day trading killer. It results in an overactive or out of control ego, resistance to one's own rules and authority over their self, bouts of anger, fear and greed.