Is self-learn stock trading a viable way to gain money and be self-employed?
Yes, but self-learning is a little misleading as I spend many hours a week on youtube or reading articles to learn new concepts.
The real key is to manage your risk and allow for one of the following three outcomes: small win, large win, small loss, but NEVER a large loss. Before entering a trade, you need to know when to BAIL on a trade if it moves against you (also known as a STOP).
It’s also important to manage your expectations:
YEAR 1–2: Sizable losses, small wins — equity balance will decline.
YEAR 2–3: Small losses, small wins — equity balance will be up/down/flat.
YEAR 4–5: Large wins, small losses — equity balance will increase consistently.
If you go into it thinking you click a few buy/sell buttons and you are rocking $5k/day, you are going to end up frustrated and quit. It will happen eventually, but typically not until years 4+ — after you have time in the saddle.