Yep, no barriers to entry but a few shekels. It takes a lot of work and persistence and while the size varies...dues WILL be paid, and that's whether you succeed or not.
For me, my very first trade (was actually an investment) netted me a 50% profit in around something less than a year. That got me hooked. Since then the alure has been self discovery and the education aspect. I'm an avid trading/investing junky and CANNOT leave the markets alone for a single day. Every day learning something, that seems the largest attraction. Not only that but the investment in time and learning is paying off in spades. Risk however is always lurking over the shoulder and complacency has no place in this business, so there is this constant element of danger, that in itself produces adrenaline, it's the spice of life having a constant sparring (sporting) partner.
Case in point, where I live currently its 4.20am in morning and nearly every day wake at 3am to check markets or do some trading related homework. Current project homework researching trading iron ore
The original question is a good one and the answer is, that for most people it is not worth it. Why do people still try? Because they think that they are part of the 5% who at least doesn't lose money. To understand the psychology part, acting or being an artist (selling your art) would be a good analogy. Very few would be actors/artists eventually make it, but that doesn't stop people believing in themselves and trying. They kind of know that the odds are against them, but if they are LUCKY and PERSISTANT, the pay off can make it worthwhile. For every Bradt Pitt, there are thousands of waiters in Hollywood with a movie script or audition call in their pocket... But once you are Brad Pitt, the whole world is yours (except Angelina Jolie)
Because safe and average is boring -- we all want to be Sexy -- and live sexy, fun, materialistic, rewarding lives F*ck the Toyota Camry -- we want to be driving the Porsche 911, I'm grateful for the 2008 Housing Market crash -- I wouldn't be where I am today...if it weren't for all the crazy news headlines it was making back then; I was hooked, as well. The idea of stocks, and Options, moving everyday gave me dollar signs in my eyes -- I really studied it....this whole, new world of trading the market. This world was new for me...I didn't come from the kind of family that dabbled in the markets. We were all just middle class, working stiffs.
Depends on a lot of factors. Time is money / opportunity. What else could you be doing with your time?
... And the stubborn and stupid insistence that one does not belong to the 90% that blow their 100,000 stake away by overleveraging (using 10k as you said with the belief of unlimited earning potential is the perfect description of those who constantly overleverage). The last fresh-off-the-boat lemmings are always the most brazen and believe they are the ones that strike it rich when the cake has already been divided among the top dogs years ago.
I have and still at it. I grew up with understanding I needed a hobby, and although many years I had plus 80 hour weeks, I have always considered it a hobby. I made sure I always had ability to work somewhere do something required, invested into real estate so when I was older, had something coming in. I think I did it right as many on the forum went to longer term trading catching several year trades, where we concerned if there was enough dividend pay-offs than capital appreciation on lean years. You learn how to be aggressive on great years and do your best when S&P500 is having bad years, trade less and hedge more. Day trading/Scalping will take most hours and should be played with least money, but I often see this as inverse. I use to recommend to try day trading, but honestly, it has become very hard to do as all are competing against program trading.
No. I wish I would reverse the time and know absolutely anything about daytrading like any average American. Seriously.. I have not met one succesfull trader yet. Once you get into trading, you will make money first then give everything back.. Soon enough you will discover options and futures which has higher return, and put all your money into weekly options. Why not? It has higher return right. Anyways if you don't know anything, just stay like that. And avoid anything about investment... Learn actual products, marketing something more productive.