subject: Best Stock Traders Of All Time - An Inside Look at Cashing in With Day Trading [print this page] Best Stock Traders Of All Time Best Stock Traders Of All Time
Day trading can be an excellent method for making a profit, if you have the stuff to do it. However, no matter how others may pitch it, it's not a smooth ride. You have to put a lot of work into it to succeed. Best Stock Traders Of All Time
Day trading stocks and commodities is really a highly lucrative job. Just like a regular job, it needs you to have a number of traits in order to succeed, as well as a number of firmly ingrained habits.
The first thing you'll absolutely need is a good sense of time. The kind of person who's not good in the mornings or needs that morning jolt from coffee will only make themselves miserable trying day trading. That's because the best time to decide how you'll be playing the market today is right before opening bell. That's at nine in the morning in New York and six in the morning in California. If you're living in Hawaii or Alaska, it's five am. Of course, just being an early riser isn't enough. You'll also need to have a good internal clock and a solid scheduling system.
Habit number two that you'll need is having a good set of skills for quantitative thinking. You'll make or lose money in day trading just by operating on gut instinct. Making informed decisions, on the other hand, requires you to be able to look at numbers and understand them completely without even thinking about it. This means that numeracy and the ability to deal with numbers in your head is vital if you're going to tell whether something's a blip or a trend, and deal with it correctly.
I should point out that you don't have to be a mathematician to do this. You can learn how to analyze the numbers correctly, even if you're not fond of math. There are quite a few numerical skills that can turn into second nature, as long as you get well into the game. Best Stock Traders Of All Time
Successful day traders also have to have patience and skills of observation, and combine them with a short memory. This can be pretty hard to learn, since you have to avoid feeling disappointment when you don't catch a stock at the top, or when you lose money because the short you're intending just never shows up. Don't get caught up in things when you lose, and don't allow winning to take over your life, either.
Dedicated research is also a must. Day trading doesn't require you to devour accounting statements like long term investing usually does, but you do need to constantly be able to deal with the flow of data and make analyses. You also have to be proactive about shares that you're buying or selling, and make snap judgments that you act on fast. The only way you'll know these judgments are the right ones are through the right research. However, don't let this desire for good research paralyze you.
You should also keep in mind the fact that much of this analysis isn't directly done by you. The best traders always keep lots of tools available, and can quickly access a number of different data and research services.
If you're thinking about getting into day trading, you'll also need to build up a support network. That requires dealing with a broker, as well as finding investors who will help you apply leverage to the market. You have to understand that this is work, and that this kind of work requires intelligence, focus, and a strong will.
If you believe you've got what's needed to be a day trader, it could be a great way to make a significant income. This is a job you can seriously call fun, if you have what it takes, and it could be pretty enriching, too. Best Stock Traders Of All Time
Best Stock Traders Of All Time - An Inside Look at Cashing in With Day Trading
By: Trading Expert
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