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