Day Trading Essentials
Congratulations on your choice of a career as a day trading professional. Day traders thrive on excitement and this career is ideal for the person who thrives on change, stimulus, and analytical thinking. Certainly, day trading is not for everyone and some see the profession as illegitimate or beyond the pale.
No, you don't have to heed those opinions; if day trading is right for you, then pursue this career with all of your might. Let's examine the essentials of a successful day trading career. Day trading peaked in the 1990s shortly before the tech bubble burst of 2000/2001.
Today, day trading is still practiced, but many of the earlier day trading professionals left the industry for other pursuits. Today, the day trading profession is smaller, but the workers who make up this elite group of professionals possess the same qualities including:
Stamina - Early to work and late to home, 15 hour days are not uncommon. If you have the strength and stamina to compete, then a day trading career is right for you.
Hard Analysis - Will the ethanol producing company release better than expected earnings later today or will the industry be disappointed with the results and even push the company's stock price down? A hard analysis of specific industries is essential to grasping day trading trends and thriving in the business too.
Change Agent - If the predictable is part of your comfort zone, then working as a day trading professional is certainly not the right career choice for you. Better to move on and explore other options as no "comfort zone" even exists in this constantly changing profession!
A day trading professional must be able to take his lumps and not focus too much on any one stock. If you were to, you could soon find yourself dragged down to the abyss and paying the consequences in the form of additional losses and lowered self esteem. Save the ego for the accomplishments and you will do just fine.
Day trading is likely to remain an important part of the financial industry picture for years to come. As long as there is a way to make a quick profit, day traders will exploit a niche that is dear to them.
Will you enter the fray or not? Yes, that depends on your personality type, your reaction to risk, and your willingness to lay it all on the line for a job that simply is not predictable.
No, you don't have to heed those opinions; if day trading is right for you, then pursue this career with all of your might. Let's examine the essentials of a successful day trading career. Day trading peaked in the 1990s shortly before the tech bubble burst of 2000/2001.
Today, day trading is still practiced, but many of the earlier day trading professionals left the industry for other pursuits. Today, the day trading profession is smaller, but the workers who make up this elite group of professionals possess the same qualities including:
Stamina - Early to work and late to home, 15 hour days are not uncommon. If you have the strength and stamina to compete, then a day trading career is right for you.
Hard Analysis - Will the ethanol producing company release better than expected earnings later today or will the industry be disappointed with the results and even push the company's stock price down? A hard analysis of specific industries is essential to grasping day trading trends and thriving in the business too.
Change Agent - If the predictable is part of your comfort zone, then working as a day trading professional is certainly not the right career choice for you. Better to move on and explore other options as no "comfort zone" even exists in this constantly changing profession!
A day trading professional must be able to take his lumps and not focus too much on any one stock. If you were to, you could soon find yourself dragged down to the abyss and paying the consequences in the form of additional losses and lowered self esteem. Save the ego for the accomplishments and you will do just fine.
Day trading is likely to remain an important part of the financial industry picture for years to come. As long as there is a way to make a quick profit, day traders will exploit a niche that is dear to them.
Will you enter the fray or not? Yes, that depends on your personality type, your reaction to risk, and your willingness to lay it all on the line for a job that simply is not predictable.