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TEN GOOD REASONS TO AVOID DAY TRADING

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TEN GOOD REASONS TO AVOID DAY TRADING Day trading isn’t right for everyone. In fact, it’s a bad idea for most  people. It requires a strong personality, someone who can face the gyra tions of the markets day in and day out. And it also requires someone with  enough attention to detail to run a business. It’s a great career option for the  right person in the right circumstances. But for people who have trouble  keeping cool, who don’t have the patience to learn how to trade, and for  anyone who has a gambling problem, day trading can be a quick road to ruin. I list ten signs that maybe day trading isn’t right for you right  now. Take them seriously. Most day traders lose money, in part because a  lot of people who aren’t cut out for day trading try it anyway. Don’t fret if it  turns out that you aren’t day trader material. Most people aren’t. You Want to Learn Investing  by Day Trading Many people want to manage their own investments, and it’s certainly possi bl

TEN GOOD REASONS TO DAY TRADE

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TEN GOOD REASONS TO DAY TRADE Day trading is a great career option for the right person in the right cir cumstances. It requires a strong, decisive personality who wants to be  running the show every step of the way, from backing up the PCs to collect ing all the profits. And good day traders have some financial cushion and  good personal support systems to get them through the tough times. Think you have what it takes?  Are you ready to go into business for yourself as a day trader? See how many  of these characteristics fit your life right now. You Love Being Independent Day trading is like owning any small business. You’re the boss and you call  the shots. Each day’s successes — and failures — are due to you and you  alone. Most likely, you’re working by yourself all day, so you’re responsible  for everything from the temperature in the office, to the functioning of the  computers, to the accounting for trades. Good day traders are independent. They don’t

SIGNING UP FOR ASSET CLASSES

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SIGNING UP FOR ASSET CLASSES It’s one thing to day trade, but what are you going to trade? Stocks, pork  bellies, or baseball cards? You have myriad choices, but you have to  choose so that you can learn the market, know what changes to expect, and  make your trades accordingly. And, to avoid of the devilment of the wash-sale  rule, which can limit the tax deductibility of short-term losses , you’ll probably want to make your  universe of trading assets as broad as possible. Still, you can’t trade everything. There are only so many hours in a day and  only so many ideas you can hold in your head at any one time. Furthermore,  some trading strategies lend themselves better to certain  types of assets than others. By learning more about all the various invest ment assets available to a day trader, you can make better decisions about  what you want to trade and how you want to trade it. What Makes a Good Day Trading Asset In academic terms, the universe of in