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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 gyrations 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 possible. It requires taking the time to lear…

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 circumstances. It requires a strong, decisive personality who wants to be running the show every step of the way, from backing up the PCs to collecting 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 want someone to tell them what to do; the…

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 investment 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 investable assets includes just about anything…