Planning to Succeed As a Day Trader
In This Chapter
Organizing your business
Planning trades to start your day
Making short-term and long-term choices
Day trading is sometimes presented as a profitable hobby. Anyone who buys a day-trading DVD course via infomercial can make money easily in just a few hours a week, right? Well, no. Day trading is a job. It can be a full-time job or a part-time job, but it requires the same commitment to working regular hours and the same dedication to learning a craft and honing skills as any other job.
The best traders have plans for their business and for their trades. They know in advance how they want to trade and what they expect to do when they face the market. They may, at times, find themselves deviating from their plans, due to luck or circumstance or changing markets, but in those cases, they understand why they're trying something else.
Trading comes in many flavors, and many of those who call themselves day traders are actually doing other things with their money. If you know in advance what you want to do, not only will you be less likely to panic or follow fads, but you'll also be in a better position to take advantage of ...