Ten (or So) Good Reasons to Avoid Day Trading
IN THIS CHAPTER
Considering other ways to invest that suit you better
Taking into account your personality and preferences
Recognizing the hard work that successful day trading requires
Putting a damper on unrealistic expectations
Day trading is a bad idea for most people, and if I keep you from taking up trading because it’s the wrong thing for you to do, then I have done my duty. 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 or 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.
In this chapter, I list eleven signs that may indicate day trading isn’t right for you right now. Take these signs seriously. Most day traders lose money, in part because a lot of people who aren’t cut out for ...