Like all businesses, day trading can be extremely lucrative. I suppose that is the reason why so many people want to become day traders. However, the risks are equally great and it is important to know what it takes to become a day trader.
There are a few things you need to consider before you decide whether a day trader job is suitable for you.
A day traders job can be very stressful and taxing. Since you have to sit all day looking at a computer terminal spotting market trends and movements, some people may not be suitable for this type of job.
You need to have an analytic mind to analyze large amounts of data and derive which stock to trade and profit. This isnt easy and comes about partly from experience. However, you need to have lots of patience to analyze such data.
When you are first starting out in day trading, the odds are you will lose money first. Therefore it is important you have enough financial banking to cover the losses especially when you are starting out.
Always remember a day trader does not invest in stocks, they ride with the stocks. It means they buy a particular stock when its rising and sell them the moment its...
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