| How Day Traders Make Big Money - Their | | | | A third important habit for day traders is |
| Secrets Revealed! | | | | observational skills combined with good short-term |
| A job as a day trader is a great way to make | | | | memory. You'll also need patience. Keep your cool |
| money in a very lucrative field. It is not, though, | | | | even when you miss catching a stock at its |
| an easy way to get rich quick. You will need to | | | | highest point, or when you lose money because |
| put effort and work into it. | | | | an anticipated low never arrived. Likewise, you |
| Day trading stocks and commodities is a great | | | | must stay calm when you make a big winning |
| job and a quite profitable one as well. It requires | | | | trade as well. |
| certain traits for success, and certain habits will | | | | Dedication to research is a fourth important habit. |
| need to be internalized. | | | | You won't need to pore over accounting |
| A good time sense is the first important habit. | | | | statements like professionals in long term |
| Day trading is not the job for people who drag | | | | investing, but you will need to analyze trends that |
| themselves out of bed in the late morning and | | | | appear in the constant influx of information. You'll |
| can't think before their second, or third, cup of | | | | need to take an active role in decision-making, and |
| coffee. Day traders must be up and alert before | | | | choose trades based on this background |
| the opening bell. In New York, trading opens at 9 | | | | knowledge. You can't make good judgments |
| AM. This is 6 AM in California, and a very early 5 | | | | without the right research; but don't let an |
| AM in Alaska and Hawaii. The best time to plot | | | | obsessive need to research cripple your ability to |
| trading strategy for a given day is before the | | | | think and act on your feet. |
| opening bell - you'll need to not only be awake by | | | | Remember that you don't have to do all of this |
| then, but alert and thinking on your feet. | | | | research and analysis alone. High level traders |
| A second critical habit is a good set of numerical | | | | have many research tools and tricks, and various |
| analysis skills. Making and losing money based on | | | | data analysis tools close by. |
| gut hunches is a given, but you'll also need to | | | | If day trading is a career that appeals to you, |
| make educated choices based on what you've | | | | start by building a support network. Your team will |
| read, summarized, and synthesized so that you | | | | include a broker, and investors to help you gain |
| can make good judgments quickly with this | | | | leverage in the market. Bear in mind that you will |
| background knowledge. All of this needs to be | | | | need to work, and word hard. You'll have to show |
| done fast, and you'll need to quickly judge trends | | | | intelligence, drive, and focus to succeed. |
| in financial markets and apply these snap analyses | | | | If, after reading the skills listed above, you think |
| to your trading decisions. | | | | you have what it takes to be a successful day |
| Although you'll need some good quantitative skills, | | | | trader, day trading may offer you a challenging |
| you don't have to be a mathematician to be a | | | | and fun way to make a great living. It's a job that |
| successful day trader. You can cultivate your | | | | can be a ton of fun, and can provide tremendous |
| quantitative skills with just a bit of practice. | | | | riches - in more ways than one. |