Friday, October 13, 2006

Day Trading Personality - Do You Have It?

I think you would agree that when you think about it, successful day trading requires certain personality traits. Someone who is easily crushed by a wrong decision would not make a good day trader, where a more resililient type would probably do well at day trading. Day trading requires that you be able to take emotion out of your decisions, so if you are the type who gets attached to a stock (yes, it happens) you need to either change this trait or stay away from day trading altogether.

few must have things for day trading
1.online account
2.live data for stocks
3.technical charting software

But trading online is not that safe any more with technological advances many times you can fall prey to it, go through the following article which I took from a website
Day traders simply can not do without online trading. Online trading is required due to its speed and convenience, and online accounts provide 24 hour access which allows daytraders to plan and enter orders at any time of day. Identity theft is generally not a concern at the level of your online trading account provider since these providers go out of their way to protect you data and your money. You need to be careful for identity theft attempts that happen right on your own computer:

* Keystroke Logging Programs
* phishing
* Poor Choice of Passwords

1 comments:

Mithu said...

u forget one also need the knowledge of the techs of the stocks...yes agree with u one should be complete rational in his decisions and should play by the game of the rule...the opinions like i do it for play or just for the sake of doing it are not accepted..check this to Rishi
http://mithujain.blogspot.com/

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