How to know what kind of trader you are? Part -I

In a broader manner every trader is aware about his beings and doings.

Since it is said that trading is more of a psychological activity than physical. And hence instead of doing a perfect classification of kind of Trader I am writing on some 6 different kinds of Traders in coming 6 weeks starting from today.

Lets Begin with one of the prominent trading mindset. A ‘Day Trader’ alias Intraday Trader.

A day trader is the one obsessed with Quick Profit making or the excitement of quick profit making. He is generally in front of his trading terminal and his data sets, charting softwares during the trading hours. He generally takes multiple trades during the day and tries to make a living out of it sometimes successful.

Why is he successful only sometimes?

  • A successful day trader is believed to be a systematic trader than a random trader.
  • A systematic trade chooser than a random trade selector.
  • A very good trend follower, price pointer, pattern reader and much more.
  • A systematic trader is not handicapped with or without system but a well equipped result oriented mindset.

The one who does not have a specific system and process driven trader will rarely make money all time and always at risk to lose money as well.

A Day trader need to possess few or all of the above.

  • A trading Method

  • A trading Mindset

  • A trade record keeper

  • A money manager

  • A good market analyser

Though these are just the few qualities, a successful day trading is not just qualities but a process driven mechanism.

A trader once sworn as Day Trader needs to follow some daily routine what is that routine. Know more about this.

Let me ask you bluntly,

  • Do you have the mental makeup that is required for day trading?

  • Do you know what kind of trader you are?

  • Do you know what are the things you need to ignore during day trading?

  • Have you been day trading since long but yet to taste success in it?

Trading Mantra

Successful traders know that making money is more important than being right