Commit to Day Trading as a Business
Day traders need to commit to market trading as if it were a business. For many people, the attraction of day trading is that traders can very much control their own hours and day trading seems like a way to make money while the baby is napping, during your lunch hour, or on just a few mornings a week in between golf games and woodworking.
That myth that day trading is an easy activity that you can do on the side actually does make some traders very rich. Who are these traders? They are professional traders who approach day trading as a business rather than a pastime. They make money when traders who are not fully committed lose their money.
But day trading is a business, and the best traders approach it as such. They have business plans for what they will trade, how they’ll invest in their business, and how they’ll protect their trading profits.
If you catch a late-night infomercial about trading, the story will be about the ease and the excitement. But if you want that excitement to last, you have to make the commitment to doing trading as a business to which you dedicate your time and your energy.