Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

What Are The Traits A Day Trader Needs

By Meir Barak

Ever since I have become quite renowned as a successful day trader, who teaches thousands of traders worldwide, I have been asked the same question over and over again: “What does it take to become a successful day trader”. There are many ways to answer that sort of question.

Firstly, it takes education. At Tradenet, our main focus is trading education. If you don’t know the difference between a stock and an option, or between a long and a short, then you are definitely unable to trade successfully.

Second, you have the very important part of experience. It took me about three or four years to become successful. Some people are luckier and it takes them fewer years, and to others it takes longer. But without a substantial level of experience you have absolutely no shot at becoming a successful day trader.

But now, let me tell you the secret. Some folks would take all the courses Tradenet and any other company has to offer, attempt to trade the markets for years, and never succeed. You know why it is so? Let me tell you.

Meir Barak

Tradenet’s Leader and Stock Day Trading Guru Meir Barak

Key Traits to Becoming a Day Trader

There are some traits that a day trader must have. And the one thing I’ve learned over my many years in the markets, teaching student, is that if you don’t have these traits you can’t succeed in day trading. That’s ok though, because you can train yourself into having them. But if you don’t adopt them, it’s an uphill battle.

Self Teaching

For the sake of the arguments, let’s assume Tradenet has the best day trading instructors and traders in the market, or even in the world. You, as a student must still do your homework. If you think that just by following the course while it’s aired, or just by browsing through the material you would become a successful trader, you are up for a terrible disappointment. My advice to you is to sit down and read. The course material, my book (The Market Whisperer), material on Tradenet’s website, and on Tradenet’s YouTube channel. Without following all those closely, you are up for a difficult start.

Discipline

Probably one of the most important ones, if not the most. Discipline in trading is priceless. If you keep moving your stops because the stock is coming too close – you’re going to fail. If you have three losing trades in a row – and you don’t leave – you’re revenge trading and you are done with. Set your rules and most importantly, always (always), follow them.

Perseverance

There are countless difficult days when starting to trade. I remember myself in the early 2000’s telling my wife I’m not sure I’m cut out for it. But I stayed, and so should you, if you believe it is the right thing for you. There’s always going to by critics, people holding you back, and so on. But never let others draw you from where you want to go.

Time Management

This goes for swing traders mostly, but also to day traders. There is one thing we know for sure – the markets open at 9:30am and close at 4:00pm daily, NY time. Now, if trading is not your full time job, yet, you need to see how to juggle those times with your other commitments in life. If you won’t manage your time properly, you would never get to trading.

Multi Task

When trading, you are looking at a million things. For example, a stock’s 1min, 5min, and daily graph, watching the overall market, watching CNBC or Bloomberg many times, and following Tradenet’s live trading chat room. If that’s too confusing to you, you need to make sure you train yourself to hold a grip of all at the same time.

Optimism

That’s the last, best, and most important one for me. There are many red days for day traders. You have to keep yourself focused and balanced and then go to sleep. Tomorrow is a new day. Wake up, and be optimistic again. New day, new trading, all green!

Following this advice isn’t going to make you rich or the best trader in the world. But it would be quite a substantial leap towards learning who you are, and where you are lacking. I am trusting you to always get better!

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...