Day Trading Ain't For Wimps!

Day trading ain’t for wimps. If you are going to be successful as a day trader, you need to know what you are doing. But more importantly, you need to be able to pull the trigger.

There are a lot of traders that know more than I do. I should change that to “there are a lot people that know more than I do, but they aren’t traders”. They can take a look at the charts and tell instantly if a stock is going to go up or down or trade sideways. It is just second nature to them and I envy them for this ability.

However, they cannot make the decision to trade. They want more information, they doubt themselves, they have lots of other issues. Whatever the problem, they just can‘t bring themselves to make the trade.

Sometimes, you just have to make a decision based on less than perfect information. Make it. It’s not the end of the world. Just make a decision, right, wrong, or indifferent, just make a decision and go with it.

It what you do after the decision that counts. If the market moves in the right direction, place your trailing stop. If it moves in the wrong direction, close out your position. Then move on to the next trade. If you continually second guess yourself, you are doomed to failure.

This doesn’t mean that you don’t research your position before you trade, you have to do that. But once you’ve reach the decision point, make it and move forward.