Home » Finance » Currency Trading

Personality Traits Required to be a Successful Day Trader

Sep 11, 2008
Every day trader in order to be successful should possess certain qualities; the first and foremost being that he/she should have a strong control over his/her emotions. Day traders who get too emotional have a tough time facing reality and often their emotions tend to interfere with their day trading transactions. Emotions that mainly stand in the way of their success are fear and greed. Greed stops them from selling off their stocks in the hope that the value might rise in sometime. On the other hand, fear doesn't let them hold stocks at all and they always feel scared that the price might drop down leading to their loss. Thus, out of fear, they tend to make sale haphazardly.

An efficient day trader needs to have a good level of I.Q. and should also be daring enough to bear risks involved in day trading. In fact, day trading requires you to be very quick in taking decisions otherwise you are likely miss out on golden opportunities. A good day trader is one who has a vision as to how to go about while carrying out day trading and at the same time has clarity as regards to his/her next move. It has been quite often found that people who succeed in their day trading effort have a clearly defined business plan. It is this plan that helps them decide as to what actions should be taken in specific conditions. Also, it is of great use in earning profits and minimizing losses. One thing that I would like to emphasize here is that an ideal day trader does not set unrealistic goals and lists out only those objectives that he/she feels are achievable.

One of the most commonly found personality traits in efficient day traders is that they know how to manage their money and make optimum use of it. They never go off the track and always keep an eye on the opportunities that can help them multiply their funds. They take risks but only to the extent that their accounts are not messed up. They save the money today so that they can enter into a new profitable trade tomorrow.

So, these are some of the personality traits that every person who wishes to carry out day trading and make money out of it should have. If you don't have these qualities, then you need to inculcate them and only then you can hope to reap benefits from your day trading transactions. Emotions have no place in day trading and such people can never ever become good day traders
About the Author
ForexFace contains extensive resources for the new Forex Trader such as a wide and easy to understand glossary, articles from A to Z to give you the better base to start your Forex Trading career. Read more about day trading at http://www.forexface.com
Rating:
Please Rate:
(Average: Not rated)
Views: 140
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources