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re: How many of you guys/gals day trade and have made it your career?
Posted on 1/30/24 at 6:32 pm to UpstairsComputer
Posted on 1/30/24 at 6:32 pm to UpstairsComputer
quote:
The biggest hinderance to people becoming successful is being able to manage risk.
Somewhat related, but I think the biggest hindrance is that people get too hung up chasing after huge gains on a single trade. I've found that what works for me is to go after higher probability trades where you're looking for a quick couple percent.
If I can buy something today and sell it for a 2-3% gain within a couple days, I'm tickled pink. Yes, it's not much of a gain, but adds up when repeated. And it's a lot easier to find that trade then to continually swing for the fences and get the hit. Don't get me wrong, I have trades that I look to swing for more than that.
Also don't try to force a trade by getting into a hurry thinking that you have to constantly have all your purchasing power locked up in trades. Wait for your trades to come along.
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