Photo: Flickr / rangerholton
The life of a day trader can be lonely and frustrating. There’s no feedback, no healthcare, no vacation time, no retirement.You get the picture.
But there are upsides too — no upper management, no set schedule, no whiny co-workers.
If that sounds good to you, maybe you should consider creating a set up at home and trading from your apartment. That’s how Ray Dalio started Bridgewater, after all.
So find out if you have the stuff to be a good day trader. Can you handle losses alone, stay cool under pressure and come up with your own strategies?
Print a copy, mark your scores by circling either “Y” or “N” for each question, then add up your total.
Y N You’ve tried more than one new investment strategy this year
Y N Feel you’re buying and selling funds at the wrong time
Y N Rarely open up to anybody for feedback about your losses
Y N Subscribe to two or more newsletters, feel overwhelmed
Y N Can count on one hand all the good laughs this week
Y N Have a lingering resentment about someone or something
Y N You love cable news, but need more time to trade
Y N Rarely break a sweat when exercising the past few weeks
Y N Wonder whether you bet too much on recent investments
Y N Need more than three caffeine and alcohol drinks a day
Y N Feel “something” keeps you from making more money
In the end you’ll need to tally up the Y/N… if you have a lot of Y’s forget day trading, it will shorten your lifespan.