Being your own boss and having ample spending money – now, that seems to check all the right boxes for a perfect career, right? Day trading is one such amazing career option for the right person under the right circumstances. Nevertheless, to be successful at day trading like professional day trading expert Todd Rampe, you would require certain personality traits and characteristics. Here’s a quick look at the qualities that distinguishes successful day traders from the unsuccessful ones. So, how many of these do you have in common?
#1 Self Motivated: Day trading is a career wherein you typically work from home. Hence, it is highly imperative to possess a personal independence and never-say-die attitude in order to thrive in the self-starting nature of day trading business.
#2 Quick and decisive: The bulls and bears constantly wrestle for control in the market, causing it to change within a matter of seconds. Hence, deliberation, second guessing, and panic could very well spell doom for you. A good day trader must have a quick wit, “constant vigilance”, and be decisive as well when coming across good buy or sell opportunities.
#3 Disciplined and Persistent: The downside of being your own boss is that you would not have anyone dictating your hours, and how to spend them. So, in order to become a good day trader, it is important to stay committed to long hours of research and preparation, identify and stick to profitable trading strategies, and stay on task during the trading sessions.
#4 Genuinely Interested and Enthusiastic: Even before wading into the financial markets, good day traders would have a natural inclination and enthusiasm towards finance or business. Hence the day trading of stocks, commodities, bonds or other securities would not seem like a daunting task for them.
#5 Familiar with Trading platforms and systems: Best day traders have the knack to instinctively understand the forces that drive the price movements in the market, and would also be familiar with the tools in a modern trader’s arsenal like the online trading platform and system.
#6 Open to Try new things: Good day traders would continuously try to improve their trading strategies and try to reinvent their methods from the new knowledge gained every day.
#7 Tech literate: Although not at the level of Zuckerberg’s proficiency, good day traders would be familiar with the latest and advanced trading systems. They would also be willing to try out newly unveiled platforms and take advantage of the potential benefits from them.
#8 Has Financial Backup: Having a financial cushion plays a big role in easing out the stress inherent with day trading. You don’t need to be Warren-Buffet-Rich, but you should have enough funds so that you can afford to lose a little during trading. You should never have to dip into your rent money or grocery money after encountering any losses in day trading.
#9 Good support network: Man is, after all, a social being. A good trader would rarely be a loner and would possess a healthy network of friends and family who are supportive. Some of the best day traders also take a keen interest in other hobbies and projects and spend a lot of time on those as well.
If you nodded a yes to most of the above, congratulations! You are now deemed fit to get into the business of day trading, wherein veterans like Todd Rampe has already proved their mettle. Go ahead and give it a try today!