On this Monday, it takes him 52 minutes to make his first trade. Some people aren't suited to day trading, Sheely says, Management types, lawyers, doctors, all those accustomed to being right all the time might not make it. You have to admit you' re wrong. You have to admit you're wrong a lot, Sheely says. Quickly, too or you risk holding a stock too long and losing big.
Day trading is risky, all right.
It's gambling, of a sort, and you have to know when to get out. As any good gambler knows fold when your luck runs out. Some day traders don't. Many who fail at trading do so because they don't come to the table with enough cash. When they're in the draw-down phase, their behavior can change.