Trading takes organisation and discipline . The shorter the time frame you re looking at trading, the more organised and disciplined you need to be. As you can well appreciate, if you re going to day trade, you also need to be able to make decisions very quickly . Of course, if you have a written trading strategy with rules you stick to, you won t be unduly swayed by emotion when the market starts to run. Lifestyle is also something to consider.
Many people start trading as a means to supplement their income .
A year or two down the track they may look at replacing their income altogether through trading. Remember, though, that active trading can be like a job in itself. You also need to be realistic about the time you have to devote to your trading. It s no good deciding to be an active trader and entering possibly volatile stocks if you don t have the time, the means, or the inclination to monitor the market closely. Conditions can change very quickly and you need to be quick on your feet.