Entering the vaunted realm of high finance doesn’t entail anything more than creating a user name and a password and possessing a valid bank account or credit card. The rest, as they say, is a piece of cake. To learn to trade does not necessarily require anything more than being able to interpret the market trends and making the right trade at the right time, with the right stock, of course.
My facetiousness aside, it is crucial to have some sense of financial scope. The “get rich quick” mentality succeeds at doing little more than frittering away a lifetime of hard-earned work and savings. For the unskilled day trader, this is tantamount to a half-drunken night in Las Vegas. Effectively growing your financial nest egg will entail much more than an E-Trade account, though, like a hand of blackjack, there is always an element of timing and luck involved.
The optimal day trader will have learned a great deal from a qualified financial training course — or at the very least, an online course or two. Jumping, cold turkey, into day trading would be no different than waking up, showering, slipping on a pair of trainers, and running the New York Marathon. Best of luck, see you in the infirmary.
A viable financial future requires a methodical plan of attack and tremendous amount of patience — to say nothing of common sense. Do not begin this foray lightly. Moreover, do not begin by reallocating your grandfather’s $100,000 IRA into Google stocks — no matter how well Larry and Sergey are doing. Begin with a modest amount, perhaps a fourth or less of your total portfolio.
The downfall of most unskilled (and indeed some highly skilled) traders is a complete lack of discipline. Of course, this entails a healthy dose of forethought. Wait before you trade. Weigh as many factors as possible. Trading too soon or too late will never amount substantial gains. You need stay the course and ride out fluctuations in the market that could well prove to be temporary.
For joy — now you too can learn to trade online like a skilled trader. To be sure, with the proper amount of training and insight, you could well grow your nest egg. But beware the downfall of most traders — be patient and keep your composure.