There are certain characteristics in a person that separate the line between successful day traders and easy losers. Apart from having good emotional control, above average I.Q. and having a good reserve of risk capital successful traders also have other characteristics that are quite hard to develop for some but are readily available for others. Here are some of these characteristics:
They have a definite business plan
All business people, including day traders, should have a business plan. This helps define what decisions to take when faced with a certain condition. This plan helps them make the proper decisions that will lessen their chances of bankruptcy while increasing the probability of earning. A business plan is a guide, more like a personal manual, that allows a person to look at his business in its most important aspects. Day trading is a business and should be treated as such. As much as you won't open any other business without a comprehensive plan, you should not also enter into this kind of trade without a list of your objectives or realistic expectations backed by a business plan.
They are good mangers of their money.
This trade is all about the capacity to deal well with money, the risk management and tolerance level to risks that could threaten your shares. The main idea, of course, is to multiply the money at hand. Second is to keep your money in your pocket. Successful day traders should be able to protect their own money or accounts, treating them as if they are the single, most important thing in the trading world. Next, they have to increase the money they have by earning in the trade. They simply cannot trade tomorrow if they aren't able to protect their money today. Yes, they take risks but the risks should be small enough that they won't mess up their accounts.
They live through the day.
Many day traders enter the trade with all their money at hand and leave without a decent bill, sometimes even with a debt. This is a common scenario but this should not be the case. Successful people in this field choose their battles, they don't simply look at the charts, choose which they think is most lucrative and place all their money in one place. They are conscious of their actions and they think hard on them. They don't just make easy decisions, with fingers crossed hoping that the trend will go their way.
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