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7 Mistakes to be Avoided by Day Traders

Posted By On 4/03/2009 07:51:00 PM Under

Each one of us has a dream to become a multi millionaire cum billionaire by stock trading or to be precise by day trading and for that one has to ensure that one is not committing the below mentioned mistakes as a novice day trader.
1. Jump into the stock market and that too for day trading fully armed with information and must have an action plan ready for day trading.
2. As a day trader do not have unrealistic expectations.
3. Do not start listening to tips from every individual including the cab drivers.
4. Lack of discipline, lack of patience and over confidence are a few factors which needs to be kept under control. Keep your emotions under control.
5. Keep finances under control. A poor money management is only a recipe to disaster.
6. learn to rade in both directions i.e.bull as well as a bear market.
7. Avoid overtrading in exuberance.

If as a trader you can keep above factors in mind than none can stop you from becoming a Warren Buffet.

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