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How to Become a Day Trader

by Suzann Kale

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After a few months of live trading, I became a complete nervous wreck. The more nervous I got, the more mistakes I made and the more money I lost. My instructor recommended EFT as a stress reducer, and it worked well. He also said when you get overwhelmed, just turn off your computer and take a few days off to pull yourself together. And although I did all that, I do not have the calm and unflappable personality it takes to do consistently well in a high pressure situation.

When I called my broker to close my account, he was as sweet as can be. I suspect he was waiting for my call, because he wasn't surprised; he had seen my account bleeding heavily. "Some people are just not cut out for this," he said. "But it was so much fun," I responded with a sigh.

Many of my classmates are still trading, and doing well. My instructor is a young man, and he's been trading for years. Needless to say, he's good at it, and I do believe, although I don't know for sure, that he's set for life.

So take stock (no pun intended) of yourself. Write down your personality traits. If you can handle it, day trading can be a richly rewarding and exhilarating career.

continued below

What to Look for in a Day Trading Instructor

Make sure he or she is accessible if you have extra questions or need more explanations.

Find an instructor who, if he or she is local, will meet with you in person (for a fee) if you need one-on-one help.

Choose an instructor who is connected - meaning he or she has been in the business for awhile, knows some good brokers, knows who to avoid, and knows the inside ropes of the business.

If your classes are held over the web, make sure the classes are not too big. You still want to be able to ask questions and get clarifications of things you don't understand.

Get references from his or her past students who are currently day trading.

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