India is a land of extreme contradictions indeed. On one hand, the Indian nation celebrates its spiritualism, culture of abstinence, of moralistic social ethos and other worldly preferences. On the other hand, millions and millions of Indians strive day in and day out to achieve a certain level of economic providence and the accompanying social prestige. The surprising thing is, both the tendencies and worldviews exist in complete harmony with each other. In fact, the latter even seeks sustenance and moral fibre from the former. The trend to eulogise a ‘go-getter’ attitude, the desire for wealth and extremist professionalism has proliferated to every nook and corner of our social life and mandates serious consideration from all those citizens who intend to take part into the process of empowerment, prosperity and consumerism.
Context Of The Day Trading Profession
A major and the most obvious channel of participating in the money making frenzy is stock market. The Bombay Stock Exchange is considered to be the oldest share market in the whole of Asia and India has a rich long history of share market activity. Ever since its inception in the 1860s, the share market has generated a lot of wealth for the common man, expanded the financial potential of the Indian industrial and service sector and helped forge a culture of business. It is no wonder then that a vast number of Indians look upon share market trading as a major source of creating wealth and aspire to become a part of that institution. One such group is the tribe of day traders. There are men aplenty who want to know how to become a successful day trader. However, in order to do that, one needs to know the exact definition and implications of being a day trader.
Definition Of A Day Trader: Meaning And Scope
A day trader in the market makes his business transaction in currencies, stocks and certain commodities. However, he or she closes his position on the same trading day or within a couple of days after the transaction, making the investment a short term one. In effect, a day trader makes a bet on the market tendency on any given trading day and hence, in actuality, risks his money against the inane instability involved in speculation.
How To Become A Successful Day Trader?
As is obvious from the above mentioned definition of the term, day trading is no child’s play and requires infinite amount of understanding, patience, knowledge and confidence. Only if the investor (whether private or collective) possesses these qualities and knows to utilise which at what time, can he or she can hope to achieve a breakthrough and make major profits in the stock market.
Also, a novice in day trading needs to understand his or her own professional, intellectual and practical limitations. Day trading is a high risk component of stock market trading and requires an exceptional amount of market sense and experience of trading in several other spheres. Hence in order to become a successful day trader, an individual needs to seek assistance of his or her seniors in the field, who can provide with guidance and informed advice on every issue related to day trading in stocks.
There are several online education and training programmes for those individuals who aspire to become successful day traders. Unlike the popular perception, some of these programmes are actually very useful and help investors in making short as well as long term profits. The single most positive factor of acquiring institutionalised instruction on the topic of day trading is that it allows learners to commit a few mistakes in the beginning. Such educational programmes often have online demo facilities for mock day trading which allow investors to work on their strategy and spontaneous tactics.
If the afore mentioned three factors are taken proper care of then there is nothing can stop laymen from becoming successful day traders. However, investors who intend to venture into day trading should always remember that it involves a certain high level of risk and should be delved into only if one has the financial sturdiness to suffer occasional losses.