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Chapter 11. A day trader's secrets

Chapter 11. A day trader's secrets

Why is day trading (defined as entering and exiting a position during the same trading day) so popular? In a word, it's seductive. Some people believe day trading is an easy way to make a killing, but these are the people who get killed! It appears to be liberating, but in reality day traders are slaves to their screens. The myth abounds that you can effectively day trade with a lot less money, because you need not worry about overnight margins. In reality, those who are inadequately capitalized ultimately drown in the financial sea. It might look exciting, but those who day trade primarily for excitement end up lost and dying of thirst in the financial desert.

After being involved in thousands of day trades, I can tell you this: Day trading is more demanding than position trading. It takes total focus and total concentration.


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