With so many fascinating opportunities before you each day, how do you decide which are for you? Start by asking yourself these nine questions to help you judge whether a career in day trading is appropriate for you.
1. DOES THIS EARN A LIVING FOR ME? In a material world, we all have responsibilities that cannot be ignored.
2. CAN I LEARN FROM THIS? Can I grow as a human being by day trading? Will I acquire new skills or insights?
3. IS IT USEFUL? Who is depending on me to do this and why? Sooner or later any piece of useful work involves us interacting with other people. Will day trading bring me together with people in a profitable way?
4. WILL OTHERS BENEFIT? HOW? This answer can be an overriding consideration for many activities!
5. WILL I EVER HAVE A CHANCE TO DO THIS AGAIN? Some opportunities are a once-in-a-lifetime deal. Is this one of them? Or am I pretending it is because I want to do it so badly?
6. AM I DOING THIS BECAUSE I’M THE RIGHT PERSON? OR BECAUSE NO ONE ELSE WILL? What would happen if I didn’t do it?
7. WHAT WILL I HAVE TO PUT ON HOLD TO DO THIS? What is the trade off (no pun intended)? How will it affect my immediate and future life? What sacrifices will I and those around me have to make?
8. AM I BEING BLACKMAILED? Are any of my activities the result of “emotional blackmail”? Blackmail is a contract between two people or even two groups. It can be clearly stated or extremely subtle, but it only works when both agree to play. We should not accept emotional blackmail from others, just as we should not try to coerce them ourselves. Often society provides us with only a vague line between good manners and being taken advantage of, from being a fair and upright person and being a sucker. It’s up to us to clearly define the line, both for ourselves and for others.
9. CAN I HAVE FUN? Ultimately, if I don’t need to do it and don’t have to do it, and I can’t enjoy at least some aspect of it, then it’s probably not worth doing.
HIGH OR LOW?
Your time is just, if not more, valuable than your money. You want to invest it in high-return projects. The lists below provide a profile of the activities with the potential for the highest return.
CHARACTERISTICS OF HIGH-PAYOFF ACTIVITIES
CHARACTERISTICS OF LOW-PAYOFF ACTIVITIES
Investing your time and energy is like investing your money. You may risk it and lose it. But risk spells the difference between getting what you want and sitting on the sidelines, between your potential and your performance.
Whenever you make a pro-active decision about which activities deserve your energy, you take the sting out of the most arduous and burdensome ones.
If it’s what you want to be doing, and you’re clear about why then you can approach your day trading as worthy of your fullest attention and enthusiasm.
What are the chances that people who see day trading as stressful, tedious, or disreputable will be successful?
Now compare that to individuals with a passionate, positive vision of their day trading. That’s you!
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Commodity Futures Trading Commission Futures and Options trading has substantial potential rewards, but also significant potential risk. You must be aware of the risks and be willing to accept them to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
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