The sad truth is that some of these stocks will never rebound, at least during our lifetimes. I’ve been subject to the vagaries of the market and Lady Luck far too often to continue trading, so I gave it up a long time back in favor of long term investing, which has been much easier on my wallet and my nerves.
Probably the best approach to trading is an unemotional one, when you just think of it as a job. Here’s why and how trading stocks and market timing have cost many a poor soul their nest egg.
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Making the wrong decision about what stocks to buy and sell and at what time can result in bad outcomes. It’s all a big gamble really and the only half sure way of profiting from the stock markets is by investing long term. Day traders tend to have super high portfolio turnover rates, which leads to trading costs and short-term taxes cutting into your profits.
Trading is one of the only occupations in the world where there are literally no barriers to entry. Make no mistake about it trading is a business and if you’ve failed to plan, you’ve planned to fail!
In order to be a day trader, not only do you have to have a strong stomach, but you have to outperform the market by more than the extra costs required to be a day trader.
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