Posted on August 20, 2009 by Adam Pichette

Day trading is a very risky venture to make any kind of income. To risk your own capital in a volatile business, such as the stock market, in hopes to make money takes a lot of faith and an extreme amount of skill and patience. Also needed is a strong balanced set of rules that cannot be compromised. Rules that set exact entry points and exit points, always having a point in place where you sell out of a position before it loses you more money than you can afford to lose. There must be no emotional attachment to the equity or company you own a part of, after all, your outlook for owning that stock could be as long as a week, a day, or even an hour. Always be sure to lock in profits when you are up a good amount in any position. Stocks inevitably fall if even for a moment, and you never can be sure that they will bounce back, so always lock in profits.
Day trading is not for everyone, you have to be harsh on the stocks you buy and even more so on yourself so that you abide by the rules you set for yourself. This can be a very lucrative business, but you need to remove all emotion from the equation, not doing so can and will destroy your portfolio.