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18 Questions To Help You Define Your Day Trading Edge
Autor: Guest :: Views: 144 ::
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Many people in corporations have spent countless days and countless dollars working to define their Unique Selling Propositions (USP's) so that the public gets a clear, concise, benefit-driven message. The USP is also the "edge" which make these businesses stand out among their peers.
In day trading, you need to define YOUR edge to help you become clear on what it is that makes you money on a CONSISTENT basis, both now and well into the future. If you think about it long enough, chances are that you will have at least one good edge which you can use to define your trading edge; and most likely it will be a personality trait that separates you from the rest.
You may not know your edge at this time, however, so spend a few hours with and ponder these areas when determining what sets you apart from all of the other traders in the marketplace:
Start with your personality traits and what makes you a better trader than someone else:
- Are you faster on the keyboard than most other people?
- Do you have a background in one of the riskier professions (pilot, firefighter, etc.) so that you are comfortable with risk?
- Do you have more tenacity than other people you know?
- Are you able to blend humility along with decisiveness better than most people you know?
- Can you accept losses emotionally and still perform with precision?
- Are you extremely analytical?
- Are you faster at mathematical calculations?
- Do you think in probabilities?
- Are you more disciplined?
- Do you have a deep understanding of trading psychology?
For the more "functional" ways to determine your edge, ask yourself:
- Do you have new ways to use a specific technical indicator?
- Do you have better technology (faster, more robust, etc.)?
- Do you have specific trading education which most people do not have?
- Do you have any background with previous traders such as having been on the trading floor or trading pits?
- Do you have programming language experience to help you write programs to trade the markets?
- Do you trade around and/or associate with consistently profitable traders?
- Do you have better money management techniques?
- Do you have better risk management systems in place?
The are just some topics to get you started thinking about your edge. Once you have defined your it, develop day trading strategies around your edge(s) so that you play to your strengths. While the market offers no guarantees of success, a trading style based on your strengths will increase your confidence when trading in the markets.
If you ever decide to raise money in the form of an investment advisory firm or hedge fund, you will want to have your edge(s) well-defined. Doing so will help you with marketing efforts and attracting the necessary capital to conduct your business.
Source: Free Articles
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