| In most businesses, many hours are spent defining | | | | with precision? |
| their Unique Selling Propositions. This is the "edge" | | | | - Are you extremely analytical? |
| which make these businesses unique. In day trading, | | | | For the more "functional" ways to determine your |
| you will need an "edge" to help you define what it is | | | | edge, ask yourself: |
| that makes you money on a CONSISTENT basis. If | | | | - Do you have new ways to use a specific technical |
| you think long enough, chances are that you will have | | | | indicator? |
| at least one good "differentiator" which you can use | | | | - Do you have better technology (faster, more |
| to define your trading edge! You may not know your | | | | robust, etc.)? |
| edge, however, so spend some time with this day | | | | - Do you have specific trading education which most |
| trading stock tip lesson and ponder these areas when | | | | people do not have? |
| determining what sets you apart from all of the | | | | - Do you have any background with previous traders |
| other traders in the marketplace: | | | | such as having been on the trading floor or trading |
| Start with your personality traits and what makes | | | | pits? |
| you better than someone else: | | | | - Do you have programming language experience to |
| - Are you faster on the keyboard than most other | | | | help you write programs to trade the markets? |
| people? | | | | - Do you trade around and/or associate with |
| - Do you have a background in one of the riskier | | | | consistently profitable traders? |
| professions (pilot, firefighter, etc.) so that you are | | | | Again, these are just some ideas to get you started. |
| comfortable with risk? | | | | Once you have defined your edge, develop day |
| - Do you have more tenacity than other people you | | | | trading strategies around those traits so that you |
| know? | | | | play to your strengths. While the market offers no |
| - Are you able to blend humility along with | | | | guarantees of success, a trading style based on your |
| decisiveness better than most people you know? | | | | strengths will increase your reassurance and |
| - Can you accept losses emotionally and still perform | | | | confidence when trading in the markets. |