The Truth About Day Trading Stocks – A Cautionary Tale About Hard Challenges and What It Takes To Succeed : [PDF Download]

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“That sort of day trader is not an independent. Like the broker, he has to be licensed. His job is to fill all the execution orders he receives throughout the day. Most likely he’s paid a base salary and some sort of a commission.

The independent day trader (or independent equity trader) goes by the same name, but his job is decidedly different. He uses only his own funds. He doesn’t have to get himself licensed. He either works alone from home or at a private-equity trading desk, usually at a pay-per-share firm.

The role that all types of day traders share is that they spend their time immersed in the business of placing intraday trades. Their attention is riveted to the volatile price swings that are so characteristic of stocks. Day traders care mostly about how volume and price movement are being affected by those swings.

They don’t get caught up in the huge panorama of forecasts and company analysis. That would be like viewing the forest, not the trees. Day traders squint, up close, all day long, at the endless flitting motion in the trees.

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