Day trading ? its all about temperament.

Successful investors need more than brains. As Warren Buffett said, ?the most important quality in an investor is temperament, not intellect.? How do you decide if do-it-yourself investing is for you? When you?re buying stocks and bonds, you need an investor?s psychology to prosper. Here are the personality characteristics of the most successful investors.
1) A strong stomach and a tolerance for stock market risk.
Does the idea of losing 20-40% of your money, even temporarily, make you break out in hives? If so, you?d be better off leaving the investment decisions to the pros.
Remember that the bondmarket carries risk too? and-a false belief in its safety can be dangerous.
2) An intense interest in the markets.
Are you fascinated by the market?s up and downs and interested in learning more about how companies succeed and fail? If so, you?re likely to enjoy investing and be good at it. If not, don?t even think about it. While too much data can distract you from the big picture, you do need to watch your investments and check the stock market news on a regular basis.
3) Patience Even when you?re right, your idea may take months or even years to pay off. If you can?t wait out the temporary lulls and bumps in stock prices, you?re likely to sell at exactly the wrong time.
4) Humility Admitting it when you?re wrong and getting out of a bad trade, even Wien it means losing money is essential to good investing. Some studies show doctors are notoriously bad investors. The reason is simple: Overconfidence. So much of the market?s action is either random or due to totally unforeseeable events that there is no such thing as a sure winner. Sometimes the worst thing that can happen to an investor is a couple of lucky trades. If you?ve started to think you?re the next Peter Lynch, you may need a dose of reality.

5) Caution
When the markets are riding high and everyone is making money in XYZ Company, it?s easy to pile in without doing your homework. Unless you remember Buffett?s first rule of investing ?don?t lose money,? you?re likely to head for disaster.
6) Self discipline
If you can?t control your impulses, you may never have the funds to invest in the first place. But successful investing also requires stifling the urge to panic or to give way to euphoria.

7) Focus
It?s easy to be distracted by the daily gyrations of the market, but the best investors keep their radar firmly trained on the company?s prospects and not the temporary movements of the market. Keeping a cool head and assessing the value of your company?s future earnings will give you better returns than believing every pundit who says we?re due for a crash or headed for the stratosphere.
8) Independent thinking
This is one of the most important traits you can possess. Unless you can buy when everyone else is selling and vice versa, you?ll miss the biggest gains.

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Source: http://www.webcosmoforums.com/general-business/58861-day-trading-its-all-about-temperament.html

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