I don’t day trade.
I’m too busy working and I have a financial planner.
But it occurred to me today that if you’re thinking about day trading stocks or crypto, you might want to try this test first.
“The Pretend Trader” Test
1. Pick some trades for the day.
2. Write down / record the date and the price of your trades. You’re not going to buy or sell anything. You’re just recording your pretend trades.
3. Do this every day you plan on trading.
4. After a month or three review your data. Did you come out ahead? Are you good at it? Are you good at it just because it’s a bull market? How do your trades compare to an index fund or S&P 500?
That’s all. Test yourself first. See if you have a knack for it before losing any real money.
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