I don’t like to talk about what type of trader I am. I was at a party the other night and someone asked one of the fellow guests where he worked. “I am a day trader. I work from home” was his reply.
It would seem however, that labelling oneself as a certain type of trader seldom proves useful, (other than deflecting intrusive questions at a party). What is useful, is to focus upon the nature of your trade prior to pulling the trigger on a buy order. Are you making a long term purchase? Are you buying a share because you have studied its fundamentals in detail and want to accumulate it? Or are you engaging in an intraday trade to take advantage of a perceived opportunity that has suddenly appeared in the market?
In a previous article I wrote that thinking about the nature of your trade will help you to determine when it is appropriate to sell. However, the additional point that I want to make here, is that thinking about the nature of your trade will also help you to determine where to look for information.
Day trading is not for everyone. It is a high risk strategy for beginners and it requires quick and decisive thinking, rigid discipline, and a high tolerance for stress. But with risk comes reward and the flip side is that successful day trading can earn you serious money. The Stock Exchange of Thailand provides frequent opportunities for those who want to engage in day trading and an added bonus for a foreigner buying and selling on the SET is that Thailand does not apply any capital gains tax to your profits.
If you want to trade Thai shares, our forums are a good place to do some homework. You can ask questions and participate in detailed discussions about technical analysis, intrinsic values and other important topics. However, if you have already labelled yourself as a day trader, or if you find yourself making short term trades, then you need more. You need a place to talk about immediate intraday trading opportunities, and more specifically, about what is affecting the price and volatility of a particular Thai share right now. And that is why day traders love our chat room. It is the place to be for those who want to discuss short term price movements in real time with other like minded investors trading on the SET.
You have to log in if you want to view and participate in the live chat on our website. If you are not already a member of the Thai Shares Community, please click on the link below to register and get instant access today.