A list for would-be traders

Paul Farrell at Marketwatch put together this list for would be daytraders (article):

1. I have lots of time to track the market and trade
2. I am very disciplined under pressure
3. Markets are volatile, but I can handle uncertainty
4. Breaking news doesn't distract me
5. Yes, it's OK if I lose money
6. I can even handle losing streaks
7. I never buy high nor sell low
8. I can make quick decisions, with no regrets
9. No, I'm not overly optimistic nor in denial
10. I can live comfortably on $50,000 a year

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For the most part there is a good deal of wisdom in this list. Depending on a person's chosen trading style I might disagree with some, however, most of it would be a good starting point. I tell folks that the emotional aspects are the most difficult. The analysis can be extremely complex, or fifth-grader simple. I favor simple analysis that looks at fundamentals, technicals, sentiment and the news background, rather than complex analysis that has a narrow focus.

Number eight, regrets, is on my mind at the moment. When the market makes a sharp move, such as the recent dip, there are always a lot of shoulda, coulda, woulda situations. I would like to think that I am immune from that. For the most part, I can put the past behind me, rating myself as high average or above average in that department, there times when regret does come around for a visit.