Despite SEC warnings that day trading is extremely risky and that many people lose their money by day trading, online trading platforms, such as Robinhood, are reporting an ever-increasing number of new active users. A report on Statista shows that the number of Robinhood’s total users grew from half a million in 2014 up to 22.5 million in 2021, with the largest spike of active users happening in early 2021, reaching a peak of over nine million in May 2021.
Zack Morris, Co-Founder of Atlas Trading, believes that the reason a high number of individual traders are deciding to try their “luck” is the same reason he got into day trading: trying to find a way to make money and gain financial independence.
Each day an increasing number of people are drawn to the idea of earning quick cash through day trading, despite SEC warnings that day trading is extremely risky and that many people lose their money. Zack Morris, Co-Founder of Atlas Trading, believes that the reason a high number of individual traders are deciding to try their “luck” is the same reason he got into day trading: trying to find a way to make money.
Today, Morris may be a successful trader and self-made millionaire, but as he says, trading isn’t as easy as it seems. He explains that it requires a lot of knowledge to navigate through all complexities and that it’s much more than “finding a strategy, practicing it, and making heaps of cash. Successful traders need to possess certain traits that will allow them to implement any strategy in any market condition.”
He continues and explains that most of these traits can be learned and developed over time, which is great news for rookie day traders. Successful traders aren’t born but they’re molded through hard work. Without further ado, here are the traits that Zack Morris believes every trader must possess.
Day traders must adhere to strict discipline in their trading day and activities during market hours. As Zack Morris points out, “the majority of the time, you are sitting there waiting for the right trading signal, which requires a great deal of discipline.”
“The market offers an infinite number of opportunities, but only a select few are truly exceptional trading opportunities,” he continues. “That is why traders must have the discipline to do nothing when no opportunities exist while remaining vigilant for potential opportunities.”
As Zack Morris explains, mental toughness is necessary because losing trades are an unavoidable constant in trading. “The majority of successful day traders will experience losing trades on a daily basis,” he says. “If you’re constantly discouraged after losing a trade, your life will be miserable.”
“That is why mental toughness and a positive mindset are critical for any successful day trader, including me,” Morris continues. “You must remember that everything else is noise and that you must concentrate on the big picture.”
As Zack Morris explains, persistence might be one of the most important traits to have, as persistence is what set him up on the road he is today — the road to success. Morris adds that his journey into the trading world began uneventfully, as he lost almost all of his money trading oil stocks.
“Even though I lost a lot of money trading oil, I didn’t want to give up,” he says. “I would spend nights doing extensive research and mornings discussing the possible strategies in online chatrooms with fellow traders. That was the key moment for me and my success.”
The creation of these chatrooms also paved the way for Atlas Trading, one of the world’s largest stock trading chatrooms, where traders from all around the world share their experiences and expertise. Morris and his Atlas Trading community have aided thousands of experienced and novice traders in navigating the ruthless world of trading for over four years.
“Successful traders do have strategies that they developed over the years,” says Morris. “But these traits are what enable them to execute them with high efficiency in any market condition. With these three traits at their core, any trader will become successful in no time.”