It takes patience, a good sense of timing, and financial resources to become a successful stock trader. If you have enough money to open a brokerage account, you can see what the market brings you. Trading is similar to gambling in that the action moves quickly and you can make or lose money fast. Trading discipline and prior experience can help prevent investing in the market from being too difficult or painful. In the current markets, longevity means success, so here are a few recommendations on how to keep trading for the long haul.

Investing in the market is easier than being a successful stock trader, since trading requires more time and dedication. Thousands of experts in the stock market devote their careers to trading, and the competition is tough. However, amateur traders do also succeed; when that happens, it's often due to their knack at setting and adhering to trading rules, as well as to their tolerance for occasional financial setbacks even when they have adhered to the rules.

Many traders lose their trading discipline when they suffer a loss instead of making a profit. They become anxious, unnerved and let emotions play a part; their decisions are no longer rational and their losses mount as the traders strive to recoup. As one of the notable traders of the last century said, traders, especially amateurs, should keep the emotions of fear, hope and greed at bay.

Basic timing plays an important role in the difference between profit and loss, especially in the myopic world of daytrading. Because most trades are for "fast money," it's when such a trade quickly turns into a loss that the need for patience is highest. A trader never wants a trade to become an investment, but it's also vital to avoid "overtrading" and hangin on one's own set of trading rules is the finest way to obviate that mistake.

The good news is that timing a stock, like timing the markets, is a skill that comes with experience. Paying attention to trading volume and price movements will, over time, teach one to read the signals, spot the trend, and time the trade. With patience and timing, the cost of tuition for a new trader can grow to a substantial sum.

Finally, enough capital to be independent is an essential requirement for the successful day trader. Compared to all logistical concerns, the access to funding tends to have the most significant impact as it sets the tone for the trading activity and may have bearing on the final result. At a bare minimum, funding must be sufficient to absorb expected trading losses; however, it is crucial that everyday living expenses do not ever get compromised or dependent on the outcome of a trade. Trading should only use funds that can afford to be lost. As such, an individual that plans to daytrade for a living can plan on tens of thousands to hundreds of thousands of dollars of start up costs.