Day trading may provide you with an adrenaline kick and potentially even decent returns, but statistically it creates far more losers than winners.
Cory Michael from Vantage Point Trading told Forbes: "The success rate for day traders is estimated to be around only 10%, so …90% are losing money."
But those in the 10% aren't necessarily winning. Mr Michael added: "Only 1% of [day] traders really make money."
In light of this, I think investors interested in building their wealth should consider a more prudent investment strategy that involves buying and holding shares over the long term.
With that in mind, here are three ASX shares that I believe investors should consider:
Afterpay Ltd (ASX: APT)
The first share to consider buying is Afterpay. I think this payments company would be a great option for long term focused investors. This is due to the continued success of its international expansion which I expect to drive further strong underlying sales and customer growth for a long time to come. Especially if it decides to expand into mainland Europe and Asia.
Cochlear Limited (ASX: COH)
Another option to consider is Cochlear. It is a hearing solutions company which I feel could be a long term market beater. I believe its outlook is very positive due to the ageing populations tailwind. This is because as people age their hearing will tend to fade and require some form of assistance. I expect this to lead to increasing demand for hearing solutions products over the next couple of decades.
Pushpay Holdings Group Ltd (ASX: PPH)
Pushpay is another payments company to consider. It provides a donor management platform to the faith, not-for-profit, and education sectors. The company has carved out a leadership position in the sector and has been experiencing very strong demand for its offering. The good news is that it is still only scratching at the surface of its sizeable market opportunity. This could mean there is still plenty more growth to come from this rapidly growing tech company.
