The Basics of Day Trading

Day trading is defined as the purchase and sale of a security within a single trading day. It can occur in any marketplace but is most common in the foreign exchange (forex) and stock markets. Day traders are typically well-educated and well-funded. They use high amounts of leverage and short-term trading strategies to capitalize on small price movements in highly liquid stocks or currencies. (USUALLY ONE OR 5 MINUTE CHARTS)

EXAMPLE OF A TECHNICAL SET-UP.

CHART 1 – 5 MIN CHART

WHAT TO LOOK OUT FOR AND WHY?

  • Establish Risk and Reward
  • Strict Stop Losses
  • No Emotions
  • Focus on Exit and Entries with – Bollinger Band, Moving Averages, Grid, Support & Resistance with Fractals.
  • Plot your charts before you start trading – stop trading when you feel uncomfortable.

If you violate the Stop Losses then it will be the beginning of your trading disaster.

WHAT TO LOOK OUT FOR AND WHY?

  • Establish Risk and Reward
  • Strict Stop Losses
  • No Emotions
  • Focus on Exit and Entries with – Bollinger Band, Moving Averages, Grid, Support & Resistance with Fractals.
  • Timing of entries – usually before a major news.

If you violate the Stop Losses then it will be the beginning of your trading disaster.

The Controversy

The profit potential of day trading is perhaps one of the most debated and misunderstood topics on Wall Street. Internet day trading scams have lured amateurs by promising enormous returns in a short period. The idea that this kind of trading is a get-rich-quick scheme persists. Some people day trade without sufficient knowledge. But there are day traders who make a successful living despite—or perhaps because of—the risks.

Many professional money managers and financial advisors shy away from day trading arguing that, in most cases, the reward does not justify the risk. Conversely, those who do day trade insist there is profit to be made. Day trading profitably is possible, but the success rate is inherently lower because of the complexity and necessary risk of day trading in conjunction with the related scams.
Day trading is not for everyone and involves significant risks. Moreover, it requires an in-depth understanding of how the markets work and various strategies for profiting in the short term
If you are thinking of becoming a Day Trader – remember discipline is the number 1 and is extremely vital that you follow the rules.

High Risk Investment Warning:

Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.

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