DAY TRADING STRATEGY
Day trading is a strategy of buying and selling assets inside a day.
Overview
Day trading is a strategy of buying and selling assets inside a day. As the day goes on, prices go up or down in their values, creating the opportunities to gain or lose. It can bring big money but not in a short time. Day trading is not a sure road to immeasurable wealth and success. It is as all the other business ventures: in order to be successful at it, you need to have a PLAN.
It wouldn’t be a good idea to jump blindly. Choose the right tools, get the right knowledge to use those tools and you will see that the risk will have a significant reduction. With perseverance and commitment, you CAN find trading success.
Day trading requires a high attention from the traders, and they need to be present at the trading terminal all day long. It is accepted that the shorter the time frame the trader chooses to trade, the higher is the risk they are exposing themselves to. That’s why day trading can be described as one of the riskiest approaches to the currency markets. Anyone, traders who have years in the market and have lots of experience and enjoy the adrenaline of fast trading, are choosing day trading strategies and hitting the market successfully.
If you want to be a successful day trader you should have the following qualities:
- Capital requirement
You should have a considerable amount of capital at disposal with a predefined risk/reward ratio. It is recommended to keep the trade size reasonably low.
- Market knowledge
A day trader should keep both eyes on fundamental analysis and technical stuff as well. Only the combination of both analyses would bring a good result. It is vital for a day trader to have as much knowledge as possible over the markets.
- Strategy
Even if you choose a day strategy, it is important to adopt your strategies with your current situation. A successful day trader must come up with a new strategy almost every other day, or at least adapt their current strategy to the new market conditions.
- Extraordinary discipline
Success without discipline cannot be achieved. It is very important for you to monitor prices for wide periods of time without making any decisions. It needs lots of discipline. Just think that, if you rush on your decisions and after you see the market moving in the opposite direction with your decision, it hurts! So, it is better to waste an opportunity, than to guarantee a loss.
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Credibit24 Webtrader
• Market sentiment & technical tools
• Instant trading via Buy and Sell buttons
• Stop loss and take profit functions
• Web-based and mobile compatible
Advanced features
• Advanced interactive charts
• Live data tables for any asset
• 9 charts timeframe (Seconds-Years)
• History data center up to 6 months
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• Different languages available
