DAY TRADING TIPS FOR MAKING MONEY IN FOREX

[Restitius]

Day Trading

Day traders earn their title by focusing solely on intraday price movements and capitalizing on the volatility that occurs therein. These small market fluctuations are related to current supply and demand levels rather than fundamental market conditions.
Tools Used
Day traders use a variety of short-term trading strategies. Some trade the news (using economic calendars and indexes) and change their focus based on global economic events. Others may be scalpers who trade the same asset day over day and analyze intraday price movements using technical analysis (such as fast and slow moving averages). If they understand the general direction in which the market is trending on a given day, they can follow the trend and exit all their positions before the market closes.
Pros and Cons
When you analyze price movements over such a short time frame, more false signals are bound to appear due to the small sample size and limited context. Spotting a false signal and confirming the validity of your analysis can be tricky—especially when time is of the essence. For these reasons, day trading typically requires more experience and familiarity with the market. To be successful, day traders must also practice effective money management and be ready to respond swiftly if price moves against them.

 

[whois]

Cool, thanks for sharing. I agree with some if not all of what you say.

 

[Lowkey]

Paying attention to daily pivot points is especially important if you’re a day trader, but it’s also important even if you’re more of a position trader, swing trader, or only trade long-term time frames. Why? Because of the simple fact that thousands of other traders watch pivot levels.

 

[coachdray]

Thank you for sharing. I definitely agree with this.

 

[O_O]

1. Develop a trading plan and strategy: It's important to have a clear plan and strategy to guide your trading decisions. This includes setting goals, identifying entry/exit points, determining risk management rules, and tracking performance.
2. Keep an eye on economic news and events: Keep yourself informed about global economic news and events that can impact currency prices and market volatility. Use online resources or news outlets to stay on top of the latest developments.
3. Use technical analysis: Study charts and use technical analysis tools, such as indicators, to identify trends and patterns that can help you make informed trading decisions.
4. Manage your risk: It's important to manage your risks by setting stop-loss levels, avoiding trades with high leverage, and not risking more than 1-2% of your account balance on any single trade.
5. Practice with a demo account: Before committing real funds to day trading, practice with a demo account to sharpen your skills and test your strategies.
6. Be disciplined: Stick to your plan, avoid emotional trading decisions, and stay disciplined with your strategy and risk management rules.

Remember that day trading in forex involves significant risks, and it's important to carefully consider your goals and risk tolerance before getting started.

 

[Fin_Trader]

The quality and profitability of day trading also depends on the broker you trade with. After all, to earn on very small price movements, you need a broker with minimal spreads and instant execution, and also for it to quickly withdraw your daily earned profit. My broker fully meets these criteria and for me as an intraday trader, trading is comfortable and profitable. Withdrawal is approximately within an hour or two.