Before we dive into our day trading guide you must first understand what day trading is. Day trading is when a trader buys and sells the same financial instrument on the same day in an attempt to capitalize on short term price fluctuations. This is often seen as being very risky, which it can be if not approached correctly.
As you can imagine, day trading requires extreme discipline. You have to be able to make decisions on a moments notice and be able to handle the reality of losing money. All traders have down days but what separates successful day traders from beginners is the ability to limit losses and know when to call it quits for the day.
Below we will cover the basics of day trading along with some simple strategies that we use everyday to make money in the markets.
A Beginners Day Trading Guide
1. Get Educated! Learn Day Trading Terminology & Day Trading Concepts
2. Learn the Top 2 Day Trading Strategies
3. Adopt a Trading Strategy and Write your Trading Plan and PRACTICE
4. Scaling Out of Winners
5. Hitting the Daily Goal & Profit Loss Ratios
6. Maintain Your Accuracy By Being Disciplined
7. Increasing position sizes
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