WHAT YOU NEED TO START DAY TRADING

We shall first go on to describe what “day trading” is. Day trading is the management of an individual traders’ portfolio/trading account on a daily bases, in order to maximise profit. As an investor, in the forex market, traders want to be associated with being able to make money on a day- to- day bases.

Here are a few steps to take: they include and are not limited to (a) having the knowledge required for trading the  forex market. This could be attained through a sound forex course available both online and in your area near you. Ensure to make proper enquiries so as to get quality information about where you could take a course. Good courses do not have to cost a fortune, you only need to search properly, so you could find honest and dedicated forex   instructors, who will put you through, without leaving any stone unturned. (b) You want to get a good broker to do business with. There are a great number of certified and well regulated brokers out there; just as there are rotten ones. So the remedy would be to, check review sites on the internet to ascertain good and trusted brokers. Most instructors usually recommend a broker for their students. Go with what they tell you, as they have experience  on their side. (c) Do you/do you not have a job? If your answer is “yes”, then you would need to consider trading in the early morning hours before leaving for work and during brake periods alone. If you close early from work, you could also consider placing a trade before night fall. The whole idea is to make sure that you at least enter one position during the day and exit it before the day runs out. Well placed trades, with your take profit and stop loss in sight, should give you peace of mind while you do your job. As soon as the day’s work is over, check your trading platform to see if you are running on a profit or have been stopped out. On the other hand if you do not work and simply intend to dedicate your time to “day trading”, you would also need a plan to trade during a certain time of the day and stay out at certain times. Experienced full time “day traders” prefer to trade in the mornings from 6am up until 10:30am (GMT). Then go out to concentrate on other aspects of their lives. The important thing is, to make use of your time wisely. Don not spend the whole day looking at your computer screen.

Have a great trading experience.

Visit: www.fxtrendman.blogspot.com  for more incisive experience with what you need to know.

Ephraim Archibong is a trader of over four years and counting. He is willing to share his knowledge and experience with anyone who is willing to learn.