Why you have to start day trading? Why are you trading?
I love day trading, want to learn day trading secrets and become a successful day trader. Most of all, I'd like to help more people start day trading business.
I want to set a yearly goal about 13%.
What are your business objectives?
- I am going to open a $3000 trading account and leverage at 50:1
- I want to set a monthly goal for me of about 1.5%, this means a 0.25% weekly return
- I make about 0.05% and risk about 2% every day.
- I will set a day trading checklist at 7:50.
- I will review the day trading diary at 8:15. It helps in reaching an optimal mental state.
- At last, I will clean the day trading room at 8:30. A clean and tidy room can aid me with the day trading business.
- There are many different markets to choose. For instance, stocks, bonds, commodities, currencies, exchange traded funds, futures, options and the e-minis (such as the e-mini S&P 500 futures contract).
- A lot of experienced traders will pick the currency pairs, Exchange Traded Fund or Futures
I think forex is the best market to day trade.
What is the best currency pair to trade?
I must find the right currency pair to match my trading system.
What is the best currency pair to trade?
I must find the right currency pair to match my trading system.
- If I choose the grid trading system, I will trade EURJPY
- If I select the moving average crossover system, I will trade GBPUSD
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What tips for position sizing strategy?
I will trade with the grid trading strategy. What time frames will you trade?
I will use the multiple time frame analysis to find the entry and exit points. For instance, Daily and 1 hourly chart.
What day trading indicators will be applied to the chart? |
- the Exponential Moving Averages
- Bollinger bands
- Relative Strength Index
- Average Direction Index
- Finding an entry and exit point starts with a day trading checklist
- Looking for day trading entry points using support and resistance levels
- Using grid trading strategies to find entry and exit points
- Trading using random entries
- Using forex indicators to find exits
- Buy the higher low and sell the lower high
- using grid trading strategy to identify the entries and exits
- Using 20 day moving average to determine entries and exits.
If the trades are losers, trading for that day will come to a halt.
How to keep a track record of Forex trading?
It is important to keep a record of all day trading business trades.
- I have to update my day trading diary every evening.
- Here is my forex trading journal excel template
It is important to make sure that you are prepared in the event of a disaster or emergency. You should have plans for making sure you are able to respond positively to the emergency.
Firstly you should consider having a 2nd computer, Internet provider and modem as a backup.
Secondly you should prepare enough capital. Then it's best to start very small position size.
Thirdly hedging is a successful day trader techniques. Don't use all amount of the funds.
Day trading business plan is prerequisite to every trader. You may very well benefit from design a day trading business plan before expanding trading activity.
More reading Best Practices in Trading: Organizing Your Trading Business
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| Day trading business plan for beginners |
Day trading business plan
It's important for day traders have a day trading business plan. Now I am demonstrating it.
- If a trend is not present on the daily chart, I will use buy low and sell high strategy.
- I must practice day trading online with a demo account before I become a professional trader
- I have to develop a trading plan, maintain day trading journals and keep day trading track records.
What markets are you going to trade?
I suggest you choose the high volatility of the stock or currency pairs. As a beginner only focuses on one stock or currency pair.
How much capital are you going to put into day trading accounts?
About $100000
How do you plan to enter, exit, and manage trades?
Many day traders are good at the time frames strategies. So I will show the day trading entry, exit techniques.
Some beginners believe they can make a lot of money. In fact, it's impossible! A Successful trader annual profit is 12%. And that means that I'd like to set a monthly goal about 1%.
Only persistent study yields steady progress.
I suggest you choose the high volatility of the stock or currency pairs. As a beginner only focuses on one stock or currency pair.
About $100000
How do you plan to enter, exit, and manage trades?
Many day traders are good at the time frames strategies. So I will show the day trading entry, exit techniques.
- Use the time frames analysis to find the entry and exit points.
- Decide the general trend on daily chart.
- Find the retracement on 1 hourly chart
- Place a buy limit order to buy a stock or currency.
- Use the grid trading strategies to change the size of the positions.
Some beginners believe they can make a lot of money. In fact, it's impossible! A Successful trader annual profit is 12%. And that means that I'd like to set a monthly goal about 1%.
Include a daily routine in your overall day trading business plan
- Keep day trading journals and day trading track records.
- Every day trader has to keep fit and healthy.
Only persistent study yields steady progress.
- Day trading diary can track, measure & improve my trading performance.
- As a day trader has to read best day trading books.
- I must watch awesome trading films, video & movies
- I will learn day trading with babypips, forex factory, Dailyfx & tradingview. I believe it's one of the best ways to learn.
