Simple day trading business plan

It is said that trading is a business and run it on business principles. Therefore, in this article, we're going to look at a simple day trading business plan for beginners.

First, why do you want to be a day trader? 

I love day trading. I'd like to challenge myself with the new trading strategies.

Second, what are you daily trading goals?

Many day trading beginners just want to make money in stock or forex markets. They always set their daily goals about 10%.

However, successful day traders will make 0.1% per day on the $10000 capital.

Second, which market to day trade? Stocks, Forex or Futures?

As a day trading beginner would pick forex markets and only focus on EURUSD or USDJPY.

Fourth, where is your day trading entry and exit point?

1. I think the grid trading strategy is easy and simple to use. Because I don't need to find the exact entry and exit points.
2. I will open a $10000 live trading account.
3. My grid level is 15 pips.
4. 1 mini-lot on every trade.
5. My take profit is 45 pips and stop loss is 25 pips.
6. I will use a trend line to identify the major trend on the daily chart.
7. If there is a downtrend, I will use the one direction grid trading and only sell near resistance.
8. Once I have identified a ranging market, I will use the bidirectional grid trading strategy.

sell near resistance

use the bidirectional grid trading strategy

Fifth, I will open a demo account, it is a simple way to test my grid trading strategy.

At last, there is no shortcut to success. So if you don't create a simple day trading plan, you will not make more money as a day trader. Now it's time to write your day trading business plans.

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