Make a day trading strategy/plan, try it out in a demo account and once you are confident in your day trading strategy follow it with conviction and stick to it. But remember there is a big difference in demo trading and real money trading, don't let the false confidence take over your trading strategy.
Always remember, you are a day trader and by its very definition you should carry over no overnight positions. Experienced day traders will often try and make money little and often, some of which you might see in my trades.
Keep it simple. Over complicating your charts with too many technical indicators has more disadvantages than advantages. De-clutter and only apply technical indicators that you are confident in and discard the useless one.
Make up your mind, your goals before any trade should be very clear and you should cut your losses or take your profits as soon as your goals have been realized.
Only trade the position size that you are comfortable with in accordance with your total capital. Placing huge bet sizes will ultimately lose you you're account. Be extra careful with this one.
Always remember, on most days the best result you will achieve is preservation of your opening capital. This is something I tell myself on quite a few trading days, "Money saved is money earned"
Day traders by their very nature love volatility, but sometimes the extent of the volatility could be completely unjustified. Ask yourself do you want to trade in such high volatility environment and then place your trades accordingly.
Have you heard the saying, Jack of all trades master of none? I would recommend you to master one index, currency pair, commodity or whatever you like to trade in first rather than applying your trading energy in to loads of different things. As for myself I mastered S&P first before going into USD/JPY.
Sometimes too much information can diverge you from your trading strategy, only follow news or people who you believe will give you the correct information or knowledge. So re-think your trading contacts, twitter followings or any other source from where you get information and only keep the one's you truly believe in.
All of us make mistakes at some point, rather than carry on making losses and get into that losing momentum just take a break and analyse your mistakes and learn from them.
I have personally made all these mistakes and learnt from them and thus giving you these tips, so that you could avoid some of the loss making traps and succeed as a day trader. Don't be afraid of making some mistakes, just do yourself a favour and learn from them rather than making them again.
Article Source: EzineArticles
Always remember, you are a day trader and by its very definition you should carry over no overnight positions. Experienced day traders will often try and make money little and often, some of which you might see in my trades.
Keep it simple. Over complicating your charts with too many technical indicators has more disadvantages than advantages. De-clutter and only apply technical indicators that you are confident in and discard the useless one.
Make up your mind, your goals before any trade should be very clear and you should cut your losses or take your profits as soon as your goals have been realized.
Only trade the position size that you are comfortable with in accordance with your total capital. Placing huge bet sizes will ultimately lose you you're account. Be extra careful with this one.
Always remember, on most days the best result you will achieve is preservation of your opening capital. This is something I tell myself on quite a few trading days, "Money saved is money earned"
Day traders by their very nature love volatility, but sometimes the extent of the volatility could be completely unjustified. Ask yourself do you want to trade in such high volatility environment and then place your trades accordingly.
Have you heard the saying, Jack of all trades master of none? I would recommend you to master one index, currency pair, commodity or whatever you like to trade in first rather than applying your trading energy in to loads of different things. As for myself I mastered S&P first before going into USD/JPY.
Sometimes too much information can diverge you from your trading strategy, only follow news or people who you believe will give you the correct information or knowledge. So re-think your trading contacts, twitter followings or any other source from where you get information and only keep the one's you truly believe in.
All of us make mistakes at some point, rather than carry on making losses and get into that losing momentum just take a break and analyse your mistakes and learn from them.
I have personally made all these mistakes and learnt from them and thus giving you these tips, so that you could avoid some of the loss making traps and succeed as a day trader. Don't be afraid of making some mistakes, just do yourself a favour and learn from them rather than making them again.
Article Source: EzineArticles
