Tips and Steps for Entry for Day Trading
Day trading is a step to buy and sell forex on the same day. This means that positions opened on that day are not transferred to the next trading session or the next day. By making this short transaction, traders will get a profit, although it is small but if done regularly it will be quite tempting.
Being a day trader, a trader's time frame trading is always in a short period of time. Traders don't need to be too ambitious to chase high profits, because the principle of day trading is to get a small amount of profit consistently. This profit opportunity can be obtained by traders from trading major currencies or stock indices and commodities such as gold, silver, and crude oil which are quite volatile.
On the other hand, day traders will have difficulty if they do not have enough time to observe price movements. In a day, day traders have to check price movements and fundamental news several times. Otherwise, the moment to open and close positions will be missed. So, make sure the trader has enough time to execute the day trading strategy. Here are tips and steps for entry for day trading:
News Schedule
News and data can fundamentally affect the movement of exchange rates in the currency market. Traders may have heard of some popular fundamental news such as the announcement of the US central bank interest rate (federal reserve) and Non-Farm Payroll (NFP). But the most influential variety of fundamental news is not only those two data. Fundamental news that affects each currency pair also varies depending on the country of origin of the currency
Trends
In the world of trading, trends are a representation of market forces. Traders are unlikely to be able to fight the market. If it is not friendly to the trend, it means that the trader is expressing hostility to the market. Since it is impossible to go against the market, the only way is for the trader to follow where the market is moving.
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