Unfortunately for most people, they tend to be rather short-sighted with their day trading. That would not really be surprising. After all, all the most immediate indicators only predict the very newer future. In fact, many traders simply just go with their gut. This is especially true of beginners. Unsurprisingly, we do not recommend this kind of strategy. Real day traders need to think on their trades just a tad more. They need to figure out if their price will go down, up, or sideways. Being too confident in your moves may mean you ignore the possibilities going against your prediction. Here, we shall guide you through the fundamentals of day trading.
What to start with
For day trading, the absolute minimum necessary is getting a chart. This is because it is almost exclusively a technical analysis field. However, charts will not give you success. Once we get past this, we can move onto more important subjects.
Strategies are what will pull you through. You need a target, and usually a stop loss order in case things go wrong.
What Forex day trading is
Day trading means doing trades over very small amounts of time. Every trade is usually just minutes long. Usually, it means using place fluctuations to make profits. Each trade is small in profits, but there are a lot of them, so it adds up. The benefit of this is that you minimise risk. As long as one keeps their eyes on their charts, they should be good to go. People also use this type of trading to minimise the effects trading at night can have on their positions.
There is a lot of speculation, but day traders with experience know when to make the best moves.
They are also a large part of keeping the markets open. Since there are so many day traders, they put a lot of liquidity into the market.