Same day trading rules
how to read candlestick chart for day trading?
Day trading – reacts most sensitively to all market changes. The appearance of any significant news, statistics or other information of any kind can be used immediately. This strategy allows you to save time and profit as soon as possible.
The term low cost day trading or day in trading at Forex defines trading in any market (but most often in the currency or stock market) that occurs within one day. In order to achieve success using an intraday strategy, you need to have impressive capital and in-depth knowledge of the market.
Day trader has the opportunity to participate in foreign exchange trading through an online trading platform. Without it, you can not do Forex trading in any way. After the beginner has made a firm decision to engage in currency trading, he must find for himself a suitable platform for trading. Therefore, the question “which Forex trading platform is the best?” stands in front of every novice trader. We will help you figure this out, since it will not be easy for one to do this. There are many competing platforms on the market right now.
best trading platform:
- IQ Option – The best trading and investment platform. 300+ Assets to trade. 39+ million customers. Reliable platform. The minimum deposit is 10 $.
- FxPro – offers MetaTrader 4 and cTrade trading platforms. Customers are available 70 currency pairs. No interest rate on margin trading.
- Forex Time – the company offers a wide selection of trading instruments and trading platforms, among which the main and exotic currency pairs.
- Trader station – is the parent company of online brokerage companies for securities and futures, as well as companies engaged in trading technologies.
How to become a professional day trader?
To become a professional trader, you need to think and act as such traders, and they are helped by a number of certain qualities, for example, good psychological stability, analytical mind, etc. An amateur can also earn money on the stock exchange, but this, most likely, will be just the result of luck, and not painstaking planned work, this is the main difference between a beginner and a pro.
There are many different strategies. Day trading business force the trader to monitor the markets every day, conducting hundreds of transactions every day. Such a stock trader is a natural object of working with forex markets.
All traders started somewhere, that is, they concluded their first deals, sold shares for the first time, and at first they trained hard and long on demo accounts. In general, the action plan of the novice trader is as follows:
- A trading platform is selected, the conditions of which satisfy the trader’s requests.
- The broker is selected according to the same principle.
- A trader goes through training (courses, articles, trainings, seminars), chooses strategies for work (same day trading rules), tools, and gets down to business.
From the beginning of the activity to the first earnings, a different amount of time can elapse – all individually. But years pass from the beginning of activity to the achievement of a high level of professionalism. The best day traders can help to figure this out faster.
How to read candlestick chart for day trading?
Today, candlesticks are the de facto standard for most trading platforms and monitoring systems. They deserve such popularity due to their informativeness and simplicity of presenting information on market trading. This is a truly advanced tool for forecasting market trends, all the advantages of which Western traders were able to appreciate only at the beginning of the last century. We are allowed to enjoy all the benefits of a wide Japanese heritage at no cost. Japanese candles are in today’s material.