Become a Day Trader Today
Anyone can trade online and earn a legitimate salary as a day trader. By buying and selling a stock within the same day, day traders earn profits by leveraging large amounts of capital to take advantage of small price movements in highly liquid stocks or indexes.
Use this list to become a day trader:
Open a Trading Account
Fully Licensed and Regulated Broker
Some brokers use a Dealing Desk, which creates the pricing and executes your orders. The spread is usually fixed. Others use a No Dealing Desk which means that multiple banks stream competing prices through your Forex Broker.
Practice before making real trades. The demo account is vital to the trader’s success. It gives clients a chance to practice, to understand the platform, view graphics and test strategies safely.
Develop a Strategy
Successful traders create a strategy that they follow at all times. Before you take a position you should prepare your exit plan. If the position is a winner, at what rate will you close out? If the position is a loser, at what rate will you cut your losses?
Follow Forex News
Current events determine the value of the markets. Keep an eye on economic reports and political events. You can access detailed market commentary and trading strategies from experienced traders.
Learn to Manage Your Risk
Professional traders use Limit Orders and Stop/Loss Orders to develop a disciplined trading strategy. By setting both on all their positions, they have removed emotion from the equation and are letting the market work for them.