Where to start day trading

Where to start day trading

trading diagrams

No tips will work if the day trading broker used for trading does not have good conditions and cannot execute the trades quickly and cheaply.

Tips for beginners:

As an aspiring trader, you may know some of the basics and have a reasonable idea of what you want to trade. But when the trading world is so full of variables that can all hinder your potential gains, it's important to learn and learn fast. Fortunately, I've put together the most important tips for beginners.

Financial considerations

One of the first decisions you need to make is what to trade. Each market is different and comes with its own advantages and disadvantages. You need at least $25,000 to invest wisely in futures, for example, while the forex market requires the least capital. You could start day trading with as little as €500 in your account.

So one of the first questions to answer is: how much starting capital do you have? Every market offers the potential for big profits, so don't think you have to trade stocks if you want to make a profit. Also remember that you are likely to lose some money initially, so think about how much you are prepared to spend with Exness Singapore Asia.

Patience

One of the best day trading tips for beginners is to stick to one market at first. You don't have to invest in stocks, forex and cryptocurrency at the same time. Instead, learn a market thoroughly, practice, learn from your mistakes, get good and then consider adding another string to your trading bow.

There is no rush, markets are not going anywhere. By investing your time and energy in a market, you can maximise your profits and minimise your losses while you get the hang of it.

forex trading

Day trader basics:

Before you can start buying and selling Amazon, Google shares or any other market, you need to make sure you have the basics. These basics include:

  •     A reliable internet connection - Every second counts if you want to capitalise on a high volume of low value intraday trades. You don't need your trade executions to be hampered by an intermittent internet connection. So use a cable and opt for at least a mid-range internet package.
  •     One computer - One of the most important tips for beginners is to have access to two monitors. If your computer crashes at a crucial moment, you could lose all your hard-earned profit. So have at least one relatively fast and reliable computer, preferably two.
  •     A trading platform - you will spend most of your day here, so you need to make sure you choose a platform that suits your style and needs. Download and test a few different platforms before you decide. For more information on trading software, see our related page.
  •     A broker - Your broker will be your gatekeeper to the market. He will facilitate your trades in exchange for a commission on your trades. When you make so many trades every day, an expensive broker could seriously cut into your profits in the long run. Do your homework and find a broker that is reliable and offers a straightforward, competitive fee structure. To compare platforms, visit my broker page.

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