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Day trading involves making fast decisions, and executing a large number of trades for a relatively small profit each time. Day trading is often associated with markets that have fixed closes, although in reality you can be a day trader and still trade markets that are open for 24 hours or almost 24 hours. Ultimately choosing a market to day trade comes down to what you are interested in, what you can afford and how much time you want to spend trading.

Popular day trading markets include:. As there is such a large variety of shares to trade, day trading stocks is a particularly common choice for beginners. Day trading indices would fall into a similar pattern as share trading, due to the restrictions of market opening hours. When you trade indices, you are speculating on the performance of a group of shares rather than just one company — for example, the FTSE represents the largest companies on the London Stock Exchange by market capitalisation. Day trading indices would therefore give you exposure to a larger portion of the stock market.

Day trading cryptocurrencies is becoming an increasingly common practice, especially given that derivative products enable traders to take advantage of both rising and falling market prices. And as the crypto market is 24 hours, day trading enables individuals to avoid paying any costs associated with overnight funding — this gives traders the added benefit of not worrying about market movements while they sleep.

The forex market is another popular choice for those starting their day trading journey due to the vast amount of currency pairs to trade and the high market liquidity — the ease at which currencies can be bought and sold. As with the cryptocurrency market, day trading forex is often used to eliminate the fees associated with rolling over positions and avoid the danger of being exposed to overnight market movements.

There are a few key factors to consider before you start to day trade any market, as the practice can require a lot more time than the typical buy and hold strategy. With investing, the focus is on longer term market movements, so daily movements have little impact on the overall picture. However, when you day trade, the focus is on the factors that can affect intraday market behaviour. These include:. Five popular day trading strategies include:.

Trend traders attempt to make money by studying the direction of asset prices, and then buying or selling depending on which direction the trend is taking. If the trend is upwards, with prices making a succession of higher highs, then traders would take a long position and buy the asset. If the trend is downwards, with prices making a succession of lower lows, then traders would take a short position by selling. However, if you are sticking to intra-day dealing, you would close it before the day is over.

Swing trading is all about taking advantage of short-term price patterns, based on the assumption that prices never go in one direction in a trend. Instead, swing traders look to make money from both the up and down movements that occur in a shorter time frame.

They attempt to spot these reversals ahead of time, and trade to make profits from smaller market moves. Scalping is a short-term trading strategy that takes small but frequent profits, focusing on achieving a high win rate. The theory is that you can just as easily build a big trading account by taking smaller profits time and time again, as you can by placing fewer trades and letting profits run.

Scalping requires a very strict exit strategy as losses can very quickly counteract the profits. Most scalpers will close positions before the end of the day, because the smaller profit margins from each trade will quickly get eroded by overnight funding charges.

Day Trading Computer or Gaming Setup? LG Monitor GODMODE 49" X2 (2019)

The strategy uses technical analysis, such as moving averages, to catch assets whose recent performance has differed considerably from their historical average. Mean reversion traders will then take advantage of the return back to their normal trajectory.

KISS (Keep It Simple Stupid)

It works by comparing the number of trades from the previous day to the current day, to determine whether the money flow was positive or negative. A reading of 80 or higher indicates overbought conditions and is a signal for the trader to sell. Whereas a reading of 20 or below indicates oversold market conditions and is a signal to buy. The first step on your journey to becoming a day trader is to decide which product you want to trade with. Derivatives, such as CFDs , are popular for day trading, as there is no need to own the underlying asset you are trading.

This means that you can open and close positions much faster and speculate on the price of a market whether it is rising or falling in price. There is no set tax for day trading, so it will depend on which instrument you are using to trade the markets. Before you start to day trade, it is important to outline exactly what you are hoping to achieve and be realistic about the targets that you are setting yourself. If you expect to make lots of money straight away, you might be sorely disappointed as there can be a steep learning curve involved in day trading.

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Things You Learn After 1 Year of Day Trading for a Living

It is also important to consider exactly how you are going to create a methodology for entering and exiting the market, and whether this will be based on fundamental or technical analysis. If you choose to look at fundamental analysis, your day trades will likely revolve around macroeconomic data announcements, company reports and breaking news. Whereas if you decide to use technical analysis, you would likely focus on chart patterns, historical data and technical indicators.

Creating a risk management strategy is a crucial step in preparing to trade. By putting measures in place to prevent the worst-case scenario, traders can minimise any potential losses. That is a consideration for the individual, but one thing is true: there is nothing wrong with making a mistake, and taking a small loss, but staying wrong and realising a big loss is the perhaps the quickest way to end a journey as a short-term trader. Once you are confident with your trading plan, it is time to open your first position. You can do so by using our news and trade ideas.

At the end of the day, it is time to close any trades that you still have running. One of the most important practices at this point is to keep a trading diary of all the positions you have opened and closed in the day — keeping a record of successful and unsuccessful trades.

Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at for matters arising from, or in connection with the information distributed.

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It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument.

Any views and opinions expressed may be changed without an update. Please see important Research Disclaimer. Discover the range of markets you can trade on - and learn how they work - with IG Academy's online course.

Network with Day Traders, Swing Traders, and Long Term Investors

All forms of investments carry risks. I want you to develop good habits quickly so you can notice extreme results. The Watchlist is to get you prepared for the day — failing to plan is planning to fail. Next is the Live Chatroom Session where you can watch me trade in real-time from am — pm EST, tune in for a mini-lesson, and ask me any questions that may arise. You get to live this with me. I want to be as transparent as possible when teaching you how to be a master at trading.

Market analysis

This is why you get to watch me trade live. A lesson is one thing, but seeing the real deal in action is an experience like no other. When I make a trade, it counts. Performing under pressure, and sharing my trades have truly allowed me to trade without emotions.