IMPORTANT TIPS FOR DAY TRADERS

As a beginner there is a lot to learn when it comes to day trading. You need to decide on the amount of capital you will require, what you would like to trade and you need to ensure you have the proper software to assist you in determining when to trade and how to manage your risk.

There is potential profit in all markets, therefore it comes down to the capital you are using to get started. Ensure that you take this step by step and divide your attention, no need to master all the markets at once. Try selecting one market that you can focus on and learn the ins and outs.

In order to set up the software and equipment, you will require a computer, reliable internet connection and a trading platform. Once you have selected a Broker, they will facilitate trades and in exchange charge you commission or a fee for the Trades. You need to ensure you have a broker that will provide you with the support you need, opposed to choosing a low profile, low fee broker.

As a day trader you should control your risks by understanding trade and daily risks.

Trade risks is the amount you are willing to risk on a trade. Daily risk ensures you do not ruin your budget all in one day, so its ideal to only make use of 3% of your capital that you are prepared to risk.