Day trading stocks, commodities or forex market is very interesting because it offers a complicit lifestyle if you can master this, but this is a big if.
This allows you to enter and try their luck with very little money or tools, no other company offers this.
Perhaps we should have said to try their skills as well, very few have the skills to make negotiation because it requires some knowledge of how it works and Yes the game is a game and all games have rules.
Many come during the first trading day, and I think a lot of fun and physical challenges, they think that if I could master this fun how to live a right in front of your computer with no boss.
Oh how tried for awhile or watch just to leave after having lost their nest eggs and have to walk far defeated the tail between their legs and hating the stock market all together now.
Well for these types of articles that I write and say a thing or two about day trading.
# 1) long-term trading or swing trading the first thing we do is to look at a chart for real long-term trend direction then go to the shorter term charts for entry and exit points, keeping in mind the largest direction.
So the day transactions would not be the same thing said to do, but for a shorter time frame, a smaller time chart, lets say that we are on a 4-hour chart as our long term chart, and then funnel down a graph time and all the way down to one minute chart, keeping in mind all the time 4-hour chart direction because this is the largest trend and this is what we wish for a more profitable then just a few pennies.
There are those who for a few pennies scalp the market here and there but I am not a scalping here, that is a different approach and take different rules. I am talking about trading day properly with some rules to follow here.
So I said that we can use the 4 hour chart trend and use this as a long term chart swing trade except that this is only a trading day, then we funnel down and look at a graph of time when we might see a different trend, perhaps a rally where as the 4 hour chart shows a trend, but this is a good sign that we know, once this rally stays outside the largest trend will continue.
You could use a 4 hour chart, and then a chart last 1 hour and 30 minutes a chart for the entry and exit and this would be a style of trading day.
Another style starts with a 1 hour chart as a chart for the long term direction, then funneling down to 15-minute chart, then finally to 1 or 5 minute chart for the entry or exit, this style is for faster type of professions and your nerves, emotions and personality will depend on what style you feel comfortable with.
You need to know which style best fits you but remember to use a multiple charts to get your day trading style so you can remember the longer term chart direction for trading higher accuracy and not only to short sighted, but have a big picture in mind.
Have you ever seen multiple charts in action? This allows you to not go against the trend.
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