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    Day Trading Strategies: A Comprehensive Beginner's Guide for Basic and Advanced Traders for Achieving Excellent Results and Becoming Successful with a Positive Roi in Just 17 Days (2022)
    Day Trading Strategies: A Comprehensive Beginner's Guide for Basic and Advanced Traders for Achieving Excellent Results and Becoming Successful with a Positive Roi in Just 17 Days (2022)
    Day Trading Strategies: A Comprehensive Beginner's Guide for Basic and Advanced Traders for Achieving Excellent Results and Becoming Successful with a Positive Roi in Just 17 Days (2022)
    Ebook231 pages4 hours

    Day Trading Strategies: A Comprehensive Beginner's Guide for Basic and Advanced Traders for Achieving Excellent Results and Becoming Successful with a Positive Roi in Just 17 Days (2022)

    By Mick Brewer

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    About this ebook

    Are you interested in discovering profitable trading tactics to help you forget your money problems? 

    Do you want financial confidence so you can earn money whenever you choose? 

    LanguageEnglish
    PublisherMick Brewer
    Release dateJun 23, 2022
    ISBN9783986538194

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      Book preview

      Day Trading Strategies - Mick Brewer

      DAY TRADING STRATEGIES

      A Comprehensive Beginner's Guide for Basic and Advanced Traders

      for Achieving Excellent Results and Becoming Successful with a Positive

      Roi in Just 17 Days

      (2022)

      Mick Brewer

      TABLE OF CONTENTS

      Introduction

      CHAPTER 1

      How Day Trading Works

      CHAPTER 2

      Is Day Trading Right for You?

      CHAPTER 3

      Risk and Account Management

      CHAPTER 4

      Psychology Discipline

      CHAPTER 5

      Why Most Day Traders Lose

      CHAPTER 6

      Characteristics of Winning Traders

      CHAPTER 7

      Choosing What to Trade?

      CHAPTER 8

      Do-It-Yourself Risks

      CHAPTER 9

      Opening Range Breakout

      CHAPTER 10

      Tools and Platforms

      CHAPTER 11

      Charting

      CHAPTER 12

      Support and Resistance

      CHAPTER 13

      Classic Chart Patterns

      Chapter 14

      Technical Indicators

      CHAPTER 15

      Moving Averages

      CHAPTER 16

      Trading Order Types

      CHAPTER 17

      Trading Strategies

      CHAPTER 18

      Basic Strategies

      CHAPTER 19

      Effective Methods for Manage Your Money

      CHAPTER 20

      Advanced Strategies

      CHAPTER 21

      Rules of Day Trading

      CHAPTER 22

      Steps to Success on Trading

      CHAPTER 23

      Average Income of a Day Trader

      CHAPTER 24

      Common Pitfalls You Can Avoid When Day Trading

      CHAPTER 25

      Common Day Trading Mistakes to Avoid

      CHAPTER 26

      Do’s and Don’ts of Day Trading

      Glossary

      Conclusion

      Introduction

      Day trading gained popularity in the late 1990s, during the Dot-com bubble. During those days, it was simple for day traders to book profits; no skill was required. The stock market used to have such big moments that it became simple to buy and sell internet stocks and make huge profits daily. That was a brief but exciting and profitable period for day traders, who traded tech company stocks and made a lot of money. NASDAQ, the tech index, was skyrocketing at the time, rising by thousands of points in a matter of months. Day trading was a booming business because it was a massive wave in the tech ocean, and traders were riding it. Day trading became less profitable after the Dot-com bubble burst and markets returned to their normal trading pattern. However, for many people, it remained a lucrative career. Online trading expanded rapidly during the Dot-com era. This made day trading accessible to the general public. It made people realize that day trading, like other professions, can be successful by mastering the necessary knowledge and skill set. Stocks, or any other financial entity, are bought and sold throughout the day in day trading. To do so, they must be familiar with a variety of skills and tools, as well as understand when to buy and sell stocks. Large financial firms sprung up overnight and began day trading on behalf of their clients. Banking institutions began opening securities branches for the general public, where they trained their clients to become skilled traders. Since then, the popularity of day trading as an income-generating vocation has grown. Here are a few things you will need to learn if you want to be a successful day trader:

      Knowledge of the stock market: As a day trader, you should have a basic understanding of stock markets. You should be aware of which stocks or companies are popular on the stock exchange. They will trade with more volume, and volume is important in day trading.

      Technical analysis fundamentals: Unlike fundamental analysis, the technical analysis predicts how the price will move in a shorter timeframe, which is critical for day traders. So, if you want to make day trading your career, this is a skill set you must have. There are numerous online courses available for technical analysis and chart reading. Offline workshops are also held by various institutions to teach this. You can enroll in any of them to learn how to analyze charts and what tools to use for day trading. Money management abilities: Stock trading does not allow you to spend an unlimited amount of money. Before you begin, you must set aside a specific amount of money for your trading business and carefully manage that money. You should always be aware of your losses and profits so that you can determine whether your trading business is succeeding or failing miserably. There are numerous books available online about money management in day trading.

      Reading a few well-known ones will give you a good idea of how to manage your risk-reward ratio.

      Find out more about trading psychology: Emotions are detrimental to day trading, and you must be aware of how to manage your emotions while trading. Many successful day traders have written trading psychology books. It's a good idea to read a few of them before trading. Emotion cannot sustain a business, and before you enter the trading arena, you must be able to control your emotions, whether you make profits or losses.

      What Makes a Day Trader Unique?

      Technical traders are day traders. They execute trades based solely on chart readings, ignoring factors such as the company's profitability, P/E ratio, debt-to-equity ratio, and so on. Technical charts are the only tools a day trader has for making money. Day traders typically trade in a single session and close all open trades at the end of the day, leaving no position open for the next day. Swing traders are traders who hold their position open for the next session or overnight.

      A day trader can trade using a variety of time frames on technical charts. These time frames can range from one minute or less to five minutes; fifteen minutes; thirty minutes; forty-five minutes; one hour; four hours; and even weekly and monthly. If you're wondering how a day trader can use weekly or monthly charts, you should understand the difference between time frames. Day traders choose their trading style by examining the charts and determining which time frame is best for them.

      Every day, many day traders can spend hours in front of their computer screens. However, many day traders trade only part-time, are preoccupied with other jobs or work, and cannot devote much time to trading every day.

      In such cases, these traders can examine weekly or monthly charts to determine when to buy or sell a stock. They then patiently wait for that level to arrive and trade only at that level. There are numerous ways to set an alert to notify you when a price level has been reached. The brokerage platforms provide SMS alerts to their clients about stock prices. Most charting software includes the ability to send alerts when a stock price level is reached. They save valuable time and money by trading in this manner, which they can use to pursue other money-making activities such as a regular job or doing other work.

      There's one more. Scalping is a highly skilled type of day trading.

      Because the day trader focuses on a short timeframe (such as one minute or a few seconds) and trades for small profits, this is also known as micro-trading. They keep the lot sizes large so that small profits can compound into large sums of money. Because the timeframe is so short, scalpers can trade multiple times throughout the day, sometimes as many as 20 to 50 times. However, this is a risky type of trading that necessitates extremely fine trading skills. Otherwise, it is possible to lose all of one's trading money in a single session.

      Buying and selling on the same day is also referred to as day trading. Day traders, on the other hand, have a longer time frame for keeping their positions open than scalpers. This can take anywhere from a few minutes to several hours.

      The Internet is rife with articles that show glamorous images of day trading, leading you to believe that you can get rich quickly using this trading method. However, this trading method necessitates hard work, knowledge, razor-sharp focus, and extreme patience, not to mention a large sum of money to invest in the early stages. When day trading, you must be completely focused; you must not allow yourself to be distracted by other things. If you can afford to have this level of discipline and dedication, you will find that day trading is a good fit for you. Day trading is also known as intraday trading.

      This term provides a more precise definition of a day trader because it indicates that buying and selling occur within a single day. Day traders can branch out into other types of trading, such as momentum trading, positional trading, swing trading, and long-term trading. All of these trading styles are specializations, but they do not usually fall under the day trading category.

      CHAPTER 1

      How Day Trading Works

      There was a time when the only people who could trade in financial markets were those who worked for brokerage firms, trading houses, and financial institutions. However, the rise of the internet made it easier for individual traders to get in on the action. Day trading, in particular, can be a very profitable career path if approached correctly.

      However, it can be difficult for new traders, particularly those who lack a good strategy. Furthermore, even the most seasoned day traders experience adversity from time to time. Day trading, as previously stated, is the purchase and sale of an asset within a single trading day. It can happen in any market, but it happens more frequently in the stock and forex markets.

      To profit from small price movements in highly liquid currencies or stocks, day traders employ short-term trading strategies and a high level of leverage. Day traders with experience keep an eye on events that cause short-term price movements, such as news, corporate earnings, economic statistics, and interest rates, which are influenced by market psychology and market expectations.

      When the market outperforms or underperforms those expectations, it causes unexpected, significant moves that can benefit astute day traders. However, entering this line of business should not be taken lightly by a prospective day trader. Day traders can make a comfortable living by trading for a few hours each day.

      This type of success, however, takes time for new traders. Consider several months or more than a year. For most day traders, the first year is extremely difficult. It is full of numerous wins and losses that can test anyone's nerves to the breaking point. As a result, a day trader's first realistic goal should be to keep his or her trading capital.

      When it comes to Day Trading, volatility is the name of the game.

      To make money, traders rely on the fluctuations of a market or stock. They prefer stocks that fluctuate several times per day but are unconcerned about the reasons for those price fluctuations. Day traders will also seek out stocks with high liquidity, as this will allow them to enter and exit positions without affecting the stock's price.

      Day traders may short sell a stock if its price is falling or buy it if it is rising. Depending on market sentiment, they may trade it several times in a day, purchasing and short-selling it several times. Regardless of the trading strategy employed, their desire is for the stock price to move.

      Day trading, on the other hand, is difficult for two reasons. Day traders, for one thing, frequently compete with professionals, and for another, they have psychological biases that complicate the trading process.

      Professional day traders are familiar with the traps and tricks of this type of trading. Furthermore, they succeed by leveraging personal connections, trading data subscriptions, and cutting-edge technology.

      Nonetheless, they continue to make losing trades. Some of these professionals are high-frequency traders, whose goal is to profit from every trade. Because the Day Trading field is a crowded playground, professional day traders welcome the participation of inexperienced traders. Essentially, it allows them to earn more money. Furthermore, retail traders tend to hold on to losing trades for too long and sell winning trades too soon.

      Because of the desire to close a profitable trade to make money, retail investors tend to pick the flowers while watering the weeds. In other words, they have a strong aversion to even minor losses. When it comes to purchasing a declining asset, this tends to tie their hands behind their backs. This is due to the fear that it will continue to fall.

      HOW TO BEGIN

      People who want to get into Day Trading should do several things to get started. First, they must take a step back and consider whether this type of trading is truly for them. It is not for the faint of heart to engage in day trading. It necessitates a high level of concentration and should not be attempted at the expense of one's retirement savings.

      Actually, before committing their hard-earned money, beginners should consider opening a practice account. Aspiring traders can use such

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