There are a lot of online resources that discuss and offers trading computers and strategies like to buy trading computers you can go to tradingcomputers.com, and for the community you can visit different websites including Reddit.
Reddit: A Basic Commentary
Reddit is an American social news site that discusses various content, including Reddit day trading. You can log in and become a member if you like. The great part about Reddit is that you can offer commentary on various subjects to help people get a better understanding.
Say, for instance, you would like to know more about trading. Well, all you need to do is search for “Reddit day trading”. The site will direct you where you need to go under the
“Reddit day trading” heading.
It is great for those who want to get a better understanding as to why some people argue for and against day trading. You can find out more about the arguments against it at this link https://www.reddit.com/r/personalfinance/comments/aat8ec/is_day_trading_a_lucrative_investment/.
Please keep in mind that the link above only offers one perspective. There are a lot of other perspectives on the subject. I encourage you to read more about it so you can get a broader opinion before you decide whether or not to day trade.
The Beginner’s Guide To A Whole New World
Some people assume that you need a complex strategy to become successful. That is not the case, at all. Sometimes a simpler and more straightforward approach works better. There are several factors you need to keep in mind if you want your strategies to work.
1) You have to decide, before you do anything else, how much you are willing to risk with this activity. Most traders are not going to bet more than 2% of their income on each trade. You also need to accept some losses if you want to be around in the long run.
Those who are unwilling or too afraid to take the risk should put their money back and walk away now. Trading involves a lot of risks. You cannot become distracted by a few losses over a small period.
2) Do you have more than a few hours to spare every week? You cannot expect to become a millionaire overnight because it does not work that way. You need to keep a balance between monitoring the situation, and not becoming so involved that you become obsessed.
There is a point where you should walk away and try something else for a while.
3) You should try to stick to a small trade amount each day, somewhere between 2-3 should do it. You will find that it is better to make money on a few trades rather than making no money on a lot of trades that get you nothing.
4) You need to stay informed of everything in the trading world. That is why I suggested you try the link above with Reddit. You might not agree with some of the people or have the same experiences, but their information is valuable too.
You might want to invest in day trading books. Day trading books will help you, especially if you want this to be something more long-term.
A great resource you can use is “day trading for dummies”. Ignore the title(day trading for dummies), and just focus on the content inside. It is, more or less, a book for beginners. It will tell you everything you need to know and get you started.
5) Let the logistics guide you. You will have more losses if you allow your nerves, fear, and greed to get the better of you. You might have been staring at the screen for six hours. You might be on your 6th cup of coffee and are a bit jittery. However, you need to keep your emotions at bay.
A strong emotional and mental institution will serve you well. What will also serve you well is finding “the best trading platform for day traders”. You will need both to have success.
6) Let the first 15 minutes pass before you make a move. You have the rest of the day to do something.
“Girl you need to chill”!
7) Consistency is the key.
The Components of Your Strategy Should Be the Following
1) Liquidity is very important, especially with gold and crude oils. A stable price will prove more valuable.
2) Market volatility says a lot. The more volatile the market is, the greater the risk and loss will be.
3) Focus on the volume. The volume will tell you how valuable the assets are and how many times they have been traded that day or night. The greater the volume, the more interest has with traders.
Strategies That You Should Consider As Part Of Your Plan
The breakout is when a specific asset has cleared the chart, at a specific level. Say, for instance, the assets have broken above the resistance. That means they are placed in a long position. The asset will have a short-term position if it breaks below the support.
That is also the point where the volatility will either increase or decrease. The one thing you need to keep in mind is the number of times the asset reaches its points. The greater the hits, the more important the asset is.
FYI: Plan your entry and exit points carefully here, or you can lose a lot of money, in a short period.
Okay, do you know how a scalper will buy concert tickets, at the normal price, and then, they will resell them for a higher profit?
Scalping, in the trading world, works much the same way, but there is a higher risk involved. The trader sells as soon as the asset becomes popular. It happens very fast in the forex markets.
The only thing I will caution you on is the high probability margin. You have to balance the low risk vs. reward ratio part. That is why your margin has to be very high for it to work.
That is also why you need to research the “best trading platform for day traders” online before you start. A strong trading platform will help reduce the mistakes some beginners are known to make.
You need to find a way to reduce your losses. That is why most traders recommend you use the “stop-loss” method. They also suggest you set up two accounts. The first one is for the initial loss, and the second one is for the loss you might incur at the last minute. That way you can exit the platform without much damage to your bank account.
One Final Note: The Day Trading Taxes
You will need to pay taxes on your gains, which is referred to as “day trading taxes”. It also depends on your earnings. Say, for example, you have a 60% gain. That means it will be treated as long-term capital gains at 0