Howdy Day Trader!

Discussion in 'General Trading Discussion' started by TraderAnalyst, Sep 23, 2019.

  1. TraderAnalyst

    TraderAnalyst Senior Investor

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    Howdy traders, day trading is a good option, trade during the day. But you must have the correct strategy and research otherwise you may falter and lose money.
     
  2. J_C_Anderson

    J_C_Anderson Senior Investor

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    Daytrading is a great trading style since it offers outstanding flexibility like any other trading style. Daytrader starts each day without any positions, so it is easy for him to benefit from the most promising trading opportunities or stay out of the markets if something seems uncertain. Daytraders usually have highest returns on theit inverstment accounts.
    Choosing a right strategy - one of the most important elements of daytrading. Each strategy for daytrading should include well developed technical part - in daytrading it is much more important than in swing/mid-term trading. In fact, the result of each trade mostly depends on choosing the right entry point and also the right moment to close the position. All these elements should be described in the rules of trading system. To check the performance of the system in advance, trader could backtest it on historical data using special software like Forex Tester. Backtesting allows trader to get a detailed information on the most important elements, such as risk reward ratio, win rate, maximum drawdown and other. Using this information trader could find ways to improve the strategy by reducing risk or increasing its profit potential.
     

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