Like any career, there is a lot to learn when you deal with day trading. But there are always some tips to get you started. This is the best beginners guide to help you –
• Having two monitors such as a computer and laptop is beneficial, but not a necessity.
• Day traders should use at least a decent data connection. Speeds vary across different mediums.
• When you start, you are typically unaware of the goals. Download different platforms and try them.
• This is the most crucial step. Understand the kind of broker who suits your style. You could either opt for a discount or full-service ones.
• When to trade is the huge question, especially in day trading. While some traders operate the entire time, i.e. between 09:30 AM to 03:30 PM, others only trade for a portion of the day. The opening time is generally the best for day traders.
• Day traders should be aware of two kinds of risk – trade risk and daily risk.
• Avoid trying to learn all at once. Use one strategy in the initial days.
