Day Trading Basics.

[forex 101]

How to Succeed in

Online Forex Day Trading

Forex trading is the largest known financial market. Day or night, it doesn’t really matter; the

trade goes on even as half of the world is asleep. It offers a lot of

opportunities for many organizations and individuals to make profit. There are

many day traders in the market, and if you think you can do it, why not join

the day traders.Once you decide to start to day trading, don’t expect to learn everything about it in an

instant. You will surely need to learn for some time, and you need to exert a

lot of effort. Practice makes perfect, and forex trading requires a lot of it.Before using real

money, you can practice through simulated trading and do a paper trade. Here

you can incorporate all your trading techniques and see if they actually work.

Don’t be a scared to lose a certain amount of money, because any trade involves a lot of it. But

it doesn’t mean that you should not limit your losses, you can make use of stop

orders. And most importantly, you should learn from your past losses.A good trader by

day should be disciplined. Make discipline a habit in order to make sound

decisions, and act in accord with trading systems/strategies. This way, you can

do your trade in a consistent and reliable manner. Certain situations require

an individual to make decisions based on their pre-set criteria and parameters.You should make

it a point to habitually follow your trading system/plan; this way you can

effectively evaluate the results of your plan. If your expectations are not

met, perhaps its time that you make certain adjustments and fine tuning, so

that your plan will still be of good use in the future.Don’t let your

emotions rule you, especially when you're making trading decisions. A day trader

should always be disciplined, and once you attain your objective, leave the

market first. Oftentimes people plunge in deeper because they are influenced by

greed and fear.There are also day traders who are quite reluctant to lose money. For instance your stock goes

down, and you're still hoping that after some time it will rise again. And to

your surprise, the share price goes further down. If only you were not

reluctant to lose money, you could have sold it the first time its price went

down, and prevent further loss.A day trader should leave no room for fear and greed to take over; otherwise, this will be

the key to your losses.If you're serious with your day trading, you can also do it at home. You would need hardware and

software requirements to put a sufficient platform at home for online trading.For your hardware

requirement, you would need a computer with a Windows XP operating system or

the like. The monitor should not be less than nineteen inches.You must have a

fast internet connection because day traders need to make fast executions and

confirmations of the trade. They also need to receive and deliver quotes, news,

and other pertinent market data. A fast internet connection allows you to make

your day trading in a timely fashion.Execution services are available online, and it comes in two types: the internet-based

discount brokers and the online systems or the EDAT. The first type varies on

how customer orders are executed, reviewed, and confirmed. This causes delay in

completing a trade. On the other hand, the EDAT enables the trader to contact

specialists directly. This results to a much quicker execution and confirmation

of the orders.Software platforms that are especially designed for day traders are often used by the

more serious ones because real time data are usually provided like stock ticker

and quotes, market indices and averages, charting, market stories, and price

alerts. However, you would need to make monthly payments because this type of

software usually charges fees.Becoming a day trader is easy, but only if you are quite serious with this kind of endeavors. Like any type of trade, it requires dedication, time and effort. If you are able to

put all of these things together, then you will reap profits that you've never

imagined. :cool:

Thomas Lawson

http://forexmoneysecrets.com

[ali555]

In the Forex currency trading, the fact is simple systems just work best. Simple systems are more robust and easier to trade as you understand the logic and can therefore follow it with confidence when you are in a losing streak.

http://www.forex-metal.com/affiliate/46199/2

[Guest gaban]

The simple one is the best to trading, because it's easier to understand and apply it when trading. We would better to focus on system that we've had.

[Brendan Hill]

In technical analysis, price developments are accepted to follow trends. This implies after a trend has been built up, the future price development is more liable to be in a similar direction as the trend than to be against it. Most technical trading procedures depend on this suspicion. This lone leaves the analysis of price development, which technical hypothesis sees because of the organic market for a specific stock in the market.