Day Trading for Dummies
The Beginner's Guide To Day Trading
Day trading - also called intraday trading - refers to the opening and closing of trades within the same day.
This style of trading is very popular among beginners, as it is often portrayed as a quick, easy, and exciting way to make money.
Practically however, day trading is the most challenging form of trading, and those who try it typically fail.
It also doesn't help that the vast majority of trading "educators" out there are not profitable traders, but savvy marketers pretending to be one.
So before you do anything else...
Check Your Learning Sources
Before taking any trading advice, first ensure that it's coming from someone who can demonstrate some level of trading competency on a 3rd-party performance tracking platform.
This applies to the book authors you follow, trading experts you listen to, and online forums you visit.
In the spirit of transparency, therefore, here's my verified track record on Myfxbook:
Now with that out of the way, let's get down to business with this dummies guide to day trading.
Here are the topics we'll cover:
How Do Day Traders Make Money?
Day traders identify short-term profit opportunities within the small price fluctuations of each day.
They typically do this with:
- News services,
- Technical indicators, and
- An understanding of order flow mechanics
1. News Services for Dummies
Short-term prices can be heavily influenced by political or economic news.
Here are some examples: