SECRETS OF PROFITABLE DAY TRADING. №2.
Continuation of the first part.
SECRET 6 - High Time Frames
Watch the situation on high timeframes.
Watch out for high time frame trends.
Often, this is how beginners open positions against the trend, do not follow higher timeframes.
At the same time, there are situations when a correction has begun on a smaller timeframe, which is not yet visible on a higher timeframe.
Such situations can be traded, but you should be very careful.
SECRET 7 - Daily drawdown
You should limit your losses per day.
Choose for yourself a suitable value for losses and profits, upon reaching which, you will stop trading that day.
If you decide that your daily drawdown is $100, this means that if you get a loss of $100, you will stop trading that day and do not make stupid trades in the hope of winning back.
Hope for wagering - always leads to the drain of deposits from beginners.
Control emotions and losses.
SECRET 8 - Trading Sessions
A day trader wants to make a quick profit and get out of the market, so it's important to keep an eye on the trading sessions and know when the market is most active.
The European session, intersecting with the American one, creates the most volatile time on the market.
At this time, the market moves faster, which will give you the opportunity to earn quickly.
But do not forget about the risks, such volatility can bring losses just as quickly.
It is worth remembering that the end of the Asian session and the beginning of the European one is a great time for reversal setups.
SECRET 9 - Daily Volatility
Each pair has its own daily volatility.
And, if you know this value, it will be easier for you to understand when the movement potential is likely to be exhausted.
These values can be found on the Internet for each pair.
SECRET 10 - Carrying positions through the night
Very often, beginners make this mistake - they transfer positions to the next day.
Do not forget that you opened on an intraday setup, that is, this setup most likely will not work the very next day.
Tomorrow, and maybe even at night, the market will behave differently, go against you and reach your stop.
Don't go against your strategy, follow its rules.
conclusions
Day trading is not easy, but it can be learned.
In addition, it is very profitable.
Good for overclocking a small account.
But don't forget the rules.
Don't go against the market, follow the strategy.
Good luck!
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