When day trading, set a maximum daily loss and loss-from-top limit to control how much is lost in a single day. We don’t want a single bad day to ruin our week, month, or year! When day trading, I recommend...
This article on day trading the EURUSD covers everything you need to start trading the most heavily traded forex pair in the world. The EURUSD provides ample opportunity most days to profit. It also offers high leverage to maximize trading...
Many forex brokers offer trading via Contract for Difference (CFD) in oil, gold, the S&P 500, Dow Jones Indexes, and other commodities and financial products. These are based on futures contracts and don’t trade like currencies. These other products can...
A Renko chart forms bricks of a certain size, and only forms a new brick once the price moves that amount. This helps filter out price noise, shows the dominant trend, and can be used as a trailing stop loss....
As a professional day trader since 2005, I spend 0.5 to 2 hours per day taking day trades. My trades last several minutes each, and I take on average 3 to 10 trades per day in that 2-hour period. Assume...
To get into the zone for day trading, I recommend having at least a 5-minute pre-trade routine that you do before you start looking at charts or placing orders. The routine gets you into the proper mind frame: focused, detached...
A trade trigger is a precise event that tells you to get into or out of a trade, right now. It helps avoid getting in or out too early, too late, skipping trades, or taking trades you shouldn’t. You need...
False breakouts frustrate many new traders. Pros know they are a part of trading and a huge opportunity. Here’s how to use them to your advantage. You come up with a trade idea based on an important technical level. It...
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