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đ„ #TrendingTopic #trade2earn #Write2Earn #OFN predetermined support and resistance levels in prices to determine the trader's buy and sell decisions.
News-based trading: This strategy seizes trading prospects from the heightened volatility that occurs around news events or headlines as they come out. One type of trader.
How to Start Day Trading
Professional day tradersâthose who trade for a living rather than as a hobbyâare typically well-established in the field.
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They usually have in-depth knowledge of the marketplace, too. Here are some of the prerequisites of being a successful day trader.
1) Gain Lots of Market Knowledge and Experience
Individuals who attempt to day trade without an understanding of market fundamentals often lose money. A working knowledge of technical analysis and chart reading is a good start. But without a deep understanding of the market and its unique risks, charts can be deceiving.
Do your due diligence and understand the particular ins and outs of the products you trade.
2) Make Sure to Have Sufficient Capital
Wise day traders use only risk capital that they can afford to lose. This protects them from financial ruin and helps eliminate emotion from their trading decisions.
A large amount of capital is often necessary to capitalize effectively on intraday price movements, which can be in pennies or fractions of a cent.
Adequate cash is required for day traders who intend to use leverage in margin accounts. Volatile market swings can trigger big margin calls on short notice..
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