Tools

Tips

  • Top 10 Day Trading Tips
  • Where to Trade
  • Recommended Brokers
  • Tips For Beginners
  • Picking A Market
  • Essentials
  • Timing
  • Demo Accounts
  • Tips On Trading Psychology
  • Asset Specific Tips
  • Gold
  • Bitcoin
  • Oil
  • FTSE
  • India Day Trading Tips
  • Taxes
  • Live Tips
  • Evaluating Tips
  • Final Tips

Day trading has a whole list of tips in a variety of areas. It is good to have this diversity because there could be many different traders looking for tips in different areas of day trading, from free stock tips to tips on tax. In this article we tried to compile a comprehensive list with as many useful tips as possible in a a range of areas, including a “Top 10”. Here you will find tips that range from areas like psychology and strategy to areas such as money management and videos. Whether you are a beginner or experienced trader, we can guarantee there is something in here for everyone. In addition, we added free tips that will be most beneficial for intraday trading.

Top 10 Day Trading Tips

So, with all of the different tips and tricks you can find on the internet and through other sources, what are the top 10 you should definitely know about?

  1. Always have a plan – This one we consider the most important and beneficial to all day traders. Until you have a solid plan of action, it is not wise to put real money on the line and hope for the best, that is too risky and unnecessary. You have to know what you are buying and selling, how much you’re going to invest in trading and how you want to execute these trades. A trader without a plan is a pig heading for an expensive slaughter.
  2. Manage risk – Always plan out a risk management strategy to be sure you aren’t risking more than you can afford to lose. This is a common mistake when traders first start out and it has the ability to result in an extremely short-lived trading career.
  3. Harness technology – The world of trading spreads far and wide with traders all over the globe, so make sure you take advantage of all the resources out there in order to stay ahead of the game. Charting platforms offer a wide range of ideas on how to properly analyze the market. You also have the ability to utilize historical data to help you understand where to fill in the gaps. In addition, using mobile apps will grant you instant access to the market from almost anywhere. With all the tools you need for successful trading right at your fingertips and a lightning fast internet connection, you will be making fast, informed and accurate trading decisions in no time!
  4. Never stop learning – A successful man never sits down in satisfaction that he has learned all there is to know, he’s always looking to learn more. In order to stay well educated and well rounded, always stay up to date with the news, continue utilizing trading books and resources, and stay tuned to new and upcoming ideas in the trading world. The trading market is always evolving, and you need to be able to evolve with it.
  5. Lead with facts – Facts are the most important and accurate aspects of trading. Facts are more than ideas or hypothesis or strategies, they are concrete, supported and proven to be true. Don’t let your emotions get the best of you and convince you to be abnormally brave when the markets open up tomorrow because you had a big win today. This is a trap, don’t fall in it! Let your decisions be guided by research and facts.
  6. Have entry and exit rules – While there are many different idea on the best entry and exit rules to use, there is no “perfect fit”. It is important to come up with your own that makes the most sense for you and stick to it. Don’t let other ideas or suggestions cloud your judgment and create an urge to try out other methods to see how they work. Always maintain discipline and stick to your rules and your bottom line will thank you for it later.
  7. Don’t concentrate on the money – This may sound like a counterintuitive statement, but it is the truth. When your mind is always on the money, it can make you do reckless irreversible things with your money, like taking tiny profits in fear of losing what you’ve already gained or trying to jump in too quickly out of fear that you might miss a move. Always keep your focus on sticking to your strategy and let the strategy, in turn, focus on making you money.
  8. Take responsibility – Far too often traders lose money and blame is on the market or bad luck, but that is not the reality. You have to take responsibility and hold yourself accountable for your own mistakes or you will never learn from them. If things aren’t going in your favor, ask yourself some questions to figure out where you went wrong. Where did you go wrong? How could you prevent it from happening again? Do you need to make changes to your trading plan?
  9. Keep a trade journal – This is such a key concept in trading if you want to be successful long term. If you keep clear and concise records of previous trades, they can prove to be invaluable to your future in trading. There are so many software programs now where you can quickly and easily store all of your trading information such as trade history, volume, and entry and exit strategies. You can then go back and use this information to identify any errors in your strategy and make changes to those errors, so you are making informed and intelligent decisions in your future trades. You will never meet a trader who regrets keeping a trade journal.
  10. Know when to stop – If the strategy you are using is not giving you the success you were hoping for, don’t just keep throwing money at it and waiting for it to work out. You can always go back to the drawing board, consider potential errors in your strategy and find the perfect formula with the greatest likelihood of success. If you are having trouble sticking to your plan, the last thing you want to do it keep heading down that slippery and dangerous slope because there is definitely no money at the end of it.

Where to Trade

You could use all of these tips flawlessly and still have trouble in the market if the broker you have chosen for trading does not deliver the quality experience you were promised and is not able to execute trades quickly and affordably. Here are a few of the recommended brokers in your location:

Recommended Brokers

Review

Forex.com boast a global reputation. Regulated in the UK, US, Canada and Australia they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.

Review

NinjaTrader offer Traders Futures and Forex trading. Use Auto-trade algorithmic strategies and configure your own trading platform, and trade at the lowest costs.

Review

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Tips For Beginners

When you first start out as a prospective trader, your knowledge of the market and trading within the market may be only basic, entry level information. With so many variables having the ability to hinder any potential profits, education and advancing your knowledge and understanding of the market should be of paramount concern. It is important to learn as much as you can, as quickly as you can. Fortunately for all of you, we have organized a list of essential tips for beginners.

Picking A Market

Financial Considerations

One of the very first things that you will need to do, before you even get started, is make a decision about what you would like to trade. Every market has their own set of benefits and risks, but they are all different as well. Be mindful that you will need $25,000 at minimum to even start investing in the stock market. For example, the forex market has the lowest required capital and you can begin day trading with just $500 in your account.

The first question you need to consider is, how much capital do you have? There is the potential for large profits in every market, so it is not mandatory that you trade stocks if you intend on turning a profit. Keep in mind, most of the time you will lose some of the money when you first get started, so take that into consideration when you are deciding how much you are initially willing to spend.

Patience

One of the most important tips beginners should consider is to start in only one market and stick to that one market for a little while until you get the hang of things. You don’t need to be overzealous and start throwing money in stocks, forex and cryptocurrencies all at once. Simply just start with the market of your choice and get to know as much as you possibly can within this market, practice using the platform and try out different strategies and techniques and capitalize on your mistakes by making informed decisions to modify your trading strategy. Really become an expert in the market of your choice until you feel you have adequate skills and knowledge that are leading to your success. Once you feel this achievement has been met, then you could consider adding another knotch on your trading belt.

Take it slow, the market isn’t going anywhere. Spending all of your time and focus in one market will help you maximize on your profits and minimize losses until you have found a strategy that is consistent and reliable.

Essentials

Before you can start buying and selling Amazon and Google shares you need to ensure you have the basics. Those basics include:

  • A reliable internet connection – When you are looking to really capitalize on a high number of low value intraday trades, every second counts. The last thing you want is for your internet to lag, causing errors in executing your trade or losing connection completely and missing out on an opportunity. You should purchase at least a mid-range internet package with a cable to prevent any errors in connectivity.
  • A computer – One of the most important things for beginners to consider is having access to a second monitor. If you are at a vital moment in your trading process and, all of a sudden, your computer crashes, you could lose it all in a matter of seconds and all of your hard earned profits could be sacrificed. You should have one relatively quick and reliable computer for your trading, but it would be preferable to have two, just in case of an emergency. Things happen and you want to be as prepared as possible when there is so much on the line.
  • A trading platform – It is extremely important to choose a platform that best fits your trading styles and needs because you will be spending the majority of your time using it. It would be best to download a few different platforms that you are considering, test them all out for a period of time, and then choose the one that is the best fit for you and your trading needs. See our related page for more information on trading software.
  • A broker – A broker is essentially your gatekeeper in the trading market. They are a commission-based professional that can facilitate your trades for a portion of the profits. An expensive broker could dramatically cut your profits in the long run when you are making a good amount of trades each day. Make sure you are diligent in doing your homework and making a well informed decision when choosing the right broker. It is essential that you wait until you find one that is reliable, consistent, and offers a straightforward competitive fee structure. To compare platforms, visit our brokers page.

Timing

Many day traders choose a small window of just 2-3 hours, while others are locked in every day from 09:30 to 16:30 EST (for the U.S. stock market). Utilizing a smaller window of time as a beginner is especially important to decrease the likelihood of making careless mistakes as your brain functioning depletes and your concentration starts to lose focus. These are the hours in which you will want to pay particular attention to as a beginner:

  • Forex market – The most popular pair EUR/USD are most volatile between the hours of 06:00 and 17:00 GMT, specifically 12:00 to 15:00 GMT is where the largest fluctuations in prices are typically seen. However, the forex market itself trades 24 hours per day throughout the work week.
  • Stock market – It is the best practice to start trading as early as possible and as late as possible, ideally, within the first couple of hours the market opening and then again, the last hour before it closes. You will notice that the most significant price fluctuations occur between these hours.
  • Futures market – Much like the stock market, you want to hit the futures market as early as possible as well. You will be most likely to find the best opportunities in the market between the hours of 08:30 and 11:00 EST. Futures market fluctuates as far as closure time, so be diligent in doing a little research before starting to have accurate closing times. The last hour customarily has a high profit potential as well.

Demo Accounts

It is always wise for beginners to practice techniques with a demo account first before putting actual money into trading. This is one of the best beginners’ tips we could offer. Typically demo accounts are funded with simulated money and allow you to practice how you will be conducting your trades in a safe and secure place where you have the freedom to make mistakes without paying a hefty price. This is the ideal way to become familiar with different platforms, market conditions, and technical analysis. Demo accounts are easy to navigate and they are free, so what do you have to lose?

Final Word On Tips For Beginners

This comprehensive list of day trading tips for beginners will give you the best chance possible for success when you are first dipping your toes into the water of the trading market. You will undoubtedly make mistakes and that is perfectly fine, it is all part of the process. If you utilize the above tips and tricks appropriately, it could potentially allow you to avoid many of the initial hurdles that beginner day traders face.

Tips On Trading Psychology

One of the most important things to do is always stay disciplined. If you aren’t able to do this consistently an keep your emotions in check, you are putting yourself at a much greater risk of losing profit. When money is on the line, it’s a natural human response to be more emotional because of the risk, but you have to keep that in check if you want to remain successful. Three of the most prevalent and potentially dangerous emotions amongst traders in this industry, and many other industries, are fear, greed, and ambition. Because of this, the next list is imperative because it’s the top psychology tips intended to help you stay level headed as a trader.

  • Accept losses –  It is only natural that you are bound to lose every once in a while when you are making so many trades every day. This can easily trigger revenge trading, micromanaging and outright poor decision making as a result. Stay strong after a loss and don’t let it go to your head, rather embrace small losses, stick to risk management and continue to trudge forward.
  • Control greed – If you enter a trade at $80 with a target of $95 and then it hits $95, you have hit your target and your strategy was successful. Don’t make the big mistake of letting greed influence your trading methods by  trying to stick it out longer to see if you can increase profits even further. This is too much of an unnecessary risk and could lead to even bigger losses eventually. Be rigid about your trading strategy and always stick to it. It will be proven to be extremely beneficial in the long run and far outweigh the risk of trying to bend your strategy to see if you could make a little more money on a successful streak.
  • Combat fear – Just as success has a potential of manipulating your trading, failure does as well. If you lost $1,500 yesterday and you are starting to panic, you may decide to switch of your strategy or be more hesitant about future trades. This mindset will end up costing you money as well. Your risk management strategies are critical in these moments and you should stick to them religiously. As stated before, embrace your losses and be rigid with your risk rules when your confidence may have taken a hit. If your risk management strategies are solid, you will never lose more than you can afford to in the end.
  • Think ahead – Your ultimate goal in trading is to make money long-term, so focusing on immediate results is always a downfall. That is why when you open the day trading psychology tips pdf, this is one of the first things you will see. A solid and successful trading strategy should cover wins and losses while always keeping the long-term process at the forefront of your mind.

Asset Specific Tips

Gold

Compared to something like S&P 500, gold offers much more attractive price action. For traders looking for more consistent profits, gold is a very popular choice. That being said, are there any day trading tips for gold? There sure are, and we are going to list them below.

  • Correlation – This allows you to check your trade predictions thoroughly. For example, gold is high correlated to yen and they are both considered ‘safe-haven instruments’. This correlation between gold and yen could be used to double check your predictions and support your trading decisions.
  • Look outside – There are no markets that move independently of each other in today’s global economy, and gold is certainly no exception. Because of this, it is important to stay current on different developments in the trade market to be sure you are make the most well-rounded and updated trading decisions.
  • Consider investor sentiment – You can get a generally idea for the current interest in the market by doing research regularly and checking the traffic of gold-related websites. News events and survey results are also great ways to stay on top of the current trends. Doing all of this on a regular basis will not only help you increase your probability for success, but it will also help you make the most informed trading decisions.

Bitcoin

You also might be asking yourself, as cryptocurrency popularity continues to rise, are there specific tips that can be used for the most popular cryptocurrency, Bitcoin?

  • Understand blockchain – Having some basic understanding of blockchain and how it works will prove to be very useful if you are looking into Bitcoin. That doesn’t mean you need to thoroughly understand the ins and outs and the technical makeup of cryptocurrencies, but once you have a sense of how they secure transactions (blocks) publicly and securely, you will be able to put that knowledge to use as you are gauging the markets responses to big news events. This will help you understand such things as major companies incorporating blockchain technology into everyday business operations and how that could influence your own trading techniques.
  • Be wary of volatility – Volatility has the capacity to blur your trading vision, so always make sure you are managing your risk carefully since you can’t predict what may be coming around the corner. Volatility has the potential for creating profit and Bitcoin is well known for being volatile, but don’t let that cloud your judgment when it comes to cryptocurrency trading.
  • Know other alt coins – Bitcoin success relies largely on the success of its competitors. Pay attention to their popularity increasing or decreasing because that may ultimately be able to help you make predictions for future Bitcoin price movements.

Oil

While this is a very competitive market, it can be a risk willing to take when entering into the oil market. This market has been responsible for many traders retiring their trading days with an extremely bountiful account balance. So, you might be wondering, are there day trading tips specifically for crude oil?

  • Exchange rate – When you are making short-term trades, always keep in mind the exchange rate of crude oil prices as they are priced in US dollars. For example, If the US dollar is weak, you may start to see an increase in the price of crude oil.
  • Supply and demand – If you are looking for consistent profits, which I am sure you all are, then it is important to pay attention to supply and demand. Staying educated and current on domestic and international supply markers can be especially useful. Resources to be aware of are things like Baker-Hughes Oil rig count and the weekly US crude oil inventories, which have the potential to be extremely beneficial in this market.
  • Think outside the box – There are many important players in the oil market. Some of the most influential are the US, Middle East, China, Japan, India and Russia. That means, fluctuation in one market could potentially impact the other markets as well. So, while doing your research on supply and demand, also remember to take a look at geopolitical environment’s, because that certainly can’t hurt either.

FTSE

Every day a massive number of traders give in to the appeal of big names like Shell, Lloyds and Tesco. Next we will provide specific FTSE tips that can help separate you from the masses.

  • Preparation – When the market opens, it’s go time. So make sure you are ready! When the clock hits 08:00, you should have already been sitting at your desk doing your homework in advance as preparation. If you fail to prepare, prepare to fail. Just because it might sound cliché, doesn’t mean it isn’t true.
  • Quality vs quantity – One of the most important FTSE 100 day trading tips is quality vs quantity. You do not need to trade in large numbers to make a profit, contrary to popular belief. It has been pointed out by many successful traders that you are always better off with 2-3 good trades each day than tons of mediocre ones.
  • Beware of the 1st – At the beginning of each month, many big institutions, such as pension funds, will commit large amounts of money. In preparation, make sure you factor in anomaly days to capitalize on this opportunity.

Daily tips for trading, EFT’s, CFD’s options and commodities take no longer than a quick Google search. While doing this, you are likely to come across trading tips, useful strategies and other techniques in PDF form. However, the advice given in this article and in the asset specific tips above is all you will need for nearly all trading instruments if you are looking to trade smarter and better than the rest.

India Day Trading Tips

If you are interested in looking into markets on the other side of the world, even the best UK tips may not be useful to you. To become the nest Rakesh Juhnjhunwala, making over $2 billion from stocks, You would most benefit from free tips that are made specifically for the Indian trade market.

Below are the fundamental intraday trading tips for India:

  • Trading times – Similar to other stock markets, the NSE has specific times when volumes of trade increase. You always want to pay attention to the market between 09:30-14:30 UTC. You definitely don’t want to leave your computer between these times if you plan to stay updated on vlume and volatility in the market.
  • Check broker fees – You really have to make sure you do your homework when it comes to Indian brokers because of the vast disparities in commission fees. Some popular choices are Share Khan, TradeJini, Zerodha and Sharekhan.
  • Utilize the news – Indian markets are especially susceptible to announcements in the news, particularly from large businesses and governments. When you are day trading, every second counts and you need a reliable news source to follow. Some of the most highly regarded news outlets are NCTV, Provfit, Zee Awaaz, and ET.

The list above should be beneficial for those day trading in the Indian stock market, but there are other sections from this page that can be useful in any market as well, such as the topics surrounding psychology.

Taxes

There are different things that could result in cutting your profits if you are not a careful trader, such as broker fees and penalties. It could also be very confusing to know the difference between tax systems and how that affects your trading and responsibilities when tax time comes. You should always take advantage of the best free tips in order to maximize your profits while remaining within the parameters of tax laws.

For more information, see the taxes page for nifty and free intraday tips on staying low cost and legal.

Live Tips

You can find videos for almost any topic, from pattern to cash future option day trading tips, but nothing can compare to advice that comes hot off the press in this industry. You are headed for success if you can find a free trading share tips feed.

There is nothing quite like the tips from experienced traders in real-time as they react to the ever-so-changing trade market. There are brokerages and platforms, such as Tradingview.com, where you can find a safe place for traders to come together and share different tips and ideas with each other.

Evaluating Tips

You can find trading tips, tricks, advice, instructions and simple hints all across the internet, but how do you know exactly which ones are credible and which ones are not? When reading any tips or advice online, there are three main things to take into account:

  1. Source – You first want to check where the tip is coming from and determine if this is an already reliable source that is impartial in it’s reporting of different trading advice. Could there be an ulterior motive for this source, such as advising you to go for a particular type of broker for their own personal or professional gain?
  2. Timeframe – Depending on what type of trader certain tips are geared towards, the efficacy of trading tips can be compromised. If you are an intraday trader, following strategy tips for long-term trading has the potential to have disastrous consequences. Always check any advice or tips to ensure they are specific to the type of trader you are.
  3. Market-specific – You have to consider if the tips you are reading are applicable to only specific trading methods or more widespread. For example, in the cryptocurrency market, a Bitcoin tip may not be as beneficial with Ethereum. Futures market trading tips could be not only useless in the cryptocurrency market, but could also increase your losses and potentially weaken your overall trading strategy.

Final Tips

Everything found on this page can be used for beginners as well as experienced traders. Always consider your circumstances with any tip you read. Day trading tips from Canada are most likely not applicable in the Australian market and vice versa. Always remember that switched on traders are not going to consider day-to-day trading tips. They would benefit much more from long-term trading psychology and risk management because if they have a long-term outlook, they know they need to look for tips that will help them create consistent profits, despite being a short-term trader.

Claire Collete

Claire collete has been a dynamic figure in the trading world for well over 20 years. It comes as no surprise that this successful trader has been so effective and influential in the trading market because it is not just a career for her, it’s her passion. Her expertise ranges from traditional stock and equity investments, to higher risk vehicles, such as binary options, making her knowledge and techniques successful on the many trading platforms she has utilized. Claire has also established herself as an educator and a writer, in order to share her accomplishments with so many others who are looking for guidance on their own path to success. She writes for MetaNews on a regular basis and has also gained recognition as an established platform reviewer. Claire is based in Syney, Australia.

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