Guy Gentile | Day Trading Tips

Guy Gentile one of the best Day trader from Puerto Rico. Today in this blog he provides some day trading ideas to all the beginners as well as experts in this field.

There are many people that are making huge profits from the forex market. Some of their earnings have been publicized in financial newspapers all over the globe. This is one of the fundamental attractions for first time forex speculators. Day trading is one of the most popular methods that most traders use to profit from the market. If you really want to start day trading then I have provided a few tips to help you succeed.

First let's define the term. Day trading involves a person who actively trades on the forex market. This person buys and sells many times a day for quick profits.

Now here are the tips to help you get on the right track to successful day trading?

1. First consider the capabilities of the trading platform before you actually start. Look for the brokers that offer the best features. These platform features include chart time frames and a network of other day traders that can help you with your trades.

2. Next you want to do your technical analysis by studying the basic movement of the market. To do this I suggest you use the day chart. Try to clearly identify the current trend. Look for the most significant support and resistance levels.

3. Try to back up your support and resistance observations by reading fundamental and technical forecast articles. There are many websites that provide these resources.

4. Use your economic calendar to assess fundamental aspects that are currently driving the market sentiment. If you still find it difficult to decide which direction the market is going, then the best thing to do is wait. In the event that you know about the break or skip methodology, at that point you many utilize that as a guide. I for one prefer to utilize the bob technique. If you're not familiar with these trading terms then you can learn it at daytraderpro.com

5. Don't be discouraged by losses. On the other hand, if you are successful then do not hunger for more profits and throw earnings away. Try to get in the method of reassessing the market before placing another trade. Try to keep a record of all your trades. Analyze all the methods that worked and make a note of the one that didn't. As your experience grows it will start to come naturally.
I hope you have found this article informative. If you need to learn more about forex trading you may visit daytraderpro.com. This website provides a lot of useful information for day trading and especially forex for beginners.

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