How to prepare for day how to trade Quotex Login like an expert
Plan your trades and implement them. First, prepare for day ‘trading like an expert’ . Preparation includes financial instruments for trading, best entry strategies, managing trades, controlling risks, and managing money. It is impossible for a serious day-trader to enter into a trading without having first checked the latest economic news. Prior to entering into a transaction, you should be aware of when the economic news is expected to break. Only the most careless of traders ignore economic reports. Yahoo/finance, Google/finance, and MSN/money all have economic news. You’ll then decide whether or not to trade using fundamentals and technical analysis.
As a daytrader, you must respect London’s opening at 3 am (Eastern time), 8 am London and New York’s at 9:30 am (Eastern time), 14:30 London. The opening bell will be rung before any trades are placed. Following the preparation there are eight simple steps that you can follow to trade like a professional on day .
First step after day trading preparation: 5% rule
Risks are inherent in day trading. Risks are inherent in all trading decisions. Investors should protect their trading capital. To manage your money and control risks, you can use no more than five per cent from your trading account. Five trades are allowed, but the money allotted to each trade should not be more than five per cent. After you’ve hit five cents, there is no need to place more trades.
Day 2 Trade like a pro
Most traders trade between the London and New York sessions, as well the Asian session. It is not unusual for traders to work without stopping and miss out on a restful night’s sleep. Over trading is the major problem in this scenario. Each trade must be repaid to the broker in commissions. Controlling the number trades is essential to avoid overpaying in commissions. To ensure that traders do not take trades just to have fun, they should ask the question “Is it worth taking this trade?” It is important that the anticipated reward exceeds at least two-fold the risks. Prior to entering any trade, the risk/reward ratio should always be taken into consideration.