Prepare for the day trade quotex login like a professional
Plan and execute your strategy. In day , “trading as if you were a pro”, the first step is preparation. It involves the trading instruments, strategies, and best entry point. The economic news is the first thing that any serious daytrader does before entering a trade. You should know when and on what day all the important economic reports will be released before you consider entering a trading. It is only careless traders that ignore economic information. Yahoo/finance, Google/finance as well as MSN/money allow you to keep up with economics. You can then choose whether you want to use fundamentals analysis or technical analysis when trading.
You will be a respectable day trader and adhere to London’s opening time of 3 am Eastern time, or 8 am London Time, as well as New York at 9.30 am Eastern time, 14:30 London Time. Wait for the bell to ring before you place any trades. The day is divided into eight parts.
First step after day trading preparation: 5% rule
Early on, it is crucial to recognize that day trading involves risk. Trading decisions are not risk-free and all contain certain elements of risk. Trading capital must be protected at any cost. Use only five percent of the trading account as a rule for money management. You should never use more than five percent of the trading account to fund five transactions. You should not open any new trades once you’ve reached five dollars.
trade like a professional
It is not uncommon for traders to trade at the London session as well as the New York and Asian sessions. It’s not uncommon for people to sleep poorly and then trade non-stop. This is a case of overtrading. Every trader must pay commissions to his broker. You should limit how many trades you take to prevent paying excessive commissions. To prevent taking unnecessary trades simply to be in the trade, traders need to ask: does it make sense? Expected reward should be at least double the risk. Always consider the ratio of risk to reward before trading.