3Trading skills for New Day Trader!
1. What To Focus On When Day Trading
To excellent Day Trade you need live price charts, and also an economic calendar, which can cause large instantaneous price moves. But to a New Day Trader, all the information you need to trade is right on your price chart, except the economic data disclose times. Once you know when high impact economic data is disclosed, avoid trading for several minutes around that time. All New Day Traders only focus on one thing--the price chart. This way you have less information to deal with.
When day trading, Ignore financials and fundamentals, just focus on the chart for today. There is no need to check daily charts or weekly charts. One-minute or five-minutes charts should provide all the data you need to Day trade .
2. How to Day Trade
Simple is better. You don't need to know what every technical indicator does or how it works. To be a good Day Trader, you need only to know one-- trading strategy. Many day traders who have traded successfully for years only use one strategy. When your strategy provides a trade setup, trade it. No trade setup, no trades. When a strategy produces a trade signal, ensure the trade execution.
Learn more about this, refer to the article “How to Choose Your Trading Strategy”
3. How to gain consistent profits?
Perfect practice makes perfect. There is no shortcut--if you want to be good at something you have to practice it...a lot! This means using a strategy looking for trade setup each trading day. For about half to a year--day trading consistency will likely come out.
First, limit what you focus on. What you need is in your chart.
Start with one asset and just trading on time frame--one or five-minutes chart.
Second, practice one strategy over and over again, until you are profitable with it for several months in a row.
Finally, Continued success requires that you come to the market every day with the same skills and processes that made you profitable in the first place.