How to day trade like a pro? | Forex Factory

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How to day trade like a pro?

  • #1
  • First Post: Oct 5, 2021 11:22pm Oct 5, 2021 11:22pm
Given a large number of day traders fail, it is perceived as something really difficult to master. The only way to make day trading viable is through constant practice, efficient skills and consistent evaluation of your performance. Day trading is a job, and not a hobby. Take it as one and you will eventually improve your chances of beating the odds.
  • #2
  • Oct 14, 2021 4:56am Oct 14, 2021 4:56am
Quoting leoclarke
Given a large number of day traders fail, it is perceived as something really difficult to master. The only way to make day trading viable is through constant practice, efficient skills and consistent evaluation of your performance. Day trading is a job, and not a hobby. Take it as one and you will eventually improve your chances of beating the odds.
I hear using an EA is good way to manage your FX interests and gives time to analyse and optimise your day trading strategy as well.
  • #3
  • Oct 14, 2021 7:22am Oct 14, 2021 7:22am
Learn to trade before using EA's as you won't know how to fix them when they go wrong (which they will) if you don't
  • #4
  • Oct 14, 2021 8:37pm Oct 14, 2021 8:37pm
If you like action and want to make money fast, you should consider scalping. The goal of scalping is to make a small profit over a short period of time. Many small trades a day can result in a large profit at the end of the day. Trade carefully. Trading forex using scalping is an FX trading style for those wanting to make daily profits. You'll make 1% or 2% every day, right?
  • #5
  • Oct 16, 2021 10:23am Oct 16, 2021 10:23am
The odds are against traders, its not easy really, too many sharks around trying to get your $$
  • #6
  • Oct 18, 2021 1:52am Oct 18, 2021 1:52am
To become a pro, you will have to learn risk management and portfolio diversification. When you know what to do in a certain situation, you perform better.
  • #7
  • Oct 19, 2021 2:11am Oct 19, 2021 2:11am
Quoting SPR14
{quote} I hear using an EA is good way to manage your FX interests and gives time to analyse and optimise your day trading strategy as well.
It depends on the EA you are using. The commericla ones don’t work that well. But the ones that you customize yourself can be a better option.
  • #8
  • Oct 19, 2021 2:13am Oct 19, 2021 2:13am
Quoting waseemji
If you like action and want to make money fast, you should consider scalping. The goal of scalping is to make a small profit over a short period of time. Many small trades a day can result in a large profit at the end of the day. Trade carefully. Trading forex using scalping is an FX trading style for those wanting to make daily profits. You'll make 1% or 2% every day, right?
I don’t think that it would be right to say that a certain percentage can be easily made through scalping. It depends on how well a trader can take advantage of certain market conditions.
  • #9
  • Oct 19, 2021 3:54am Oct 19, 2021 3:54am
Step 1: Determine execution costs. Easily measurable ones are commissions, bid/ask spread and the long/short spread on the “swaps” rate. Slippage is difficult to measure, but it’s there...

Step 2: Find an edge that exceeds the costs in step 1 and still makes trading worth your time. Good luck.

Step 3: Define a risk profile that you are comfortable with and continuously scale your positions to try and stay within this.

Step 4: Repeat step 2
  • #10
  • Last Post: Oct 19, 2021 9:57am Oct 19, 2021 9:57am
Get a strategy that's proven to be good in the long run. Obey the rules. Avoid over trading, considering day trading is very tempting for it.

IMHO
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