Day Trading Tips

Day Trading Tips

6 min read

Check out our survival guide below with some helpful day trading tips. There are ways to get through the rough patch that is staring out day trading If you don’t develop a system of rules, you are going to be up against a lot of challenges. 

There are many day trading tips out there for traders. It doesn’t matter if you are trading penny stocks or Ethereum. Day trading is defined as buying and selling a stock the same day. Stocks can be bought and sold multiple times a day or just once to be considered a day trade.

Taking advantage of small price moves is one of the main use of day trading. Scalping, if done right, can be a lucrative strategy. The stock market is a fight between buyers and sellers.

Bulls and Bears

Every day bulls and bears set out to take control of a stock or the market in general. Day trading strategies allow you to get in on the action. Make sure to follow day trading tips.

Day trading tips are in high demand. Traders know that while you can be successful scalping, you can also lose a lot. If you’re new you need to practice. Open an investment account that lets you practice. Many times new traders want to jump right in to day trading. However, without practice, you won’t be successful.

Stock trading is emotional. Greed and fear rule the market as well as news. News, whether good or bad, can have a massive impact on the direction of a stock.

Trading in a simulated account helps you learn to control those emotions. Making a winning trade starts new traders on a cocky path.

When a trade goes against them, their confidence is shaken. You can practice stocks vs options and see if there’s a strategy you like better. There are many strategies you can use to day trade.

Basic Day Trading Tips

One of the most important day trading tips is to study. Seems simple right? Most new traders want to jump right in without taking the time to study. This is especially true when new traders jump in to trade penny stocks.

The most basic tools like reading charts and knowing candlestick patterns are imperative to day trading. In order to know those you have to spend the time to study.

Candlesticks and patterns provide key support and resistance levels; which every seasoned trader pays attention to. As a result, knowing how to find support and resistance helps tremendously with entries and exits.

It’s not an exaggeration to say that you should spend hundreds, even thousands, of hours studying. No matter how long you’ve been trading, never stop studying. 

Set Aside Time and a Dollar Amount

Some day trading tips no one thinks about is time and money. That may sound like an oxymoron as trading is all about time and money. However, traders don’t always take it into consideration.

How much are you willing to risk on each trade? The most successful day traders risk less than 1% or 2% of their brokerage account. If you have an account of $5,000 you’d want to make sure you set aside a dollar amount.

A small account is much easier to blow up than a larger one. You don’t need  to hit a home run every trade. In fact, just getting small wins day by day builds your account.

Time is a huge part of trading to. Have you ever tried to trade while at work? Or while having kids, family or company around? It’s much more difficult with distractions.

You have to put all your focus on your trades. Especially trading low float stocks. You miss a move and you miss either a profit or cutting losses quickly.

Do Day Traders Make A lot of Money?

  • Do day traders make a lot of money? Successful day traders can make between $1,000-$10,000 per day using their account size as leverage to scalp between $0.10-$1.00 per trade. These statistics are for those that know what they are doing. New traders need to practice trading for at least 6 months to 1 year to get to this level and need to have capital in their account.

Start Small

Day trading tips like start small can be ignored. However, it’s so important, especially when starting out. Focus on one stock and only by 10 shares. Start out making enough to cover your commission fees.

Once you’ve done that consistently, you can scale up. New traders want to run before they can crawl. While you may have beginners luck, it’s going to come crashing down.

First thing when the opening bell rings, experienced traders go rushing in and you see the seesaw of price movement. New traders can look at stocks shooting up and want in on the action.

Again, emotions control trading and can be deceiving. Let the rush play out and patterns develop. If you don’t want to wait, then practice in a simulated account because day trading tips like practice can’t be stressed enough.

Risk Management

Day trading tips like risk management are imperative. Do you know how to place a stop loss order? That can not only protect your profits but keep your losses to a minimum.

No one likes loosing. However, even the best traders fail 30-40% of the time. In fact, 90% of traders fail because they don’t take day trading tips to heart.

Cut your losses. If you keep them small, you take less of a chance of loosing a whole bunch. Many traders may want to hold on to a losing trade in hopes that it’ll recover.

Sometimes it does, other times it doesn’t. Then you end up losing more than you would have, had you cut your losses quickly.

Bottom Line

Day trading tips keep you focused. Keep your profits realistic. Of course everyone wants to hit a home run every single time. However, getting small wins is a great way to build your account. One can even argue it’s the best way. If you need more help, take our day trading course.

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