Day trading can be very lucrative, but it is also very risky. If you are a beginner in the market and want to try your hand at day trading, then the following are 33 tips that you should consider using.
- Start small
This is one of the most valuable day trading tips for beginners: to start small. It is always best to learn and start with the basics before you can invest a large amount of money. This way, you will be able to get a feel of the market and learn how to manage your trades without losing much.
- Use stop-loss orders
Another day trading tip for beginners that you should learn is to use stop-loss orders. A stop-loss order is a type of order that is used to close a trade at a certain price. The use of stop-loss orders helps you to avoid the unlimited losses and to preserve your funds.
- Keep a trading journal
The third day trading tip for beginners is to keep a trading journal. A trading journal is the record of your trading activities including the details of the trade and your thoughts and feelings at the time of trading. This is because by keeping a trading journal, you are able to record your trades, look for the mistakes you are likely to have made and look for ways to improve on your trading.