Day trading of commodity futures, Forex, stocks, or options can be profitable. However, to be successful in live day trading a day trader had best use an exclusive mechanical system that provides a framework for success such as with DayTradeSafe. There are many skills to master and the best way is when you graduate from the DayTradeSafe structured course and become a benchmarked professional trader. Live day trading using consistent rules-based trade entries, management and exits provides consistent results and the basis for a profitable future in day trading.
Live Day Trading Stream
Day traders start by learning the basics and practicing in simulation before ever entering the live day trading stream of real trades. Successful traders are like successful actors or athletes in that they have worked, practiced, and studied their craft but they also need to be able to apply what they know efficiently and profitably in real time. Watching someone else trade is not especially useful except that you will notice that day traders are not making trades every minute but rather analyzing the market with their indicators in search of profitable trades.
Day Trading Forex Live
You can trade foreign currencies virtually 24 hours a day on every day that markets are open. But, a unique feature of Forex is that Central Bank Policies, government policies, and specific events that occur during the business day of a given country affect that country’s currency. Thus, traders generally choose to be day trading Forex live during the business day of one or both countries in the currency pair that they are trading. Because this may entail trading the London or Tokyo exchanges instead of New York, day trading Forex live may mean working the second or third “shift.”
Live Day Trading Crypto
Cryptocurrencies are unique amount equities that are traded. They have no basis in fundamentals. This is unlike commodities trading things like coffee where the current drought in the coffee growing region of Brazil (the world’s largest coffee producer) has driven prices up. You are not waiting for the next USDA or other report to help guide your trading. Rather, in live day trading crypto you need to be glued to your technical analysis indicators, ready to execute at a moment’s notice.
Live Day Trading Penny Stocks
There can be several problems with live day trading penny stocks. They tend to trade in relatively small volume and liquidity when compared to large cap stocks or ETFs that track indices like the S&P 500. This leads to two potential problems. One is that technical analysis indicators are less accurate than with equities that trade at high volume. And, if liquidity is really low it can be easy to get trapped in a trade that goes bad in hurry because you want to sell and there are no buyers. And, last of all, penny stocks are prone to pump and dump schemes that can sucker you in to what sounds like a great deal, take your money, and leave you with a fist full of valueless stock.
Live Futures Day Trading
At DayTradeSafe we commonly recommend to our members that they consider live futures day trading. Commodity futures traders are not required to maintain a minimum account size due to being identified as a pattern day trader as with trading stocks. With live futures day trading you are not bothered by short sale restrictions and you can trade several times a day, day after day, without restrictions. At DayTradeSafe we teach the skills necessary for success in live futures day trading.
Live Day Trading Simulator
The first rule of day trading for novices is to never trade with real money until you have passed a course such as offered by DayTradeSafe and worked with simulated trades until your execution is flawless and your “practice trades” routinely make money. The second rule is never to forget the first rule! You can do simulated trading at your Ninja Trader platform using real historic data, stop and review trades, modify your approach, and generally improve your skillset until you are ready for love day trading.
Precision Day Trading Live
Something that we sometimes have to emphasize to new day traders is that day trading is not a trip the casino and it is not a matter of following “tips” for quick profits. Precision day trading live is a matter of discipline in using rules-based trade entries, management of trades in progress, and timely, profitable exits. The measure of success is not how many trades you can make a day but rather the ability to choose trades wisely, manage them welt, end most of your trades with a profit and every month with money to put in the bank.
To learn more about TradeSafe, please click HERE
To watch a Replay of a recent online workshop about the TradeSafe Mechanical System, please click HERE