Do you day trade for a living?
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Hello guys. I have taken a decision of day trading for a living. Have you ever done this before or are you doing it by now?
Thanks.
I am a full time day trader and i also use leverage upto 50x, I have following suggestions :
1. Youtube videos wont work in earning money from trading but will educate you, Getting educated may open new gates to you when you only willing to do research on charts, but does not guarantee giving returns from trading.
2. Avoid using any indicators. None of the indicator will work for long term, all fails on sideways and all magically works only when market trends, Some even dont work when market moves with high volatility, Avoid watching divergence, avoid EMAs, avoid MACD or any indicator
3. To start learning trading which may give you chance of sustaining on market, Start studying geometry and use drawings such as trendline, triangles, Parallel trendlines, parabolic shapes and do experiments on chart, Its the best thing you will study.
4. Learn about money management , and study about any logic which still gets you out in profit in any condition when your support or resistance fails, Follow "do not put all eggs on one basket" quote and diversify your entries even if you have strongest strategy
5. Note that Fibonacci is the only thing which i follow and which is helping me sustaining in market, all my trades are based on fibonacci only. Its used for entry exit while geometry is used for verification of fibonacci levels. So study fibonacci deeply. Its a precious resource
6. Note that all the levels which are for "intraday" trades can be found only and only in 1min chart. If you use higher timeframe than 1min, it may work but it wont give you highest accuracy in intraday short term trades, price may slip, which may cause loss with leverage
7. Keep seperate balance on wallet account and seperate balance to trade futures, Lets say you keep $100 in futures account, and you lose $10, then recharge your futures wallet with $10, when you make $10, withdraw from futures wallet, this way keep adjusting to keep balance
8. Hunt for best entries, A best entry is caught by verifying history of charts, such as if you verify A B impulse wave and C as a pullback wave, then you can estimate D point easily if you study geometry and fibonacci. Without verification nothing works! trade less,but hunt best
9. The complex thing is to find a place to put a valid StopLoss, In most of the cases your invalid SL may hit and level may still work, If you are unsure that you dont know how to add SL, switch to averaging method where you place bids in few levels and wait for it to be filled
10. Once you accomplish success with small qty, Do not forget to semi auomate your system with MQL5, with two goals 1. Same thing which you know makes money, should not be analyzed everyday manually 2. Reduce human errors Good luck!
I am a full time day trader and i also use leverage upto 50x, I have following suggestions :
1. Youtube videos wont work in earning money from trading but will educate you, Getting educated may open new gates to you when you only willing to do research on charts, but does not guarantee giving returns from trading.
2. Avoid using any indicators. None of the indicator will work for long term, all fails on sideways and all magically works only when market trends, Some even dont work when market moves with high volatility, Avoid watching divergence, avoid EMAs, avoid MACD or any indicator
3. To start learning trading which may give you chance of sustaining on market, Start studying geometry and use drawings such as trendline, triangles, Parallel trendlines, parabolic shapes and do experiments on chart, Its the best thing you will study.
4. Learn about money management , and study about any logic which still gets you out in profit in any condition when your support or resistance fails, Follow "do not put all eggs on one basket" quote and diversify your entries even if you have strongest strategy
5. Note that Fibonacci is the only thing which i follow and which is helping me sustaining in market, all my trades are based on fibonacci only. Its used for entry exit while geometry is used for verification of fibonacci levels. So study fibonacci deeply. Its a precious resource
6. Note that all the levels which are for "intraday" trades can be found only and only in 1min chart. If you use higher timeframe than 1min, it may work but it wont give you highest accuracy in intraday short term trades, price may slip, which may cause loss with leverage
7. Keep seperate balance on wallet account and seperate balance to trade futures, Lets say you keep $100 in futures account, and you lose $10, then recharge your futures wallet with $10, when you make $10, withdraw from futures wallet, this way keep adjusting to keep balance
8. Hunt for best entries, A best entry is caught by verifying history of charts, such as if you verify A B impulse wave and C as a pullback wave, then you can estimate D point easily if you study geometry and fibonacci. Without verification nothing works! trade less,but hunt best
9. The complex thing is to find a place to put a valid StopLoss, In most of the cases your invalid SL may hit and level may still work, If you are unsure that you dont know how to add SL, switch to averaging method where you place bids in few levels and wait for it to be filled
10. Once you accomplish success with small qty, Do not forget to semi auomate your system with MQL5, with two goals 1. Same thing which you know makes money, should not be analyzed everyday manually 2. Reduce human errors Good luck!7 years
My opinion is that if you sit all day in front of the screen you will be unsuccessful. Trading is not an hobby but to increase your motivation and protect your discipline, you need to have a clear mind.
It is best to start with price analysis and price pattern as the price is the most important variable for the traders and investors.
If you are new, then start with support and resistance with right risk management.
Especially, horizontal support and resistance is not only easy to use but also powerful (including supply demand analysis).
Especially, I have wrote how one can build the trading logic with the price using fractal wave and peak trough analysis in the link below.
https://www.mql5.com/en/forum/376896
The above post will provide you the shortest learning time to learn the all important price analysis like support resistance, supply demand, fibonacci analysis, Harmonic pattern, elliott wave and etc.
Without understanding the fractal wave and peak trough analysis, you might get lost among too many choices you have in technical analysis.
After you have mastered the horizontal support and resistance, then you are free to move on to more advanced methods like harmonic pattern or elliott wave and so on.
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