What advice do you have for beginner day traders?

 
Are there any common mistakes that you see new traders making, and how can they avoid them? And what resources or tools do you recommend for someone just starting out in day trading?
 
Pablo Jaguanharo Carvalho Pinheiro:
Are there any common mistakes that you see new traders making, and how can they avoid them? And what resources or tools do you recommend for someone just starting out in day trading?
Demo trade before going live 
 
Pablo Jaguanharo Carvalho Pinheiro:
Are there any common mistakes that you see new traders making, and how can they avoid them? And what resources or tools do you recommend for someone just starting out in day trading?

Day trading is for professional and not for beginners. Beginner always lose here with guarantee.

Despite learning, people make mistakes in day trading, But why beginner would come to day trade? Reason is attractive leverage offered by broker since beginner trader do not understand the true meaning of trading and they have less funds.

These leverage are only meant to be used by professional with atleast 7-8 years of experience, so day trading is a trap for beginners.

I would advice beginner to stay away from day trading, or only proceed if you have a proven method of making money from day trading which is tested on minimum last 3 years of chart because market keeps changing its nature every few weeks. The strategy which you may be trading may stop working for any reason, but some unique strategy exists which never fails in any case, but are known by very few traders.

Market is operated in 3 phases 

1. Continuation

2. Consolidation

3. Continuation or Reversal

I highly encourage to study elliot waves, measured moves and fibonacci this is very very useful and will help in day trading.

I will post you one example of how pro traders trade

You can check chart of $BCHUSDTPERP (tradingview) and see how price falls/crashes from 134.62, It took me 5 years to find such method of reversal. this is an example for educational purpose only and not a financial advice. Hope this helps.

Good luck.

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