Discipline and Consistency are key elements in order to Make Money Day Online Trading.

Your first step in trading (after educating yourself) is to find a strategy that works in demo mode. In order to find a good strategy

you can use any free method on the internet. It is NOT necessary to purchase anything. Do your due diligence and read as much as you can on the net. Educate yourself first and then take the step of selecting your market to trade and then what day trading strategy would possibly suit your personality.

The market that you select to trade depends a lot on where you reside. I originally started trading Futures eminis, which meant I started trading in the afternoon into my night.

When I eventually changed to the Forex market I found this much better for me as I could trade whenever it suited me. I traded the London session in the morning, and usually I would be finished trading by lunch time and enjoy the rest of the day.

If you follow the method carefully and take only the setups that are given according to the instructions, you can then make a decision whether this is a good strategy or not.

If you would like to do a course that offers a proven method of day trading then that is great. You can often join a trading room as well. What I can say about this is stick to one, and trade the system with discipline. Don’t chop and change from method to method, this will get you nowhere.

The only reason you will be chopping and changing methods is because you are not using the trading method with discipline.

In order to get to the next level of your trading always review your trades and your progress and improve your trading results. Get to the point where you know what your strengths are and then focus on building on these strengths.

Every successful experienced trader will take losses. The way you handle your losses is the important part, don’t allow a loss to create a fear of losing.

Trade only the best setups for the conditions of the market on that day and remember it doesn’t matter whether you are trading in demo or live, you want to fine tune your trading, so stick to what you have learnt and don’t buy into the market because you think it is going up.

Never make predictions just follow your method with discipline and consistency to Make Money Day Online Trading.

 Currency Trading For Dummies Guidelines

Currency Trading For Dummies is a basic road map of what to expect when starting out in the Forex market.

Online trading the Forex/currency market, which is the largest financial market in the world, is a dream many individuals have. Currency Trading For Dummies will give you an idea of what to look for when starting out.

The Forex market is open 24 hours a day, which makes it accessible to anyone who has a computer, living anywhere in the world. These factors have influenced the liquidity and popularity of the market. If you are a newbie who wants to try your luck in this industry, you need to learn currency trading for dummies.

These are the most basic guidelines regarding the Forex/currency market and any professional trader will give you the same tips and advice that every trader should learn.

The internet has so much free information about trading, I would advise you to do as much reading as possible before venturing into this difficult but amazing life of day trading.

Practical advice I can share with you on Currency Trading For Dummies:

• Learn from those who know and understand the industry. It’s always nice to have a mentor and there sure are many offering this service but how do you know who to use?

I would advise that you check out the service offered extensively on the internet. Don’t just accept the testimonials on the site. Type the persons name into Google and also the name of the website with reviews at the end.

For instance: if the website is called “trading help” type into Google “trading help reviews”, and see what people are saying about the training offered.

• There are still numerous Currency Trading For Dummies that exist on the net. E-books, articles and websites that are dedicated to currency trading are abundant, and many of them come from the pros themselves.

• The Forex market is probably the best place to start trading as you do not have to have too much money to open an account. You can open a micro account and trade 10c per pip; just make sure that the broker you open an account with will allow you to trade micro lots. It’s not the norm; you often have to arrange it with the broker.

• Then the broker, who do you choose? Here again it is good to do a Google search on Forex brokers and see what other traders have experienced with their broker. There are forums where brokers are reviewed and discussed.
• Consider demo trading for a few months until you are profitable in demo. Then start trading live as mentioned before with a small trading account taking small profits and small losses you can get the feeling of trading with real money.

If you are serious about trading as a business, it’s best to ensure that you have prepared well. You’ll have a higher chance of profiting if you have enough knowledge of the market trends, and if you know how to time your transactions. To help you analyze the market trends, learn how to read the currency charts. Don’t gamble with currency trading because it’s highly risky and it relies on understanding the different currency pair movements.

I hope you enjoyed this start to Currency Trading For Dummies. It is important that you take your time in understanding the basics of currency trading before making any serious decisions and transactions.

What is After Hours Trading?

After Hours Trading does not necessarily affect us today with the internet giving us access to the markets 24 hours a day through the week.

Major stock exchanges have business hours of trading from 9.30am – 4.00 pm EST, so these times in general will have the most volume for day traders.

Trading online, we do not have the same hours as the traditional markets, if you want to buy into the market and there is a seller, then your trade will be executed at any time of the day or night.

It is important though for you to know how your broker works during after hours trading, and how your trades will be handled.

You will find that fees and spreads vary during After Hours Trading, and therefore you would need to choose the best broker.

It is not a good idea to use market orders but rather decide where you are going to buy or sell and place your order ahead of time. This is called a limit order.

The Foreign Exchange market (Forex) is open to trade from 5pm EST on a Sunday right through until Friday 4pm

If you are able to trade the Asian session it is a great time to trade as very often a major trend starts during this session.

Usually when there is an opportunity to get into a trend right at the start you can stay in it the whole day. Obviously we don’t know when this is going to happen and sometimes the Asian session hardly moves at all.

What is After Hours Trading?

Typically this is when the market moves in very small increments and there is very little volume. This often happens on the indexes after 4.00pm in the afternoons. This you would call typical After Hours Trading.

Very little volume or liquidity refers to very few orders, or not much buying and selling. When the market has no momentum you often find the scalpers picking up 1 or 2 ticks in the markets. This type of trading is not for a beginner trader, and I would not recommend it.

The professionals with large institutions, such as mutual funds are traders during after hours trading and I think it best to leave this time of trading to the experts, why try and compete with the professionals?.

What is After Hours Trading?

Some market times are:

Emini pre-market trading hours are between 5.00pm and 7.00am EST. Best not to trade during these times.

Forex trading sessions:

New York opens at 8:00 am to 5:00 pm EST

Tokyo opens at 7:00 pm to 4:00 am EST

Sydney opens at 5:00 pm to 2:00 am EST

London opens at 3:00 am to 12:00 noon EST

As you see there are great opportunities to trade any time of day or night on the Forex market. Choose your session to trade and only enter the market when there is momentum.

If you choose to trade the Asian session because the times suit you and you don’t get a trade because of low volatility, then so be it. You don’t trade that day. Learn to understand your trading time and your favorite currency pairs and become an expert in it.

All the currency pairs have their own idiosyncrasies and my advice would be to trade one pair and learn all about that particular pair. The more information you can find on that pair , including daily expert analytical data and advice the better.

Choose one of the major currency pairs as you will find lots of free expert analysts on the net on a daily basis. Your broker will have daily data (usually) as well, and there will also be lots of online resources.

There are just so many markets to trade during the day why would you want to go for After Hours Trading, it really isn’t necessary.

Even if you decide not to trade the Forex market where-ever you live you can find a market to trade during the day.

Germany has the DAX for instance. Another market to study and learn the characteristics of.

UK has the FTSE.

Every market has its own individuality.

After Hours Trading is therefore trading during the period when the stock exchange is closed and this is not a time that is advisable to trade.

Day Online Trading is a site to help experienced and especially beginner traders  become profitable in their venture in a day trading career.

Day trading is not an easy career but with discipline and consistency and as much knowledge as you can absorb you do have the capability of becoming a profitable trader.

Tips for Online Currency Trading

Currency Trading is not easy, that is why it is so important to learn as much as you can and then demo trade until you are profitable.

For those just starting out learning the mechanics of Currency Trading should also learn how to deal with the business online. Newbies can get  countless benefits from online Forex currency trading because of its various features.

First thing is doing lots of studying and then do a search for an online Forex  broker, and it definitely must be a broker who offers a micro account. You do not have to open an account immediately, you can use their demo platform completely free of charge and only put money into a live account when you are ready.

Once you start to simulate with a trading strategy you will be able to get the feeling of buying and selling and learning the different spreads for each currency pair. Every currency pair moves in its own unique way and it is good to specialize in one or two pairs until you get to know them. This will really help a lot towards your success.

Next, you need to be familiar with currency trading lingo that is used for this type of trading. Foreign exchange is a business that deals with buying and selling foreign currencies. The base and the quote are the two currencies that are always listed.

Traders buy currency for a specific amount of the quote through the base. You’ll get an idea about the currency exchange rate through this info. And the exchange rate is basically the rate of the currency that a trader can buy or sell.

The main basis for this is the rate of base against the quote. It also helps you to identify the amount of the specific currency that you’d like to buy. The two major transactions involved here are ‘bidding’ and ‘asking’. Your online Forex Currency Trading account generally covers these terminologies.

Bidding is also sometimes called buying, and selling is also referred to as asking. Using an online forex currency trading account has its own advantages as well. When you make transactions, you are not involving any third party and the costs are usually lower and has no fixed lot sizes. Being able to transact online and the marketplace is available 24 hours, you can be as flexible as you want with this set-up.

While trying your hand at Currency Trading for the first time, don’t go into it blind folded as it is very easy to lose your investment and that is why I always stress to beginners to demo trade with discipline. If you can demo trade with discipline then you are on your way to success.

Finally choose a trading session that suits your time zone and don’t over trade. It is easy to over trade, as when you are winning you just want to continue, and when losing you want to make up your losses. Often when you are losing it can continue mas it becomes revenge trading. The market doesn’t have it out for you, it doesn’t know you, so don’t take it personally. This is trading, so get used to it and move on after taking some losing trades.

Currency Trading is exciting and addictive,  but take your time to learn and practice, it may seem easy but when trading with your own money emotions come into play and the ball game changes completely.

Setting realistic goals is part of your Currency Trading Basics

It is always advisable to have written goals when starting any business. With Currency Trading on the Forex market it is even more important to have a plan and to stick to it. If you make realistic goals it is much easier to achieve them and therefore this would then be an exciting venture.

The problem with new traders in the Forex market is that they imagine making a fortune quickly. There is no way this will happen and the sooner you learn this the better.

Some individuals will make money early in their trading career and they then become cocky. “This is so easy; I will be able to retire in three months.”

Unfortunately this winning streak will soon turn into a losing streak with this type of mentality and before you know it you have given back more than you profited.

Currency Trading is not gambling if you know what you are doing. My advice is to learn Currency Trading Basics in order to have a good start in the business. Treat your trading as a business and therefore it is logical to set realistic goals, and they should be written goals.

A well known saying in the trading world is “Plan your trade and trade your plan”.

You don’t want to be making decisions based on emotions. No-one knows which way the market is going to go. The Forex market is rather volatile so utilize a good strategy of trading and only enter a trade when everything lines up accordingly, and adapt to the markets volatility.

Currency Trading Basics will teach you that the Forex market is constantly changing and that your strategy may need to evolve with the market. This is where the discipline of trading your strategy will prove to be the best way to success. Consistency will prove to be worthwhile as if you take every good setup without fail your profitability will rise

If you take some and not others because your emotions have got in the way, you will find you lose more trades than profit. This is when fear of pulling the trigger will grab you and the cycle of taking losing trades and missing winning trades will cause you to lose your whole account.

There are so many techniques to trade the currency market, so be careful you do not take on too many variations. Sometimes it is good to have one technique for when the market is volatile and another when there is a good trend.

There is so much in the way of training, whether ebooks, attending seminars and even a mentor who can guide you during the early days of your education. Read as much as you can on the internet. There is so much free information on the net you can literally spend weeks reading and learning.

Currency Trading Basics includes learning how to read a trading chart, chart patterns will help you understand what is happening at the moment in the market. Understanding the fundamentals of what is happening on a daily basis in the news is also an important factor.

Some methods of trading the Currency market are:

• Traders often wait for the economic news to come out in order to enter into a trade. This is not something as a beginning you should be looking at.

• Another method of trading the Forex market is to take many scalping trades. This is a technique of entering the market many times a day for a quick profit. The difficulty here is that you would have to trade a currency pair with a small spread like the EUR/USD, and also be focused for many hours watching the computer screen for just the right moment to enter a trade. This can be very exhausting.

• Taking trades only with the trend is what is advised. If the market is moving up strongly, then you would want to wait for the market to take a breather and then enter when it resumes the move up again. Using a moving average is often used to gauge the pullback in order to make an entry

• A simple method of trading is using a simple moving average on your chart to give you the direction of the market for that day. If you change the chart from a low time frame to a higher time frame you will get an idea of what the long term trend is as well as where the intermediate trend is.

• Always use a stop loss and know how much money you will lose if the market does not go in your direction. Give the market place to move though and once it moves in your direction you will want to have an area of exit.

• Often what traders do is, once there has been a move away from your entry they move the stop loss up to entry point. The problem with this method is that you will often be taken out of a winning trade too early.

• Always take notes of your trades and if a losing trade then take a picture to analyze and learn from the event.

Currency Trading Basics is important to the new trader, so take note and take things slow in order to achieve success with your Forex trading

Practical Trading Tips and Ideas

Learn How to Become a Day Trader with these very important tips and ideas:

1. Do not expect to become an expert day trader right away. It is important to take the time, in fact considerable time, practice and lots of effort to learn the ropes.
2. Too much information complicates trading unnecessarily and it can easily become too confusing. Don’t overload your self with information. Experiencing is just as important as learning.
3. Lack of understanding, combined with greed and fear, is the greatest hindrance to the novice trader.
4. Don’t Try to Predict the Future you can’t predict where the market will go and when it will move. But if you use correct strategic trading disciplines, you will make money whether you try to predict the market or just trade a good strategy.
5. Eliminate the fear of losing, having a trading account that is too small will create huge stress, and the fear of losing will stop you from taking the next trade. There is a saying in the trading world, “scared” money rarely profits.
6. Have a trading plan. Studies have shown that over 80% of traders do not have a trading plan. Successful traders have a trading plan that they strictly follow. Discipline is the key!!
7. Paper trade or use a simulated trading website to practice your trading techniques before you use your own “real” money.
8. Be patient. By having the discipline and patience to wait for the right opportunity, you can increase your chances of success greatly.

Good Money Management and Risk Control

• Applying sound trading discipline with superior cash management and risk control makes the difference between success and failure.
• The key to profits in trading is not in the prediction or the indicator, but how well the trading strategy is designed and always limit your losses by knowing e3xactly how much you will lose for each trade. Always use stop orders.

 Be In Harmony with the Market

When the market is going up your trade must be going up as well. In other words don’t try and pick the top of the market, and sell while there is a strong up  movement. The opposite obviously also applied, sell if the market is going down and trade with the trend. If you bring your opinions into your trading, you will end up fighting the market.

DON’T FIGHT THE MARKET it is not worth the price you have to pay, both financially and for peace of mind.

• Let the market and your strategy or system take you long (buy) rather than you personally trying to predict or decide when to go long.
• Let your strategy take you out or get you short (sell). Let the markets tell you what to do based on your strategy.
• Trade your strategy and let the market do the rest.  Discipline!!!

Your goal should be to develop a strategy that gives you more money than it takes away. Every strategy/system will have losses.

ACCEPT LOSSES AND LEARN FROM THEM

Most successful traders will tell you that the most difficult thing about trading is accepting the losing tradeS. For experienced traders, losses are just a cost of doing business.

• Learn from your losses – take advantage of each loss to improve your knowledge of the market.
• Never add to a losing position. It is a prescription for disaster.
• Always keep records of your trading results and analyze the results.
• Patience, perseverance, determination and a rational trading plan are the key attributes of a successful day trader.

If the markets on a given day are not performing or reacting the way you expected, it is best to simply get out. Remember that standing aside is a position and often the best one to take if you cannot form an opinion as to where the market is heading on a given day

TRADE FOR PROFITS OVER TIME

Don’t expect to become a millionaire in a week.

The only way you will really know whether you are a successful trader is to be successful over time. A week or a month will not be enough time to tell you how you are doing. You should be trading with the objective of making money in the long run, consistently, and with the confidence that your strategy will make money, given enough time.

I hope you enjoyed this article on How to Become a Day Trader and everything you have read into consideration when you start your day trading career

How to Day Trade and achieve emotion-Free Trading

Is there an actual method of achieving emotion free trading?

As soon as you put on a position, you immediately grow tense and fixated on the chart.

Are your fingers tapping and heart pounding nervously every time you are in a trade? You have just taken two losses and maybe this will be a third.

The market moves in your direction and all of a sudden starts moving back again. “I better close this trade with a profit (any profit) before it turns around and stops me out again.” Just as you close the trade for a pittance it moves in your direction and reaches your original profit target.

If the trade moves against you the stress is just too much and obviously not healthy. Extreme stress in trading is not a necessity. Do not feel that tension and stress are a part of trading that needs to be accepted.

Human emotion is one of the most complex and hard to control areas of trading. No trader or investor has been able to conquer the market without first controlling their emotions.

In most instances the need for money is what causes emotional stress in trading. Most people come into the trading arena with the idea that trading is easy, they really are desperate for a way out of their financial difficulties, or they would love to be able to live a better lifestyle, rather than their dreary 9 – 5 jobs.

To become a successful trader don’t start out thinking about the huge amounts of money that you can make but rather at trading well, and then the money will appear automatically.

The successful traders sharpen their skills continually and tirelessly. To reach the individual perfection is more important than any money for them.

The novice trader either earning, saving or borrowing money opens a new small trading account. He/she begins trading and in no time finds the account totally depleted. Now they think, “If I had a larger account, I would definitely be able to win with trading”. Many novice traders think that if their account was bigger they would succeed.

You may be surprised to know that if you have a large trading account it will make no difference to your success as a trader. You can achieve emotion-free trading no matter how much your trading account has in it.

You will notice when reading on the net that experienced or professional traders say never start trading with a small account as you will be trading with scared money. In other words, you will be so scared of losing your small account that you will be scared to pull the trigger. This then causes a vicious circle of take a losing trade or two and then being scared of taking the next one because you may lose again. You can be sure that will be a winning trade and you could have now been in profit. And so the vicious cycle will continue until you have exhausted all your funds in your account.

Now, let’s say you decide to start all over again with a bigger account because everyone says this is the reason you are failing at trading. If you have not learnt the fundamentals of trading and got your emotions under control do you think that the larger account will make any difference?

Let’s move onto some important factors to learn How to Day Trade.

Discipline and patience.

When you demo trade with discipline and patience you build confidence into the daily routine of trading. You create a habit of trading with discipline and this becomes completely natural. When demo trading a strategy or technique, your aim should be to replicate real life trading as close as possible.

This will serve to greatly improve your trading confidence and belief over time, and this will help you towards experiencing emotion free trading.

You will be able to write up a trading plan, knowing what your risk is and what drawdown you can expect, so that if you hit a losing streak it will not be anything new. Once you have your risk reward worked out, it is just so much easier to watch a trade that’s going against you, when you know that you will make the money back (and more!) pretty soon, trading the same way. How powerful would that be????

If you are having a problem with fear of pulling the trigger, then you are not confident in your trading setups. The only reason you are not confident is because you have not demo traded your strategy sufficiently with discipline, and you have no expectations of your ultimate success, or failure for that matter.

If you have not focused on ONLY your strategy while demo trading, and been continuously learning from both winning and losing trades to become more effective, then you cannot feel confident and experience emotion free trading. It wouldn’t matter if you had a small trading account or a large trading account.

When it comes to market history, there are only two choices: trading with awareness of it, trading in ignorance of it.

I hope you enjoyed this article on some important factors regarding How to Day Trade. On this site you will find some really good strategies to assist you to get going with your demo trading

Lots of luck!

How to Day Trade without the noise!

Looking at this picture of a 1 hour chart gives you a good idea of which way you should be trading

If you are day trading a one minute chart, you are trading with a lot of noise, it is a stressful activity (as it needs speed), and novice traders are often wiped out when things get rough. Too often traders who trade noise are over traders, loving the action of the fast charts.

To trade this method you need nerves of steel and you have to have the type of personality that can handle it.

When you eliminate the noise from your chart it is much easier to determine the trend of the day. Isolating trend direction by eliminating minor corrections and showing only larger trends is the start to emotion free trading.

One way to eliminate the noise from a chart is to use a higher timeframe and another is to utilize an indicator a lot of charting providers have, and that is the Heikin-Ashi. The Heikin-Ashi technique is extremely useful for making candlestick charts more readable- making trends more easily identifiable and buying/selling opportunities can be spotted with little difficulty.

There are probably many traders who are making money scalping the one minute chart. However, if you want to eliminate noise you have to trade off a higher time frame. Many novice traders are trading a one minute chart because they have a small account and want to keep their stops small. (This is not necessary when trading the Forex market.  With a  micro account you can trade with as little as .10c per pip.)

The higher the time frame the larger the stops, but the same goes for the trending profits.

How to Day Trade without noise, is to trade off a chart no lower than a 1 hour and using the Heiken Ashi is absolutely magic to view the bigger picture. To really be able to see what is happening on the bigger picture start off on the daily chart as it allows you to see the overall trend. That doesn’t mean you have to trade off the daily but you certainly can trade with the direction of the daily or 4 hour chart.

Using Heiken Ashi smoothing custom indicator only, no candles, you can clearly see when there is a downtrend or uptrend by the colors of the indicator candles. It is not a good idea to trade off this chart because the market can be way ahead of the Heiken Ashi candles and this can become confusing.

You enter the market according to the Heiken Ashi candle and find that the market is not where you entered, as this indicator is lagging the market, however if you have the Japanese Candlesticks on the chart as well, you can see where the market actually is.

Remember that you will always take losses but trading with the Heiken Ashi can assist you to stay in the trend until a change of HA candle color.

How to Day Trade using Heiken Ashi indicator:

There are five basic candle signals that identify trends and trading opportunities:

Hollow candles with no lower “shadows” indicate a strong uptrend: let your profits ride!

Hollow candles signify an uptrend:

One candle with a small body surrounded by upper and lower shadows indicates a trend change:

Filled candles indicate a downtrend:

Filled candles with no higher shadows identify a strong downtrend: stay short until there’s a change in trend.

I sincerely hope you enjoyed this article on How to Day Trade Strategy and test it out on your demo account