Discipline has supreme importance in day trading any market. It means you execute trades as per instructions given at all times. You should never violate trading rules at all otherwise you could suffer serious financial loss. It looks very easy to follow rules. Many beginners are excited and they think they could be millionaire in a short period of time.
They see reality when they are sitting in front of their computers watching the market, they tend to forget rules of trading and make emotional trades. Beginners especially become excited with forex trading because it can be started with as low as two hundred dollars. Online currency trading does offer huge potential of income but there is also an opposite side which many traders forget easily and that is a huge loss. It means high risk high return. Successful traders determine risk before placing a trade while the opposite is true for emotional traders.
Well, you can trade any market like forex, futures trading, stock trading, emini futures and options. Managing risk is another important element of trading. If you manage your risk effectively by keeping a reasonable position size, you can do highly volatile commodity trading or currency trading. Risk management is a key to trade any market.
Forex consists of many different pairs but there are six major currency pairs which are highly liquid. CME has introduced E-micro forex futures which you can trade easily with any reputable broker avoiding bucket shop businesses. Majority traders have a lot of complaints against brokers offering currency trading in the unregulated market. Some of these brokers manipulate prices for their own benefit but e- micro brings peace of mind. Now you can trade with low risk in regulated market.
Emini trading is also well known trading instrument. You can trade emini futures during the regular stock market hours effectively even though they are available twenty four hours. If you are a discipline trader you need only couple of hours a day to earn regular full time income. Reputable brokers offer emini on higher margin which is a positive thing because small traders try to make money with very small capital. You have no room of any mistake when you have little capital. You should have reasonable money to open account with a good broker.
Day trading in stocks requires large capital. But if you have large capital you can trade all trading instruments including forex and commodities with one broker. You can enjoy many trading opportunities in multiple markets. There are hundreds of stocks and you will definitely find a stock for daytrading every day.
You need a sound trading strategy and effective risk management plan to grow your equity and keep your capital safe. Only disciplined traders equipped with great risk management strategy can make money in today's volatile markets.
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