Day trading is all the rage nowadays as most of the money-making opportunities shift to online. You can use it to supplement your income or work on it entirely as a day trader and skip the 9 to 5.
Day trading has an easy learning curve, and most of the tools and news you need are readily available on the internet. However, you should take to heart these 4 tips.
Choose Your Market Carefully
In the day trading industry you can choose among three platforms- Forex, or foreign exchange, cryptocurrency or stocks.
All of these markets are markedly different from one another. In Forex you’ll be trading fiat currencies such as USD or EUR, while in stocks you’ll be buying and selling company stocks, such as Apple for instance. In cryptocurrency you will be buying and selling cryptos such as Bitcoin, Ethereum and others.
Day trading is complementary to cryptocurrency since it’s more volatile than the others, and you’ll be able to move a lot more volume and still make a profit. To really turbo boost your efforts you can create a bitcoin billionaire login.
Have Your Equipment Ready
Day traders are not without their equipment. A typical setup will involve a laptop or computer that has multiple screens, several browser windows and the platform where you make actions, e.g., buy and sell Bitcoin, for example. It’s recommended that you get a capable computer that’s reasonably fast and can handle a dozen or so programs and apps so you won’t experience lag in busy moments.
Then, there’s the matter of your internet connection. If you can, get a subscription and a line from a reputable ISP, and the lowest internet speed if you’ll only use it for trading. Otherwise you can move up a few plans and packages so you can browse the web and watch the news without too much buffering and lag.
Choose Your Trading Platform Wisely
You should never jump in and pick any trading platform at the first go. Not all trading platforms are the same, and some might steal your hard-earned money and leave you penniless.
Create a list of 3 to 5 exchange platforms, then do your research and find out which one is the best. Check online reviews, websites and user feedback, as well as its security and if there are any transaction fees for instance.
Once you’re down to just one then go ahead and sign up, then use fiat currency to get your assets. At this point it’s a matter of planning and execution to meet or exceed your trading goals.
Manage Risk
Cryptocurrency trading has its risks, and you’ll want to mitigate them as soon as you chance upon them while day trading.
You’ll want to set up a stop loss where your assets will be sold whenever it hits a low value. You can set it and time it so you won’t completely lose your investment if things don’t go your way.
You can also set a loss amount, $100 for instance which will prompt you to stop trading that day.
