Day Trading Tips – Top 10 Tips and Tricks for Day Traders

Photo of author

( — January 24, 2021) — Day trading tips can be really helpful for traders who are struggling to earn money. On this page, we have tried to compile a list of Top Tips and Tricks for novice players who have just entered this market. To become a pro in this field, you can start your day with Skilling.

Most people might have heard about the success and dangers, people have seen while trading. It can either give you a lot of money or put you in danger, if not done through a well-planned strategy. With Skilling, you get an edge over other traders in the market.

If you are one of those looking for proven tips and tricks for Day Trading, Copy Trading can be a blessing for you. Here are some useful tips and tricks that day traders should know to get success.

  1. Knowledge Is the king

Every newbie should have the basic knowledge of trading procedures and daily updates on the stock market news and events that may increase or decrease the stock values.

  1. Set your budget

Before making any investment, it is advised to set your budget and think about how much money you’re willing to invest each day. Many successful day traders invest 1-2% of their account per trade. Copy Trading helps you to do that accordingly.

  1. Give time

The success in Day Trading won’t come overnight. You will need to spend most of your day, looking at stocks, and use your money smartly.

  1. Make small investment initially

Beginners are advised to start from one to two stocks and ramp up their investment over time. For example, Apple shares are available for $250 and your budget is only $50 worth, many traders would buy only one-fifth of a share.

  1. Do not spend your money on Penny Stocks

It is generally seen that beginners look for cheap deals and try to make maximum out of it. Do you know, many shares under $5 become de-listed from major stock exchanges? So, it is advised to stay on the safe side only. 

  1. Avoid Rush hours

Most successful traders begin trading as soon as the market opens early in the morning. For a beginner, it is advised to sit idle and understand the market in the morning when the traders’ rush is more. The middle hours are the best and safest to try your luck.

  1. Decide between market orders and limit orders.

Market orders are executed at the best price available at the time—and there is no price guarantee. A limit order, on the other hand, has price guarantees instead of execution. Beginners should look for the Limit orders option to trade with accuracy and set your price for buying and selling.

  1. Be optimistic about Profits

Many traders win only 50% to 60% of their trades. But they try to make more from their winning rather than losing to become a successful trader. Make sure, your profit calculation is realistic and clearly defined.

  1. Maintain patience level

The stock market is fluctuating every single minute. You need to keep your patience level. Don’t forget to keep all of your greed and fear at the distance. All decisions should be made logically and not emotionally.

  1. Follow your Plan

Successful traders move fast but think smart. They have trading plans and strategies in hand and stick to their plan. It is very important to follow your plan rather than run after profits.

Final Words

Day Trading can be a risky job. It needs practice, patience, market knowledge, time, skills, and professional assistance. If you think you should call for professional help, then Copy Trading should be your only-stop to finding solutions.