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It takes tremendous discipline to be a day trader. When volume is steadily rising, it indicates a market may be ripe for day-trading. A day trader must be realistic about the amount of work, discipline, tolerance to risk and luck that is needed to be successful.
Studies have shown that Day traders should never risk more than 2% of their float on any trade. Investors and traders around the world are looking to the Forex market as a new speculation opportunity. A novice day trader should normally have day trading capital of at least $20,000 to start, so this is not a business to undertake lightly.
Day traders will holdi a stock until it goes up to about five or six cents and then start selling. The instrument traded by Forex traders and investors are currency pairs. Any day trader should know up front how much they need to make to cover expenses and break even.
The day-trader must adjust profit objectives to the shortened time horizon of day trading. The preference of day traders is an Electronic Direct Access Trading service which links the trader directly to the exchange through a modem. Day traders, both institutional and individual, play an important role in the marketplace by keeping the markets efficient and liquid.
With the unlimited potential to earn of daytrading, comes the possibility of great financial loss. The Forex market is the largest financial market in the world with average daily trading of the currencies going over US$1.6 trillion. When day trading, set yourself a limit on how much you are prepared to lose on any particular trade. A study in 1999 found that 70% of day traders lost money.
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