SECRET 6 – High Time Frames
Look at the situation in high time frames.
Watch out for high time frame trends.
This is often how beginners open positions against the trend, they don’t follow higher timeframes.
At the same time, there are situations where a correction has started on a smaller time frame, which is not yet visible on a higher time frame.
Such situations can be negotiated, but you must be very careful.
SECRET 7 – Daily reduction
You must limit your losses per day.
Choose for yourself a suitable value for profit and loss, upon reaching it, you will stop trading that day.
If you decide that your daily drawdown is $100, this means that if you lose $100, you will stop trading that day and not make any stupid trades hoping to win back.
Hope of bets – always leads to the flight of deposits from beginners.
Control emotions and losses.
SECRET 8 – Trading Sessions
A day trader wants to make a quick profit and get out of the market, so it is important to keep an eye on trading sessions and know when the market is most active.
The European session, crossing with the American, creates the most volatile moment in the market.
At this time, the market moves faster, which will give you the opportunity to win quickly.
But do not forget about the risks, such volatility can bring losses just as quickly.
It is worth remembering that the end of the Asian session and the beginning of the European one is a good time for investment setups.
SECRET 9 – Daily volatility
Each pair has its own daily volatility.
And, knowing this value makes it easier for you to understand when the potential for movement is likely to run out.
These values can be found on the Internet for each pair.
SECRET 10 – Carry positions at night
Quite often, beginners make this mistake: they transfer positions to the next day.
Don’t forget that you opened on an intraday setup, meaning this setup probably won’t work the next day.
Tomorrow, and maybe even tonight, the market will behave differently, going against you and hitting your stop.
Don’t go against your strategy, follow their rules.
Day trading is not easy, but it can be learned.
In addition, it is very profitable.
Good for overclocking a small account.
But don’t forget the rules.
Don’t go against the market, follow the strategy.