Timing your trades correctly

One thing that definitely contributes to price volatility is the number of orders that are executed as soon as the trading day starts (first thing in the morning).

Experienced traders are usually good at spotting patterns, whereas if you are relatively new to trading, you may find the first 20 minutes of reading the market without making any moves beneficial.

It is generally believed that prices are less volatile in the middle of the day. Towards the end of the trading day, movement usually increases.

Initially, it is recommended to avoid these so-called peak hours and avoid the temptation to make rash decisions that will adversely affect your trading budget.

Choose a niche and stick to it

There are so many assets for you as a day trader. A good day trading strategy could be to create a bucket list of assets you are interested in. As mentioned earlier, this could be forex, stocks, cryptocurrencies or metals - just to name a few (see earlier on this page).

If you are new to daily trading, we recommend that you only start with a small number of assets during each session. This will help you avoid getting too much over your head to keep track of. If you start small, you can improve your daily trading skills by focusing on a few things and doing them well.

You can then focus on specific financial instruments and markets. If you stick to one asset that you have identified as your niche, you can put all your trading energy into learning it. This is much more effective than trying to specialise in everything at once, which leads to confusion.

As an aside, it is becoming increasingly popular for newcomers to trade fractional shares, so you can set a specific amount of capital to invest. Essentially, you can buy much smaller shares in an Exness terminal - exness login, such as a fifth.

Don't be afraid to change your strategy

You may find that certain day trading strategies work for a while and then feel that they just don't work for you anymore. Even the most experienced day traders out there like to mix it up a bit and try a new strategy. Whether you are an experienced trader or a novice, sometimes it is good to change things up. After all, global investment markets can change in the blink of an eye. So you need to make sure you stay ahead of the curve. 

As we mentioned earlier, a good way to keep track of your proven strategies is to keep a trading diary that you can look back on when you need to.