Build a Plan for Every Trading Day
This guide, written by famed professional day trader Raghee Horner, introduces individuals to the world of day trading. Specifically, the guide covers the following topics:
- The risk philosophy of day trading
- Understanding the daily trading rhythm
- Day trading psychology
Here is an excerpt from the guide:
A day trader should very rarely be surprised when volatility increases and how much it is capable of increasing to. Because of the tighter price movement inherent to a daily time frame, day traders are masters of risk/reward because one misguided decision about the validity of a single trade does have the capacity to wipe out a day's worth (or more!) of wins. Knowing when a pair is behaving beyond the normal price movement range can mean a bigger win, true, but more often it's a warning that the market is digesting something new or different and the risks associated with that are almost always higher. From my years actively day trading, I know successful day traders respect the clock as much as they do the charts!
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|The Foundations of Daytrading
|What is Daytrading?
|How Long is the Trading Day?
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