Day trading means you open and close your trades on the same day and benefit from short price fluctuations. This method requires continuous monitoring, technical analysis, and high discipline.
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🛠️ What do you need to get started?
- A reliable trading platform: like Binance and Bybit.
Note:
These are the platforms I use, and each platform serves a specific purpose. For example, I use MEXC and GATE to enter small currencies. I keep liquidity in Bybit and Binance for a medium to long term if I'm not planning to move it. You do what suits you.
- Technical Analysis: Be able to read candlestick charts and use indicators like RSI and MACD.
- Risk Management: Determine an acceptable loss percentage by using stop-loss orders.
- Trading Plan: Define when to enter and when to exit the trade. Don't let this be based on emotion. Are you in profit? Are you convinced with your profits? Sell.
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📊 Strategies you can use
1. Scalping:
This means you open quick trades and benefit from small price movements.
2. Range Trading:
This means you are trading within a specific price range between support and resistance. If you don't know what support and resistance are, this post explains the meaning in a simplified way:
https://x.com/withmonis/status/1917261047318163882?s=46
3. Automated Trading:
This means using trading bots to execute trades on your behalf. I explained trading bots on my YouTube channel.
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⚠️ Important Tips
- Start and try with a small amount that doesn't affect you.
- Avoid low liquidity currencies.
- Monitor the fees, as some platforms charge high commissions.
- Learn from your mistakes. Review your trades to improve yourself.