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Day Trading Warrior

forex-winner.jpgDay trader are people who buy and sell within the same day. The reason to buy and sell in the same day is to turn a profit with a short-term movement in the market price. If you hang on too long, the up tick will have passed and the stock could plummet. More times than not, people wait too long and as a result they don’t make money.

If you are new to forex trading, it would make sense to start with pretend trading. There are plenty of sites that allow you to trade virtually. This means that you are not using real money, yet you are choosing your pairs, buying and selling as if it were real. You will accrue pretend gains and pretend losses.

Before you start trading you should set up a few rules for yourself. Limit your losses. You can put a dollar amount on what you will allow yourself to lose in one day, but you must stick to it.

Many day traders make the mistake of holding on pairs too long and rather than sell when the pairs initially started losing money, they hold onto it thinking the market will change and they can make back what they lost. Instead, they lose even more money than they would have had they sold when the pairs hit the loss limit.

 

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