Some educational reading for all you aspiring traders out there. Here is a short reading list of some things to be aware of, and tools you can use, if you want to be a trader or a day trader.
Quit Your Job to Day Trade? Steps and Expectations – I break down what it really takes, and what to expect, if you want to make a living off the markets.
Use Fibonacci Retracements to Find Trading Entry Points – I don’t focus on specific retracement levels, but I do look at historical tendencies to get an idea of how far a pullback could go, and where I should start looking for trading opportunities (but I don’t use the retracement levels as actual trade signals).
Technical Analysis: Support and Resistance Basics – How to use support and resistance levels, including breakouts and false breakouts. Waiting for false breakouts is one of my favorite strategies. The article also addresses the rarely discussed topic of “strong” support and resistance.
Where to Place a Stop Loss – Basic introduction on placing stop loss orders to help control risk, when day trading or swing trading.
To learn more about how to day trade forex, including basics to get you started (order types, currency pairs to focus on, defining trends…), 20+ strategies and a plan to get you practicing and successful, check out the Forex Strategies Guide for Day and Swing Traders 2.0 by Cory Mitchell, CMT.