Home >

Tips
Contents Share On

Day trading tips can come in a variety of

forms. Each trader might want something
different – from free stock tips, to tips on tax
when day trading. On this page, we have
tried to collate as many useful tips as
possible, including our “top 10”. These range
from psychology to strategy, money
management to videos. So from beginners to
advanced traders, we explain a range of free
tips that can help intraday traders.

Top 10 Day Trading Tips

With a multitude of tips and tricks out there,
what are the top 10 you should know about?

1. Always have a plan – The most important

of all tips on day trading. Don’t put real
money on the line until you have a plan of
action. That means know what you’re buying
and selling, how much you’re going to trade
and when you’re going to trade it. A trader
without a plan is a pig heading for an
expensive slaughter.

2. Manage risk – It is vital you sit down and

develop a risk management strategy. This
will ensure you only lose what you can
afford. Without one of these, your time as a
day trader could be extremely short-lived.

3. Harness technology – With thousands of

other traders out there, you need to utilise all
the resources around you to stay ahead.
With that being said, charting platforms offer
a huge number of ways to analyse the
markets. You can also backtest your strategy
against historical data to fill in any cracks.
Mobile apps will also ensure you have
instant access to the market, almost
anywhere. Combine that with a lightning fast
internet connection and you can make fast,
informed and accurate decisions.

4. Never stop learning – The successful

trader never sits on his laurels, he’s always
looking to trade smarter. Doing that means
staying up to date with the news, utilising
trading books, and staying tuned into
emerging schools of thought. Markets evolve
and you need to evolve right along with
them.

5. Lead with facts – Make sure your

strategy is based on, supported and
backtested with facts. Humans are emotional
beings and after a big win today you may be
feeling abnormally brave when the markets
open tomorrow morning. Don’t fall into this
trap. Let facts and figures guide your
decision-making processes.

6. Have entry and exit rules – There is no

such thing as the ‘perfect entry and exit’.
Stick only to the entry and exit parameters in
your plan. If you start thinking ‘maybe I
should see if this works’, think again.
Maintain discipline and your bottom line will
thank you for it.

7. Don’t concentrate on the money – This

may sound counterintuitive, but it makes
good sense. Having money at the forefront
of your mind could make you do reckless
things, like taking tiny profits in fear of losing
what you’ve already won, or jumping straight
in so you don’t miss a move. Instead, focus
on sticking to your strategy and let your
strategy focus on making you money.

8. Take responsibility – Too many traders

lose and then proclaim the market was out
for them. By not taking responsibility you
won’t learn from your mistakes. Whatever
happens, point the finger at yourself, in a
constructive way. What did you do wrong?
How can you stop it happening again? Do
you need to amend your trading plan?

9. Keep a trade journal – Keeping a record

of previous trades is an invaluable tip.
Software now enables you to quickly and
easily store all your trade history, from entry
and exit to price and volume. You can use
the information to identify problems and
amend your strategy, enabling you to make
intelligent decisions in future. You never
meet a trader who regrets keeping a trading
journal.

10. Know when to stop – If the strategy

isn’t working, don’t keep throwing money at
it. Go back to the drawing board and think
again. If you can’t stick to your plan, don’t
sit in the hot seat, you’ll only start on a
slippery and a dangerous slope, and there’s
definitely no money at the end of it.

Where to Trade
No tips will work if the broker used for
trading does not deliver a good experience
and can’t execute trades quickly and
affordably. Here are a few of the
recommended brokers in your location:

Recommended Brokers in the

United Arab Emirates

» Visit

Review

Leading forex and CFD broker regulated in

Ireland, Australia, Canada and South Africa.
Avatrade are particularly strong in
integration, including MT4

» Visit

Review

RoboForex is a multi-asset online broker

offering powerful trading aides.

» Visit

Review

Moneta Markets is a regulated FX & CFD

broker offering a proprietary web platform.

Tips For Beginners

As an aspiring trader, you may know some of
the basics and have a decent idea of what
you want to trade. But when the trading
world is so full of variables, all of which can
hinder your potential profits, it’s important
you learn and learn fast. Fortunately, we
have collated the essential tips for
beginners.

Picking A Market
Financial Considerations
One of the first decisions you’ll have to make
is deciding what you want to trade. Every
market is different, bringing with them their
own benefits and drawbacks. You need at
least $25,000 to start investing in the stock
market for example, whereas the forex
market requires the least amount of capital.
You could start day trading with just $500 in
your account.

So one of the first questions to answer is;

how much capital do you have? Every
market offers the potential for large profits,
so don’t think you have to trade stocks if you
want to turn a profit. Also, bear in mind you’ll
likely lose some money to start with, so think
about how much you’re willing to spend.

Patience
One of the best tips on day trading for
beginners is to stick to one market to start
with. You don’t need to invest in stocks,
forex and cryptocurrency all at once. Instead
learn in-depth about one market, practice,
learn from your mistakes, get good, and then
consider adding another string to your
trading bow.

There’s no rush, the markets aren’t going

anywhere. Devoting your time and energy
into one market will help you maximise
profits and minimise losses whilst you find
your feet.

Essentials
Before you can start buying and selling
Amazon and Google shares you need to
ensure you have the basics. Those basics
include:

A reliable internet connection – Every

second counts when you’re looking to
capitalise on a high number of low
value, intraday trades. You don’t need
your trade executions being hampered
by an internet connection that cuts out.
So use a cable and opt for at least a
mid-range internet package.
A computer – One of the top tips for
beginners is to have access to two
monitors. If your computer crashes at a
vital moment you could lose all your
hard earned profit. So have at least one
relatively quick and reliable computer,
preferably two.
A trading platform – You’ll spend most
of your day on here, so you need to
ensure you choose a platform that suits
your style and needs. Download a few
different platforms and test them before
you make up your mind. See our
related page for more information on
trading software.
A broker – Your broker will be your
gatekeeper to the market. They will
facilitate your trades in return for a
commission on your trades. When
you’re making so many trades each
day, an expensive broker could
seriously cut into your profits in the
long term. Do your homework and find
a broker that’s reliable and offers a
straightforward, competitive fee
structure. To compare platforms, visit
our brokers page.

Timing
Whilst some day traders are tuned in every
day from 09:30 to 16:30 EST (for the U.S
stock market), many trade for just a 2-3 hour
window instead. As a beginner especially
this will prevent you making careless
mistakes as your brain drops down a couple
of gears when your concentration wanes.
The hours you’ll want to focus your attention
on are as follows:

Forex market – Although it trades 24-

hours a day throughout the week, the
most popular pair EUR/USD are most
volatile between 06:00 and 17:00 GMT.
In particular, 12:00 to 15:00 GMT sees
the biggest price fluctuations.
Stock market – You want to start early,
within the first couple of hours of the
market opening, and the last hour
before it closes. So focus your attention
between 09:30 and 13:30 EST and
15:00 to 16:00 EST. Again you’ll see the
most substantial price moves are made
between these hours.
Futures market – This is another
market you want to hit early. 08:30 to
11:00 EST is when you’ll find the best
opportunities. Futures markets close at
different times, so do your homework
first. Bear in mind the last hour of
trading also brings with it potential for
profit.

Demo Accounts
An essential beginners tip is to practice with
a demo account first. They are usually
funded with simulated money and they’ll
offer you a safe space to make mistakes and
develop your strategies. They are also a
fantastic place to get familiar with platforms,
market conditions, and technical analysis.
They’re free and easy to use. What have you
got to lose?

Final Word On Tips For Beginners

Utilising these beginners day trading tips will
give you the best chance of succeeding
when you take your first trading steps. You’ll
make mistakes, that’s part of the game, but
bear the above tips in mind and you may
skip a lot of the initial hurdles.

Tips On Trading Psychology

You can have the best strategy in the world,
but if you can’t stay disciplined and keep
your emotions in check, you risk losing
profit. The first thing to note is that it’s
human nature to show and react with
emotion, especially when there’s money on
the line. Fear, greed, and ambition are three
of the most prevalent and potentially
dangerous emotions. Fortunately, we have
listed the top psychology tips to help you
keep a level head.

Accept losses – When you’re making

so many trades every day, you’re
bound to lose sometimes. It’s how you
respond to those loses that defines
your trading career. The loss trigger can
quickly result in revenge trading, micro-
managing and just flat out poor
decisions. Instead, embrace small
losses and remember you’re doing the
correct thing, which is sticking to risk
management.
Control greed – Greed often influences
traders in the following way; you enter
a trade at $80 with a target of $95, but
then it hits $95 and you think ‘I’ll just
hold on a bit longer and increase profits
further’. This only ends with you
eventually losing big. The solution; stick
rigidly to your strategy. Think long term
and don’t deviate from your strategy,
there’s simply no need to gamble.
Combat fear – Yesterday was a bad
day, you lost over $1,500 and the fear
is now kicking in, you’re being hesitant.
That hesitation will cost you money,
and as we mentioned above, you
should embrace losses. When your
confidence has had a knock, a useful
tip is to remind yourself to stick
religiously to your risk rules. If you have
an effective risk management strategy
you’ll never lose more than you can
afford.
Think ahead – When you open a day
trading psychology tips pdf, this will be
one of the first things you’ll see, and for
good reason. Your strategy is to make
money in the long run, so don’t get
focused on immediate results. Your
strategy should cater for wins and
losses, always keep the long-term
process at the forefront of your mind.

Asset Specific Tips

Gold
Gold offers attractive price action when
compared to say S&P 500. It’s a popular
choice amongst traders looking for
consistent profits. Are there any day trading
tips for gold though?

Correlation – This enables you to

double check your trade predictions.
For example, gold is highly correlated
to yen, as both are thought of as ‘safe-
haven instruments’. So you may be
able to use other assets to support
your decisions.
Look outside – In today’s global
economy no markets move
independently of each other, and gold
is no exception. Make sure you stay
abreast of developments in other
markets that may affect your own
trading decisions.
Consider investor sentiment – By
checking traffic of gold-related
websites, you can get a gauge for
current interest in the market. You can
also monitor survey results and news
events. All may help you make informed
decisions.

Bitcoin
As the popularity of cryptocurrencies
continues to climb, are there any specific
tips you can apply to trading the most
popular cryptocurrency of all, Bitcoin?

Understand blockchain – Whilst you

don’t need a thorough understanding of
the technical makeup of
cryptocurrencies, understanding how
blockchain works will only prove useful.
Once you understand how they secure
transactions (blocks) publicly and
securely, you’ll be in a better position
to gauge the market’s response to big
news events. Such as a huge company
incorporating blockchain technology
into their everyday business operations.
Be wary of volatility – Whilst volatility
brings with it potential for profit, it also
blurs your trading vision. Bitcoin is well
known for being volatile so manage
your risk carefully since you can’t
predict what’s around the corner.
Know other alt coins – The success of
Bitcoin depends on the success of its
competitors. Understanding if they’re
growing or decreasing in popularity
may help you predict future Bitcoin
price movements.

Oil
A competitive market, but one that has seen
many a trader retire with an extremely
healthy looking bank balance. Are there any
specific crude oil day trading tips then?

Exchange rate – Crude oil is priced in

US dollars, so the exchange rate is
something to bear in mind when you’re
making short-term trades. For example,
a weak US dollar sees an increase in
the price of crude oil.
Supply & demand – Consistent profits
depend on consistent supply and
demand. That means staying aware of
domestic and international supply
markets can come in useful. Resources
such as the Baker-Hughes Oil rig
count and the weekly US crude oil
inventories can help you to that end.
Think outside the box – the US,
Middle-East, China, Japan, India, and
Russia are all important players on the
oil stage. Unrest in one market could
potentially impact the rest, so staying
tuned into the geopolitical environment
won’t do any harm.

FTSE
Big names like Shell, Lloyds, and Tesco
appeal to a mass of traders every single day.
Are there any specific FTSE tips then that
may help separate you from the rest?

Preparation – Make sure you’re ready

to go when the market opens. That
means you’re sat at your desk doing
your homework well in advance of
08:00. If you fail to prepare, prepare to
fail. It may sound cheesy, but that
doesn’t mean it’s not true.
Quality vs quantity – This is one of the
most important FTSE 100 day trading
tips. Many people think you have to
trade in huge numbers to turn a profit.
Yet many successful traders have been
quick to point out it’s better to have
two or three good trades each day than
a whole load of mediocre ones.
Beware of the 1st – Many institutions
like pension funds will commit large
sums at the beginning of the month.
Make sure any preparation you do
takes anomaly days into account.

A quick Google and you’ll also find daily tips

for trading, ETFs, CFDs, options, and
commodities. You’ll probably also come
across trading tips, strategies and
techniques in PDFs. However, the advice
mentioned throughout this page and in the
asset specific tips above will be applicable
to nearly all instruments.

India Day Trading Tips

Even the best UK tips may not be too useful
if you’re interested in markets on the other
side of the world. If you want to become the
next Rakesh Juhnjhunwala, who made over
$2 billion from stocks, you may benefit from
free and tailor-made tips for the Indian trader
and market.

Below are the essential intraday trading tips

for India.

Trading times – The NSE has a lot of

similarities to other stock markets,
including specific times when trading
volume spikes. Between 09:30-14:30
UTC you need to dial into the market. If
you’re looking for volume and volatility,
you won’t want to leave your computer
between these times.
Check broker fees – There is a vast
disparity between commission fees
charged by Indian brokers, so it’s
essential you do your homework. Share
Khan, TradeJini, Zerodha, and
Sharekhan are all popular choices.
Utilise the news – Indian markets are
extremely susceptible to news
announcements, especially from big
business and governments. Every
second counts when you’re day
trading, so you need a news outlet you
can rely on. NDTV, Provfit, Zee Awaaz,
and ET are all highly regarded.

Whilst all these free tips are specifically for

day trading in the Indian stock market, other
tips on this page, like those on psychology,
may also prove useful.

Taxes
Taxes like broker fees will cut into your
profits, as will any penalties for failing to pay
the correct dues. But, with so many
differences between tax systems, knowing
where you stand and what your obligations
are isn’t always straightforward. The best
free tips, therefore, will help you maximise
your profits whilst remaining within the
parameters of tax laws.

So, see the taxes page for nifty and free

intraday tips on staying low cost and legal.

Live Tips
Whilst you can look to videos for everything,
from pattern to cash future option day
trading tips, nothing beats getting hot off the
press advice. If you can find a free trading
share tips feed, you’re onto a winner.

There you can benefit from the experience of

other traders in real-time as they react to the
markets. Many brokerages and platforms,
such as Tradingview.com, offer a safe space
for traders to come together and brainstorm
ideas.

Evaluating Tips
You’ll find trading tips, hints, advice and
instructions all over the internet. But how do
you know which ones to listen to and which
ones to ignore? When you do read online
tips and advice, there are three things to
take into account:

1. Source – Where is the tip coming from?

Is it from a reliable and impartial
source? Or could the source have an
ulterior motive, a brokerage advising
you to go for a particular type of broker
for example?
2. Timeframe – The efficacy of trading
tips will vary dependant on what type of
trader they’re aimed at. A strategy tip
for long-term trading could have
disastrous consequences if you apply it
to intraday trading. Make sure you
check the tips and advise are specific
to the intraday trader.
3. Market-specific – If you’re day trading
in the cryptocurrency market, consider
whether the tip you’ve just read will be
applicable when you’re trading Bitcoin
and Ethereum. Trading tips for the
futures market may not only be useless
when applied to the cryptocurrency
market, they could actually hamper
your strategy and increase your losses.

Final Tips
The free intraday trading tips on this page
can be used by both beginners and more
advanced traders. When reading any tips,
consider your circumstances. Day trading
tips from Canada may not be applicable in
Australia’s markets and vice versa. Plus,
remember the switched on traders won’t just
consider the day to day trading tips, they’ll
also consider long-term trading psychology
Top Broker
and risk management, because» they
in the UAE
Visit know