Day traders lose 90% of the time in a certain amount of time, i always heared
The probabilty in exceeding is than 1/10, or risking 90% to earn maybe 10%
That doesn't seem a good strategy for beginners
Certainly if you are highly senstive or emotional like me, the odds of exceeding even go further down
So my advice, and my personal type of trading is swingtrading
The emotions of a 15minute chart dropping a candle to the bottom of your screen can be very impressive
When zooming out your timeframe and the necessisty to look at the chart goes drastically down
You have more time to make a decision, if its not clear, you just wait another day for more clarity
Sure the potential profit goes down, but you need to make an decision for yourself
Do i want more potential profits but a lot of risk or dou you want give up greed and lower your expectations for far less risk, time invested and stress & emotions
For me its clear, i have patience, wait some weeks for an trade and its boring, but slowly progress
In the meantime i do practice daytrading with the paper tradingsystem of tradingview
Am i ashamed of that? No and you should not be either, it's a personal journey of progress
Until you can double you're account on a papertradingsystem without leverage i advice to swingtrade
Tradingview has this built in and works fine, a recommendation to use this if you still wan't to try daytrading
Now to give an example of a simple swing trading strategy, it doesn't have to be complex
17 day - Timeframe + 8 Simple Moving Average
Buy signal = Breaking above the 8 sma and find support on it
Sell signal = Losing support on the 8 sma or rejection of the 8 sma as resistance
Signals are to be looked at the candle close
So every 17 day you look at price where it is
Next close is in 6 days and 12h
If the price closes under 8sma you could go short
The probabilty in exceeding is than 1/10, or risking 90% to earn maybe 10%
That doesn't seem a good strategy for beginners
Certainly if you are highly senstive or emotional like me, the odds of exceeding even go further down
So my advice, and my personal type of trading is swingtrading
The emotions of a 15minute chart dropping a candle to the bottom of your screen can be very impressive
When zooming out your timeframe and the necessisty to look at the chart goes drastically down
You have more time to make a decision, if its not clear, you just wait another day for more clarity
Sure the potential profit goes down, but you need to make an decision for yourself
Do i want more potential profits but a lot of risk or dou you want give up greed and lower your expectations for far less risk, time invested and stress & emotions
For me its clear, i have patience, wait some weeks for an trade and its boring, but slowly progress
In the meantime i do practice daytrading with the paper tradingsystem of tradingview
Am i ashamed of that? No and you should not be either, it's a personal journey of progress
Until you can double you're account on a papertradingsystem without leverage i advice to swingtrade
Tradingview has this built in and works fine, a recommendation to use this if you still wan't to try daytrading
Now to give an example of a simple swing trading strategy, it doesn't have to be complex
17 day - Timeframe + 8 Simple Moving Average
Buy signal = Breaking above the 8 sma and find support on it
Sell signal = Losing support on the 8 sma or rejection of the 8 sma as resistance
Signals are to be looked at the candle close
So every 17 day you look at price where it is
Next close is in 6 days and 12h
If the price closes under 8sma you could go short