Before starting an online trade, it is crucial to do your homework. You should always do your research and set your exit criteria before placing a trade. The best exit criteria are those that are repeatable and testable. Another important tip is to set a maximum loss for each day. Once you’ve reached this limit, take a day off from trading. Tomorrow is another trading day. Alternatively, you can place a mental stop-loss order at the point where your entry criteria would be violated.
A high-speed internet connection is a must to do day trading. You’ll also need a computer, software, capital, and a disciplined trading strategy. As with any form of trading, you’ll need to focus on making money every day. Don’t expect to earn pennies! Instead, aim to make good money. It might take some time before you achieve this, but the more disciplined you are, the more profit you’ll make.
