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When it comes to trading, day trading is something which is immensely popular. Forex, stock, commodity and crypto traders use day trading to supplement their main income or they focus full time and take several courses to become a full time day trader.
Day trading is a term when a trader opens a position in any instrument such as forex, stocks, commodities or cryptos with a broker or an exchange and before the close of the business day he/she closes all their position. Basically, they carry no risk overnight and they treat every trading day as a new day and with a new trading plan.
Almost every single broker offers you an option to trade stock, forex, cryptos or commodities on day trading basis. However, when looking for a day trading brokerage company one needs to make sure a few things.
Firstly, they want to see that their broker offers plenty of liquidity meaning very little to no slippage. The second most important thing that you want to see is that the broker has very minimum fees for trading as higher trading fees will eat into your profit. Finally, you want to make sure that the day trading brokerage offers you the biggest leverage because as a day trader you want to use maximum leverage to get the biggest bang for your money. It is important to note that leverage is a two ended sword so on one side it can help you to get higher returns as a day trader but it can also extend your losses as well.
When you trade FX, you wager on the rate of exchange between two currencies. For example, if you bet on EUR/USD going up (buy), you’re betting on the euro’’s value versus the US dollar increasing. As a result, if the EUR/USD rate rises, you will profit; if it falls, you will lose. When you short sell EUR/USD, you’re wagering that the Euro will lose value against the US dollar. Read More
You can find more information on how FX trading works here
Example of FX trade:
Check EURUSD and USDPY FX trade examples here
The most popular trading platform is Metatrader 4. Metatrader 5 is also among trader favorites. You can check the difference between the two here
You can check our broker reviews here.
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