The world’s most famous investors and hedge fund managers have made their fortunes on the foreign exchange market. If you want to be one of them someday, or if you’re just looking for a way to bring in some extra revenue, then you need to think things through before jumping in. Careful and documented planning is therefore vital.
You need to have a clear and thorough plot going into the world of day trading. In order to put it together, being educated on the topic is indispensable. Only with its help will you manage to master the intricacies of forex. And while day trading seems rather easy, it is the simple concepts that are the trickiest to apply.
Fortunately, the progress of mobile technology has made short-term tactics extremely accessible and profitable. Here are some of the relevant basics involved in these strategies. For additional information, you can find more day trading resources here.
About Day Trading
There is a common misconception in the media according to which day trading is nothing more but a ‘get rich quick’ scheme. What is more, countless online scams have tried to take advantage of the fact that most people are still confused about what it entails. They used the term to promise easy wins, which is simply not the case.
On Wall Street, day trading is a controversial topic. Besides the mistaken popular belief that it is a hoax, plenty of seasoned investors and financial advisors steer clear of it because of the risks that are involved. But when you want to make a steady profit and have the right strategy, those very dangers are what makes the entire thing worth it.
In a nutshell, day trading refers to holding a position for no longer than a day. It is a type of short-term investment that differs from scalping because it lasts more than just a few minutes. In fact, the ideal intraday setup occurs over the span of roughly for hours. However, that isn’t set in stone. It sometimes lasts only an hour, while other times it spans over an entire day.
This means that your capital isn’t put at risk for too long, and bad trades are easily identifiable so that they can be avoided in the future. While some people take advantage of its short-lived nature and use it to get a gambling high, plenty of well-educated investors have made a name for themselves on the market through day trading.
Just like it is the case with any other approach to the foreign exchange market, making money through day trading requires having a clear strategy from the get-go. The plan needs to be tailored with the help of expert knowledge, and plenty of discipline. What is more, having capital and leverage is a must. This is not an approach for unfunded investors.
The Best Mobile Apps
To be successful in the realm of day trading, you need to have access to your anywhere, anytime. For this reason, having a trading platform installed on your laptop just won’t cut it. Thus, this method functions better when it is pursued with the help of mobile platforms such as iOS via specialized trading apps.
According to Investopedia, the market is dominated by a few smartphone and tablet apps available in the App Store. They facilitate having access to real-time market data, which is essential in the case of day trading. After all, you don’t know where you’re going to be when the right time to enter or exit comes. You might be waiting in line to get a cup of coffee or ordering food at a restaurant.
Arguably the most popular option among iOS and Android users alike is Trade Interceptor. It gives users access to a wide array of features that allow them to engage in various trading styles. The interface offers analysis tools, actualized charts, and technical indicators that make day trading as efficient and accurate as it can be.
If you are an avid trader with an active Bloomberg subscription, you can also use their Bloomberg Business Mobile App. However, even the most basic version of the platform provides users with more than enough data so that considerable profits are made. Similarly, if you’re registered with TD Ameritrade, you can make use of their thinkorswim app.
Simply put, if this is something you are interested, there is plenty to choose from. You have the power to select whatever your personal preferences dictate in terms of platform, which makes on the go trading easier than ever. Having access to real-time market data is essential, and fortunately this is one of the perks of the mobile era.
Final Thoughts
Contrary to popular belief, day trading isn’t a ‘get rich quick’ scheme. It is a viable approach for anyone looking to turn a profit, but it requires careful planning and expert education on market conditions and trends. Luckily, with the help of mobile apps this becomes more manageable. All you need to do is choose the most suitable one for you.
Once you have this figured out, you are bound to make some waves and get some money. Just remember to always keep your expectations realistic, and act quickly. Speed is the most important trait that a successful day trader must possess, after clarity of judgment.
