Day trading is a short-term trading style. The day trader usually gives one trade a day and closes it again before the end of the day.
Day Trading Strategies for Forex Market
Day traders usually do not like to keep the position open overnight.
Their main purpose is to make a profit in a day. The analytical skills of a day trader have to be very good. They use various indicators and other technical tools. Also, he has to have a good idea about the economy so that he can identify fundamental trading signals. Also, the star must have a strong exit strategy so that he can close at the most profit in his open positions at the end of the day. Since day traders often close or open their positions, they usually trade in liquid currencies to reduce the cost of their spreads.
Pete Bull is a good example of this day trading:
When the time of news and fundamental data comes:
When it comes down to it, most traders look at the published numbers and wonder why the market is not moving according to the news release. Marty Schwartz believed that trade would not be based on published numbers in economic releases. On the feedback of market participants which is seen after the publication of the data. Marty tells traders to forget their own ideas, thoughts, and listen to what the market is saying, because the purpose of trading is not to confirm your type, but to make big money.
Our day traders often use technical indicators to determine the direction of price.
His all-time favorite tool was the 10-Period Expansive Moving Average (EMA). This technical instrument helps Marty distinguish between a bullish and bearish scenario in the short-term trade.