According to a post on Daytrading blog, Day trading can be defined as the buying and selling of an asset class or security in a single trading day. This means traders enter the market by buying a security during the trading day and by the end of the day they close or sell out their position just before the market closes. You can also enter multiple positions on different asset classes based on how well you can manage the positions.
This is a fast-paced trading style that requires a lot of focus and can be quite exciting. The ability to quickly spot opportunities and act on them is a day trader’s quest. Day trading usually capitalises on small price movements in a high liquidity market. There are other styles off trading that can be used in place of day trading like Swing trading and position trading also known as long term trading. These different styles make use of different strategies for success.
Day trading can be applied to different market classes and these classes include futures (future price of a commodity or index), forex (currency market), stocks (company stocks), commodities (oil, metal, food stuffs), binary options, cryptocurrency (bitcoin). One of the benefits of day trading being able to trade when prices are falling or rising. There are many materials that can help a new trader grasp a better understanding of the markets. Some go-to materials to gain more knowledge and ideas about trading include but are not limited to forums, websites and blogs, books and podcasts.
Trading forums are a good way to interact with other traders, get ideas and also learn. One of the perks of trading forums is its interactive nature. Nothing beats being able to see how successful traders set up their trades and learn from them directly. There are a number of amazing forums you can start with. The key to finding a good forum is checking for active moderators. Moderators help keep order by making sure rules are followed and there is no deviation from the intended goal which is to talk about the markets.
A reputable forum any trader will be interested in is Elite Traders. This massive forum houses about 91,519 members with 243,416 discussion threads that contain 4,162,388 posts ranging from day trading to virtually anything involving trading.
Forex factory is another popular forum, although, the information it contains are mostly Forex-related, there are resources found here that can be applicable to any market class for day traders. The Trading System section houses some day trading strategies that are invaluable.
Futures.io is another worthy mention in the list of trading forums. As the name implies, it has mostly to do with futures trading. The moderators are very active here, and they have a no-nonsense policy for placing bans on accounts. To get access to high quality content on this platform, users have to pay a $100 fee to gain lifetime access. Babypips is the one best for new and old traders and this forum offers a wide variety of information. It is a good learning ground for new traders looking learn trading from the most basic concept and seasoned traders can share their knowledge.
Blogs are different from forums in so many areas but one thing trading blogs and forums have in common is the kind of information they share about trading. The right blog can make all the difference in your day trading education. There are blogs that offer educational content where you can learn about day trading as a beginner. Some offer trade recaps for past trades and offer ideas for future trades. There are also blogs that offer information about market events (like the NFP) that day traders can make use of. The services these blogs offer also vary with the kind of market information they provide. For example, some blogs are dedicated to the information related to the Forex market, while others may be dedicated to stocks, futures or commodity.
Day Trade to Win Blog is a day trading blog founded in 2009. It contains mostly educational content for new traders seeking to learn about Forex, stock and the futures market. Other worthy mentions include Start Day Trading Blog founded, Day Trade Arcade, My Trading Skills, Marc to Market and many more.