In forex trading, we know that there’s day trading method. There are many ways to achieve success in forex, including choosing the right strategy and implementing it according to the recommended traders success tips. This technique is basically done by opening and closing positions within the same day.

This aspect makes this into the same group as scalping strategies, namely the short-term method. In order for this strategy to provide maximum results, there are several important success tips to apply in your forex learning process.

Technically, scalping qualifies as a way of this type of trading, because it is done with successful tips to take advantage of the smallest price movements on low timeframes. Thus, open and close trades will always be carried out on the same day.

However, day trading is not like scalping which requires traders to always take opportunities from the smallest price changes. In fact, traders who open 1 position in the morning and close it at night are still categorized as day traders.

That is why timeframes and its profit targets can be bigger than scalping strategies. By aiming for a profit of 30-50 pips, day traders usually use tips for successful trading on the 4 hours or 1 hour timeframe to observe long-term trends, and look for entry moments on the 15-minute timeframe.

Preventing Risk is More Important than Chasing Profits

New traders who are still learning forex trading are often 'sorry' when trying day trading because they feel that their positions were closed too quickly. For example, trader A closes a long EUR / USD position with a profit of 30 pips. Shortly after closing, the price continued to rise up to 60 pips.

For some traders, this experience is regrettable because there is an opportunity to gain more profit which is wasted. However, in the rules for successful trading tips, there should be no words of regret in the trader's dictionary. Traders who regret it means that they have not implemented money management or are affected by negative emotions, namely greed.

If it's like that, then the most common scenario is, traders re-open long positions in the hope that prices will continue to rally upwards in the best forex broker. In fact, this is not recommended in successful tips and is dangerous to do because open trades are only based on expectations, not measured and objective forex analysis.

For that, always use the following success tips: Preventing the risk of loss should always take precedence over chasing profits. In order not to regret and be provoked by greed, use money management in accordance with the limits of risk tolerance and ideal profit targets.

Use Realistic Targets

The easiest way of day trading success tips to determine profit projections is to measure the level of ability. If you are new, especially if you haven't fully graduated from the forex learning level, then don't expect to get more than 50% profit in a short time.

This is not impossible, but such an acquisition cannot be relied upon because it is only a beginner's luck. Setting a profit size that is too high is not recommended in learning forex trading, because it can trigger overtrading. You can learn this in our platform Didimax forex broker.

The main principle in this success tips is not much different from scalping; build large profits from the relatively small profits earned on each position. For traders who set the profit target too high, it will be easy to be provoked to add to the position so that they can pursue the target.

Often times, additional positions are made without considering objective price analysis. Therefore, don't forget to apply success tips with realistic profit targets. Trying to reach a reasonable profit measure will certainly be easier to do and ease the psychological burden when running day trading.