Hello, my friend, and welcome to this tutorial on Day Trading Basics – Part 2. This post is the second part of a two-part series where we discuss the very fundamentals of day trading for beginners which work if you’re day trading stocks, futures, and Forex. Enjoy!

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Day Trading Basics – Part 1 Video

Day Trading Basics #1 – Trading and Working Full-time is Possible

Welcome to the second part of this day trading basics for beginners series. Today, we’re going to talk about the top three concerns that I receive regarding day trading basics for beginners and clarify them to assist you in learning some day trading techniques. These are the top three concerns that I receive most frequently. Can you day trade and still work a full-time job? The answer is yes, you can.

There are several ways in which you can do this. First, you can trade pre-Market, before the market opens. For example, you can trade the e-mini futures or the euro futures, which start trading early in the morning. However, it’s important to ensure that you are trading markets that have high volume during the pre-market hours. Another option is to trade during regular market hours if your time zone and work hours allow for it.

For example, if you live in California, you can trade the futures market, which opens at 6:30 AM in your time zone. You can trade for an hour or two before you start your day job. Many professional traders only trade for a few hours a day and still make a good living. So, you don’t have to trade the entire day. Lastly, if neither of these options work for you, you can trade spot Forex.

Day Tradin Basics #2 – User Pre and Post-Market Data

The key is to trade the markets where the sun is shining, meaning the Forex markets for currency pairs that are most active during the day. The second question is: should you use pre and post-market data on a chart? The answer is yes, but with some considerations. If the pre and post-market data has a lot of activity, then it can be useful to include it on your Chart. However, if you’re trading equities, be cautious as many stocks don’t have much activity during these hours.

In that case, you may want to use two charts, one with pre and post-market data and one without, to see where gaps occur. Gaps can be very informative and helpful for technical analysis. Another option is to use tick bars instead of time-based bars, especially if you’re trading stocks with low volume. Tick bars provide more meaningful price action for analysis. The third question is: what is the best time interval for day trading?

There is no one-size-fits-all answer to this question.

Barry Burns

There is no one-size-fits-all answer to this question. It depends on several factors. First, consider the size of your trading account. You need to determine how much money you can risk per trade based on a percentage of your account. Shorter time intervals have narrower bar ranges, which means you risk less money at swing highs and lows.

Day Trading Basics #3 – Choosing the Best Time Interval

If you have a small trading account, you may need to trade faster time intervals for better money management. Second, consider the average daily volume of the market you’re trading. If a market has low volume, you may want to trade a time interval that is better suited for it. For example, the e-mini futures may be traded on a thousand tick chart, while the yen futures may be traded on a hundred tick chart due to differences in volume. Lastly, consider your own emotional aspects and how much time you need to analyze a setup and trade it confidently.

Wrapping Up!

This will vary for each individual. You can test different time intervals on a simulator or demo account to find what works best for you. I hope you found this information helpful. If you have any further questions, feel free to reach out to me.

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I’ve never seen anything else teach this particular price structure. So go get that by clicking on the green icon in the top right-hand corner of the video there, and that’ll take you to a page where you can opt-in, get the video for the rubber band trade strategy, along with some other great free tutorials, one of my little mini-courses, absolutely free, courtesy of Barry Burns here at Top Dog Trading.

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BTW, if you’re interested in the indicator that I use personally for very precise entries and exits. I’m happy to share that with you. Just send me an email at [email protected], and I’ll show you how to get access to that indicator.

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FREE GIFT!

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