Among all the types of trading, being forex day traders is an optional preference chosen by most people. It is understandable because the risk of it is lower than anything else. However, traders also will lower income rather than joining in long term trading types.

Forex itself derived from the word ‘exchange’ and ‘market’ that was abbreviated to forex. Its low barrier eases anyone to enter. Lately, forex becomes one of the most accessible markets in the world, especially in terms of day trading.

Nothing impossible to become pro traders, you just need a computer, funds, and an internet connection. This super-easy-entry market is not a promise of getting a quick profit. However, the probability of getting lost is lesser than anything else. To be a pro forex day traders, you should avoid these crucial things.

Keep Trading After Losing

To make everything goes in the line, consider the ratio on your own statistic; both win-rate and risk-reward. Calculating it in a specific ratio is a must to know how many percentages you’ll end up winning or losing. For instance, when you’ve traded and won 70 out of 100 trades, the win-rate is 70%.

Pro day traders should keep maintaining their win-rate above 50% and reward-risk upper 1, ideally more than 1,25. For example, when your averages loss is $50 and wins $75, the overall reward-risk ratio is 1.5. It comes from the comparison between a win/loss ratio: $75/$50 = 1.5.

1. Setting a stop loss

Forex day traders should set a stop-loss for every movement you make. It is an unofficial offsetting order to help you out of the trade when the price getting higher than your specify. It helps a lot to prevent traders from losing cash more than they can handle.

2.Know your capacity

The crucial key to risk management strategy in trading is to establish the risk on each trade. A forex day trader ideally risks lesser than 1% on any single trade. It means you’ll lose in multiple trades takes only a small amount in total. Set the detail amount you can afford and keep discipline into it.

3.Going All In

For all matters, going all I to get back overall loss is the worst strategy ever. Don’t ever fool yourself by thinking of winning after several losing and getting promising good returns if you go all in. Stick on the risk rule by limiting it on 1% to 3% per day.

Trying to Anticipate News

Anticipating the direction of the pair move seems easy to decide a position even before official news comes out. Sometimes, it may work well. However, pro forex day traders have to avoid this habit to minimize losing. It is better to wait and trade within a second after the news has been released.

However, don’t get fooled by biasing on the article you read. Keep skeptic with anything is the best way to get winning. You may read the economic condition of a country, but this long-term basic outlook becomes irrelevant for a day trading. Keep in mind that everything is temporary, everything can change in a short time.

Choose the Wrong Broker

The most crucial thing for a trader is choosing the best forex broker that is reputable and trustable. Avoid a problematic broker with its poor management and financial trouble. It is important to avoid losing your money for an outright trading scam.

Consider everything offered by the broker, look at the validity of it, and trade in a small amount at first. Didimax forex broker is one of the most outstanding that has a good reputation. You can check on its 24/5 customer support system. Or, just visit its platform instead to make sure everything is safe.

Generally, day trading can make people win or lose in a short time. However, planning everything carefully and taking discipline on your principle can help to avoid huge losses. Before becoming pro forex day traders, you can start it by trying Didimax platforms using a free demo account inside.