If you aim for a good position in the trading business, it would be a very good experience for yourself. Because your plans and improvement will be centered towards that goal of yours. You will be focusing on improving your quality, not improving the quantity of your profit. Trust us, it is not good to think about making money when you are trading. With a slow improvement in your trading strategies and plans, you will be reaching your goal pretty soon than others. But, for the improvement period, you will need opportunities. If you chose the wrong methods or trading like the ‘day trading’, your trading career won’t be that good. Today we are going to discuss what you can miss if you are day trading.
Opportunities with time
First of all, if you are day trading, there will not be enough time for you. You will get busy with trading and trading only. When you get in front of your setup, you will make plans for a trade and open one. At the end of your daily trading session, you will close that trade. And the whole session will be a nightmare for your brain. Because tension will haunt you for the whole time your trade is open. More importantly, you won’t get time to relax. As this business requires the effort of your brain, you have to stay calm to think properly. And for calmness, there should be no business in your work. But, day trading does not provide that opportunities.
Ignoring the long-term trades
Those who live in Singapore often love to take a huge risk to change their life. But do you really think you can lead your dream life by taking a huge risk? If you get involved in the currency trading business, you should always trade the daily or higher time frame. Focusing on the lower time frame data will never help you make more money. Open a demo trading account and see how things go when you ignore the long-term trend. There is an old saying in the Forex market, the trend is your friend. So if you ignore this fact, it’s very obvious you will never make any real progress in this industry. So don’t rely on short-term signals as it’s very risky.
Big targets of profit
A simple calculation can make this point clear to anybody. For less time the change in pips is less for any market. If you compare the change of short-term change with long-term, the longer change will always be superior in changing of pips. Even if sometimes you may get lucky for a particular trade, small trades will never be better than big trades in comparison. And day trading is just like that. It might be the second most frequent trading categories, but swing trading or position trading is far better than it. position trading is for the big dogs of this business, as their business involves many things like large investments, more time and economic studies etc. even the swing trading is good for a starter of this business.
Learning advance strategies
When you start in this business your knowledge about the process remains very little. You learn the basics like buying or selling trades based on the condition of the markets. Then calculating profits or loss with pips. And based on your preference setting the take profits and stop losses in every trades. But to be even good in this business, you have to improve your trading strategies. You also have to learn more advanced techniques and try to implement them. Like the Fibonacci chart and timeframe technique. This method uses the charts and timeframe of Fibonacci to estimate what is the possible price swing at any time. But, you have to get time to learn and implement that. And day trading does not provide you that time.