Day trading of currency is an ideal alternative for obtaining excessive profits in a fairly short period of time. BUT you will definitely need the right tools to break into the currency markets. My article goes into detail about what a proper day trading system should include and what online day trading strategies you should use during your trades.
It is widely accepted that day trading forex is no different from other online trading opportunities. It is a colossal misconception that each individual market has its own unique characteristics regarding the way it is traded. I’ve been in a lot of different markets from Australian and US common stocks to trading derivatives options and CFDs to the global Forex markets and I can tell you one thing about day trading online:
Each singlet scoring system should have a maximum of 10-15 features, with the rest only needed for more advanced strategies.
This is a favorable situation if your forex day trading software can receive a data feed from multiple sources. This way you can make sure that even if you change your trading software, your previous data subscription was not wasted. This is a feature that we didn’t think about in the first place when we were looking for a proper forex trading system, but it can prove to be a good friend when the time comes to change the trading platform.
All the other features should not be left out either but should be considered as the essence when it comes to day trading online. A day trading system that does not include the following features is simply not considered professional forex software:
- festive schedule
- logarithmic scaling
- Fibonacci retracement lines
- volume indicator
- RSI indicator
- historical data to backtest trade and account history
- panel multiple time frames – from daily chart to 1 minute chart adjustable alert system horizontal lines – support and resistance trend channels – trend identification
If you have no experience with any day trading system, read on because I will show you the perfect setup for a well-functioning and profitable workplace. This is just one combination and many other favorable solutions will also do their duty and satisfy your problems.
MetaTrader is an extremely convenient and popular trading tool for making transactions and analyzing the markets. It is a great guide for daily trading and it includes all the features that a forex day trading system should perform.
What’s more, the first thing about this day trading system is that you don’t have to pay a single penny for the software or for filing dates in the beginning. You can Google the term “metatrader brokers” and you will find a long list of potential and free results where full featured demo software is available. Another thing you will need before starting a demo account is to have a working and proven strategy that works in MetaTrader.
As I said, there are many alternatives in the market and each trader has to find what works best for him.
I wish you a successful carrier as a day trader and point hunt!