Plan your trades and trade your plans. In order to day trade like a pro, preparation is key. This involves the financial instruments to trade, the best entry point, trade management, risk control, and money management. An experienced day trader will never enter a trade without checking the economic news first. Before entering a trade, you should know the time and day of all important economic news releases. Those who disregard economic news are only careless traders. Check out Yahoo/finance, Google/finance, and MSN/money to learn more about economics. Based on fundamentals or technical analysis, you will decide what to trade. Trading like a pro

The first step after day trading preparation trading like a pro

Day trading involves risks, which should be understood at an early stage. Risks are inherent to every trading decision. It is imperative that traders protect their trading capital at all costs. It is a good idea to use no more than five percent of your trading account for money management and risk control. You should not allocate more than five percent of your trading account to five trades if you open five trades. You do not place any more trades once you reach five cents.

The second step 

There is a very high likelihood that traders will trade during the London, New York, and Asian sessions. Sleep deprivation and trading without pause are common occurrences. In this case, trading is the main issue. Traders must pay their brokers commissions on every trade they make. In order to avoid paying too much in commissions, it is important to limit the number of trades you make. A trader should always ask this question before entering a trade: is this trade worth being in? There must be at least twice the reward as the risk. Before engaging in a trade, one must consider the risk-reward ratio.

The third step 

This is a win if you buy or sell at the right time at the right place. However, selling or buying at the wrong time and place causes a loss. To trade like a pro, a day trader must be able to make excellent decisions quickly and understand what the price or the momentum indicators mean. The game of day trading is as competitive as American football and rugby. When one person buys, another sells. To be successful, one must choose the right strategy. Trading range trading strategies during periods of low volatility and trending strategies during periods of high volatility.trading like a pro

Step four

When traders fail in day trading it is often because the indicators are misused or understood incorrectly. There are many indicators that repeat the price pattern. However, each repeats the price pattern differently. The price is the best indicator and can never be replaced. All traders understand and use the price. Traders must keep an eye on the price and try to understrading like a protand what it means. The price does not change regardless of the number of indicators. It is best to consider the price before looking at the indicators when day trading like a pro. When entering the trade, look again at the price.

Step five trading like a pro

In the market, stable data is something that remains intact in a chaotic environment. Stable data is a truth, it is a constant. Several stable data are available on the market. The Fibonacci retracement and projection theory, Elliott wave theory, the market patterns (and not charts), and more. Unaware traders often make the mistake of using indicators or other trading tools without taking into account the stable data in the market. Traders can achieve consistent winning trades by using stable data to make trading decisions. Traders will often violate stable market dynamics, only to lose significant amounts of money.