Methods for Effective Futures Day Trading

In Futures Trading by Delta Admin

Day trading involves buying and selling a futures contract within the same day without holding open long or short term positions overnight. To do this effectively, you must acquire a substantial amount of knowledge, experience, and even discipline to complete futures day trending more successfully.

If you don’t know what you’re doing, it can be easy to lose your capital quickly. For this reason, we have compiled a few of the more important things to remember for more effective futures day trading.

Do You Know Your Market?

If you are new to trading, it is imperative that you get to know your market so you can consistently make money as a day trader. With the knowledge of the market, you should also acquire the skills needed to understand market rhythms and price dynamics.

A few key terms to familiarize yourself with include support and resistance levels, technical indicators, chart and candlestick patterns, and range bound, swinging, and trending market conditions.

As a day trader, you will be required to make quick and often immediate decisions which don’t allow you extra time to analyze or learn information that you need. Therefore, increasing your understanding and knowing your market from the inside out is essential to successfully day trading and making money.

How Much Time Can You Dedicate to Your Day Trading?

Day traders need to be able to spend several hours at their computer so they can watch the charts and analyze the market’s movements. Not only does this help you understand the market as mentioned previously, but it also helps you target and recognize potential trading opportunities that may exist.

It is also important to note that day trading isn’t limited by a Monday to Friday schedule. Hours over the weekend should also be spent watching charts to gain greater success. It is not profitable to take a more laid back or part-time approach to day trading.

What are Your Priorities?

While it can be fun, day trading is also hectic. If you find that you already lead a relatively busy lifestyle, you may find it difficult to find time to dedicate to day trading. With so many elements experiencing fluctuations such as news developments and volatility, you need to have a handle on what is going on at all times. You need to be able to set the time aside, concentrate, and spend that valuable time at your screen.

Ad Hoc Decision Making

Again, day trading places you in a quick and fast-paced decision-making environment, and if you are not one to make decisions so quickly, then you won’t find success in day trading. The decision making is a very hands-on approach and can be quite challenging.

Some traders find themselves spending extra time analyzing and thinking, while others can come to more abrupt and quick decisions with more emotional control.

Develop a Flexible Trading Approach

There needs to be flexibility with your trading style, and you need to have a less emotional approach to trading decisions. To find consistent success with day trading, you should follow all these tips and take your time to learn the ins and outs before jumping in headfirst.


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Important Futures Trading Disclaimer

Trading futures and options involves the risk of loss. Please consider carefully whether futures or options are appropriate to your financial situation. Only risk capital should be used when trading futures or options. Investors could lose more than their initial investment. You must review customer account agreement prior to establishing an account.

Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial. Carefully consider the inherent risks of such an investment in light of your financial condition. Though proper education, tools, and practice are necessary, they do not guarantee profitable results.

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Slippage

Your broker may have a contractual agreement not to seek redress for slippage, it’s obligation to execute stop loss orders at the stop loss price or better, will not apply to limit and stop loss orders during hours when it is closed. This also does not include bad price spikes. Bad price spikes are removed from the price charts quickly to alleviate confusion.