Daily trading involves the purchase and sale of financial instruments within a day, with the aim of profiting from small price movements. Daily traders must stay focused since markets can move suddenly in the short term, such as the oil market. This type of trading strategy is very effective in volatile markets.

Gather information, because knowledge is power. Otherwise, trading will be useless and high risk.

 Decide how much money the trader is willing to risk and allocate funds accordingly. Reserve the amount the trader is willing to lose. 

Having enough time is important because daily trading is a job and not a hobby, so it is essential you devote a large part of your day to monitoring markets and seizing opportunities. 

It’s best to start trading in small quantities on a daily basis, rather than trading big or going home.

Ignore illiquid stocks – they enjoy low prices, but not all of them will lead to a breakthrough.

Often, experienced daily traders begin implementing trades as soon as markets open in the morning, when news is usually breaking, which can lead to price volatility.

Put stop loss points – the price at which the trader will sell a share and incur a loss in the transaction (this occurs when the trade doesn’t go as planned, in a way that minimizes losses).

Setting a profit point involves the price at which the trader will sell an arrow and make a profit.

Feelings have no place here – greed and hope are among the biggest obstacles to good decisions. You must take an analytical approach and let feelings go.

Stay on top of your plan. Traders need to plan ahead because markets are changing too quickly for them to keep up.

Scalping

Using the Scalping Strategy, investors can profit from minor price changes using fast and short trades. They believe that simple price moves are easier to follow than big ones, which is why they can trade 200 times in a day. 

There are certain key factors for Forex scalping. Factors are liquidity, volatility, time frame and risk management. Market liquidity has an impact on how scaling traders perform. Some prefer to trade in a more liquid market so that they can move easily in and out of large trades.

When it comes to volatility, scalping traders prefer stable instruments, since they don’t worry about sudden price changes. If currency rates are stable, traders can make a profit even by placing orders on the same hand and ass, making thousands of trades.

Traders try to take advantage of these minor moves in the Forex market that are difficult to even see on the one-minute chart by using a scalping strategy that includes a short time frame.

In spite of hundreds of small profits made within a day, the Scalpers can bear hundreds of small losses as well. To avoid unexpected losses, strict risk management must be implemented.

Martingale Strategy

The Martingale strategy is simply doubling your bet after losing each bet. Isn’t it interesting how people say “weakness or nothing” when betting, but then they continue to win? That’s how Martingale’s strategy works.  

It is important to be able to afford losses while knowing that a first win can turn everything around and even turn a profit. At least, this is the theory behind it.

Consider, for example, the currency draw. The chances of the coin falling on the head and tail are 50/50. A $10 bet on tails would result in a $10 loss. Now come back and double the amount to $20. If you lose again, you can double to $40.

You need to make enough money from one win to recover the losses you have suffered and possibly even make a profit. If you win, you can either leave the table with your profit, or gamble again, starting with a minimal amount.