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Trading the financial markets is about buying and selling stocks, options, currencies and other financial products. Typical markets are the NASDAQ and NYSE. However, Day trading only refers to a differentiator related to time. When positions are held for a short period time, then this is called day trading. The holding period can be a few seconds up to a few hours during the same trading day.

With the rise of electronical trading, Day trading became a bit of bad reputation. Too many people lost their money trading without a concept and without a clear trading strategy. Time has changed. Online Trading is one of the most common activities for traders. Trade Ideas are available all over the place. Trading strategies can be found in the internet using Google search and YouTube.

Good preparation is the key to success. Here are 4 top secrets to successful day trading:

Supply and demand determining the price

It sounds simple because that’s the case wherever something is associated with money. Supply and demand have a direct impact to the price. What is the secret here? Well, most traders do not recognize the fact early enough. Price will go down, when not enough buyers are available and price will go up, when everyone like to buy. Have a look at historical examples.

Apply the price line and the volume to your chart. As you can see, strongest moves are surrounded by high volume. Educators like NOFT-Traders and Warrior Trading teach their students how to interpret market profiles. Best entry points are, where supply and demand are deeply imbalanced.

Know your stop and target before you open the trade

If you are buying stocks long, set your stop below your entry price and determine a target price above your entry price. Online Stock Brokers like E-Trade, SureTrader and Scottrade provide Trading Platforms with order management tools and apps for mobile trading. Once your orders are active, your trade will be closed the one way or the other. If you applied money management correctly, you can even make money when your success rate is only 50%. You have to understand, that the risk-reward ratio is really important. To have a RRR of 3:1 means that the distance from your entry is 3 times higher, than the distance between your entry and the stop price.

Trading indicators can help beginners to calculate the right position sizes faster. Ninjcators is the leading trading indicator provider for NinjaTrader. Lastly, only day trade with money you can afford to lose and never risk too much money on one single trade. Otherwise your trading carrier will be over within a short period of time. Money management is so important and probably the most important thing when it comes to day trading the markets.

Be patient and disciplined

Time does the work for you. The shorter the time frame you work with, the worse the ratio between income and fees. Take your time. Utilize only trading tools you are familar with (e.g. NinjaTrader, VectorVest and eSignal. Look out for the trade setups with the highest potential. Sometimes there is only one trade within one day. Sometimes you get ten times the opportunity to enter the market.

Every day is different. Be patient and wait until your trade setup is there. Be disciplined and trade only, when your trading strategy criteria are met. The most money is being lost in sideway markets. If you trade breakouts to the long or short side, wait until your breakout happens. Not inside the sideway trading range. First plan your trades, after that trade your plan.