Day Trading for Beginners - Learn how to trade with nextmarkets

Day trading for beginners isn’t something you can dip your toe in every now and then. If you’re thinking of becoming a day trader, you will need to commit to a regular schedule. Treat it like your full-time job if you want to make the most of opportunities. If you want to learn how to day trade with nextmarkets successfully, the best thing you can do is develop a routine.

While some traders might trade for an entire trading window, others will focus on a specific time, such as opening and closing times. The times you trade will vary depending on the markets you are operating in. For example, when trading stocks (the shares of a company) the best time to trade is the first one to two hours after the market has opened and then the final one to two hours before closing.

At the very least, you will need a high-quality laptop or desktop computer and a fast internet connection. It doesn’t have to be the latest model of laptop or a fibre optic internet connection, but it should be reliable. The last thing you want is your laptop crashing in the middle of a trade, or your internet connection cutting out just before the markets close.

You will also need access to nextmarkets’ trading platform. Read our guide to the broker UK. The requirements for learning day trading for beginners aren’t huge, but you need to be prepared to invest time in it.

For those in the UK, there are plenty of opportunities to master the art of the day trade. When learning day trading for beginners, UK residents have the unique advantage of being able to make the most of UK, European and US markets. It might mean some early mornings or late nights, but it opens up a world of opportunity for learning and perfecting your day trading strategy. You should also enjoy financial protection from your broker.

For example, did you know that we offer up to £100,000 deposit insurance for our UK customers? What’s more, you can get started with a free account in minutes, and make the most of a trading demo account to practice with before you put any money at risk. This is great news for learning day traders for beginners as it means you can practice in a safe and secure space.

Losing money is something that all day traders need to learn how to deal with. The first time you lose money on a trade will be disappointing, but try to treat it as a learning experience. Since the human mind is wired to seek out the negative, you might find yourself dwelling on a loss. In fact, the pain of losing £500 is likely to far outweigh the joy of gaining £500.

At nextmarkets, we are trained to seek out danger and learn from our experiences, so a huge part of learning about day trading for beginners is learning to work against your instincts to walk away. If you are confident in your strategy, there is no reason you can’t be a successful day trader.

Discipline is your friend. When embarking on a new adventure in day trading, you need to make a plan and stick to it. Far too many people learning day trading for beginners get sucked into following the herd. While learning from the experts has its value, once you are trading on your own, it’s time to start making your own decisions. Don’t assume that the experts will always be right, because no one is immune to risk.

While it’s true that “the trend is your friend”, you can’t always rely on this. Novice traders are often wary of going against the grain, but it’s important to be able to act on your own. Successful day trading for beginners is all about learning to act on your own instincts and impulses.

There is no ideal time to start day trading. Once you have an inkling that this could be a lucrative path and good use of your skills, the only thing stopping you is your own experience. Day traders who dive in too quickly will soon find themselves in over their heads with big losses and a bruised ego. Instead, focus on accumulating knowledge and learning from the experts.

With nextmarkets, you can learn from the expert coaches and see what it takes to identify and execute a successful trade. Setting up a demo account is a great way to learn the ropes without experiencing the losses.

Even after you have learned from the experts, have a solid strategy in place and know the current market inside out, there is always homework to be done. Novice traders will often leap into a trade, because they worry that analysis paralysis is holding them back. While there is a virtue in taking-action, there is also a need for new traders to do their homework.

You might be able to spot short-term trends, but there are seasonal and long-term trends which might be at play. Ensure you do your homework before making your first trade with nextmarkets. For investors of any nature, it’s important to keep your emotions separate from the trading side of things to ensure impartial decision-making.

Before you get started with day trading with nextmarkets, there are a few things that you will need to understand. The most important is that you could stand to gain or lose money. It’s not uncommon for individuals to get too confident using virtual currencies and then have a poor start when they switch to trading with real money.

Simulations are a great way to learn the ropes, but they cannot teach you how to handle the fear of loss. The good news is that this fear can be controlled by increasing your knowledge. Knowledge is power when it comes to the stock markets.