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Traders are often attracted to the allure of day trading. After all, closing positions at the end of the day provides small accounts access to leveraged markets with very little cash on hand. In addition, day traders have the luxury of knowing catastrophic events occurring while they are sleeping will have no impact on the value of their trading account. However, these luxuries come with strings and day trading is arguably one of the most difficult strategies to employ successfully... but with challenge comes potential reward. Accordingly, before choosing day trading as your weapon of choice, you must fully understand the potential pitfalls and have a keen understanding of market tendencies. Join us for a discussion on the do's and don'ts of day trading in which the following topics are discussed:
• Mental aspects of day trading
• Day trading margin
• Always use stops?
• Be aware of market volatility and know the consequences
• Position sizing
• Price averaging
• Day trader's toolbox
• Counter-trend or trend-following?
• Considering commission
• Common trader pitfalls