Be consistence with your plan. Plan your trade and trade your plan. After opening your position (setting TP and SL in your trade), you should avoid to watch your monitor. Let the market running naturally.
As some posters above me have pointed out, there is no reason to say day trading doesn't work. Sure, if you are a newbie, don't go quitting your job and becoming a full-time trader, it requires experience and it's not for everyone. But there is nothing inherently wrong with day trading.
I've read a ton of lists that contain beginner tips and gotta say I like the ones you picked. Think you mentioned some of the most important points and I don't see these mentioned nearly as often as they should be. For example, trading on you own instead of following someone else.
There are so many things that beginning traders have to stay away from like high leverage, day trading, and high risks. You must first learn by staying low key in the market. The beginning is meant to gain experience because you have plenty of time to make profits. And the focus of gaining experience is to become consistent at making profits.
These are not only some great tips but you’ve busted many myths about what a trader should do and not do. The most important is to keep the process simple. Forex is a complex market but the effective methods here are those which are simple, easy to understand and use less indicators.
On some points I do agree with you but not on all. Day traders can make money. As you said that vendors only make profits in the long term, I’m confused how you think that they make money in the long term without earning something daily. The daily profits might be minimal but they add up and do contribute to the monthly income whether you are a vendor or a trader.
Agreed with all the points. Risk and reward are definitely two different sides of the same coin but I don’t consider it really wise to take huge risks in the hopes of getting high returns. Take only small risks that you can manage well. While trading in this highly risky market, it’s important that you make risk management an important part of your strategy so that you can actually take advantage of it without it going against you.
These are some excellent tips you have written in this post. Traders must rely on their own ability, be patient and be realistic. I do not agree on the note that traders should not do day trading though. If he is confident and has a solid strategy, he may do day trading too. Yes, day trading can be stressful and needs serious effort from a trader.