Beginners should avoid day trading because it costs more money than taming a lion. It is tough and risky because it entails buying stocks and then selling them on the same day. If you do it well, you can profit from minute changes in the stock prices.

Day trading is accessible to everyone with a high-speed internet connection and some money, but it's simple to make mistakes that could end up costing you money. Fortunately, you may trade more intelligently by establishing and following a trading plan and by safeguarding your capital.

1: Improve Your Chances of Success, Pick a Trading Strategy

Fortunately, you don't need to create the wheel from scratch to succeed in trading. You can employ one of four popular trading tactics. Try a different one if the first one is ineffective for you. The most popular trading tactics are listed below:

• Range/Swing Trading: You buy and sell equities that frequently fluctuate using this method. Purchase them when they are at a low point, then market them when they rise.
• Spread trading: This approach depends on the discrepancy, or spread, between the price of stocks and their willing market value.  You as an investor can pounce and purchase the stocks at a reduced price when a buyer submits a bid that is below the stock's value. You can then attempt to sell the stocks for their genuine worth.
• Using the fading method, you purchase a stock that has gained popularity and sell it when you believe it has peaked and purchasers are beginning to retrace their steps.
• Following is a trend/momentum: By using this method, you can purchase low and sell high by keeping an eye on a stock's ups and downs.

2: Make a Trade Decision

The simplest asset to trade on a day-to-day basis is a stock, but you can also buy and sell bonds, options, futures, or commodities. Stocks are also the most liquid asset. You can choose to begin with stocks before moving on to other types of investing as you acquire experience. Think about the investments you find appealing. Do you, for instance, want to find stocks with a certain price target? Are you scanning actively traded equities for minute changes? Will you only invest in stocks that you are familiar with?

3: Decide How you will Measure Your Success

Setting some performance goals for oneself is beneficial. These factors could be how much money you're making or losing, how many sales you're making each day, and how much the price of your investments fluctuated that day. Before you begin, decide how you will gauge your progress.

• Think about how frequently you want to assess your progress. Will you examine your data every day or once a week? How will you make use of your performance metrics to improve your future success?

4: Make Sure You Set Aside Money That You Can Afford to Lose for Trading

Don't risk losing money you can't afford to replenish, even when you intend to profit from your trades. When investing for the first time, the majority of people lose money, and even seasoned investors occasionally lose money.

• Let's imagine you had $2,000 to invest, for instance. Take $1,000 of this money and begin day trading. You can manage losses by setting a cap for yourself.

5: Plan Your Exit Strategy and Expect the Unexpected

Due to the unpredictability of the stock market, the price of a stock may experience large fluctuations, unanticipated drops, and puzzling turnarounds. When something goes wrong, do not be shocked. Instead, plan your exit so you can get the most out of your investment.

• As an illustration, you might choose to hold onto a stock until it's time for your afternoon transactions or you might choose to sell it when it hits a specific level. Both exit strategies are acceptable as long as you have a plan in place.

6: Gain Experience by Practicing Trading

You should practice day trading before engaging in it for real, as you should with everything else. Fortunately, modern technology makes that simple. You can open a fictitious trading account and trade stocks with no risk to your money. You can trade without using real money on TD Ameritrade's "Think or Swim" trading platform.

7: Do Not Use "Hope" as a Trading Strategy

It's common to want your investments to be profitable. This, however, is not a wise trading approach. Make sure to carefully consider your transactions using data and a logical plan, then execute your plan of action.

• The best strategy for making money on the stock market is to make data-driven investment decisions. resisted the need to follow your inner instinct.
• Day trading can be learned from a full-time professional trader or you can buy online day trading courses that can help you to build a successful trading strategy.

8: To be serious, you must develop a business plan

Day trading is a commercial activity like any other activity that generates income. You ought to create a business strategy that has the following in it as a result: 

•  list of the tools you'll need to succeed as a day trader. You will require a quick computer and an Internet connection, at the very least. Just in case there is a problem with your primary computer, you might wish to make an investment in a backup computer.
• a list of the training programs you'll enroll in to get the right day trading instruction. You should definitely start by taking some classes on technical analysis, which is the process of forecasting price patterns for stocks.You could also wish to enroll in a few courses focusing on day trading tactics and money management while trading.
• a forecast of minimum long- and short-term profitability.
• a spending plan that accounts for day trading costs.