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Dec 03

An Expert Day Trader Reveals How Beginners Can Best Get Started

Day traders inevitably have many options before them, and settling on the best mix of tools, strategies, and approaches can certainly take some time. On the other hand, there are also effective ways of making the process easier so that dedicated investors can focus on producing the returns that matter the most.

A quick look at some of Markus Heitkoetter’s videos online, for example, will reveal that some of the most commonly troubling questions can be answered more easily than most assume. Understanding how to become a more effective day trader turns out to be simpler than it might sometimes seem.

Too Many Day Traders Struggle With Settling on the Right Type of Chart

Quite a few day traders who are just getting started, for example, find themselves bouncing on a regular basis from one type of chart to another. Because each chart style has its own strengths and weaknesses, it can seem as if a better tool were always waiting not far off.

To a certain extent, this kind of indecision can be helpful for beginning traders, as it will ensure a degree of exposure to and experience with the most commonly chosen options. At the same time, failing to settle down sufficiently will also put off the time when trading finally becomes truly productive, and any delay can be costly.

A Brief Introduction to a Type of Chart That Will Work Perfectly for Most

While there are certainly some specialized exceptions, the reality is that the vast majority of traders will be well served by a single style of chart. As Heitkoetter explains in a popular video on YouTube, a simple E-mini S&P 500 chart with range bars will make for a strong foundation in just about every case.

Traders who put in plenty of time studying such charts for opportunities and making good use of them will inevitably find themselves progressing and becoming more confident. Later on, when a trader has acquired a significantly deeper level of familiarity with the field, it can pay to look into and become better acquainted with other options. For most, though, sticking to this type of chart and trading for at least some time will be more productive.