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Day Trader Market Profile
The indicator Simulates the full structure of the market profile system that described by “James Dalton” in his book “Mind Over Markets” for the market profile day trader including TPOs, POC, RL, VA and IB.
It brings full system to the screen of MT4, as it in the Market profile service providers with the typical interface. It draw the TPOs as letters or blocks the way you want, detects the TPO value area(not the volume VA) of the percentage you detect (0.7 is the default) and shows the Point of control of the day and the Initial Balance plus the opening flag for all of a number of days.
It allows to shift this parameters to next day (or number of days) to help you building the accurate vision of the current formative day. the ability to view the profile of the American, the Euro, the Asian sessions or the hole day session. it has also a pointer to detect the active TPO now.
This Version works only on M30 Time Frame (don’t try to switch to another Time Frame).
Step : The step of point between each TPOs.
NumberOfDays : Counts the current and last days you want to view their profiles.
SessionHalfHours : Number of the half-hours in one session (default = 48 means the hole day).
ViewTPOs : To view it or not.
TPOs_as_Letters : If true view as letters ( if false view as blocks).
ViewOpenFlag : View the open of the session.
View_Pointer : View the pointer that point to the active TPo.
ViewrangeLine : View range line of the day or session.
rangeLine_Shift : The shift to next days or sessions.
ViewInitialBalanceLine : View the initial Balance of the session
ViewValueArea : View the TPo Value Area by two limit lines
ValueArea_Shift : The shift to next days or sessions
ViewPocLine : View the Point Of Control of the day or session
PocLine_shift : The shift to next days or sessions
ViewInformationText : Print the range, TPO Value Area and the Tick Volume of the session.
Binary Options Indicators – Download Instructions
Day Trader Market Profile is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Day Trader Market Profile provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
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Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Day Trader Market Profile.mq4?
- Download Day Trader Market Profile.mq4
- Copy Day Trader Market Profile.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Day Trader Market Profile.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Day Trader Market Profile.mq4 is available on your Chart
How to remove Day Trader Market Profile.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
What are binary options
A binary option is a type of option with a fixed payout in which you predict the outcome from two possible results. If your prediction is correct, you receive the agreed payout. If not, you lose your initial stake, and nothing more. It’s called ‘binary’ because there can be only two outcomes – win or lose.
Advantages of binary options trading
Aside from the simplicity of its ‘yes or no’ proposition, binary options trading is also very flexible. It gives you the ability to trade:
- All markets
Trade on underlying markets that include forex, stock indices, commodities, and more.
- All market conditions
Predict market movement using up/down, touch/no touch, and in/out trade types.
- All durations
Take a short-term or long-term view with trade durations from 10 seconds to 365 days.
- All payouts
Earn payouts up to 50,000 USD. Losses are limited to your initial stake and nothing more.
Why you should trade binary options with Binary.com
Enjoy an award-winning online trading platform with trading conditions that are ideal for new and experienced traders.
Award-winning online trading platform
- Simple and intuitive
Enjoy a trading platform that’s easy to navigate and use.
- Instant access
Open an account and start trading in minutes.
- Available 24/7
Trade when you want. Our Synthetic Indices are available even on weekends.
- Patented technology
Trade with the industry pioneer and holder of a patented pricing technology.
- Security and privacy
Trade confidently, knowing that your personal data, transactions, and funds are always secure.
All conditions and durations
- All markets and conditions
Trade currencies, stock indices, commodities and more in rising, falling, sideways, quiet, and volatile markets.
- Short to long-term durations
Choose timeframes from 10 seconds to 365 days.
Competitive and transparent pricing
- Sharp, benchmarked prices
Receive prices that are benchmarked against interbank rates.
- Transparent risk and potential reward
Know how much you will win or lose before you purchase the contract.
- Protect your profits
Sell your long-term contracts before expiry to protect any profits you may have made or to minimise your losses.
- Two-way pricing
Receive quotes for a trade and countertrade, so you always get unbiased, transparent rates.
Ideal for new and experienced traders
- Low minimum stakes
Deposit as little as 5 USD to start trading.
- Trade according to your preferred strategy
Trade based on “gut feel” or rely on technical and fundamental analysis.
Choose from over one million possible trade variations at any time, and customise your trades according to your preferred strategy.
Earn the same proportional return on stakes of all values.
How to trade binary options
Binary options trading is relatively easy. You can purchase a contract in just three steps:
Day Trading With Binary Options
Learn what day trading with binary options is and where you can sign up for the best broker accounts. Compare all the top brokers that cater to day traders and learn which trade types and assets are the most profitable.
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Charts, technical analysis and patterns are vital tools for day traders. This chart is set to show the Bitcoin / USD exchange rate, which is a great market for day traders – there is a lot of volatility and action driven by news releases and trader sentiment.
What is Day Trading?
Day trading is the speculative trading method of buying and selling a security or derivative within the same trading day. Positions are all closed by the close of the markets. It is based on the speculation of a financial instrument going up or down in price. Day trading can be achieved in any marketplace, but in the UK is most commonly practiced with the trading of Foreign Exchange (Forex), Stocks, Options and Futures Contracts.
Now that we know what day trading is, who are the day traders? Well, day trading was once an exclusive practice, reserved for people working in financial firms while considering themselves “professional speculators”, or even classing it a lucrative hobby.
However, nowadays just about anyone can become a day trader.
The rise of electronic trading and margin trading software has become available to individuals from around the world. So, if this trading method is available for everyone, how does a beginner get involved, and are binaries a good starting point?
How to Start Day Trading
Pick a Market
First step for a day trader is to decide which markets you will be trading in, with the most popular being Stocks / Shares (Apple, Facebook, Google etc), Indices (FTSE, DAX, S&P), Forex, and Futures. Commodities such as gold, oil or things like grain prices can also be traded. Bitcoin is a huge market for day traders at present too.
Forex markets are quite popular among beginners due to the low initial minimum deposit accounts of around £250. Binary options deposits can be even lower (from just £10), but are traded without margin.
Futures require more and stocks require the most money to be invested in for day trading. Binary options offer low cost entry for anyone wishing to day trade. Their drawback however, is a lack of leverage. Whether this is a big factor or not will depend on the trader – leverage increase market exposure, so the fixed price element can actually help is terms of managing risk.
Equipment & Software
Once you know your market, as an individual day trader, you need the proper equipment and software to commence day trading. As a novice day trader, you will need a fast and reliable computer, it doesn’t have to be top of the line, but not the cheapest one either. In addition, day traders require a fast internet connection. You want to be sure your tables and charts are updating as quickly as possible.
Along with all this, you need a trading platform and a broker to commence trading. As a trader starting out, you will want something easy to use and not too complicated. We recommend traders try out the demo accounts associated with most day trading platforms to get a feel of which software platform performs best. As for brokers to go with, make sure they are reputable and regulated, along with low fees, tight spreads and maybe even bonuses.
Learning via virtual accounts is superior to books or courses. Hands on experience introduces trading psychology (though this is increased hugely with a real money account). The same learning curve is difficult to achieve just by flicking through “Day Trading For Dummies” or a hastily written pdf.
Another important aspect to consider before you actually start trading is the time of day and how many hours a day you will be trading. As a day trader it’s important to trade the same hours each day to successfully implement and manage your strategy. The best trading hours are usually around the market opening and closing times.
Forex in particular presents interesting opportunities in terms of trading hours. Currencies are traded around the clock with no central market. This means multiple volume peaks and troughs as new regions wake up or shut down. London markets could be closed – but the GBP/USD pair might still be driven by traders in Indonesia, New Zealand or Hong Kong.
These time zones cycles apply equally to cryptocurrencies. Day trading on Bitcoin or Bitcoin cash will continue around the globe. Lesser known digital currency like Ethereum, Ripple or DASH are also traded 24/7. Cryptocurrency has added a whole new dimension for day traders.
Risk for this type of trading needs to be managed in two ways, trade risk and daily risk. Trade risk is how much you are willing to lose on each trade. An ideal standard is to risk 1% or less of your tradeable capital on each trade. The fixed risk of binary options can help is managing risk as the amount put at risk is known at the outset.
A trader will manage this by choosing an entry point and setting a stop loss. The stop loss will remove you from the trade if you reach a certain level of loss for that trade.
Daily risk is like trade risk in the simple fact that they both limit the total loss amount; only daily risk limits the total losses for a single day. In doing this, bad days are restrained from being too bad and can be recovered by a typical winning day.
There is no clear tax applicable for day trading. It will depend on the trading vehicle used, and also how you class the income. For example, if you trade forex at home, for a living, then the tax rules in the Uk suggest you should pay income tax. If however, you trade using binary options from home – and class it as a hobby – then no tax will be applicable.
So day traders need to decide how they class any profits. For example, whether they earn a salary and do it “full time”, or not. In general, binary options will be superior to other vehicles in terms of tax. They are often considered as more ‘speculative’ than other forms of investment, so income tax is not applicable.
Binary Day Trading Strategy
Day trading can be very complicated and it’s easy to get wrapped up with all the trending strategies and complicated chart analysis. One thing to remember is that you don’t need to know it all. All you need is one strategy to focus on, and implement it over and over again. Try out a strategy on a demo account first to see how it pans out.
Top 3 Day Trading Tips
- Stay Informed, Always look for Opportunity!
Keep track of the latest stock market news and trends in the economy. Do your due diligence and research companies and the markets they serve. If supply is low and there are still enthusiastic buyers, the price may soar. If there is too much supply and dwindling buyers, the price is about to drop. When staying informed and knowledgeable about certain companies and their performance, massive opportunities will arise, resulting in profitable day trading.
- Be a Disciplined and Consistent Day Trader.
Set reasonable trade sizes and manage your trading bank. Most successful day traders risk 1-2% of their trading capital per trade. Follow this rule consistently, as if there were no other way. Trading similar assets, at similar times of day, also provides a quick learning curve that enables you to better spot opportunities or incorrect prices, intuitively.
- Be Realistic and Stay Patient
When you find a proven trading strategy stick with it. It doesn’t have to win all the time, in fact, most strategies only need to payout 60-65% of the time. So the key is to stick with it and stay informed with market news and the companies you’re betting on. As well, sticking with a strategy requires patience. There will be times when the markets take you for an emotional rollercoaster. It’s important to make your decisions based on logic and not emotions, as well as sticking with your plan.
One of the most used and well-known day trading strategies is the “Momentum Trading Strategy”. This strategy relies on market volatility. It can be used alongside other technical indicators and tools that you find on our trading platform as it relies on spotting trends.
In short it’s where a trader analyzes the markets and looks for the best performing assets over a certain period of time. It involves buying these and conversely selling the worse performing assets. Being well informed and knowledgeable of current market moving news is instrumental to the success of this strategy.
News such as a company’s earnings, a new deal or product launch, or some other kind of breaking news relating to the company can force the price to surge. There are many aspects involved with this strategy, and before implementing it in to your routine, learn all about it to become fully aware of its intricacies. Even practice on a demo account first to acquaint yourself without risking your capital.
Day Trading vs Binary Options
Some people view “day trading” as CFD or spread betting. Binary options however, suit intraday trades just as well, if not better. Here is a breakdown of how binaries differ from more traditional trading tools:
- Risk Management. Binaries offer fixed risk. Other tools require the trader to make assumptions about the amount of volatility they face – and judge risk accordingly. While possible, the fixed risk of a binary makes risk management easier.
- Payouts. This can go either way – due to leverage – but a binary option can deliver a payout of 90-95% profit for just a single pip one way or another. Other trades may require significant price move to move into profit, and an even bigger move to show the same level of profit.
- Taxes. Binary profits are not generally liable for income tax due to them being viewed as highly speculative trades. Day trading in other vehicles is likely to be deemed an ‘occupation’ and taxed accordingly. Again, this is not clear cut, but in general binary options are more tax efficient.
- Entry costs. Binaries generally require a lower entry cost to get started. Likewise, trading up, and increasing trade size along with profits – is much easier with binaries as the starting point is much lower.
So, there you have it, all you really need in day trading is consistency with trading hours and times, a set risk level that you unswervingly follow, and a strategy that works most of the time. Binary options can certainly be used within that framework. It’s important to not over complicate these things and stick to a consistent plan with all aspects of day trading, which rules out the emotional factors that can inhibit your trading.
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