4. Find a trading style that suits you
Basically, you can distinguish between three different trading styles. In the classic day trading style, the trading position is held for a few hours on average. The trader often has a clear price target in mind. When this has been achieved, he sells immediately. It can also happen that a position is closed again after a few minutes. There is also scalping and swing trading.
With scalping, the holding time is shorter than with day trading. Positions are sold after a few seconds to minutes. In this way, only small amounts of cents are often generated. However, the more of these trades are carried out within a short period of time, the more worthwhile this method is.
Swing trading means holding trading positions for a longer period of time. Sales are only made after a few days or even weeks in order to get the highest possible profit. Rising prices can be fully exploited, but the trader carries out fewer trades.
Important: You will only find out which trading style suits you when you have already made trades. In the beginning, do not focus on a specific holding period, but make the trades in a way that makes you feel comfortable.