By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Advances In Big Data Are Fueling Day Trading Momentum
Share
Notification Show More
Latest News
ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing
become a data scientist
Boosting Your Chances for Landing a Job as a Data Scientist
Jobs
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > Advances In Big Data Are Fueling Day Trading Momentum
Big DataExclusive

Advances In Big Data Are Fueling Day Trading Momentum

Annie Qureshi
Last updated: 2020/04/13 at 5:49 PM
Annie Qureshi
7 Min Read
advances in big data
SHARE

Big data is becoming an integral part of the financial sector. A recent report shows that financial companies will spend $11.4 billion on analytics by 2023.

Contents
Understand the Nature of Big Data in Day TradingLearn about the market with data analyticsFind setups that suits your trading styleChoose the right brokerMake Data Analytics a Core Part of your Trading Strategy

Large financial brands are seemingly the biggest investors in big data. However, smaller investors and solopreneurs are likely to make big data a focus in the coming years as well.

Day traders, in particular, are placing more emphasis on big data technology. Kayla Matthews of Towards Data Science has talked about some of the ways that big data is changing financial trading. She points out that investors are using big data to identify correlations between financial assets and identify the direction of valuations.

Understand the Nature of Big Data in Day Trading

Before beginning any career, you must know the fundamentals and learn the details properly before you can become successful. Likewise, to develop a profitable career strategy as an investor, you must learn and understand the market in as much detail as possible. You should follow basic tips and take the right steps to start trading profitably in the market. Day trading is not an easy task you need to follow some important tips to make profits in the trade.

More Read

utlizing big data for business model

Utilizing Data to Discover Shortcomings Within Your Business Model

Small Businesses Use Big Data to Offset Risk During Economic Uncertainty
The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
How Big Data Is Transforming the Renewable Energy Sector
How Pictographs Make Technical Data More User Friendly

Unfortunately, merely understanding the fundamentals isn’t enough. You also need to utilize the latest technology, which includes big data. In this article, you will find some important points which will help you to start day trading profitably. You will also understand the importance of big data.

Learn about the market with data analytics

Many traders start day trading without learning and understanding the nuances of the financial markets and thus end up losing a lot of money. There is no excuse for this in 2020, because data analytics have made it much easier to learn the basics easily.

You should make it a priority to learn the basics and understand the process or you won’t be able to survive in the market. Naïve traders assume it’s quite easy to make money and thus don’t pay attention to the learning process and this leads them to failure. There is no quick way to make profit in this market so you must learn and understand the market precisely if you want to become a successful day trader.  Fortunately, using the right machine learning tools can make things easier.

You might be wondering why you are reading this article. This is because you are a professional. The professionals in Hong Kong always have the urge to learn new things about this market. They know it is the only factor that keeps them motivated to trade real market dynamics.

KPMG reports that big data is crucial to the success of modern Hong Kong financial companies. Nina Mehra, the author of the post, says that 46% of Hong Kong finance companies are going to invest more heavily in big data in the future. Day traders have found it to be especially useful, since it helps level the playing field.

Find setups that suits your trading style

Many traders place their trades without even outlining their trading style. Unfortunately, that is one of the common reasons that they report such steep losses. To make matters worse, they don’t use data analytics to guide their trading strategies.

You must define your strategy carefully and observe the market before placing a trade, so that you can identify whether it matches your trading style or not. You also can’t use the same trading style all the time, as the market keeps changing. This is another reason big data is so important. Machine learning technology enables traders to identify changing trends and adapt their strategy accordingly.

So, according to the market’s condition, you must change your trading style to make profits. At the beginning of day trading, you may find it difficult to change your trading style, but if you can understand the market properly then it will be easy for you.

If you day trading the stocks, you have to be very careful about the trading method. Day traders are very sensitive to their trading approach. They never take any position without thinking of the worst outcome. So, they create a trading strategy like the top traders at Saxo so that they won’t have to lose most of the time. Even if they lose, they have confidence in their trading method.

Choose the right broker

Choosing the right broker is the biggest trade the traders’ place for, without a broker, you can’t stay in the long run. Day traders should always focus on the low-fee brokers as high commission costs will be tough for them. The best way you can find the right broker is in a demo account, you can even take tests of the brokers in a demo account. By taking tests you will be able to find the real broker and also ask for assistance from your broker to find a good one. You must choose a broker according to your trading styles and also pay attention to the available offers.

Being a day trader, you should not compromise your trading environment. It can cost you a big loss. If you wish to pursue a career in day trading, find a fantastic broker like Saxo.

Make Data Analytics a Core Part of your Trading Strategy

To become successful as a day trader you must be consistent in the market and never stop learning and practicing. This isn’t possible without modern data analytics. Try to use big data tools to observe the time frame so that you can trade in a profitable hour. At the beginning of your day trading journey, never jump for the higher trades as that will lead you to lose. Try to trade for small trades in the market so that you can increase your chances of winning.

TAGGED: big data, big data advances, data anlaytics, day trading
Annie Qureshi April 13, 2020
Share this Article
Facebook Twitter Pinterest LinkedIn
Share
By Annie Qureshi
Follow:
Annie is a passionate writer and serial entrepreneur. She embraces ecommerce opportunities that go beyond profit, giving back to non-profits with a portion of the revenue she generates. She is significantly more productive when she has a cause that reaches beyond her pocketbook.

Follow us on Facebook

Latest News

ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form id=”1616″]

You Might also Like

utlizing big data for business model
Big Data

Utilizing Data to Discover Shortcomings Within Your Business Model

6 Min Read
big data use in small businesses
Big Data

Small Businesses Use Big Data to Offset Risk During Economic Uncertainty

7 Min Read
data-driven approach in healthcare
Analytics

The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas

6 Min Read
big data transforming renewable energy sector
Big Data

How Big Data Is Transforming the Renewable Energy Sector

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?