The practice of day trading involves purchasing and selling a financial asset within a single day, often multiple times. This can be a profitable endeavor when executed properly, as even slight price fluctuations can yield significant returns. However, inexperienced traders or those who fail to follow a carefully crafted plan run the risk of losing substantial amounts of money.

To achieve profitability in day trading, traders need to approach it with seriousness and thorough research. Diligence, focus, objectivity, and emotional control are essential traits for day traders to possess. The key to success lies in developing a trading strategy beforehand, which allows traders to move quickly without the need for quick thinking.

In this article, we will explore ten-day trading strategies that are suitable for those who are new to the practice.

1. The saying "knowledge is power" rings true for day traders, who must stay informed about the latest stock market news and events that can impact stocks. This includes keeping up with the Federal Reserve System's interest rate plans, leading indicator announcements, and other economic and financial news. To prepare, create a wish list of potential stocks to trade and stay informed about the companies, their stocks, and general markets by scanning business news and bookmarking reliable online outlets.

2. Before diving into day trading, assess and commit to the amount of capital you're willing to risk on each trade. Successful traders often risk less than 1-2% of their accounts per trade, so earmark a surplus of funds that you're prepared to lose.

3. Day trading requires a significant amount of time and attention, so it's not suitable for those with limited availability. Traders must track the markets and quickly spot opportunities that can arise at any time during trading hours to be successful.

4. Starting small is recommended for beginners, focusing on one to two stocks during a session. This makes tracking and finding opportunities easier. Fractional shares are now becoming more common, allowing for smaller dollar amounts to be invested. For example, Amazon shares can be purchased for as little as $25.

5. Penny stocks should be avoided, as they are often illiquid and have low chances of success. Many stocks trading under $5 a share are delisted from major stock exchanges and are only tradable over the counter.

6. Timing trades is important, as orders placed at market open can contribute to price volatility. Beginners should read the market for the first 15 to 20 minutes before making any moves. The middle hours are generally less volatile, with movement picking up again towards the closing bell. Rush hours may offer opportunities, but it's safer for beginners to avoid them initially.

7. To minimize losses, consider using limit orders when entering and exiting trades. Market orders don't guarantee a specific price, while limit orders allow you to set a price for execution. This can help you trade with more precision and confidence, but if the market doesn't reach your price, your order won't be filled.

8. It's important to be realistic about profits and not expect success on every trade. Successful traders often profit on only 50% to 60% of their trades, but make more on their winners than they lose on their losers. Make sure to limit financial risk on each trade and have clearly defined entry and exit methods.

9. As a day trader, it's important to stay calm and not let emotions like greed, hope, and fear influence your decisions. 

10. To achieve success as a trader, it's crucial to have a well-thought-out plan and the self-control to adhere to it. Rather than making impulsive decisions, successful traders move quickly based on their pre-established strategy. It's essential to stick to the plan and avoid chasing profits, as this can lead to emotional decisions that deviate from the original strategy. Remember to follow the day trader's mantra: plan your trade and trade your plan.