Hello, My problem is when I get into a trade and it starts to move higher I start think about the long term aspects of the company and I hold on and I miss my sell points during the day only to sell at a loss or a small gain and the end of the day...
Use better trade management (do one of the following): 1) Have a hard stop and target. 2) Scale into and out of a trade. 3) Have your stop loss move up either using a standard offset or visually.
In the case of low volatility stocks, you can incorporate day trading around a core position. In other words, you decide to hold a certain quantity for longer time frames. Yet on a down day you add to your position and when the skies brighten you sell this excess. Finally it boils down to your comfort level and what your max draw down limits are.
Ranger, I agree with Hedron and Cornix. Maybe try smaller size at first and swing trade your convictions. IMHO, if you could manage to pull that off with some consistency you'll have a higher ceiling and more options for your professional trading future. Just my own 2 cents. Just as a side note, even back some years ago when I prop traded most of my volume was day traded but I usually carried a small "core" position overnight if I had a longer term opinion. Oh, and I daytraded using 360 minute bars. Just consider the possibility that what you might perceive as a "fault" with your day trading strategy just might be a natural talent that you should exploit. Finally, I think that you are showing an impressive talent for critical self-reflection. Very good trait. Hubris kills.
%%%%%%%%%%%%%%%%%%% As the other trader noted. Ranger R; position trade. And compare P+L, of BOTH. Frankly if one cant make money in a bull market,; True, its an OLD, extended bull] usually the most orderly of markets, thats -T-R-O-U-B-L-E. If you compare your position trade profits in a bull market, you may find that's the best advice you ever got.Not a prediction; simply probabilities.PS Never forget the multi month charts in Market Makers Edge Book[ By Joshua Lukeman.] Have you figured out why a market maker uses multi month charts???????????????????????????????????????????????????Wisdom is profitable to direct.
Seeing different charts, pairs, analysis trades are often confuse . They are rider of many cars. Can not think what to do . They want to make more profit in this try often they open many positions not plan well. For long term trading you have to wait for certain pair's specific market move so that you can get your targets according to your plan and strategy.
Take profit of 80% on your targets and keep other 20%, that could be a swing trade for couple days or become huge homerun trade for months. But I prefer to have two accounts, one for position and other for day trading.
why day-trading at all ? play long term investing if you like company's prospects so much psychological problems in trading usually are the result of absence of working method (...hence inventing the reasons to hold into position...) whats good about daytrading - it pushes you to learn fast or your loses will exacerbate even faster (which in itself is a stimuli to adjust fast) so either have a method or stop day-trading (or it will stop you)