Hi ewile, thanks for the tip. Seems like a system worth trying. What would you do if the high or low of the day occur at 10:05 when you place your order?
nitro, thank you for the realistic enlightenment. It seems that you have a great deal of patience. I starting to realize the importance of just that.
Hi NihabaAshi, I have a wife and a 2yo daughter. I need a steady income to support them. At present it would not be possible to move to another timezone. Jop hopping might be easier... Also the suggestion looking at other markets might be worth looking into. Thanks, Jocke
I too am making the transistion from full time 9a - 5p eastern time job to trading full time. So, in the mean time I get up at frickin 3am and trade the European futures. I look at the US market while at work but, like someone else said in this post, a bit risky not being able to totally focus. The European futures markets (CAC40, ESTX, Bund ) do trend and are very liquid.
I do not think it is possible to daytrade without being in front of the screen, too many times a profitable trade will reverse and stop out before hitting profit targets. If you are tending it you can make a small profit or breakeven. I also work fulltime, my job has flexible hours so I find swing trades best. For swing trades, being home between 3 and 4 EST is great. Run your scans, open positions and hold overnight. Place stops/targets next morning and when you get back in the afternoon you have profits. Know it works well with stocks, not sure about futures. Although ewiles method of trading range breakouts/downs is good, many times these trades will only give you a scalp that is hard to catch if not on top of the fill.
Why people have jobs want to trade. Aren't they supposed to be investors? They must think they had not lost big and quick enough and want to lose more quicker. If people having job can trade profitably, I don't think it will take too long for SEC/NASD to impose PJT rules to prohibit employees form day trading. That is so-called Pattern Job Trader rules. You should not day trade more 3 times in 30 days if you have a W2 with more than 1/3 of your income in your tax return.
qdz, you gotta focus on making profits, dude. I am sure by now you have found that certain setups are much more likely to go your way that others, take only these trades, forget the rest, get a feel for what works for you and the PDT rule really doesn"t matter. Cash is always better than a losing trade and setups are like busses, there is always another one around the corner.
>>>>>>>>>>.What would you do if the high or low of the day occur at 10:05 when you place your order when I place my orders at 10:05 I put a buy stop above the high and a sell stop below the low, so that if one order gets filled your protective stop is in place. Sometimes when I check back at 10:45 I'll double my protective stop order, ie. if I'm long 100 smh I'll make my sell stop for 200 shares so that were it triggered I'd end up short, but 1 trade per day in each direction is my limit. My goal is to be in on trend days. As far as trading foreign markets...go for it...IB makes it very easy. I've traded the SPI (Austrailia) and the Heng Seng (Hong Kong)