Instead of trading every 10 mintutes increase your horizon - move in to smaller trades spread out. Baring a market crash. or another worldcom you should do ok if you diversify. I trade options - I try to grab 3 or 4 over sold SOLD stocks. 1 will do terrible one will ok, but the remaining maybe stellar. I picked out aapl call at 112 last week. I didnt ride it all the way up but i got about 6 points on 30 contracts.. not to bad. but before that i did 3 bad trades and lose little amounts of money..
day trading is not about trading every 10min. It is about market timing and correct trend reading. Surely it is not buy and pray game...
Yes you are correct. However thisnt working for Bill. Whats your advice for Bill who is losing is money? He has been "Day Trading"
Advice? Yes. My advice is: plan your trade trade your plan. The second part is about psychology. The first part is about proven trading strategy. It can be automated or discretionaly. For daytrading IMO the best solution is combination of the trend reading (where is Market going now?) and market timing (should I follow trend now or should I stand aside?).
I agree Trends. Short term inter day.. Crude Oil inventory's at 10:30. Rig, Slb, Cop... There you go. You'll defiantly have direction in these names.
Thanks for all you comments and advice, sorry I cant answer you individually as there are lots of post but thanks again.⦠Some have said I maybe a gambler, I can assure you I'm not!. I could stop this over night and never look back, but I have given my self 16 months to see if I can make money. I also have a method to fade intraday value area and previous days, but these don't seem to work...I here people say I day trade and make good money, I would love to see one of these guys trade Live for one day to see what they are doing, any offers? Anyway, I have decided to go back in today :eek: the old saying if you fall off your horse get straight back on. I will post some charts of my trades later. Bill
Instead of climbing back directly on the rodeo horse, why don't you try to paper trade (with real time quotes of course) for a few days?
try trading forex with a $10000 lot size and see if you profitable with that rather than trading big contracts