Hi all, I have been day-trading for nine months now. Haven't been profitable until recently. I have one setup, and it works about 70% of the time. I trade dia or spy only, so my oppurtunities are very limited. Since i only have one setup to trade, I was trying to find oppurtunities on other stocks, but didn't work for me, because they moved in the same direction as the market. Any advice for me to move on from here, i have a setup that works but need to use it more efficiently to make some money? thanks,
Are you looking for setups that succeed by % or by return? Maybe your problem is you are trying to daytrade without considering the kinds of returns you get without a trading system.
Hi psytrade, You are right about me, i don't consider the kind of returns i'm getting. I never consider % return in my trading, maybe i should look into money management. Thanks for your reply psytrade.
You might want to do some more research on those 'other stocks' How strong is the correlation between below 3 do you think?
lakka, the 3 stocks u show me are weakly corrolated. I got your point, there are many stocks to trade my setup during the day. But I only limited myself to nasdaq stocks that are very liquid, i don't trade nyse stocks because i can't use stops effectively. As I can see the stocks u shown me were nyse stocks. I would have more setups if i trade nyse, but i can't control my risk with nyse stocks.
I'm sure you've thought of this, but I don't understand why you can't use other ETF's and CEF's? Sectors and foreign markets don't move in lockstep with SPY and DIA, right?