Most of my returns come from the stocks I hold 1-3 years. Some 10x, some 4x, 3x, 2x. One way to look at that is 1 I let profit run 2 Since my cost is low, I can sit out the down time. I have also been good at short term tradings like 3 days to 1 month trades, between 10%-30% gain. In high volume stocks, however, I never made great money intra day. After I bought it, it went up then came down, I felt extremely pressured to take small profit at that point, because one of the rule is that don't let profit become loss. I missed a lot of great 5% returns, only got 0.5% 1%. Even I know so sure the stock will go up sooner or later, since I am borrowing intra day buying power, I don't want to carry them overnight. I wonder how you guys make great returns using intra day buying power. Or you guys only make great returns because you don't borrow on intra day margin? Or maybe you guys are willing to let loss go a while because you are sure that no matter win or lose, you will close the position before 4pm.
Do not trade stocks intra day, trade index futures. There are few systems out there (look at Woodie CCI) which are great for intra day trading.
================ qll; Sounds like mainly you illustrate; profit traders tend to specialize, including time frames..... Dont like to keep on borrowing[overnite either ] ; prefer ES emini intraday Sounds like this NEEDS to be written in you plan Dont let 5% lose 90%, into 0.5%; PSAR principal, parabolic stop & reverse.[Snugs up stop as time marches on]. ========================================== Flat eod is harder than swing- position, trade ,do both; daytrading , do take a single, home runs dont happen as much. You have a wise habit of letting singles turning into home runs, swingtrading; daytrading its plenty of singles, you arent in habbit of those Wisdom ois profitable to direct.
How do you make good money intraday? By working much, Much, MUCH harder at it than you ever imagined.
agree with nononsense by buying first and later selling higher or by selling first and later buying lower. From the song: "The Gambler" by Kenny Rogers: you have to know when to hold them you have to know when to fold them you have to know when to walk away you have to know when to run or: Tao te Ching, tetragram 56: Those who know do not speak Those who speak do not know Block the passages Close the door Blunt the sharpness Untie the tangles Harmonize with the brightness Identify with the way of the world and on a last note Confucius: The superior man makes demands on himself The inferior man makes demands on others enjoy your hard labor! Maria
This is without a doubt, the single best best piece of good advice I have ever read on ET. Through it`s sheer simplicity it is outstanding and I commend you for it nononsense.
I think the heart of the problem for people wanting to day trade is that they consider the instrument that they wish to trade as the derivative, it never occurs to them that their thought patterns and mindset ( on 2nd thoughts, make that SETmind) are themselves derivatives of what is required. Their heads are fully loaded with rsi, ema, cci, bbands and there is no room left for creative thinking, assuming that capacity was not removed from them in their childhood. I do not know what qll has in mind by the expression "good money" but let me be clear that I am not interested in trading for a living. Covering my living and travelling expenses was never going to motivate me sufficiently to stalk and trade ES, I learnt to cover my living expenses plus more, years and years ago. No, I am talking about trading for real money and lots of it. And so if this is what you have in mind qll, as nononsense so aptly puts it .... "you are going to have to work much much MUCH harder than you ever imagined" Otherwise, the people who do, will take your money or worse still you will drag on for years winning and losing but somehow making enough chumpchange to justify your efforts.