No, My strategy is very simple, and I've used it with both NASDAQ and NYSE stocks. Everyday I trade completely different stocks, those that have news on them. From that bunch I pick only the ones that are most down (points) or most up pre market. Then I trade them based on the trend for that day keeping in mind that between 11am and 12pm they usually reverse. During the day I keep an eye on the most up/down list, and sometimes add or change the stocks that I trade. shneed
CVerm, After reviewing the posts, you have received some very good information...listen to it. I say that because I wish I had that info before I started trading. Again as it was stated earlier, What is your track record of profitability? What you might consider profitable may not be enough to pay the bills. Which leads me to my next question, If it isn't broke, why fix it? If swing trading is working for you be grateful. Unless you have a large trading account (even then) daytrading will eat up a large amount of profits in commissions and it is a different beast altogether. I would recommend you stay with swingtrading and if you are truly profitable look into trading with a prop firm to increase your buying power and profits. If you need more info on prop firms pm me. I would also recommend that you papertrade for awhile and do not become overzealous and begin before you are ready and profitable (daytrading). Also important, is to find a trading style that fits your personality, I tried daytrading and didn't like it, I prefer swingtrading averaging 2 trades/day, trade a style you feel comfortable with. Understanding these words have helped me in the markets a great deal; Humble, Discipline, Unemotional, Modest, Grateful - All easy to say, difficult to do. Be Well.
A bull market and a bear market. If you have been through both and have made money through both you are a trader. Otherwise you are still in the learning curve. Do not kid yourself. I have seen people make money in bull markets and loose it in bear markets. I have seen people make money make money and bear markets and loose it in bull markets. Do not quit you day job. Start slow figure on 2-5 years before you can quit your job and feel comfortable with trading for a living. dat the truth
I have been swing trading about 1 play month and average about 8% per play. My strategy is very slow and would like to trade more actively. My goal for the first year of trading is to average $100 per day. this would be enought to pay my bills while I work on increasing my profits to several hundres a day.
That's not to bad at all. Maybe instead of daytrading, try taking on a few more positions/month. Also what is the size of your grubstake? eg. At 8% per month of a $10,000 account would be a tough go, but $100k+ well that's another story.
Fast_Trader, as with any business, you need to take expenses into account as well (software fees, hardware purchases, etc.).