I've been scalping NYSE stocks for almost 2 years and I'm happy to say that I make a decent living on this. I consider myself to be a relatively good scalper, but when I buy to hold overnight things don't work for me. I'm good at recognizing very short-term situations, but I'm an awful swing trader. The good thing is that I don't do it quite often. But I'm aware that holding positions overnight offers the best rewards. That's why I'm interested in approaching it more seriously, without leaving my scalps. Any ideas? Any recommended literature?
I like to swing trade the IBD 100. There are many ways to go about it but I like to wait until a stock pulls back to he 50 day MA and shows support there. Then I get in and wait for the inevitable IBD pump that brings in the momo crowd. The main thing to remember is to bail as soon as you recognize profit taking because IBD 100 stocks fall fast!
A agree with you, a have seen a few stocks that appear on top of the IBD 100 fall like a rock. I think that the leading cause is that growth stocks tend to be severly punished when they disappoint, even if the miss was of 1 cent. Thanks!