Hitman I think I have offered you advice a couple of times in the past. I would like to withdraw my comments. You certainly don't need them. You are like an onion. Many layers. I suspect you will become a great trader if the market doesnt die on us.
Hitman, Do you watch just the sector index, eg. BKX, or the actual leaders? How many do you watch? I'm curious how your screens are set up too. Thanks for sharing your experience with us.
I watch the leaders off the open, for example, if CEX is up say 0.5% but not all of the stocks opened I keep my eyes clued on DD/DOW and see what they do. As the day progresses I watch the leaders less but any time there is a consolidation I watch the leaders to get additional confirmation (anticipating a breakout/breakdown). I trade too many indexes for my own good, but my favorites are OSX/XNG/CEX/XBD/SOX/BTK.
Hitman Did you ever consider specialists monitor these boards and detailing your exact game plan would possibly kill its effectiveness . Just my paranoid opinion.
<b>Hitman:</b> <i>Anyway MGB as I said if you plan on trading sectors intraday you just gotta have multiple monitors, no scanner will do, trust me on that. BTW what's up with your trading, are you switching style?</i> I never intended to be a one-stock NVDA wonder boy. It's what I started with but not to live with. I'm still flat so I'm getting into other avenues to find something that works. I intend to trade where the moves are and trade where the money is flowing in/out. I'm not looking to trade sectors per se, but a small basket of stocks that are moving. But they often tend to be the same sector. I have a two monitor set-up now and I want more. But for now, I need to be wise with the resources I have. I've subscribed to eSignal to try a Sector Overlay chart. The first 30 days are free so it can't hurt to try. I don't play the Open right now. After analyzing my trades, most of my losses are from playing the Open. I'll come back to the Open some other time. My best trades at the moment are continuation trades above the High (10:30am High, 12noon High, or 3pm High). Last Thursday, I reaped $1,700 just trading PSFT as it made a continuation. So I'm trying to add other trades around this. <b>Magna:</b> <i>Along with Hitman I'm also curious as to whas up?. Haven't seen you around here much, only sporadically. I rarely get over to the MSN boards these days, usually no more than once every 3-4 weeks, but I've noticed you playing with Stock Scouter, and more recently Market Momentum, etc. Can't tell if you're trying to tie all this together, switching from intraday to swing, sampling this 'n that, etc. And are you no longer daytrading NVDA?</i> No, not tie 'em together. The Stockscouter stuff is for 4-week trades. It has nothing to do with daytrading. It's something I think about on the side. "Market Momentum" that I posted is something I watch every now and then. It helps me get a feel for the breadth of the market. If the DOW makes a wonderful 200 pt gain but then I see that only 200 stocks advanced while everybody else declined then I know that money is chasing too few stocks and we're set up for a decline eventually. Those are the kind of things I look for to get a sense of the market. MGB