Are not daytrading and holding overnights a contradiciton in terms.....I must agree with you..... Don
you are assuming they were long......but had they been swinging on the short side it would be a different story....but i understand what u mean and i agree
There is nothing substantially new, but if you like his first book and identify with his approach, then Trading Room is worthwhile.
In that time frame I and several hundred other traders I worked with made money doing BOTH. 20-50 gap openings, 10-20 point swings during the day how could you say that was BS. Thats what I was doing. And yes, a contradiction in terms. Two different timeframes. I'm curious to know what you folks did then. Be well.
Intraday range matters mostly when you rely on some sort of early open based entry and then hold it out for an exit near close. Otherwise, any market can be daytraded profitably with enough leverage or size.
I think he was suggesting that it was very profitable to do BOTH ... which I agree with. Even though the market was in an uptrend in that time period we did have down days and having some cash available at the start of each day from closing out daytrades the prior day allowed one to capitalize on the specifics relative to that day. The other money one had riding on position trades could continue to move upward over time. For me, focusing on BOTH day trading and position trades has worked well over the years.
lindq, I haven't read any of his books. But thinking of buying one. Which one to go? Trading for a living or Trading room? Thanks.
Jeff, Why it is so important to put swing trading money in a separate account from daytrading money...? Thanks, Alex