Thanks so much. I read it improperly..had surgery yesterday and my anitbiotics and painkillers make me more normal....can't read. LOL. It is quite tough to get in and out if volume is lower but on the other hand most 3 beta stocks are not high volume. I put a 100,000 share cap on what I own so I was really misreading him with the c0ntext I operate from. thanks again .
I have to agree with you. If I were to do it over again I would have chosen to do the majority if not all my trading as swing trades and migrated to a combination of swing and day trades once consistently profitable. (Although I started my trading around 911 and didn't dare hold overnight) It would have saved me all the aggravation and costs of over-trading, emotions, 1-minute charts, chat rooms, ... However, with that being said I've learned to relax more and enjoy the constant challenges that daytrading provides.
I should have worded that differently. I can see how you could have read it that way I am trading Naz stocks that have over 1,000,000 shares traded on average. Thanks everyone for the replies. I got pretty hammered this week with the day trading. I'm having problems finding the trend and making it my friend this week. Better luck for me next week I hope!
Great question, haub. Selecting timeframes are based on a few factors, here are the primary ones: 1) Capital - Daytrading will put you in the face of the Pattern Day Trader Rule ($25K minimum equity on an account that had 4 round trips in any five day period) 2) Your system - You need a reliable front and back end (quote and execution platform) 3) Your knowledge and tolerance for risk - There are many tools in daytrading that are not needed for daytrading. If you're accustomed to swing trading, I recommend working smaller lots on daytrading. It's a completely different ball game. There's alot of noise that wouldn't otherwise concern you if you were swing trading. Momentum analysis is one of the largest keys in daytrading (swing trading as well), that will help you fine tune the entry, management and exit of the trade We've been in a nice uptrend since April, and the market has offered both swing and day trading opportunities. I swing and daytrade, and more often that not what you'll find is that when something breaks out on a swing it offers daytrading opportunities as well. I advise you to get comfortable with both. When the market is tearing, you'll be able to trade both timeframes. When the market consolidates again (as it may soon as we head into major resistance), the market will have a tighter trading range, and you'll be happy you learned both. There's nothing better than expecting nothing, and preparing for as much as you can Be well.
Stick to swing dude, you have to measure your performance in terms of effort exerted to acheive that performance. I initially approached daytrading as if it was a job, grinding it out everyday to 'earn my salary.' With swing trading, I make more money exerting considerably less effort. Grace grows the account faster than effort.