Hello fellow traders. I recently started day trading stocks on paper. Iâm having problems with finding a good entry. What scanners or indicators do you professional day traders use to be constantly profitable? Does any one use this Trade âIdeas software? If so, what filters you have selected there? I hope Iâm not asking too much
I buy the stock when its low and sell it at a higher price. That strategy seems to work most of the time! Sometimes I feel lucky and I actually sell the stock when its high and buy it back when it drops down in price too. Good luck, hope that helps!
See if you can solve it yourself. But do not get caught in established methods. I spend 8 years chasing those. Oh, and keep a journal.
Unfortunately, yes you are. 1. You can read the reviews of Trade Ideas in the s/w section, and maybe even demo the program (most companies will let you do this). 2. If you are having problems finding good entries, there are some great resources here for you. However, you must do the work yourself. Use the search function and search the phrases 'day trading', 'entries', 'systems', and anything else you can think of. In addition, do these searches on Google. Spend a week or two reading everything you can get your hands on. There is a complete daytrading entry system given by the member Anekdoten. Search for his thread and read it. It will take you a while. It may or may not be the right system for you. Develop your system. Try some entries. If they don't work out, come back here and start a thread called 'Entry Analysis required'. List your entries and most importantly, provide exact details as to why you entered (describe your rules and show why the trade met your criteria). You will find that people will be willing to help you if you first help yourself.
Look at the ticker of CNBC in the morning find stocks that are in play for the day , i.e. big movers. Play those with the price action and you will be all right!
Sometimes when I am having a bad trading day I find that by punching myself in the head as hard as I can for about 5 minutes works wonders for me. It just feels so good when I stop hitting myself that I totally forget about how much money I just lost in the stock market! (kind of what is going to happen tomorrow!)