So what do you base your entry/exit's on to enter your intraday position. Intraday position trader means that you hold a few hours? Trade a couple x a day?
I guess what i really want to know is those guys posting 5G+ per day on the p/l thread -- what kind of traders are they? do they use a bunch of indicators and buy/sell when ma's cross, or do they use system trading? any answers from the bsd's out there would be appreciated.
I buy on dummy bars or different reliable setups. I hold till the previous bar is broken (usually 30 min charts, sometimes 15). This can last all day (which I close position e.o.d) or can last 30 minutes, where my entry bar's low is taken out. Maybe take 3-4 trades a day, but that depends on what the market overall is doing, usually. I have very simple rules and a very simple strategy. I won't make thousands everyday, but I will preserve my capital. Sometimes I will make a thousand here and there. If I disobey my rules, I can get hurt, badly, emotionally and financially. It's more about you, your psychology, risk management, and discipline then entries/exits. imho. once you find your style and follow your rules completely, you should be fine. of course you need a reliable strategy, which there our thousands. See MaoXian or Trader-X.blogspot.com for what I look for. hope that helps?
bsd's ? -- Do you mean 5k in your pocket at the end of each day, or just 5k as a paper gain?. What I mean is, someone like myself who holds for a week might make 5k a day, but they are not buying and selling constantly, so they make 25k a week, but they dont make any $ until they close their position. Indicators wont make you richer, and they may end up confusing you, causing you to lose money. Here is a example: the 12 MA is about to cross the 20 MA on daily charts for OIH. The last three days were big volume spikes by the bulls, however on the 60 minute, ADX is showing weak strength for the current trend, and the gap has already been filled. Which chart/ indicator do you trust more?... so do you buy, sell or hold?... confused yet? And no, I dont make 5k a day. Now I COULD if I were to cash out my college fund and trade some serious size....but that'd be stupid.
bsd- big swinging dick and no, 5k average a day sure would be nice too. i agree about indicators. so you're a swing trader ... they seem to be a dying breed in this market.
Basic, basic, basic, still works always will because price shows a summery of all the human players decisions. humans do not change as much as fast as many think. Has man developed much in last 200 years. I think not. LOL
so bighog, what does basic mean. for ex stock abcd goes to new highs over 29.7 and you buy the breakout? is that basic?