changing my mind on day trading

[themickey]

that is a fair question. Mu hours are much less for day trading than swing trading. Now this is on me,,, I cannot just leave it be after the market is closed. I will check prices in both the after hours and premarket. If I am in an index or Crude trade I will be checking futures, even in the middle of the night. So, when I do not exit at day's end I have added at least 6 hours or more of monitoring time, even though these are options and I could not sell if I wanted to.

If I understand, you are saying when longer term, you spend additional time checking back over your positions and maybe the markets?

 

[Sprout]

What does that even mean? I take advice from anyone who can constructively challenge me and help me improve or change my mind about something that I had blinders on. Good traders are always open to be corrected (with facts) and challenged that is why every successful hedge fund trader constantly communicates and listens to other fellow traders in the community. That is why investment banks or money funds hire fresh blood because after a long time in this business you develop tunnel vision. As much as I disagree with you on cryptos but if you have something to say that disagrees with my approach I am more than open and willing to listen to anything you might have to say. Feeling that we are settled and being closed minded about other approaches that may run counter our approaches to trading is often a sign of arrogance and arrogance is often times the mind set right before downfall.

I'm not informed on your approach to the markets. Unless you're an algo trader, if you post an annotated chart I would.

Harris's book on Trading Exchanges and Market Microstructure is the reference and quite good. This is a draft copy. There's a taxonomy chart on the net that has a visual representation.

To update it with today's landscape, one would have to assimilate Michael Lewis's Flash Boys.

Page 40
https://www.acsu.buffalo.edu/~keechung/MGF743/Readings/Trading-Exchanges-Market-Microstructure-Practitioners Draft Copy.pdf

 

[Sprout]

I will agree with M.W. and this is not meant to turn into a message war. BUT, it is one particular trader who turned me around on day trading. He is very successful and has been making his living day trading now for over 7 years. He got me to take an honest look at things. Thank god I have kept detailed spreadsheets of every trade now for 18 months. I was able to see that my short term trades were far more successful than my swing trades or longer. I am very grateful that I came across this trader and was open minded.

Aha's are life-changing. Not only for you but your expanding Circles of Trust.

 

[sridhga]

We can have a whole lot of debate on whether trading 5 minute chart is better than trading hourly charts.

I mean to say that a pullback looks like a trading opportunity on a smaller timeframe while it is just noise from a higher timeframe perspective.

Both approaches work well. Some of us may be more tuned to a specific time frame.

 

[easymon1]

 

[Bad_Badness]

Problem with Day Trading as a 9-5, is sustainability. I would suggest you work a 4 day work week, not 5, while you get started.

 

[nooby_mcnoob]

I did some day trades last week and went flat at the close, no open positions. What is very revealing is that I had no reason to keep up with things after hours, before market hours, overnight futures, etc.. In other words it is more like a regular job. Since I trade options (yes I changed on that ) the hours are 6:30 am till 1:00pm Pacific USA time.

When I am in an option on a stock, etf, etc.. I would watch like a hawk till 5 pm, and then watch the futures.

bottom line, I can see the better lifestyle from day trading and being flat at the close and open each day.

Market is very volatile right now. When market calms down, you will have to switch to swing trading to get the same points.

 

[maxinger]

I did some day trades last week and went flat at the close, no open positions. What is very revealing is that I had no reason to keep up with things after hours, before market hours, overnight futures, etc.. In other words it is more like a regular job. Since I trade options (yes I changed on that ) the hours are 6:30 am till 1:00pm Pacific USA time.

When I am in an option on a stock, etf, etc.. I would watch like a hawk till 5 pm, and then watch the futures.

bottom line, I can see the better lifestyle from day trading and being flat at the close and open each day.

I traded many things;
investing, swing trading, day trading,
trading stocks, options, futures
spread trading Intermarket commodities ...

I started investing and swing trading before the computer was available for home use.
I gave up on investing and swing trading about 2 decades ago;
It didn't work for me.
I have been day trading since then.

some day traders just trade for 3 hours a day.
I spend about 6 hours a day.
Some day trade for about 10 hours a day.
So you have flexibility as to how long you'd want to trade.

Anyway, go and experiment and see which best suits you.

 

[easymon1]

short lived moves

Patient day traders can find setups without living in front of a screen just like everyone else.

 

[KCalhoun]

i like 2dhighs