Day Trading - A successful method for losers

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Thanks guys for the previous posts. That was some really useful info.

Here is my stock list for tomorrow. I have 12 stocks on it. I know I said I'm limiting myself to 5, but I feel pretty strong about these picks. In addition, I've found that the best days to trade are Tuesdays, Wednesdays and Thursdays (especially Thursdays), so I'm kind of loading up on the best days.

Anyone else have this same experience relating to trading on specific day's?
 

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Quick update:

Bought and sold NUAN for a quick profit: $64


Trade:

Bought 2000 shares of NUAN at $8.34

Sold 1000 shares of NUAN at $8.4
Sold 1000 shares of NUAN at $8.36

Reason of sale: break of trend line with heavy volume down spike. Sold half to minimize risk while I watched to see if break of trend was accurate. Sold other half when volume dried up a couple of bars later.
 

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Disappointing day today. I accidently bought and sold the wrong stock by mistake for a loss of -$30.

I thought I bought BWNG. When I tried to sell it for a 2% profit, I realized that I had bought SCMR instead, by mistake.

Not wanting to add further to my mistake, I sold SCMR for a -$30 loss.

This was completely avoidable. I should taken better care to insure that the correct parameters were set in the browser before purchase.
 

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Here's the list for tomorrow.

Today was a total bust. I missed several stocks due to computer problems and distractions.

Stocks I missed as they broke out: GYMB, SHLM, BWNG. Any one of these stocks would have yielded 1% plus. Not sure how to overcome these obstacles, but will have to find a solution.
 

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Missed out on some early trading - more distractions.

Here is the list for tomorrow.

The market channels are evolving into something unrecognizable. Today wasn't good, but I'm still not negative yet. Still though, I'm going to be a little cautious.
 

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Could you post a chart to illustrate an "unrecognizable channel"?
Quote from smashandgrab:

Missed out on some early trading - more distractions.

Here is the list for tomorrow.

The market channels are evolving into something unrecognizable. Today wasn't good, but I'm still not negative yet. Still though, I'm going to be a little cautious.
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Hi cnms2,

I've attached a crude chart of what I'm seeing. I've left a lot of detail off and am just showing the before and after type picture.

Every week I record the NASDAQ and the S&P with similar channel lines that I believe define the direction of the market. I then compare the previous weeks with the current week to formulate an opinion.

Last week marked the biggining of what appeared to be a change in the slope and width of the channel. This week is beggining to shape the channels in a downward direction. We have also had 2 big sell off days on very high volume, in the past 2 weeks.

So, at this point in time, due to the lack of defining information, I'm going to be cautious until I see a clear direction or until my "meds" kick in, whichever changes my perception first.
 

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See attached how I'd draw NASDAQ's channels. I start from a larger time frame and draw successively the inner channels with different colors: ..., black, blue, red, green, purple, ...

Based on what I'm seeing NASDAQ is at a critical point: at the lower line of a blue ascending channel. If it brakes down it is headed toward the lower line of the red descending channel. If it breaks up it is headed toward the upper line of the blue ascending channel. So it is either at the end of the blue channel or at the end of the red one.

I'd place bracket orders at the high and the low of today's bar, each with its stop loss order at the other extreme of the bar.
Quote from smashandgrab:

Hi cnms2,

I've attached a crude chart of what I'm seeing. I've left a lot of detail off and am just showing the before and after type picture.

Every week I record the NASDAQ and the S&P with similar channel lines that I believe define the direction of the market. I then compare the previous weeks with the current week to formulate an opinion.

Last week marked the biggining of what appeared to be a change in the slope and width of the channel. This week is beggining to shape the channels in a downward direction. We have also had 2 big sell off days on very high volume, in the past 2 weeks.

So, at this point in time, due to the lack of defining information, I'm going to be cautious until I see a clear direction or until my "meds" kick in, whichever changes my perception first.

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More...
 

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