Resumption of Daytrading

jas_in_hbca said:
oh man, I just had a flash back. 15 years later and the memory still brings up an involuntary shudder. I was adding to my position over a few months plus buying calls as it went up. It was incredible, the trade we dream of. For awhile ... Biotech. News after after hours. Big gap down, blah, blah, blah.

Wishing you better trading smarts and more restraint than I had.

jas
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I think we all have done this one, twice, seven times, LOL...I never learned first couple times. I was/still am at times bullheaded idiot.
 
nursebee said:
The sub $10 stock yesterday traded 8M shares during the day, opening 30 min had 25-70K shares per minute. Range was 50 cents
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nursebee are you with the D Zanger crowd ? Would you recommend
 
nursebee said:
Zanger used to get a lot of my money but not for years. I am more selective. I suspect he does not advocate day trading.

http://4nursebee.blogspot.com/search?q=zanger
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Thanks, nice blog. Looks like you've looked into many authors and have tried many things. Hopefully this has helped you find / know what works for you and what to avoid. Do you think you have the proper technical approach yet. As well the emotional approach yet.
 
As the title states daytrading, I am wondering how you will get on trading cheap stocks, as they do not offer the best opportunities.

DDR mentioned a plan, and I will also ask you, do you have one, and if so, what is it basically.

If you asked me, and I was daytrading, I would say my plan is as follows, off the top of my head without even thinking twice about it...

Stock List = Dow 30 + major ETF's

Trading Time = 09:30 to 11:30 with additional time on highly volatile days

Broker = Interactive Brokers

Analysis Software = Excel

Trading Software = IB TWS (hopefully replaced by MedvedTrader which I only discovered this evening, as I used Quotetracker for a good while years ago, and I found it the best for daytrading)

Methodology = Trading the Open based on Institutional Money Flow

Risk Parameters = Max risk per trade @ 0.25% of cash in account, not including margin.
Actual risk per trade is trade dependant, but to never exceed max risk.

Target R/R = 1:3 or, for every $100 risked my aim is to make $300, or more, if available.

J_S
 
Do I have the right tech approach yet? On one hand yes in that I have beaten the market 5 years in a row. But this has not been through using TA. On the other hand, my main Roth accounts are suffering bigtime this year but I sit with the positions as the reason for entry is still there AND reasons for exit are not AND additional confirmation has happened. Emotional? Ah, yes for the most part this is under control.

J Smith and others, my only plan was laid out in my first post and will not get any more refined than that. Institution Money FLow sounds high faluttin BS that stands for if it moves I'm in it. I understand and advocate not blowing up an account using risk control. But this is not a hedge fund, it is a low dollar account, less than 1% of my money, and especially with intraday leverage such rules would be stopping many of the trades out.
 
nursebee said:
Do I have the right tech approach yet? On one hand yes in that I have beaten the market 5 years in a row. But this has not been through using TA. On the other hand, my main Roth accounts are suffering bigtime this year but I sit with the positions as the reason for entry is still there AND reasons for exit are not AND additional confirmation has happened. Emotional? Ah, yes for the most part this is under control.

J Smith and others, my only plan was laid out in my first post and will not get any more refined than that. Institution Money FLow sounds high faluttin BS that stands for if it moves I'm in it. I understand and advocate not blowing up an account using risk control. But this is not a hedge fund, it is a low dollar account, less than 1% of my money, and especially with intraday leverage such rules would be stopping many of the trades out.
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I do not argue with people anymore, as it is fruitless. You did state very early in your first post, that you are seeking out daytrades.

All I will say, is if you think IMF is just a fancy term, then you still have an awful lot to learn about daytrading. I will give but one analogy, as I think it is relative.

If you had a chance to bring a case to court for personal injuries, would you rather bring it against an insurance company, or a private individual!

What you do with your money is entirely your own business, but money tied up is not really making you money, as you have to always factor in the cost of lost opportunities.

J_S
 
I'm willing to argue but not with everyone. But the internet is full of folks without qualifications. Should you care to qualify yourself in some manner, your arguments or discussions will carry greater weight. But you have not qualified yourself, nor can I recall any of your dribble on ET well enough to consider it as evidence of your experience or knowledge...

Even without qualifying yourself, perhaps share a little on IMF?
Is it an indicator?
Is it a large block sale?
Is it analysis of what the big boys are doing?
If you care to qualify yourself, what has IMF done for your wallet?
Is not the money gained or lost the only yardstick? Do you disagree with my PnL?

Indicators are built upon price and volume.
Large block sales are seen on the screen.
I dont delude myself that I can know what FIDO is doing TODAY, but I know what they are doing over time.

Tied up money with rationale is better than whipsaws.
 
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