Day Trading Strategy Question

[yoyomama]

So fortunately or unfortunately I'm testing the world of Day Trading.

It seems a big theory/strategy is to cash out at the end of each day...right? Take your losses & move on for the next day.

I'm having a hard time with this. If I'd done that a few times I'd have missed out on a couple of opportunities because of the stock opening way higher the following day. Of course if I did it yesterday I wouldn't have been hit really nasty by freaking E-Trade. I'd like that day back...in a big way. I thought I learned my lesson but I'm still having a hard time settling up at the end of the day. I mean what's the odds of the company folding overnight or them deciding to waste your shares after closing? I guess pretty good these days huh?



So you guys/gals that Day Trade...do you cash out by 4pm every day regardless?

[Karel]

So fortunately or unfortunately I'm testing the world of Day Trading. [...]

Could you explain why you are day trading? Day trading is usually considered to be the best way for a newbie to lose his money.

And yes, day traders never, at least in principle, leave a position open overnight. The fact that a stock might open higher is completely irrelevant for day traders. Not so for swing traders, and again so for longer term investors.

But it is your money.

Regards,

Karel

[yoyomama]

Could you explain why you are day trading? Day trading is usually considered to be the best way for a newbie to lose his money.

And yes, day traders never, at least in principle, leave a position open overnight. The fact that a stock might open higher is completely irrelevant for day traders. Not so for swing traders, and again so for longer term investors.

But it is your money.

Regards,

Karel

Thanks. Yeah...I'm painfully aware of the odds of losing your money for a newbie. It can be fairly frightening. Just the same E-Trade would have killed me if I was swing trading or long term though. I'll probably bail on the idea in afew days...just trying to see if it's doable. I realize the odds are not with you. I was just curious if Day Traders as a rule cash in at the end of every day & I suppose the answer is yes...with an exception here or there.

[IIC]

I mostly day trade...But not all my trades are day trades.

Some are scalps...Some are day trades and some are swing trades.

On scalps and day trades you don't even think about what happens after you sell...You don't wait till the last 5 mins and sell win or lose...You need strict rules on how you are gonna trade and you follow them.

There are 3 types of scalps imo.

1)...You try to play market maker and play the bid/ask....Foret that

2)...You have a target...Perhaps +.05sh and you sell no matter what.

3) ...And this is how I scalp...You have some techical indicators you use...I have 6 primary ones...If they are ALL right you buy...When one turns or blips ...You sell...Maybe +.05...Maybe +.20???...Doesn't matter what happens afterwards.

Now, most of my day trades are not scalps...I use MoMo (Momentum) as I see it anyway...I use the same indicators but I also use Real Time Groups (or indices/components in the case of ETF's)...I have a buy point on indicators like above...But I use group action, price volume and support along with additional indicators.

Sounds easy...Well...It isn't and self discipline is the biggest problem.

Best, Doug