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Thread: Day trading system???

  1. #1
    LIBOR/TED SPREAD is offline
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    Day trading system???

    Anyone have a simple day trading system? I have been crazy busy at work and don't have the time to day trade and want my wife to give it a shot from home. My system is great but a bit to complicated for a new trader. I though some of you might have a few idea's.

  2. #2
    Siriusowner is offline
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    I wouldn't recommend day trading for a beginner. But again, that's me.

    Having said that. Here's my day trading strategy:

    Always keep your profit objective at least 3 times greater than what you are willing to risk.

    Allow no more than a 1% move against you from your entry point. Ideally, you are in the trade beyond the trend line and out of the trade below it. You can always get back into the trade if the stock returns to the buy point.

    If a stock gaps beyond a technical trigger price, the original trade plan is negated for a day trade so a new plan should be made.

    If the futures (Nasdaq and S&P e-minis) make an intermediate lower high intraday (or higher low when trading the short side), exit half of your position. This implies a weakening market and can make it tougher for open positions to continue working.

    If your stock hits a new low for the day (long trades) or new high for the day if you are short, exit the position. A day trade is intended for initial moves, so there is no purpose in widening stops to accommodate a stock moving in the wrong direction. Get out if the stock breaks a low (or high if short) as you can reenter the trade if it triggers again.

    Once momentum fades and buyers are thinning out, take your profit. This can be done by carefully monitoring the intraday chart and the time & sales window for fading momentum.

    Good luck.

  3. #3
    stang3O2 is offline
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    Good stuff SiriusOwner, thanks for sharing!

  4. #4
    Siriusowner is offline
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    Quote Originally Posted by stang3O2 View Post
    Good stuff SiriusOwner, thanks for sharing!
    Well, at least you appreciate it, thanks. People in this forum tend not to appreciate good advice.

  5. #5
    LIBOR/TED SPREAD is offline
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    Siriousowner, I cant believe I am going to say the to you... but thank you!!


    Any more information regarding your tradiong system would be greatly appreciated!! How far is oil patch texas for Dallas?

  6. #6
    Siriusowner is offline
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    Quote Originally Posted by LIBOR/TED SPREAD View Post
    Siriousowner, I cant believe I am going to say the to you... but thank you!!


    Any more information regarding your tradiong system would be greatly appreciated!! How far is oil patch texas for Dallas?
    I am in Midland, about 300 miles south west on I-20.

  7. Ad Fairy Senior Member

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