hi friends,
as far as day trading is concened you need to be very very disciplined in your approach.
i am writing this out of my experience for the past four months in day trading .
all you have to have is a simple pivot calculator. calculate the pivot for the next day and choose your stocks which is traded in good volume. it can be mid cap, small cap or blue-chip scrips.
take only three or four scripts at a time and watch it in your live ticker plant for some time and also u can watch for two sessions how the particular stock is traded in the market(movement). this is very very important to fix your entry and exit point of day trading. because the particular trend will follow for atleast three sessions most of the time.
there are three moments at which you can go for day trading i.e. during opening of the market, when the scrip reaches its high, and when the scrip reaches its low( high and low you can make out in ur ticker plant by blue and red colour coding). to know whether it reached the day' high or day's low u need to refer the pivot chart which will tell you to what extent the price will move approx. ( to the acuuracy of 75-85%).
always enter the trading with a fixed target of profit according to you financial posiion. Once u reached a moderate profit level, exit immediately.
if ur greed wants u to continue trading, well friends what ever the market gave u you have to repay it !?! and also give additional amount to it.(LOSS)
if any body wants to contest my opinion please continue
thanks