what a successful daytrader does daily

[Trade.clues]

Hello Friends,

AS i read thru this discussion about day trading, i simply say a few words to all..., go for the trade on the daily basis not for the intra-day,.... if ur trade goes in ur favour either above average or below average,.. then book the profit... because in both case there is more than 70% probability that you will get back your entering price again. if trade goes as usual trend as per the market u may stay.. any way a hen in hand is better than two in bush...

 

[comm4300]

daily:
look back at the trading day, analyse the mistakes and good trades taken.
see if there were any discipline issue.
re-play in mind the emotions that you were going through with the trade was on....and see how it played out in the end : did you chicken out and book small profit ? or did you see the trade through the end.

weekend:
review of entire week.
trades missed. mistakes made. good trades.
target achieved so far.
meeting with like minded traders.

 

[sumeetsj]

Nice thread..
there should be more contributions though
:thumb:

 

[ashwani chadha]

for entry he follows mts ,for exit he takes target profit,he do not try to take full move ,as he is not supposed to carry it

 

[mohans_raj2004]

In my point of view, pshycology plays a vital role in daytrading. One should accept if he is wrong and should exit. An adamant trader who is having the losing position is the main prey for the big brains. Also leverage is also a concern. Using 2x times leverage and having targets and stoploss for 2% of the order value for an entry would be a nice combination.

Cheers
Mohan

 

[k.raaja]

choose 3 to 4 stocks by observing eod charts and note down the support and resistance lvls and watch the actual trend of a mkt in day time frame and in 3o or 6o mts time frame and trade accordingly with support and resistance lvls which derived from charts reading...

 

[NOMINDTR]

1) From where all does the daytrader gets information to decide which all stocks(equities) should he buy that day at the specified entry and exit points?

From Charts

2) which software does the daytrader uses for analysis and other matters?

Any system that provides what you are looking for

3) which all newspapers, and internet websites does he refer inorder to arrive at a decision on buy and sell?

There is no such a newspapers that generates buy or sell signals.

4) Which all internnet sites are good for advice regarding daytrading?

Google. You must find many.