If someone tells you that you can get rich quick day
trading...run for the hills! There are no overnight successes,
unless you are very lucky!
Day Trading isn't easy, but with experience, dedication, self-
control and hard work, you *can* become a successful day trader.
1. How to Treat Gap Openings.
A gap up or gap down open is an emotional move, and it often will
reverse course and turn in to "trap open". Gaps that are less
than 4 points on the SP Future tend to get filled in the same
day, especially Tuesday through Thursday. Turns will occur within
20 to 40 minutes after the open. A trader must be on the lookout
for a reversal as soon as early momentum is lost.
A gap into a good support /resistance zone is almost always a
good "fade" - with stops no more than 1 point on other side of
the support /resistance zone. (A "fade" is simply entering a
position opposite of the direction of the gap. If the market
gapped down, a "fade" would be entering a long position (buying)
in to the selloff.)
2. When the Market Moves Against You, When Do You Exit a Trade?
The way I trade, I exit as quickly as possible. There's no sense
in waiting around for your "stop-loss" to get triggered when the
perceived edge is gone. I like to stay in control of my trades,
and if the market doesn’t do as anticipated, I don't wait for my
stop to get hit. When there is no longer a high probability
situation, exit and take a second look.
3. When Are The Best Times of the Day to be Trading?
For me, the best times of the day for trading are the first hour
and the last 2 hours. Here's an old rule of thumb (and this used
to work like clockwork in the "old days", and although it has
diminished a bit, it still happens):
"The Minor Time of Day"- f the Market opens higher, then there
tends to be a pullback within the first 20 to 40 minutes. If the
pullback is weak, there will probably be a continuation of rally
into the early afternoon. But, if the pullback is sharp, then
you've likely seen the high for the day and you'll want to be
selling the bounces.
"Major Time of Day"- Around the 2:20pm to 2:40pm time frame,
we'll often see moves reverse or gather steam in that timeframe.
People that have been holding positions all day long become a bit
"antsy" - they have to do something with them before the Market
closes for the day. When people holding losing positions into
late into the day see the time until the close is near, that can
cause the market to make some sharp turns in the last 90 minutes.
The program gang also likes to get active that time of day.
4. How Can Anyone Trade a Choppy Market?
I take a number of scalps in choppy markets. I time entries with
Tick extremes, especially when price pops into previous high
areas of congestion, or other intraday support and resistance.
Moving averages are not good during choppy days.(Scalps : small
profit, "hit and run" type of trades)
5. How Do You Measure Pullbacks?
In a trend move, I like to see shallow pullbacks to a steeply
sloped moving average on one of the 3 time frames I follow. (more
time frames, the better) Pullbacks to symmetry in a persistent
trend are useful when present.
Example: Rally, dip 2.00 points – Another run up, then a dip of
2.25 points – A another push higher, then a dip 1.75 points. Note
continued dips of 1.75-2.25 points repeatedly hold. A pattern has
developed, and you want to be buying those shallow pullbacks.
This works great used in conjunction with a steep slope of the 20
ema on the 5 minutes charts, or slightly bigger picture, the 60
ema on the 5 minute chart.
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