Do you actually not put in SL during the day but close out the trade near the market close at around the targeted SL price?
Not exactly. Yes, you pull your SL for the day. Once that intraday breach is made, you have to stay nimble. If downward momentum continues sometimes all you can do is bail a lot lower than you intended. Usually, however, you'll be given a chance the next day after an eod breach to get out above your SL. Most stocks don't go straight down - they usually bounce even after a major breach.
The key to the eod SL is following through on it. If your plan is to unload upon seeing an eod breach, then get out the next day on any bounce. Don't second guees yourself.
FWIW and all in my increasing humble opinion. This is a tough business.
Pierre
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