WOW I see I created a thing here by deciding to watch the day trade action and report my opinions about what I saw.
After reading the posts of others and my recap post again I'd like to add one thing which may have kept my motives out of the subject.
I do not recommend day trading. But know how to. I had my biggest loosing trading periods while trying to learn what was going on.
The main reason for the post was to help those retail traders that try to day trade. Many don't have the extra cash to to trade like the big guys, but want to supplement their incomes to help their families.
That's what I did when I started. I went for the stocks with the major PPs swings hoping to win big with my small amount of money. I usually won some but lost more. By showing what I think day traders M&Ms and retail are doing here, I was trying to get small retail traders to STOP trading on emotion and trade like the big guys. If they feel they have too. Tried of the big guys benifiting off the small guys lack of knowledge & emotional trades.
Emotional retail small guys;
Look at it go, I'm going to miss it, I have to keep upping my bid to get in or I'll miss it. Then oh no it going down, that's OK I still am positive, it will come back and I'll make event more. Look how far it went up, it can't go all the way past where I bought. Then oh no I have to keep lowering my ask to get out, it's moving to fast.
When you know what and why daily pattern happen, your better armed to not become stuck in with emotion to trade on.
Look for the daily patterns This is not TA, it's pattern and when known about, can help win more than loose. I've posted a few days ago that day traders range from rich to those that loose the house. That was to show the risk level trying to out think the intra day PPs moves.
I do not want anyone to day trade, but if you must, I'd like you to understand what your in for and how to possibly increase you chances some. That would be learn what the big guys do and do the same.
The problem is event the best daily pattern can fall apart in minutes. The time frame is so short. Just like TA can fall apart over several days. But you have more time to correct your mistake and save some cash. That's why when swing trading I always say sell on targets. Because TA can go and often does go, the wrong way, like day trading. By setting a mental, I will not except a loss more than this much, will save everyone, when they stick to them.
When day trading in a fast run up or down, alway place your buy or sell above or below the bid & ask, increasing your chance to get it before it moves past you. I've posted about this before. Every time you change your order, you move to the back of the new line decreasing your chance to close.
I can't stress enough how much I hope beginners and those that just haven't got it yet. Pick expectable loss targets and wanted profit targets and sell at them. You may not get all the run, but will not get all the dive either. Your stress level will lower, when you know exactly how much you will win or lose every time you open a position. And will succeed on every trade. Because saving a larger loss is success also.
PS: I do not recommend a stop loss orders on the American exchange. They are known for picking low hanging fruit. That's YOUR stop loss order.
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