Hi,
Do you have any advice on good day trading stocks
Please, I’ll appreciate any input.
THANK YOU VERY MUCH.
If you have to ask, you shouldn’t be a daytrader.
Start with trading on a longer time frame until you understand the market.
Maybe youve bought a forex system or used a trading strategy before and your trading results still werent up to scratch, most likely because they where useless curve fitted systems that have no use in real world trading. The con artists all over the internet never tell you the truth, back tested results are useless!.
October 31st, 2009 at 10:15 pm
If your day trading you need volume and stability. I would daytrade the dow if you could afford it.
The Dow Jones is a list of 30 stocks, any of these 30 stocks trade in huge volumes thru the day. What I would do is forget about day trading all together, but rather weekly trade the dow stocks.
You will see a trend in the dow, some stocks are at their low, and some at their new 52 week high.
I would get the ones that are low and if they turn for the worse and you lose some money just remember one important fact. Dow has been around forever and its very rare for a dow component to fail, sure they can drop on bad news, but in that case dont sell. Simply hold the stock untill it rises again. The dow survived the war, sept 11, and now is back to 10,000 after the financial meltdown/crisis. So im sure if you keep your dow stock long enough it can come back. You dont have to sell it because if your day trading your using money that doesnt matter to you and money that is budget to be able to lose it all and this gives you time to hold that dow position untill it recovers.
This system will give you stability and offer you the volume to earn good profits.
Dont daytrade on your rent for example.
Follow that formula of weekly trading the dow stocks and you will be very wealthy and happy.
You only need a stock to move to make money day trading. There is a great book you must get as well.
A beginners guide to daytrading online by author Toni Turner isbn 1-58062-272-0
Make sure you have 2 internet connections, one cellphone internet and one highspeed cable modem.
Have a nice stable and fast computer as well.
Good luck.
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October 31st, 2009 at 10:40 pm
If you have to ask, you shouldn’t be a daytrader.
Start with trading on a longer time frame until you understand the market.
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October 31st, 2009 at 10:48 pm
"investing" and "day trading" are a contradiction in terms.
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October 31st, 2009 at 10:59 pm
Asking for good stocks to day trade shows that you’re not ready to day trade. 95% of new day traders fail in the first 3 – 12 months (many blow their accounts).
They fail to understand the importance of stops, position sizing & technical analysis. In short the two most important skills are;
Money Management
Technical Analysis (in multiple time frames).
You have to be excellant in both. Many good traders lose on over 50% of their trades! If you don’t understand or believe that…. you’ve got a long way to go.
Try to read a new book on trading every month.
Read some basic books & then move on to books like;
Trading In The Zone, Mark Douglas
Mastering The Trade, John Carter
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October 31st, 2009 at 11:14 pm
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