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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Magnatizer who wrote (4395)9/24/1999 12:16:00 AM
From: Dave O.  Read Replies (1) of 18137
 
David,

Regarding the aspects you mentioned (time frame, commitment, market); another one, that basically has driven my whole approach is financial objective. In this regard I want to make "x" dollars per day, kind of like I made "x" per day in my past corporate life. I also strongly prefer consistency in meeting my objectives on a day to day and week to week basis. Another facet or constraint I work around is capital risked per trade. I am not willing to buy 1000 shares of an expensive stock and put too much of my trading account at risk. I rarely risk more than 10% of my capital in any single trade. Thus, there is a correlation between my profit objective per trade and the capital risked. My goal is at least 1.5% net after commissions.

For me, my trades last from a couple hours to a couple days. Trading less, and being much more selective in taking positions has increased my batting average higher than I thought possible. As long as we have volatility I can find plenty of short/long candidates using TA. And I put in whatever hours I need to reach my goals. If I have a good day, hit my target by noon I may watch the market the rest of the day but not pursue any more trades. Or I may go enjoy the rest of the day.

Not sure if this is the type of input you're looking for.

Dave
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