David,
I'm not a day trader in the purist sense. I trade almost daily, but my preferred vehicle are options on the OEX. I've found that the simpler I can keep my rules, the better my results.
The more volatile the market, the better my chances for success. I exited a put position a few minutes before the close yesterday for 63% after commissions. I entered that position the morning before, so the hold was 2 days. That's about typical.
I let the market tell me what I should be doing. I watch for about 20-40 minutes before I decide to trade, or not. I rarely have more than one position open at a time. That may change, as I've added the QQQ to my watch list.
Lastly, I stay small. Needless to say, options can be a fast swinging two edged sword. I chose the OEX because of liquidity. Without that, I think option trading is a sure way to go broke.
Lastly (version 2), I trade with an online broker. So, when I'm on the verge of entering (or exiting), I set up the trade in a separate browser. In another browser, I watch the OEX real time with 5 minute candles. When I feel right about it, all I need to do is hit "send" and the order goes in. I enter with limit orders, exit with market orders. When it's time to go, I want out!
Hope this is somewhat close to what you are looking for.
Ken |
