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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Ken Wolff who wrote (599)2/25/1998 9:58:00 PM
From: Dominick  Read Replies (1) of 2120
 
Ken:

I am a successful investor, but a daytrading beginner,(one month). I have to learn all over again).

The system that seems to work for me is getting the investor's bus.daily early A.M.

1- Circle stocks that I think will move on the news and get symbols.

2-Bring up a 1 yr daily chart and note the L.T., I.T & S.T. trends, support & resistance areas.

3-Write down stocks that meet my TA criteria (vol,price bar spread, signs of strength, weakness, selling climaxes etc). Eliminating those I can't afford.

4-convert chart to a 60 or 30 minute bars (daytrading L.T. trend).
Then 15 min bars (I.T.) and then 5 min for the S.T. trend. Again noting support & resistance areas. This shows where the stock is in comparison to each of the trends.

5-Put 4 or 5 stocks on the screen and away we go!

This method seems to give me more confidence as opposed to getting a quick news story then having to rush to look at a chart, T.O.S. or level 2 not knowing anything about the stock and make a decision in 5 seconds.

I make hard copies of most of your advice and other contributors for trading ideas.

The problem with the above is it requires a learning curve in both time & money. Since I am visually oriented, I could cut my learning curve in half or more if I could sit with a professional daytrader and see what he sees. Seeing the action & hearing the explanations in a sequential form, fixes the strategies firmly in my mind. I'ts the only way I learn best.

Thanks for your contributions to S.I.

Always a student,

Dominick
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