When you recognize the signals telling you to hit the button, and you do not hesitate, but confidently and quickly act on what you know, man it works. the classic frustration is when you see the signals, know its go time, wait a few seconds, then a few more, and then ten other guys did what you knew to do, now the market moves, you get a partial or no fill.
funk,
I feel like I could have written that. I love this day trading, even though I'm doing it thru Fido Spartan, because I do just as you are doing: get in on a limit order, stay if the factors are in my direction, immediately exit when they flip. It is not at all like like gambling at that level. It is 90% my ability to focus on the factors, and to stick to my resolve to exit with the signals. The luck part is only whether the signals will stay with you once you enter. Sometimes they do, sometimes they don't. Bu if you exit when required, you can easily get in for the next potential trip.
I also agree with you about highly liquid stocks. I won't trade DELL at Fidelity because it the fills are not efficient. I trade INTC because the fills are happening within a second or two. At my limit. Pretty consistently. With only a 1/16th spread. I know its not MBT, but it works.
Best,
Gary Korn |
