IF you are daytrading with a "finite" balance!!!!!!!!!!!!!!!!!!!
Some people are daytrading with $10,000 or less. In this case other strategies must be taken into acct. First of all, don't quit your day job! What we have then, is two types of daytraders
a) A person who works and daytrades at the sametime
b) A person who sits in front of his computer from 0630 to 1700 has not changed out of his PJ's, hasn't shaved, (face or legs depending on your gender) Has coffee stains all over his/her desk, and yellow stickies everywhere. For immediate reminders the "yellow stickies" are placed on the forehead, and written backwards so you can see them in the reflection of your display!
If you are person "A", stops, may be able to be forgone, in some cases, knowing full well you may lose the farm...because you have your day job to pay for your food. However, your modified daytrading becomes "shortterm investing", where you invest in less volatile and good pennystocks, a good example is MCF!!
Daily swings in a stock price does not ruin your shortterm goal, because the stock is still trending upwards. The trouble begins when you try to buy and sell during slowtimes in your day job. As soon as you start moving in and out of a stock you lose the general feel for the longterm aspects of the stock, at the same time one missed opportunity may leave you holding a stock at a higher price when it retracts, or out of it when you "knew" it was a good stock!!
Once you know which person you are a or b, then most people on this thread can help you!!
the Chief
(time to change out of my Pj's!!<gg.) |
