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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Eric P who wrote (49)6/6/1999 9:53:00 AM
From: sam  Read Replies (2) of 18137
 
Trading keys -- for me -- fwiw:
1. Limit your stocks for a particular day to one, or two, if possible. And learn their chart action like the back of your hand. Know where support and resistance levels are.
2. Get a sense of the general market's movement for the day. Watch the bond yield and the foreign markets and get a good read on the "perception" of the market in general. As well as the perception towards your stocks and their sector. Often stocks follow a daily pattern in a particular market environment (i.e. gap and trap, etc...). Don't fight the pattern. No one wants to sit on a losing position all day long.
3. Be as up to the minute as possible on ANY news items that may effect your stocks (or their industry or even sectors) movement. Know how seemingly unrelated news may effect your stocks. Economic news. Fed news. Legal news. SEC filings. Insider action. Institutional buying. Rumors. CNBC or CNNF plug.
4. Know which stocks in the industry trade along with your stocks. Which lead the group. And which lag. This, often is a vital tool.
5. Watch the specific trading patterns of your stocks (on level II if Nasdaq issue). Which banks seem to buy the rallies. Which sell into them. Note how the daytraders are playing it. They can often be found on Island...and they often trade on perception.
6. Be ready to move in a millisecond's time.
7. Sell losers fast. Losers can rack up larger than winners. That's because you'll tend to wait them out longer. Don't do it. Sometimes there's a reason a stock is dropping...and others aren't. Punt it fast. You don't EVER want to get caught in a plunge and be forced to sell into it with a market order.
8. Never look back with regret. After a losing trade (or a winning trade you sold too early), move on to the next trade. Don't be tempted to jump back in because you think you are "missing the big run." There will be others. There always are.
8. Which brings me to the most important rule: be PATIENT.

These are all off the top of my head. I'm sure there are many others, too.
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