Order Types for Day Trading (not using L2)

This is a discussion on Order Types for Day Trading (not using L2) within the Discretionary Trading forums, part of the Methods category; I've tried searching for this on the forum but didn't come up with anything, so if it's been answered before ...

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Old Dec 2, 2007, 6:12am   #1
Joined Oct 2006
Order Types for Day Trading (not using L2)

I've tried searching for this on the forum but didn't come up with anything, so if it's been answered before just post a link.

I'm trying an approach day trading a stock such as GOOG on the NASDAQ (NOT using the Level 2 - using a very small amount of capital - small risk 0.5% per trade - concering myself more on my R Multiple and +ve expectancy).

I'm looking to get on board daily price fluctuations. For example if the stock is trading higher than the open I want to go Long on a pull back.

I wait for the price to turn and move in my direction, then place a BUY order. Would it be recommened to place a Market Order, or a Stop/Limit order at the exact price I want to enter, or a Stop Order, so I enter only when the price pushes through, or some other combination?

My current thinking is a Stop/Limit order so I enter at only the price I specify. Curious to know if anyone out there has any advice on this?

As a side note, I have 3 exit orders grouped together, my stop, limit and market close.

Cheers,

tdrtw
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Old Dec 2, 2007, 11:01am   #2
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Personally I have not used stop limit orders but from what you say you need it would be the best option in my view.


Paul
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