Order Types for Day Trading (not using L2)

tdrtw

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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
 
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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