Any tips for FTSE100 day trading

[trendyguy]

Hello Everyone,

I'm new but not new... the following should elaborate a bit...

I've been interested in trading for about 3 years and have taught myself in that time (to some extent) about TA and generally how the markets work, I have occasionally traded (spread bet with IG) the FTSE100 and a few stocks I have in a watch list. I started with an account size of £500, from that I have made a bit and lost bit but the account is currently about £200 in profit. Generally the only times I've made good profits was on big announcement days, ECB, BOE and non-farm pay rolls etc.

I'm looking to trade the FTSE100 as a full time day trader, I have developed a plan and strategy which I am currently back-testing.

Are there any general pit-falls to looking out for when trading the FTSE100 on a daily basis? Or is day trading the FTSE100 just plain stupid?

Any advice would be great and very much appreciated.

Thanks in advance.

Trendy Guy aka Tim

 

[timsk]

Hi Tim,
Welcome to T2W.

I answered a similar question to yours this morning on another thread which may be of interest to you. Your circumstances aren't the same, nonetheless, there are enough similarities to warrant taking a look. Here's the link: Request for advice from someone who has never traded

The other thing you might like to do is to have a gander at a very active thread utilized by traders currently doing what you intend to do: Anyone scalping the FTSE Futures??. It's a massive thread, so I suggest you only look at the tail end of it to get a feel for the members who are contributing to it at the moment.
Enjoy!
Tim.

 

[trendyguy]

Thanks for your time and reply, Tim.
I will certainly take a look at your recommendations.

Hi Tim,
Welcome to T2W.

I answered a similar question to yours this morning on another thread which may be of interest to you. Your circumstances aren't the same, nonetheless, there are enough similarities to warrant taking a look. Here's the link: Request for advice from someone who has never traded

The other thing you might like to do is to have a gander at a very active thread utilized by traders currently doing what you intend to do: Anyone scalping the FTSE Futures??. It's a massive thread, so I suggest you only look at the tail end of it to get a feel for the members who are contributing to it at the moment.
Enjoy!
Tim.