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
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
