Yankee_Trader
Newbie
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I recently retired from a salaried job. But I've been trading for 25+ years. Now I'm trading for a living and I'm making more money per day that I ever did on a salary.
My best, most likely to succeed, trades are when I establish a position just before the equity market opens at 9:30 ET and I ride all the volume that pours in. Sometimes I add to the position.
Only at the open can you count on the market to go in a particular direction (mostly). After the initial surge, profit taking becomes something to deal with and I don't want that hassle.
When I end up losing money for the day it is most likely because I get greedy and try another trade after the initial surge.
So, I've set a profit goal and if the 1st trade gets me there, I shut down the computer and walk away. Sometimes my trading day is over in 5 minutes. I always use limit orders, even in a fast moving market. I never 'Join the Bid' or 'Join the Ask' because there's no telling at what price the order will be executed.
I use Volume, RSI, Exponential Moving Avg, and Bollinger bands.
My best, most likely to succeed, trades are when I establish a position just before the equity market opens at 9:30 ET and I ride all the volume that pours in. Sometimes I add to the position.
Only at the open can you count on the market to go in a particular direction (mostly). After the initial surge, profit taking becomes something to deal with and I don't want that hassle.
When I end up losing money for the day it is most likely because I get greedy and try another trade after the initial surge.
So, I've set a profit goal and if the 1st trade gets me there, I shut down the computer and walk away. Sometimes my trading day is over in 5 minutes. I always use limit orders, even in a fast moving market. I never 'Join the Bid' or 'Join the Ask' because there's no telling at what price the order will be executed.
I use Volume, RSI, Exponential Moving Avg, and Bollinger bands.
