Kirraboots After day trading for several years a couple of...

Kirraboots

After day trading for several years a couple of things I have learnt to do which helps:

Set a dollar earn per week (it takes the emotion out of day trading) and sets you a limit.
What I mean is, set yourself a minimum you wish to earn per week, and stick to it (no getting greedy). Eventually you MAY get this down to a daily event. Say for example you want to make $500 day for the 5 trading days. Say you have a kitty of $50,000. Say each buy/sell costs you $100 total each time.
So you need to trade $50,000, buy once and sell once and make circa 1.2% or $600 (before costs) to reach your goal.

So whatever you buy, your aim is to get it to swing north just 1.2% or up to say 6%+ over a week.

Its no easy task, but by setting your own goal, and breaking it down into a weekly event, makes it easier IMO.

*Tips
a) Start by just trying to make no money, but lose no money, and cover costs. Then try to make say 1% per day and increase this to 3% per day once established.
b) Once you buy the chosen stock, if it rises say 6% in the day, set a stoploss at say 1.5% max, and then let it run. On the flipside, set stop loss say 3-5% below buy in price, and don't change it.
c) If you hit your 1.2% gain for the day or 6 for the week, sell.
d) set your rules and stick to them.
e) don't just buy stocks blindly, research them yourself as much as you can first.
f) never buy before 11am, by then brokers have had their chinwag and will play the stocks as they see fit, just follow their lead, no point fighting bots or large instos, just follow the momentum and volume.
g) The idea is to be first in a stock and first out of a stock, or at least as close to the start and close to the middle of the pack when selling out.
h) Day trading is all about momentum of the stock, buy in with the larger volume and sell in larger volume, dont be stuck trying to sell out $50k or $100k on a penny stock with no volume.
i) Never buy on Fridays. If selling Fridays, always sell before 2pm.
j) Dont get greedy, Make your $2k for the week and be happy. If you do it early in the week, study new stocks the rest of the week.
k) Have a watchlist and use it, always replacing dead stocks with new ones.

Learn what you did wrong when you lose. You don't learn a lot from wins, but you learn plenty from losses, assuming you analyse yourself and take responsibility.

Don't listen to 99% of people on HC, including me.

Good luck.