watch out tomorrow..., page-31

I use similar rules...but you can also add;

6. Brief check of company financials...to see if they will be around while I trade them...learnt that lesson when I got caught out with SWC

7. Quick look at the board...to see if any of the directors are on my "avoid" list!

8. Be happy with smaller profits on a quick moving stock...bids can be pulled or shares dumped in an instant, leaving you without someone to sell to!

9. Read as many forums as you can...the more a stock is ramped in a certain direction...the closer it is to a reversal of that direction. Learn when to take a contrarian view.

10. Never fall in love with a stock!

11. Study the charts...see where your trade will be in the cycle.

12. Read the latest ASX news releases...beware of recent share issues, capital raisings, etc.

13. Learn to understand market behaviour...and if trading specs...learn the value of market sentiment and how to read it.

14. Always (nearly) sell on a spike...not too early...but not to late either. As long as you are out before the close!

15. ...and the list goes on...

I have been day-trading for over 7 years...lost money first 3, got it all back year 4, consistently made profits ever since...have been doing it as my main source of income for the last 3 years and as of this year it is my only source of income.

EBR was a classic trading opportunity yesterday...it had the momentum, the panic driven buying (and selling) and enough volume to cover my trades and eat through any overhead resistance...all the ingredients for a quick day-trade.

I had no intention of holding beyond about 1.00pm, but as we all now know, I got halted out. Fortunatley I took profits on about half of my holdings...firstly on the way up..and then on the way back down. Another 5 minutes and I would have been out all together...having locked in $8K in profits!

Now I need 11c for the balance of my holding just to make it a neutral trade!

Cheers!