I love day trading! I am that last minute person that loves the thrill.
I have finally gotten to the point where I can see the candlestick patterns and I guess there is some level of intuition about the direction of the trade. I can see the trade will be good in the direction chosen. I find I hesitate getting in. As in driving, hesitation can be deadly. Once I am in the trade…. well getting out is another emotional swing.
Some where in my brain is this thought that “its just retracement” but often, it really is a new direction. and I should have been out.
I am using TastyWorks for my live trades these days along with the OptionsHouse platform on Etrade. I am still learning the TastyWorks desktop platform so most of my research is done on the OptionsHouse platform. I love the low commission and fees, but there are just too many buttons to press to get into and out of day trades fast.
On OptionsHouse I can use OCO orders but TastyWorks does not have these. It does however have a Stop Limit order that is different than on other platforms. I can select my stop trigger and set a limit order for my stop exit! I have been testing using this as a manual trailing stop, adjusting it up as the trade moves. This has in fact worked quite well for me. I have not been able to get out fast enough on a direction change so this acts like a safety netting for me to keep profits.
Four years ago none of this would have made any sense to me. I had no knowledge of the stock market, options or what was involved in trading. The Master The Markets course I took back then has turned out to be a really good investment. As Dani Johnson pointed out, investing in my self, in my personal development, always pays back.
Now, if the S&P 500 would pick some direction. Its been in a channeling flag pattern for months. Lets see if it stays above the 100 MA this time.
Learn to Trade: Master the Markets
Options Trading: TastyWorks ( $1 commission )
Stock Trading: RobinHood
(get 1 free share of stock for signing up without even funding!)