Please question for day traders.?

Question

i am a day trader and i usually pick a stock from the cnbc.com watchlist and see if their signs of profit that day and i have been pretty good with it and i am making profit. but i want to know what other day traders are doing and and how they chose stocks for day trading. as a day trader what should i do to get better at it.

Answer 1

As a general rule... I'd stay away from CNBC for stock picks.

If you're not using "technical analysis" for day trading, what you're doing is not maximizing your trades.  You should be scanning for opportunities based on your technical criteria.

Money Management and position sizing are job #1.

Reading at least one book every six weeks is another must.

Two of my favorites (to start) are;

Trading In The Zone, Mark Douglas

Mastering The Trade, John Carter

Answer 2

if everyone stops speculating on oil and focus' on other things we will see the price of oil go down for christs sake!!!

for your original question-i generally check out yahoo's ideas for the day and compare with what jim cramer has to say....he is god awfully annoying but he has market power in himself when says buy/sell!  it's actually pretty incredible.

stop speculating on oil for small gains for yourself and do us all a favor!!

Answer 3

I would second staying away from CNBC stocks for one reason, they will have the most erratic moves for no apparent reason just because everyone is reacting to CNBC at a given time. (just look at what Jim Cramer does to stocks when he opens his mouth during trading hours) These whips will inevitably make trading a bigger pain for you.

As for trading strategies there are many, you can day trade news and earnings, or swing trade momentum, or MACD crosses, MA crossovers, RSI, Bollinger band, or stochastic fading, channeling, and for the more advanced there is pairs trading, options expiration trading, MOC gap trading. There are probably hundreds of strategies that employ combinations of the above.

All have different risks to rewards and time horizons. So read up on a few strategies that suit your particular mentality and trading style and become proficient in them. No one trader is good at trading every single strategy, most specialize in two or three.

Answer 4

i go with the gut on oil right now

Answer 5

With the weakening dollar related to the ridiculously low interest rate and inflation rising like a rocket, look for the Fed to step in sooner than later and raise the interest rate. Now would be a good time to get into the Foreign Exchange market and buy dollars while they are low. When the Fed raises the interest rate, and they will, you'll see the dollar jump in value. With the huge amount of leverage in the Forex, you can make a nice "killing" in a matter of moments. I'd recomend finding a broker that offers a free demo account. Practice with it for a month and start small. Leverage is the number one killer of Forex day traders. I like the platform that Saxo Bank offers. Forex.com is also a good one to get your feet wet and learn what its all about. Also, babypips.com can give you a great introduction to the Forex market.  If Forex is a little too scary, and don't be ashamed, even the most seasoned traders have had their a_ _  handed to them. You should check out Larry Edelson's page and blog. He is saying buy gold. Everything, I mean everything he has suggested has increased by no less than 30%. So watch for the Fed to start making some noise about raising the interest rate and you'll see some serious action. Oil prices will fall and inflation will start to curb. But not until the Fed moves. If they wait too much longer, it will be a moot point.