Re: Ask a Technical Analyst
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I tried daytrading once....once.. in fact I worked at a daytrading firm for about a week to figure out that it wasn't for me. Why grind and go nuts for pennies at a time, when you can make your life easier and pick up the dollars with less stress? Making 200 trades a day isn't fun, and especially with the Nasdaq stocks, there is TA involved, but that game, to be really successful is about learning the market maker and playing against him. People don't realize that it is humans you are playing against, and like poker they have tendencies. So, essentially you have to learn the MM, learn how to fade his tricks, and get in his head because the same patterns do come up in many places. I just hated that pace.
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Nah, daytrading may have been like that 7 or 8 years ago, but not any more. You do 1000 shares a trade, 6 a day, win 4, lose 2, net 25 cents per trade for $500 a day. You don't try to beat the spread, which is impossible anyway with 1 and 2 cent spreads. You play the moves, just like swing trading except smaller.
Another good site for free static charts is bigcharts.com. A great magazine for beginner and expert alike is Technical Analysis of Stocks & Commodities. There are always a couple free systems included, with source code for Tradestation and sometimes Metastock.
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