What are the types of daytraders?

[MrPaul]

What about the issue of poistion size?

I would consider someone taking 3-4 ticks 3-4 times on 20-30 lots a scalper.

[steph]

	Quote:	brownsfan019
	Steph - Assuming you can work the 9:30am - Noon EST shift and going for +5 on the YM, you can crank out some major trades with the right methodology. I personally hate the YM, but I understand the attraction. I would not rule out making some good trades and cash before you head to work. This morning yielded 29 trades for myself. That's not good or bad for you, I'm just suggesting that you don't limit your thinking and profit potential by simply saying that you only have 3 or so hours to work.

I've been having trouble with the YM and it's been really hit and miss for me (unfortunately more miss). Anything out there that doesn’t have wild swings?
I’d like to crank out a few major trades, but that all elusive “right methodology� is the key I haven’t been able to find yet.

I only have about an hour to find trades in the morning (starting 6:30 when cash markets open) before going to work. Although, I do have a lot of sick time accumulated…maybe I’ll call in and trade all day.

[walterw]

	Quote:	steph
	I've been having trouble with the YM and it's been really hit and miss for me (unfortunately more miss). Anything out there that doesn’t have wild swings? I’d like to crank out a few major trades, but that all elusive “right methodology� is the key I haven’t been able to find yet. I only have about an hour to find trades in the morning (starting 6:30 when cash markets open) before going to work. Although, I do have a lot of sick time accumulated…maybe I’ll call in and trade all day.

steph : should you consider trading forex when you are relaxed at home ?

thanks to Don I am finding that forex works like a charm on "flips"... thats my 2 cents for you... cheers Walter.

[brownsfan019]

	Quote:	steph
	I've been having trouble with the YM and it's been really hit and miss for me (unfortunately more miss). Anything out there that doesn’t have wild swings? I’d like to crank out a few major trades, but that all elusive “right methodology� is the key I haven’t been able to find yet. I only have about an hour to find trades in the morning (starting 6:30 when cash markets open) before going to work. Although, I do have a lot of sick time accumulated…maybe I’ll call in and trade all day.

Steph - here's my opinion on the US e-mini indexes:

YM/ER2 - low volume, can see more 'spikey' type moves. I think there is a correlation between wild spikes and low volume.

NQ - Nice market to trade, decent volume, can get 'spikey' at times as well.

ES - The most liquid by far. I personally think that you don't see wild swings here b/c of the volume, which of course implies that the major players are here as well. That in turn leads to more 'smoother' looking charts in my opinion. I think you'll see certain levels respected much more on the ES than the other markets, if that's your cup of tea.

I should note that I use VOLUME BASED CHARTS and that has helped me tremendously. Sometimes the strategy you are trading might just work a tad better if the chart was presented differently. I like VBC's to help smooth things out a bit and it's a visual representation of volume being traded. Just an idea.

[brownsfan019]

One other idea - you could also record the trading day while you are at work and then play it back as if it was real-time later and test out your trading moves.

[steph]

Thanks for the good ideas brownsfan and walter, I'll definitely consider what you both said.

[torero]

Well, steph has limits and commitments so he has to work around that. I think if he puts on more pressure on himself by slacking off his obligations, his trading will show sooner or later. I learned that the hard way. Make your trading as comfortable as possible, slow as possible. Right mindset is the only way to trade profitably. If you have 3 hours, then use that time to trade (but don't rush it and trade because you have 3 hours to kill). Use the 3 hours wisely each day, even watching the market without trading is already useful toward your future trades.

Video recording is definitely the way to go in learning. This technology is extremely helpful, wish it's been around earlier. Not sure if anyone saw the erratic jump in the ER2 early in the morning when it was dropping to the new of the day 836 and jumped right back to 840 in matters of a few seconds. I haven't seen that time and sales movement like that in a long time. I was in a trade and recorded it. I had get out quick with a small profit but man, that was scary. I'm going to replay it this weekend to see what happened.

[cooter]

	Quote:	torero
	Make your trading as comfortable as possible, slow as possible. Right mindset is the only way to trade profitably.

Exactly.

If you don't have the stamina or wherewithal to sustain a steady pace for the entire RTH, then make an effort to take the best of the best when you are ready.

No need to unnecessarily push yourself to make trades just because.

Now before others contend that you should always take a trade when it appears before you, then I would say that you should do so only when you are mentally ready to do so.

A trader making trade when he or she is not in the right frame of mind is a recipe for failure and a sure way to a blown account. Sort of like trading when you're in the zone.