Hi,
I just started day - trading. After reading the tutorials on trading both on traderji (which btw were powerful yet simple) and other websites, I came up with the following method for myself. (Well its mostly Saints method
)
Look for trends in high volume stocks
Trade trends that go in the direction of the stock on the Daily and Weekly and also with the Index
Check on the RSI whether the stock in overbought/sold, before entering the trade - do not buy if in overbought territory
Draw the trendline, and buy/sell after getting a trend confirming candlestick on the pivot low/high i.e. a green one on a upside move and vice versa
Place the previous Pivot Low as the stop loss
Calculate the number of stocks risking 1% of capital per trade
Place the trade
Exit half the position when trend linebreaks
Exit entire position if pivot high/low is broken
I would love suggestions/ feedback/ insults/ brickbats on the above system.
I have traded using the same for the past 3 days, made money the first day, and lost on the 2 succeeding days.
Thanks in advance!
I just started day - trading. After reading the tutorials on trading both on traderji (which btw were powerful yet simple) and other websites, I came up with the following method for myself. (Well its mostly Saints method
)Look for trends in high volume stocks
Trade trends that go in the direction of the stock on the Daily and Weekly and also with the Index
Check on the RSI whether the stock in overbought/sold, before entering the trade - do not buy if in overbought territory
Draw the trendline, and buy/sell after getting a trend confirming candlestick on the pivot low/high i.e. a green one on a upside move and vice versa
Place the previous Pivot Low as the stop loss
Calculate the number of stocks risking 1% of capital per trade
Place the trade
Exit half the position when trend linebreaks
Exit entire position if pivot high/low is broken
I would love suggestions/ feedback/ insults/ brickbats on the above system.
I have traded using the same for the past 3 days, made money the first day, and lost on the 2 succeeding days.
Thanks in advance!
