key to success - time and sales
the key to success, in day trading is to read the time and sales, okay you ask , how !,
choose only one instrument, for example the Emini russell 2000, do not overload the screen with instruments and indicators, price, volume and the time and sales are key,
on the NT 6.5 platform choose a 30 second ohlc chart, use virtual bars ( free Nt download ), on the virtual bars use 10 bars and no time, the virtual bars are in candlestick format, also use floor pivots ( free Nt download ), use two t&S pages for the Emini, one in size 12 arial, one in 1 or 2pts arial ( this gives you 1 to 2 mins of buying or selling ), the larger time and sales format give you at what price the mkt bid or asked, also add volume, NT has many good volume indicators, ed price volume indicator is best, it shows you how many contracts traded at the bid and ask on the price charts and show this in numbers.
the best time to trade is 9.30am to 10.45am if you are serious and the same again 3.30pm to 3.55pm, the rest of the time is a waste of time, sometimes the big players will move a weak market either bull or bear strongly just before or after lunchtime, but forget it !, as a daytrader you seek to profit from a few ticks to perhaps two pts on a really good day on size of 2 to 10 contracts, stops never more than 5 ticks from entry.
9.30am to 9.40am is always good for 1 to 2 pts, but be careful, the real players come in after coffee around 9.45am.
the 10 period virtual bars are great, no whipsaws, no churning and a clear indication of direction, just a big hammer going up or down, you see the bid and ask volume to the right, and the time and sales, when the mkt moves it moves, the signals are in front of your eyes, you miss the timing, leave it, for the next signal,
remember this is your employment, be patient, think about most other professions, most of the time, nothing much happens, but when events start to move be prepared to move