Monday, October 8, 2007

Day Trading Strategy

"All men can see those tactics whereby I conquer, but what none can see is the strategy out of which victory is involved."
"Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat."
---Sun Tzu


Day trading should incorporate these:
1. Helps to focus on your understanding of the markets
2. Takes into consideration your motivation for trading
3. Establishes a clear, precise plan of action
4. Creates a point of focus
5. Is automatic and effortless in its implementation
6. Manages risk and assumes losses
7. Gives you room for patience and calmness
8. Allows you to produce consistent results
9. Gives you a distinctive edge over other market participants
10. Allows you to trade to win

Each day trader, during the course of his experience develops his own set of trading tactics (ideas/system). One set of tactics might not be followed profitably alike by 10 traders; however, for 10 successful traders the underlying strategy is likely to be the same.
The reason that there are so few charts/stocks discussed on this webpage is its shift in focus on strategies rather than tactics.

BTW here are links to some day traders blogs :
CreditViolet
ADD Trader
Blonde Money
Clueless Q
Dinosaur Trader
DummySpots
Fallond Picks
Green on the Screen
High Probability Trading
M.A.S. Trader
Move the Markets
Mr. Doji
NotReallySure
Online Stock Trading
OONR7
PinoyTrader
Simon Super Trader
Slot Monkey
Stocktickr Blog
The Denarii Trader
The Dogwood Report
The Miseducated DayTrader
The Sports Trader
Trader Bubs
Trader Eyal
Trader Tim
Trading for the Masses
Tyro Trader
Ugly Chart
Wall St. Warrior

1 comment:

Anonymous said...

Very useful Post, Sir... TY.