Jul 3, 2015
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Daytrading Power Review
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Short term trading: what works for me
This episode continues my look at short term (intraday and daytrading) systems and ideas. Here are the episode notes:
What’s really happening intraday
Academic studies of market behavior show departures from random walk on lower timeframe
These are distortions, but don’t assume that this makes for easy trading
Highly competitive and very noisy.
There does not have to be “a guy” on the other side of your trade! <= This is one of the persistent misconceptions about trading.
Styles of daytrading
In a way, nothing new here, conceptually. We have:
With trend
Countertrend
Countertrend often requires scaling in against moves. “Fade traders”
Issues
Whatever you’re going to do, it’s got to get done between the open and close. This brings some challenges regarding length of swings.
It’s hard
People exaggerate and lie (win ratio is a big one)
Time spent at the screen vs. payoff. Would you do better with a longer timeframe?
Be careful of marketing hype.
My experience
Scalping was a dead end. Maybe someone is doing it, but I haven’t found that person.
The less I did, the better.
Having a daily setup/gameplan is critical (maybe trade against that plan!)
Both with trend and countertrend approaches worked
Pullbacks
Fading new highs / new lows during certain time windows
Plays around the open
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MarketLife Ep 19 – Short term trading: what works for me was originally published on Adam H Grimes