In order to become a good day trader we have to be able to identify, understand, and anticipate what the market is going to do. Nothing in the stock market is set in stone which is why day traders always have losing trades. Nothing works out 100% of the time.
In order to develop your skill it becomes not necessary, but crucial, to be able to control your emotions and think 100% analytically about the market. I mention this in this post because T1 would have been a trade that most traders would have hesitated on.
Did you hesitate?
There was a massive run to the upside in the premarket and most traders would have been thinking long and hard about taking that trade. I don’t always take the premarket into so much consideration because all traders participate during the regular market hours, only a handful of traders participate in the premarket (only applies to the ES). Notice how the market made lower lows and lower highs after 7.46am (market time). There was also a consolidation at this area which is enough to give us the indication to take a short if all the rules are met.
Day Trading Charts Nov 3rd
After T1, everything was as cool as the other side of the pillow. When you have strength in a certain direction you ride that momentum until it dies. I tried to take an aggressive trade at 8.48am cst (market time) but I didn’t get filled. There was an issue with my target at T3 and I was stopped out much earlier than I wanted to be, it happens to the best of us.
T4 was a great trade as well, since the momentum was starting to weaken I exited at the first target area and called it a day. Could have possibly doubled the points for today if I kept trading but as I say often on this site, once you get greedy it will be the end of your trading.
Day Trading Results Nov 3
Day Trading Results for Today
- Total of 4 trades
- 100% winners (spreadsheet is wrong)
- Missed one Trade