The chart is a little small to see but it explains and shows how these low risk setups should have been traded according to my trading strategy to maximize gains while minimizing risk.
Here I show the Fibonacci retracement levels which happen to be at resistance levels from earlier that day.
During regular trading hours the trades were the same as the DIA etf above, but with futures trading you can traded 24 hours a day. This is the reason I am using short term intraday charts and using a setup from yesterday (Thursday) for demonstrating my trading setups.
Both trades worked out well but wait until you see the results of trading with futures or CFD’s shown later. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products. No responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis.
We recommend that independent professional advice is obtained before you make any investment or trading decisions. If you are not going to take it seriously and put in hard work, do not even start.The first two rules seek to adjust your attitude towards day trading.
Keep refining it and add to it.If you have your trading plan in your computer, open it before the trading session each day. If you have it printed out, place it beside your trading computer where you can see it.The Alpha and Omega of Day Trading4.
Alpha – Sit on your hands for the first 15 minutes of the trading sessionThe first 15 minutes are usually very volatile, without much price action available for analysis.
Each trade contributes to a feedback cycle that can improve our trading performance.Each trading session starts with doing nothing and ends with reviewing everything.
Use limit orders at target priceWe close our trades before the session ends, so the profit potential is smaller.
Waiting for the bull run of the century is not for day traders.Use a trading platform that allows you to enter stop-loss orders and target limit orders together with your trade entry.
Taking the best trades is so important that we devoted an article on it.Day Trading Rules That Will Save You9. When in doubt, lower your trade sizeLower your trade size when you are in doubt of your trading edge. Accept losing days when day tradingSomehow, day traders expect to end each day with profits. If you refuse to accept losing days, you will do stupid things like overtrading and ruin your trading account pretty soon.The last three rules are lifesavers.
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