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Extra info for Guide to Effective Daytrading
I know that when we meet at the next Wizefest, I am going to be asked several questions over and over. I might as well answer them now. I have been trading with Scottrade. Periodically there are disasters. They goofed recently and cost me $105. I’ve had three great completed trades canceled, the trading platform disappear from the Web, and more horror stories then you would care to hear. com/) which my professional trader friends (guys who trade for hedge funds) believe is the most sophisticated trading platform available today.
In fact, some of them are so risky that the pros won’t touch them. If you are a new trader, I would avoid the first few minutes of the market and certainly keep out of the pre- and after-markets. Sure, you’ll win some, but you may also take a real beating, I know I have. The older I get and the more experience that I have under my belt, the more conservative I become. This is a profession and as I approach each trading day, I do not want an adventure, thank you. It’s all about managing risk. I know that you will ask me about my light setup.
I’m going to mention briefly some conclusions that a friend and I have reached after more than a month of analyzing the best way to use Wizetrade for day trading. This friend is a professional with decades of experience using many types of setups. I do, however, wish to make these observations in the context of what I hear in the Wizetrade Users’ Group e-mails. First of all, I see more light setups that Kelloggs has corn flakes. Everyone seems to be searching for the right setup. Furthermore, few seem very confident in the signals, and some are trading the 1-minute lights.