Can One Really Make A Living As A Daytrader???? I'm Gonna Find Out! I'm The Boss Of Me!
Monday, March 16, 2009
Im not one to make predictions on the direction of the market in general, but I know that, with my short strategy, the key is going to be in my ability to figure out where the bottom of this market is and implement a long strategy.
Having said that, I am cautiously watching this rally and considering easing into some buys....stay tuned....
I've all but abandoned the daytrading for now to concentrate on the swing trades. Here's how it works:
I noticed that stocks that report worse than expected earnings AND have a price drop that day, seem to signal the start of a price downtrend. Therefore, at the close of the day that a stock reports worse than expected earnings AND the stock dropped, I short, and look for at least $0.50. Im also willing to wait for it a few days.