Day trading stocks is different then swing trading and holding longer term. There are different rules, knowledge and skill sets needed. It's a much more faster experience.
Where as you need patience with swing trading/holding long term. With DT you need to make quick decisions.
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Would you think it’s best to set a stop limit early/profit loss order or just keep an eye and watch the $$$ fluctuate until it hits your mental target?
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I think for new day traders it's best to start small. Get used to how fast and tricky the game can be. These stocks fluctuate so fast and so deep up and down. Stop orders most certain get taken out which is good if it's a profit sell limit order. Not so good for a stop loss.
I like to hold longer term swings and sell covered calls, if I get assigned the trade is over. If not I keep selling covered calls until my investment is paid for
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If you're DT, you have to move quick if it doesn't start doing what you want it to do. Allow a few hundred as a loss on the bet this will work much more often than not.
Some of the best trades are momentum trades. Like today, the last 10-15 minutes, you could virtually hop onto any stock and ride it down. Sell by 3:59. It’s unlikely the trend will reverse in the last 5-7 minutes of a trading day. Same with option expirations on Friday
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