Day-Trading - Perform a Nightly Review and Gain a Day-Trading Edge
When day trading any market, it is vital to review and prepare for tomorrow’s trading the night before. The work you do becomes your road map for the next trading day. It helps you understand where you are in the trading day, and is useful for initiating positions, confirming market direction, and setting trade profit targets. Select a Good Day Trading Market In day trading, it is best to concentrate on one or two markets. Select a market with good volume and adequate daily movement. The S&P e-minis consistently has the best liquidity and good daily range. It is one of the best day trading markets. A good day trader can concentrate on this market alone and be successful. Support and Resistance for Tomorrow’s Day Trading Each night after the close, review the charts in the market you trade. Look closely at the higher time frames. The weekly chart provides overall market direction. Daily and hourly charts reveal immediate market trend and key levels of support and resistan...