Start your daytrading day by looking at a day bar chart

Cont'd discussion about Electronic Day Traders' Secrets: Learn From the Best of the Best DayTraders.

Marc McCord Interview

Start the day with a chart showing daily bars of the last 3 to 6 months of a stock you are interested in trading. Notice the tops, bottoms, support and resistance prices. Look for same sector sympathy and same sector divergence.

Follow the one-minute chart of the stock index futures and the bond futures. Together, they indicate the direction of the overall market.

The correct time to bid is when the stock is making a higher low, buying on the bid into a pullback that is in an uptrend.

Decide how much money you are willing to risk losing in any trade and stick to it. Never let a profit turn into a loss.

Be quick to take losses and slow to take profits.

...cont'd tomorrow...

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