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This was a question that was asked to me on Quora but a question I get asked many times ” What are best strategies for intra-day trading”. Below is the full question and answer. Also feel free to follow me on Quora here
Q: What are best strategies for intra-day trading in us stocks?
A: Trading strategies are a lot like a religion, there are multiple paths to choose
from that lead up the same mountain. You can scalp trade (small quick trades),
momentum trade, trend trade, buy oversold stocks, short sale overbought stocks,
trade options, use a thousand different technical signals and even fundamental
analysis just to name a few.
I would caution listening to anyone who claims their strategies are “guaranteed” or
” a cant miss” as any real trader will tell you no strategy is 100% perfect 100% of
the time. There are too many variables in the market to be perfect. Also traders themselves
can be a cultish group and act like their strategies are the best and the only type of
strategies that should ever be traded and anyone who opposes their view points are considered
an idiot or a loser. However, the best strategy is the one that works best for you- no
matter what anyone tells you.
Becoming a successful stock trader is a lot like growing up. You will go through a
few phases, make a few mistakes and get your heart broken a few times before you
really learn who you are as a person and what you are made of. In trading you will
need time to define who you are as a trader and what you want to achieve from the
markets and not all of it has to do with money. Just as in life, in trading you will
need to find what best suits you , financially and emotionally, and surround
yourself with people who can bring out the best in you.
For me my niche is short selling overbought stocks, sure I will buy stocks from time
to time but my deal is short selling. Many people told me early in my career that
shorting stocks was a no win strategy but for me I found a way to make it work and I
feel comfortable there. I have nothing against other strategies and certainly my
strategy is not for everyone but its the right one for me and thats all that
matters. Remember at the end of the day many people can criticize your methods but
unless they pay your bills there is no need to listen to them.
My advice would be to explore a few different trading strategies or find someone who
trades like you aspire to and learn from them. It may sound complicated at first but
our strategies are like love- they will find us. Remember trading is about you so
build your trading business around your personality and you goals and all will be
good.
Doug
The original write up can be read here
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