Improving at Day Trading Continuously

Preparing for the day as usual. I may be a bit late to office, which usually means that I am not fully prepared. I feel prepared if I am at least 45 minutes before the open and have a look at the daily and hourly charts. This, despite the fact that I may have seen it on Saturday. A lot depends on the global markets these days. So one eye is always on those markets and the markets in Asia opening earlier than ours. There is great risk in keeping overnight positions if one does not have a respectable stop loss. Intra day swing trades are far safer in some ways provided trading expenses are at a minimum (for example, US commission rates)

Waves and their Importance in Day Trading

It has been proved beyond doubt that Elliot waves work from a longer term perspective. But for those who study Elliot in depth, it is a challenge to try and decipher the short term or intra-day movement at least of indices.It is surely possible but requires a lot of hard study. The key point here is that the risk management is very important. One can get carried away thinking that a certain wave is ready to unfold and a bet is taken but pain follows when it is discovered that it didn't happen exactly as planned or didn't happen at all. The best way to try and take advantage of waves is to try and catch the 3rd wave of Elliot's 5 waves. This is not only profitable but does not require the kind of research that other waves (especially the correctives) require. The biggest risk of this strategy is that if the 3rd wave does not work out, another bottom (in case of expected upmove) or top (in case of a downward move) is observed that can easily take away stop losses.