Please read through all the posts and you will learn how to day trade.
You must always use caution with stops in any trade you do to prevent losses.
The best place to learn with $1 trades for trades of 100 shares is tradestation.
I also have a website that you can visit called am I obese.
Precise Swing Points -Resistence and Support
Where are the support and resistance points?
Where are the swing points on a chart?
This is an especially important lesson! Just about all other systems or methods of trading takes note of where the key support and resistance levels are.
I have found a two uses for my way of identifying these points – They are Swing Points!
You may think you know where Support and Resistance
How do you know where support and resistance
The problem with Support and Resistance (S&R) is that it is not a finite number. It is not an precise point on the chart at which price will stop.
In fact S&R is actually an area – it is not an precise number as we would all like to think.
The problem of course, is that in order to do our calculations we need an exact point. You can’t enter $50.10 area when using fibonacci or working out your stops and limits. You need an precise number even though S&P is not an exact number.
Tell your broker that you want a stop loss at between 50 and 55 and watch him burst a vein
This is what I want to focus on in this lesson. This is a method I have found to be particularly good at not only identifying strong S&P points but also swing points.
In order to find S&P we must first find market swing points. There are different ways of doing this but I am going to use the one I have used for years.