Many daytraders has many strategies, each of their own. Better daytraders have strategies that will yield greater rewards/result
My personal approach is this (only lost once in my career so far, it was on EA, oh wait actually I've never lost a single time) (to those that can't stand this statement of truth, seriously, dump the hate on the braggers/frauds, not truth teller), anywho, continuing: study and do the homework - it took me at least years to study it, some hours spent there, some hours spent here. Now if someone can't do independent research on stock, then that person would be unfit anyways after "learned" - since it's the real world, real game - and no safety gear nor welfare to keep somebody lame and retarded up to the game, artifically, so ta speaks.
I look for stock evaluation - ignore the price per share thing, those weird numbers they keep putting out - yes, it's actually meant to distract - when we deal with stock market, especially NASDAQ, namely, keep in mind that they are mafia - so it's fighting the mafia, and not really dealing with nice, honest guys, beings here. The price per share doens't give any direction to proper goals or directions (that is, to gain) (except to the owner of NASDAQ, hehehe, yeah) as the price of a share has nothing to do with much, but just the market cap divide by the total number of shares there is out there everywhere, around the world, so ta speaks. So to look for price per share, or earnings per share, that thing would give meaningless data, if not rotten data - as it points to wrong result and a false direction. I look for % of total shares traded per day, and change in volumn, its market cap, company profile, what type of company is it, is it Israeli, does it belong to Buffett partially and things of that nature - I never use those "technical analysis" - there is nothing technical about stock market in my view - the price chart is a result and a summary of its market price - not an indicator of true price - though an good reference and suggestion to its true actual should-be price. Anybody at the Goldman Sachs investment firm or those big banks, or perhaps the giant international corporation financial groups would tell you the same if you somehow got them to be your teacher for a whole afternoon and evening. The technical analysis are placed to trick everybody else - including their own employees - if you use technical analysis, likely you were a victim in previous "market crash". Market didn't crash - the prices crashed - so what really happened in my view at the least was that the prices went down hill 'cause they started selling their already owned shares in rediculous prices and in massive quantities - causing the market price to fall - I had crashed the market in various online games before, it's do-able, and does't take talent - just that most folks are too "genuine" and stuck in American dream mode that they haven't begun nor never practiced nor seen such tactics/acts/type of moves. Surely it had costed them much money there, but later they were able to reap it back through "victims" that unfortunately had spent all their savings buying shares that were priced too high by now, by the new current today prices - so now they can buy back an equal if not more quantity than they had sold for a cheap price - from folks who had bought them even higher and are forced to sell at rediculous new low, and the rest else subsequent events rest asured we (can project) know what happens then.
I personally look for stocks that are underpriced - it's always a good thing to toy with prices that will rise up - even if you make a bad trade, but because the trend will be up up up, it's guaranteed profit and win no matter what. It does indeed take tremendous talent and skill, almost unique set of traits and personality perhaps in order for the person to be great at stock analysis, and thus can do daytrading and stock investment, I think so. Never judge by the chart - as it's an instance of thousands of many possibilities - it's like showing a single dice result out of 30 or more possibilities - it will lead to wrong judgement - but instead see what its real chart is and base judgement on that. A chat could have up and down, and this one, there, and that one there, often I see people do is: omg, I regret it, I shoulda bought it here - but in my view that's the wrong way to think, as it could've occured the other way - so, I suppose, one point arises out of here we can get good learnings from is that: be safe, and don't go greedy - the example shown on the chart yesterday or last week was a luck of the chart, not how most chances or turnout it would be. From my personal experience of daytrading, aim for 1 to 2 cents profit if you are daytrading 4 dollar to 6 dollar stock. and go for 1 to 2 dollar if you are playing with Apple shares ($500-some-ish). Aim for 0.5%, not 1% - you might get lucky and earn a lucky 1%, but that will hunt you down later on, as stock prices will be stuck and just pass that 1% wishful gain - aim for 0.3% would be very safe of the share price - take a pluck here, take a pluck there, like a vulture, you will have full meal in no time. I personally had never lost a single daytrading with these stocks: ZNGA (it's very good 'cause just seems like some investment firm only buys or sells their massive quantity of shares before opening or from 10am to 12am - in the afternoon, I always make 1 cent profit off of 12000 shares or plus here and there). It's almsot a safe stock to keep shares in, in my view, as by my judgement, an mobile internet company certainly would be growing, and not shortening - and by its market cap divide by total number of shares - the price I myself think it's decent safe zone, in. Avoid buying 500000 shares of ZNGA like that, there will be a shortgage of sellers in the market for that moment, and the buyer will end up getting sent with more expensive stock prices (like up to 3 cents plus, I believe) - daytrading should not involve tens of millions unlikes thou is super expert who has caught a golden opportunity I guess.
I don't see myself as a stocktrader - I see myself more so as a gold miner who gold mines in the stock market - so far, decent earning everyday - enjoying and liking my life a lot more now - now I can fully fund all of my projects with ease. Lastly (last key point or advice I wanna drop here), understand that day trading isn't for everyone - those who can't do math or do them quickly will end up panicing in times, and the panicing would foil all the lessons learned and homework studied. Also, remember to study companies - stock market is all about studying the prices, understanding the mechanics of stock market - I suggest to take a course (self-initiated, so to speak) in Introduction to Market 101 - learn its history and know well its origin and how it "works"~
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