share your tips on day trading..., page-55

This is my tip, it might seem very simplistic but have found it v helpful for my profit taking as I have a tendency to be overly optimistic and try to let my stocks run to maximise profits.

When my buy order has been filled I immediately place my sell order at a tick below the next resistance level, (or if the MD looks too stacked at that level, will move down to the next level)

This way I am now taking a number of smaller but more frequent and realistic profits based on each resistance level, and as ipod often says, its easy enough to get back in if you feel momentum building again.

It works well for me because it locks in my profit and forces me to make my sell decision immediately. Also I have to set a realistic target based on technicals as well as the current status of the MD. Getting at the head of the q often means your sell will be hit and those behind are left high and dry.

This is particularly good when I first trade a stock before I get a handle on its price action. Will let a trade run as I understand its movt/history better.