Edge - I think I need a day trading strategy first before I can develop an edge.
I was just reading over my trading notes, and I wrote that my edge was that I'm not desperate to make money and willing to lose whilst learning, which is all well and good, but I don't think that's really an edge particularly if I don't execute a plan and don't apply stop losses.
I work part-time so I can only day trade two days a week so I do a mix of short-term trades and day trades, but I realise I need to decide what it's going to be before going into the trade - I'm finding this mindset is just giving me an excuse to hold a day trade and turn it into a short-term trade. Which is quite disastrous and not working for me - who would have thought...
Then I've got the issue of finding stocks to day trade. I'd rather find my own codes to day trade but at the moment I use a combination of stock screener in TradingView and calls on day trading forums to build a watchlist for the day.
Sometimes I just stare at the charts all day, hesitate and don't do anything. They say this is sometimes a good thing - don't force the trade etc but I think I hesitate so much as I really haven't worked out what I'm looking for as the entry point.
Lastly if I do get into a trade I need to have a firm idea of my exit and apply a stop loss.
I have a long way to go before finding that edge....
