Today I only trade the QQQQ's. I use graphic information with Metastock Pro: one minute line charts, in a semilog scale, the one minute IMI, Inertia and RVI indicators, with Standard Deviation channels and, Fibonacci retracement lines to get an idea of the magnitude of the movement in a direction during the day, and trade with Tradient Pro, use that for all the numeric information and some graphic information. Of course I have the neccesary and adecuate comunication, although when I started, Colombia did not have very much in this respect. I never remain invested from one day to the next.
Before going into more detail about the trading methodology, this year I've had a lot of trouble anticipating moves. The market is making many short fast moves in one direction and changing direction just as fast. I know that the indicators that most traders use are for longer term trading, probably mostly for trend trading. I would like to exchange ideas with other day traders.
Comments
You may be able to skew the odds slightly in you favor by learning to accurately read price action, but for the most part you are seeking the impossible, especially if those fast moves are created by moments of irrationality or program trading.
Of the truly successful traders I know, If I were to ask them which way price is going, they would all reply, "I have no idea".