Day Trading - Hacks and Bro Tips 🏹

Day Trading , in my opinion, is one of the toughest thing to master in Markets. I have been fortunate enough to start early, lose, learn, earn, lose again and earn and learn ( I know too many learns earns :grimacing:) day trading for several years now.

Urging my tradingqna frnds who are day trade regularly to share their experiences, suggestions, hacks and Bro tips to all the budding traders here. I’ll also try to regularly share my new findings about day trading regularly.

I firmly believe in the power of giving :slight_smile:

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1. Noting down First hour highs and lows

The reason for this is pretty simple. Institutions and biggies are mostly active during the first hour and last hour. for day traders, last hour levels may not be important as they start afresh next day. But, first hour data becomes absolutely critical in gauging the trend for the day ahead.

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One trick that worked for me is that if you have a tendency to be an aggressive bull and are hurting yourself taking calls with hazy risk-reward. It would do one the world of good if they spend 1 year as an option writer at safe OTM levels. This would bring a balancing shift to one’s trading when they see other traders making hair-brained trades and schemes while you sit and collect premiums.

Trading the market from a higher vantage point gives you perspective.

You will start respecting SL more, start adding protections, take smaller bets and start looking for more confirmations. A Conservative Bull is a beautiful creature.

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In day trade for me always confusing is strategy …
When particular strategy is working it looks good but times comes that strategy itself is giving continous losses

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If you want to build a strategy objectively better to do a backtest with historical data. Visual inferences are quite misleading.

You have https://www.streak.tech/ if you want a graphical system to build and backtest strategy. You have Tradingview, Amibroker, Metatrader, Ninjatrader and few others around if you want to code and backtest.

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2. Large trend days are usually followed by Mean reversion theme based moves.

When markets fall (like 700-800 points in last 2 days) or go up substantially , the trade ideas to be primarily looked at are the mean reversion ones where prices revisit the immediate support or resistance marks. It is basically a re-test trade. Retesting is considered as a safe strategy in many cases where the moves are extreme on one side.

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