A Daytrader's Dream?

I hate how the media goes around saying that in the current environment, with so much volatility, it is a "daytraders dream." Perhaps it is, for a select few, who have years of experience and can capitalize on very short minute-by-minute moves. But unless you are one of those select few, it makes sense to either stay out of the market, daytrade only if you must (no overnight holds), and you'd better be watching each bar tick-for-tick. 

A good example is this Friday. I was papertrading on Friday. At 11:01 I bought 1 SKF call, for $5,680, and 20 minutes later, I got out at $5,060. I lost $620 (plus commission) in a very short time. I did several things wrong in the heat of the moment and volatility: (1) forgot to enter an OCO order, or even set a stop, (2) didn't get out when I was down only $180, and (3) walked away in between on an errand. And it was only because of my prior losses that I determined to get out fast once I got out, or I could have lost a lot more. Of course if I had waited until the end of the day, I would have made out like a bandit. In hindsight I still feel I did the right thing by getting out and trying to preserve capital. But next time I day trade I'll need to watch the bars closely and be glued to my screen.

Blog Initiation and Momo Trading Philosophy

Hi,

I am starting this blog officially. I've had this blog in mind for a while, and I've learned that it's better to make progress than to come up with something perfect. Let me start by mentioning some of my favorite momo stocks that I follow:

Tech Names: AAPL, GOOG, sometimes BIDU
Ag Names: POT
Financial Names: GS
Health Names: ISRG

All or of these stocks used to be $100 - $150 or higher, and are quite liquid. My strategy is to capture big moves in these stocks, usually through options, over the short term. It remains to be seen if these Momo's will be the same names that lead us out of the current downturn.