Simple day trading strategy for trading for beginners

CREATE A WATCHLIST

I use Trading View and mobile Think or Swim. 

Create a Watchlist. I use my faves from S&P500 ===>

TIP:

I also use InsiderFinance's Top Tickers for great trade ideas! Click HERE to learn more about trading alongside the "Smart Money"!

MARK PREMARKET LEVELS

Thirty minutes prior to market open, mark the pre-market high and lows on an hourly chart.

TIP: 

Mark the tails, not just the bodies. These levels will serve as support and resistance levels, and we will be trading breakouts and breakdowns of these levels on lower time frames like the 2- or 5-minute.

TRADE THE BREAKOUT

On a 2-minute or 5-minute time frame (I use 2-minute), wait for a full candle to open AND close outside of your marked level. 

TIP:

In this example, we see a break of support. 

I wait for a full 2-minute candle to open and close below my support level. If you don't wait for the full candle to close, you sometimes get a false signal. 

SCALE OR CLOSE OUT QUICKLY

I trade in futures lots of 1-5 /MES and 1-lot /ES

For options, I trade multiple contracts (1-50). This way, I can scale out with profits. I typically close 90% of the position within seconds or minutes of the breakout, and then hold a small runner. 

For small accounts, close out the entire position at 10-20% profit. Be sure to use risk management.

ENTRY AND EXIT HAND-HOLDING

Be careful of FOMO!!!

A great way to avoid giving your profits back to the market is to use algorithmic take profit levels. 

TIP:

I use InsiderFinance's proprietary technical indicators for amazing entries and exits. Click HERE to learn more (takes you to my blog on Medium.com)

Many of these "Trader's Toolbox" indicators work for more than just stocks:

They can also work for:

• Futures
• Index
• Commodities
• Forex
• Crypto

TIP:

Try using the InsiderFinance or Trnd Pro tools for better entries on your long term portfolios and dividend stocks!