Am a new day trader/trader. Am looking for the ideal stocks to trade in our local market. I figured a lot of stocks are not worth trading due to spread. I trade with CMC MArkets and they are a market maker so its not always the best for a day-trader.
At the moment my strategy is to not make big money, but not to lose big money. If i get a few pips per share i'm happy, with a small amount position. Hence if i'm wrong, i will only lose under <$50 in one day. Obviously some times i will gain, and the aim is to gain more than i lose. I use MarketMaker for my software, and Supertrend to determine the trend. If the trend is green, i won't go SHORT. If i think it is well in the trend (e.g. if it has already gone up a lot) i won't go LONG as there's no margin. Trick is to catch it in early part of a trend, or continuation. I don't want to spend the whole day at the screens, so the best time to trade is during the opening 1hr i think.
Stocks I am looking to day-trade are:
ANZ >> Moves in 20-30c swings
CML >> recently volatile
RIN >> bottomed out and can give 5-10c intraday
NCM>> Moves wildly based on Gold price, geopolitical
ZFX >> Relatively High Beta, but has settled down recently
WPL >> Extremely Volatile (underlying down trend $41 support)
OXR >> Suddenly swung into down trend??
CBA >> Divvy mongering?
I scratched some of the others incl. RIO and BHP because of the high price of RIO (and jumps around $s unpredictably) and BHP which is tied to london index and generally difficult i feel. I am confident i can milk some pips out of these suckers.