Intraday trading

Guys,

I live in South Australia and have been end of day trading with some good success. With this success I am now able to stay at home. What I am looking to do now is learn to intraday trade. What would be the best place to look for either courses on it or for mentoring? Are there some online courses that can give you the basics so you can then at least take it away and paper trade? I assume that you can't take an end of day system and then shrink it to fit intraday time frames??

Regards

Intraday's a tuff gig.

Wins will be less due to much smaller timeframes.
Wins will need to be more often to achieve a positve expectancy.
Trading costs (brokerage) will increase.
Chances are your stress levels will increase due to time spent diving around the market trying to snatch a move.
Youll also need good software.


No offence meant here but I cant personally think of a reason why one would trade intraday particularly if they need to make a living from trading.

My experience has been that those giving it a go are normally undercapitalised.
As youve said youve been successful with EOD trading and this has allowed you to stay home---why change that.
If you had traded with 2-3 or 5x the initial capital then Im sure youd find that your returns would have been fantastic!

Tridean

One of the important factors that is always mentioned is does the trading method suit your personality?

I am certainly no expert (just a beginner) but to trade successfully intraday imo you need:

Points made by Tech/a above
Steady nerves
100% Concentration for extended periods.
A good system(s)
Ability to get over setbacks psychologically
A certain amount of intuition/luck (which comes I think with experience).

There are obviously some people who do it successfully but how they got there I don't know.


PS I sometimes have trouble following trades on a day by day basis let alone minute by minute LOL

Anyway goodluck

For anyone out there who wants to trade intraday the FOREX read below

In my search I found a course which cost me around $500. The authors name is Peter Baine and he resides in Canada. He teaches a discretionary system which may not suit some of you (doesn’t mean you can’t backtest systems on Forex. CMC allow you to do it) that revolves around a handful of indicators, and he supplements this with his knowledge of commercial traders. Now this on it’s own might not sound like a great deal, but with the DVD, & CDRom course and his massive video library available on his web site, this guy actually spends almost an hour every morning (ET) and does a video review of the previous European session, and then emails this to all of his students (me included). This all comes free of charge. He takes questions from everyone and just about always tries to answer them through his review for all to see, and he also allows you as a student the chance to talk to him in person on the phone.

It is obvious he is dedicated to his work because he actually trades the European session, which is around midnight to 8am his time (about 4pm – midnight our time, which is ideal trading time for us Aussies) and then proceeds to do his AM review. He trades these hours because he finds these times the best for trading. Once again for us Aussies, these times are ideal.

Now I have only been involved with this course for about a month now so I haven’t started trading with real money yet except for one trade where he predicted the fall of the Aussie dollar which I couldn’t refuse and this paid for my Easter holiday quite nicely. I have only been paper trading and my results have been promising, but still a little small compared to some of his other students but he does say it takes a good month or two. Anyway if you are interested there is more info here and he will actually answer your questions even if you are not a student (which they all do now I would say!)

http://www.forexmentor.com

Please direct any questions to me via tridean34@optusnet.com.au

Thanks Tridean. I'm interested in Forex and will look it up.