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I currently day trade the NYFE contract, and I will move to the S&P when my
account get's large enough. I currently work for Reuters, but when I am in
the office I day trade because I have access to several charting packages.
Because of my position, I meet many traders, all different types. I have seen
all kinds of models, technical packages and trading strategies. I have not
seen one of them work consistently. I will also tell you that Gary Smith's
method worked well over past 8 years becuase he mainly only goes long. In a
down market (soon maybe?) you wouldn't last long. I did read his book, and
he offers several ways to monitor that market that are extremely valuable.
Don't be discouraged, let me get to the point. I have traded (losing
consistently) trying to find the best way to daytrade. After analyzing this
stuff all day for 8 years ( I was a trader, trading forex and equities before
joining Reuters) I finally realized that there are only two components to
watch. First is price, second is volume. I then put together a model, which
at this time I will keep to myself, that looks at price positioning to tell
me who is in control of the market. The model has not failed me in the last
two months, and today I had two trades, one short, at 11 am, and the other
long at 3:30--look at a chart and you'll see that both trades netted me $1800
today, which was a dead non-trending day. It can be done---easily, with the
right trading style and STRONG DISCIPLINE.
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