'day trading' is not 'minute trading'

(comments from discussion on trade 1
http://www.mudraa.com/singlepost.php?messid=76039)

dear murliji,

good question raised. though i have not fully understood what u wanted to say.

in day trading one should not leave the trading screen and neither do i. even if i am not in front of pc, i keep moonitoring the price in my cell. the only disadvantage is that i don't have access to indicators which is a big handicap. i have to see the indicators once every half an hour and price every 2-5 minutes.

today, the indicators were all the time tilted towards upmove. even at close they are hinting a gap up tomorrow morning. so there was no way to square long position.

the break-out/breakdown method that i use in combination with rsi and william (besides support from sma34/5min) hardly makes me stressful.

also, while 'day trading' i make sure that i am not 'minute-trading'. because i strongly feel that market forces can't change their minds more than 1-2 times in a single day.

also, while i still consider positional and swing trading better than day trading, which i still do, i have stopped hating day trading. afterall, day trading + btst = swing trading. if a robust method is there day trading is not complicated.

also, after all these months and years, the best thing i have gained is 'thick skin'. with decent buffer amount and some homework, the fear of adverse movement is not much.

today, i was keeping a close watch on the what the indicators were saying and what the price was doing. 20 point movement is fantastic stability for the market!!!

corrective action is a must when things are not going the desired way. no corrective action did i feel required today because it never occurred to me that things were opposite to the desired. the price was above my buying levels for good time. when it touched sl i picked up my cell to square off and go short but the markets rebounded in a minute!

if market movement is like a lion in the bush and we are a hunter, it will be apt to say that the lion didn't give us chance to shoot. we had taken position but lion didn't move. i am not unhappy that i had to return empty handed. it is perfectly ok. the lion too returned empty handed. stop loss, if used ruthlessly and emotionlessly, should be called just a platform ticket. not costly, just a small fee of entering the hunting range!

day trading is like staring into the eyes of the lion with gun in your hands and without moving too much. small bluffs don't matter. profit of good day can wipe out stop loss costs of 1-2 weeks!

warm regards and thanks for making me think.