The trade-in, the anathema of the automotive world. Everything comes back to the trade-in. Consumers and sales representatives square off, staring eye to eye: the former wants 15 000$ for the trade-in, the latter stifles a chuckle and says it doesn’t even retail that high! This is the scene currently going on in multiple dealerships all over the world.
A) A thumbdrive or a USB device takes up minimal room and can be invaluable if there is a need to make an additional copy of the video while on the road.
If you’re going to fit trading into your lifestyle you have 2 options. Firstly trade really small timeframes such as 30 second and 1 minute charts, which funnily enough is what most amateurs start doing. They feel they have to make money in those 30 minutes in front of the screen in a state of heightened tension. This is certainly one way to do it, however it seems a stressful, difficult, not to mention scary way of trading! Trading small timeframes like the 1 minute chart is incredibly difficult, as you may have a 3 pip stop loss with a 1 pip spread. This means that 33% of your trade is just the transaction cost. This means making money rather difficult. Not to mention the spread could be 2 or 3, and you land yourself in a whole world of pain.
An initial stop is your predefined point on when you will be exiting a trade. To put it simply, while it may not sound good to you, it is knowing and admitting that are losing heavily in the trade and so it makes sense to bail out. Otherwise you will continuously lose money. This is a part of a good trade exit that you should have in place from the very beginning.
The great thing about trailing stops is that it will allow you to take advantage more of the trend while actually minimizing your overall losses, which is something that is common in every how to day trade for a living.
If the stock moves up as forecast, and if I am not stopped out at my entry stop, I ratchet my trailing stop losses upwards one per cent beneath subsequent swing lows. I only ever ratchet them upwards. The ratchet effect reduces potential losses, and then locks in increasing profits. My trailing stops are also triggered by a daily closing price. Any daily closing price below a trailing stop loss triggers exit the next day.
Many traders who day trade trade using RSI, the Relative Strength Index. One of the common mistakes however, is thinking that because the RSI gets to 70 it means sell and if it gets to 30 it means buy. This is not the case. When trading learn to locate momentum in the market and then the signal. You will be glad you did.