Day trade only assets that are in play!
In our courses and trading community we talk a lot about the importance of having the right watchlist in order to make consistent money day trading. A watchlist is a vital component and the main thing you are looking for is "in play" assets, things that are moving or have the highest chance of moving. So, I will say it again "Asset selection is crucial in making consistent money".
There are many good ways to create a solid watchlist, here are some ideas which we use that you can replicate to make your trading easier in 2022, since today is the last trading day of 2021 :)
How do you know if a assets is in play:
Volume, the easiest way to find FX, INDEX and community volumes is to check their futures counterparts.
Daily FX movers, from weakest to strongest
Important news for the day or week
Checking the 1H and 4H charts to determine trends or ranges
What is important to keep in mind is that something can be in play in the morning, during the London session, while it can totally lose steam in the afternoon New York session.
The easiest and most money I have made day trading has come from trading assets that are in play and revolve around the 4 points I mentioned above, so if you are interested in not only making money but gaining invaluable knowledge and experience, invest some extra time into building a solid watchlist, it will also help keep you sharp and the practice will make you a very good trader.
When I know everything that is important for an asset, such as key levels, how it behaves on pullbacks, how much volume it has and what market theme or fundamental factor is driving the price... I have a massive edge, then all I need to do is apply my process and trade what I see, my trading becomes simpler to follow and easier to profit.
As a full time trader I am always looking for an edge, and you should also be looking for it because like I mentioned already, this is where you will make the easy profits. In some cases I will trade an asset for days and even weeks, keeping it in my watchlist to maximize the gains, I because of the work I do on it and the feel I have for it I have this primed mindset on it where I know exactly what I should be doing and then I reap the rewards on it for a long time, just like PeterR, a trader in our community, focuses on the NASDAQ and knows it like the back of his hand.
For example, today I stuck into trading XAU mainly (Gold) and day trading it since the New York pre-market:
43.9% of all my trades were executed on XAUUSD, add another 11% on XAG, which is silver and moves in tandem with XAU.
Now, to continue this post I will speak as if you already know the PrimedTraders day trading system to elaborate the following, as I can only speak on behalf of my system. You need to know what the A+ set ups look like as No.1, the easy way to find that is to review the plays where you/we have made the most money and then only look for those setups, remember this too: one good/great trade at a time (A or A+).
Now, when those A and A+ setups start to occur, all you need to do is follow our position sizing plan and execute the trade. This sounds simple, but it takes lots of time, hence why we want ever member on a demo account at first and then review his/her trades before we give them the "green light" to start risking real money.
The key to all of this is to ask yourself good questions, basically to be involved in your trading beyond just executing positions. This gets you involved and keeps you engaged in what is really occurring. Think about your trades, talk to us on discord about them too, don't just trade in the shadows.
Ask yourself, what is the market doing? is the asset approaching any key levels? What direction is the market heading? Is the market trading choppy or is it trending? Who is winning: the buyers or sellers? What type of pullbacks is the asset having on its 100t chart?
All of these questions will help you identify what to do next, get in, get out or stay out!
Then all you need to do is be disciplined, by being disciplined and waiting for your set-ups in assets that are in play to show up you will be able to make the consistent profits you seek.