Day Trading is one tough way to make a living...
...unless you have help.
During the past 2 years I have traded in a nd out of a variety of stocks--tending to focus on about 5 that I feel I know and can somewhat relate to.
It's been interesting to say the least to watch the level 2 data on these stocks, noting how each stock seems to have its own personality. One stock in particular tends to lead with a big gap between the bid and ask just before it starts to move up. It will take out a high ask, and then minutes later drop back down to previous trading levels--with the bid/ask gap closing again.
Another market maker type ploy I have seen a lot of lately is mirror trading. Watching the T & S feed you can see lots of the exact same size trading at the same time, but at different prices. I have since learned that market makers have better access to ECN data than us retial traders (or we're just not paying attention), and can see stock available at one price, while the retail trader thinks he has to pay a higher price.
The market maker of course plays the spread and makes money off of our lack of knowledge. The key to day trading success: keep informed.
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Day Trading
