Day trading or trading for that matter requires at least 5:30 hrs of constant sitting on the terminal - if you can't then you DON'T day trade.
Forget the ideas of putting limit orders - they are easier said than done.
To trade/day trade the most imp. attribute is decipline - and a desciplined trader puts limits on either side - and without experience you just can't predict which will be hit first. Most often - inexperienced traders/day traders get hit on the wrong side and eventually lose money.
Day trading or trading is not done or talked of in a RAMPAGING BULL MARKET like this one - pl. read "reminiscence of a stock broker by Larrry Livingston" - trading or day trading is done only in A SIDE-WAYS MARKET.
In this bull phase (2003--2007), everyone in the market knows, the only losers in the market are the traders - every INVESTOR worth his salt has earned hugely. Well IFCI holders know it better than me.
A few criteria are -
(a) At least a few years of experience as an investor
(b) A thorough understanding of market dynamics - should be well read abt. markets
(c) A work experience in the stock market - with some broker - this will give one - the insight of all the underhand play and how price movements take place - and also the feel of market
(d) A good health, no heart or blood pressure problems or you may even fall ill, it just drains you out, at the end - you can't withstand the intense pressure.
(e) A very stable mind - no panic no fear.
However, there are a few +ves to day trading too-
2 to 5% of the traders will earn all the money the rest will lose, so you can become very rich very fast - provided you have the experience -- tips don't work.
No major crash can affect you, the way investors can erode their wealth in a falling market - you will be untouched.
After the day ends, you are always free of tension of what will happen tomorrow.
You can earn in a downtrend, which investors can't.
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