# Ideal stocks to daytrade on the ASX?



## Halba (13 August 2006)

Am a new day trader/trader. Am looking for the ideal stocks to trade in our local market. I figured a lot of stocks are not worth trading due to spread. I trade with CMC MArkets and they are a market maker so its not always the best for a day-trader.

At the moment my strategy is to not make big money, but not to lose big money. If i get a few pips per share i'm happy, with a small amount position. Hence if i'm wrong, i will only lose under <$50 in one day. Obviously some times i will gain, and the aim is to gain more than i lose. I use MarketMaker for my software, and Supertrend to determine the trend. If the trend is green, i won't go SHORT. If i think it is well in the trend (e.g. if it has already gone up a lot) i won't go LONG as there's no margin. Trick is to catch it in early part of a trend, or continuation.  I don't want to spend the whole day at the screens, so the best time to trade is during the opening 1hr i think.

Stocks I am looking to day-trade are:

ANZ >> Moves in 20-30c swings
CML >> recently volatile
RIN >> bottomed out and can give 5-10c intraday
NCM>> Moves wildly based on Gold price, geopolitical 
ZFX >> Relatively High Beta, but has settled down recently
WPL >> Extremely Volatile (underlying down trend $41 support)
OXR >> Suddenly swung into down trend??
CBA >> Divvy mongering?

I scratched some of the others incl. RIO and BHP because of the high price of RIO (and jumps around $s unpredictably) and BHP which is tied to london index and generally difficult i feel. I am confident i can milk some pips out of these suckers.


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## canny (13 August 2006)

*Re: Ideal stocks to day-trade in ASX*

CAZ good for trading right now - good story - plenty of volume.
RIO may go down a touch next week on CAZ's court case result Friday.

Also good trading range stocks - BTA - CDU - BMN

Looking for good gains over the next few weeks - JPR - YGL - BRW


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## nizar (13 August 2006)

*Re: Ideal stocks to day-trade in ASX*

If u look at the WPL chart; the big boys dont let it go below $40...

It'll be interesting to see what happens to WPL when the israel/lebanon conflict cease-fire drags down the oil price...

It hasnt been tracking the oil price as well in times of late; it was also trading at current levels in May where the oil price was much lower than it is now...

For day-trading i think u need to look at some specs that move 5-10% daily, plenty around..


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## Biggle (13 August 2006)

*Re: Ideal stocks to day-trade in ASX*

RDS had a good run last week until friday when it retraced about .20, probably for profit taking, be interesting to see how it goes next week, also CAZ might spike tomorrow and continue to rise leading up to next court hearing.


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## dubiousinfo (13 August 2006)

*Re: Ideal stocks to day-trade in ASX*



			
				canny said:
			
		

> CAZ good for trading right now - good story - plenty of volume.
> RIO may go down a touch next week on CAZ's court case result Friday




Friday was only a directions hearing. The Supreme Court moves slowly and it will probably be quite some time before CAZ has a decision handed down.


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## Halba (14 August 2006)

*Re: Ideal stocks to day-trade in ASX*

I probably will stick to blue chips, as with CFDS you can be leveraged. I won't bother with speccy type stocks, as usually they run out of puff very quickly after news


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