What you should know about the end-of-day trading is that this trading manner is pretty straightforward where the trader is reading trade signals on the fundamental of cost behavior on the day-to-day charts. Once you've done your trading project and know what qualifies as a trade signal, the solely time you will enter orders is precisely before the close of the trading day at five p.m.
Now as an end-of-day dealer you leave yourself enough time to examine the markets you deal and enter your rates just before the finish. (Though the market deals around the clock from Sunday 5 p.m. through Friday 5 p.m., it is obvious refer to five p.m. as the closing because it sets the switch from 1 day to the next on the day-to-day graph.)
While executing your analysis, you will find whether the trade is a trend or perhaps a counter trend on the base of the stance of your day-by-day chart and you will have to look at the weekly and monthly graphs for verification.
When trading you have to base your stop-loss order on a combination of a percentage of your account and price structure (support or resistance ).
Even if this method doesn't suits to your trading style you should always consider it because it gives you the possibility to expand your trading knowledge in future tradings. I tried it and I must say that it's a simply trading method to apply and you will learn it in a very short time period.