End of Day traders are traders that normally trade after market hours, in the sense they enter trades, or adjust stop looses after the market closed and has settled down. The intention is to enter a trade that can be closed days, weeks and even months down the line.
End of Day traders use technical analysis as their main tools, and can also use Elliot Waves principles and try to predict what the market will do next and most importantly what the market will not do next. This way they can identify the highest probable moves with the least risk.
End of Day trading involves large stop losses and as well large profit targets. You need to really control your nerves when your trade is under and patience to keep the trade running in profit. But large moves hence large gains are expected with such trading style.
This style of trading is ideal for traders that have no time to monitor the trades during the day and of course full time workers. After work you may login to analyse the charts and set the trades for next day. You may analyse 6 to 8 charts in less than 15 minutes and will take you also little time to make or adjust the trades. It is really a time saver for busy people.
Something else to add, indicators based on the daily bars / candle sticks are more accurate than those based on the 1 hour time frame. Hence the trend line drawn based on the daily bars / candle sticks is more stronger than the trend line drawn on the 1 hour time frame. The 30minute time frame trend line is even weaker than the 1 hour and so on. Hence trading with larger time frames provides more accurate analyses although nothing is guaranteed.
With end of day trading expect to have less trades but you will haves winners with large profits and also losses with large amounts. Also you need to have the nerves to control your emotions when the trade is going against you. Furthermore due to the needed larger stop losses you will need a larger broker account.
