Day Trading Series 1 of 5: Are you flat?

Before I begin to talk about the first subject of the Day Trading Series, let me just say that obviously the last two days have been intense, to say the least, and I hope everyone has been able to practise disciplined trading. We look to have potentially found some support down here in the morning (Tuesday 9/16), so it will be interesting to see if we can get through the many emotional resistance levels above....

Day Trading Series 1 of 5: Are you flat?

I wanted to do a small series of entries on 'day trading', and its many forms, descriptions, and possibilities. I, personally, find this type of stuff fascinating so I hope everyone enjoys it. When talking about day trading, it is impossible to not consider what your account will hold at the end of the day. Usually, day trading requires that one takes 'a flat' account position into the close. There are several reasons for this, but the main ideas are just money management and trade management. There are some day traders that hold positions overnight, and there are also day traders who upon occasion will hold overnight positions in order to take advantage of a great trade. Personally, I go flat into the close on 95% of my trading days, but on the other 5% I will occasionally take positions that are showing serious potential.
One of the most important aspects of day trading is money management, and so the idea of not having ANY $in flow/out flow$ upon the open of the market each day is very important to many people because controlling emotional responses is much easier when you do not have to begin your last 'with losses'. This can cause irrational trading behavior, and bad decisions. You know, 'reaching for the money', everyone has done it at one point or another in their trading lives. So, ultimately, I would say that going flat into each and every close is a great idea, but if a fantastic opportunity comes along, do not hesitate to hold it overnight, just accept the risk and manage the trade with caution.
Trade Log:
I took a call and put position overnight from yesterday's close to today's open, worked well:
Bought to Open: 20 NDX Sept calls @$2.30
Sold to Close: 20 NDX Sept calls @$1.00

Bought to Open: 20 NDX puts @$3.80
Sold to Close: 20 NDX puts @$7.60