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  • CordMcNally
    replied
    I'd recommend finding a hobby (that doesn't risk losing lots of $$$ like day trading) for your days off and doing some light medical reading to stay up to date on your slow days.

    Leave a comment:


  • I Find This Humerus
    replied
















    Looking to do some day trading on slow days/days off. Where can I learn how to do this and what site do you use to trade?
    Click to expand…


    Start with a simple one. I think it’s better for a beginner to start with a trader platform based on an automated trading robot. I started with this one https://rofx.net/. It gave me a good start, a skill and I didn’t have to spend a long time to understand how does it work. Now as a trader with experience, I’m going to use mql5″
    Click to expand…


    I wouldnt have people start with automated trading platforms, or forex for that matter. Although Rofx doesnt use leverage, those are fast ways to get lost, lose money and may not even be the markets some want to trade.

    Best way is to use paper trading for a while. This is of course after you’ve figured out how/what you want to trade/why initially, and it will likely change over time.

    @Ifindthishumerus What do you think you want to start with asset class and product wise?
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    How about to make 100 to 500 a day? Is that feasible?
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    100-500? How about see another patient or two?
    Click to expand...


    That's outta my control

    Leave a comment:


  • adventure
    replied




    I did some day trading in my early 20’s. It didn’t go well.
    Click to expand...


    I did too. I made a good amount of profit. I also learned I didn’t want to do that full time, for ever. Too much work.

    Leave a comment:


  • The White Coat Investor
    replied













    Looking to do some day trading on slow days/days off. Where can I learn how to do this and what site do you use to trade?
    Click to expand…


    Start with a simple one. I think it’s better for a beginner to start with a trader platform based on an automated trading robot. I started with this one https://rofx.net/. It gave me a good start, a skill and I didn’t have to spend a long time to understand how does it work. Now as a trader with experience, I’m going to use mql5″
    Click to expand…


    I wouldnt have people start with automated trading platforms, or forex for that matter. Although Rofx doesnt use leverage, those are fast ways to get lost, lose money and may not even be the markets some want to trade.

    Best way is to use paper trading for a while. This is of course after you’ve figured out how/what you want to trade/why initially, and it will likely change over time.

    @Ifindthishumerus What do you think you want to start with asset class and product wise?
    Click to expand…


    How about to make 100 to 500 a day? Is that feasible?
    Click to expand...


    100-500? How about see another patient or two?

    Leave a comment:


  • Zaphod
    replied













    Looking to do some day trading on slow days/days off. Where can I learn how to do this and what site do you use to trade?
    Click to expand…


    Start with a simple one. I think it’s better for a beginner to start with a trader platform based on an automated trading robot. I started with this one https://rofx.net/. It gave me a good start, a skill and I didn’t have to spend a long time to understand how does it work. Now as a trader with experience, I’m going to use mql5″
    Click to expand…


    I wouldnt have people start with automated trading platforms, or forex for that matter. Although Rofx doesnt use leverage, those are fast ways to get lost, lose money and may not even be the markets some want to trade.

    Best way is to use paper trading for a while. This is of course after you’ve figured out how/what you want to trade/why initially, and it will likely change over time.

    @Ifindthishumerus What do you think you want to start with asset class and product wise?
    Click to expand…


    How about to make 100 to 500 a day? Is that feasible?
    Click to expand...


    It is, but not every day of course. Its very easy depending on size of the account. 1M, no problem, normal swings min/min. 50k? Might be more difficult, high risk of ruin even with a good system. Totally depends on your setup/market/products. Also your typical win amt vs. loss and of course frequency of either.

    This could be options, futures, stocks, forex, etc...how you do it and structure things will determine risked amt/income or likelihood to profit. You also have just random variance like in any game with even positive expectations, you will still lose and often in streaks.

    A word of caution if you're just starting, markets have become much more volatile lately, and you could easily be whipsawed back and forth into dust before you know jumping right in.

    How would you try to make this amount? I usually think about how much Im risking vs profit/risked amt. For example, if Im running an option strategy say selling spreads on some index I approach it like this. Say principal is 50k. I will risk say 5% per week (with an option spread you can pre define maximum loss) with a return of no less than 25% on that risk. So I would find spreads that risked a maximum of 2-2.5k of principal looking for 4-500 in return on that risked amount. The more return, the more likely you dont receive the whole amount as its more likely to be in the money. That also means for every 1 week that gets totally blown out of the water its 4 weeks of winning to make up for it, though theres no guarantees that you wont get blown out for a long period of time with serious recovery necessary. Trading is really hard.

    Best advice is not to do it. Second best advice is be prepared to lose money. Paper trade any plan you have for a while. Biggest issue you can have is winning initially, this will make you feel smart, when its just random. Then the market will market and make you aware of reality. Good times.

    Leave a comment:


  • I Find This Humerus
    replied










    Looking to do some day trading on slow days/days off. Where can I learn how to do this and what site do you use to trade?
    Click to expand…


    Start with a simple one. I think it’s better for a beginner to start with a trader platform based on an automated trading robot. I started with this one https://rofx.net/. It gave me a good start, a skill and I didn’t have to spend a long time to understand how does it work. Now as a trader with experience, I’m going to use mql5″
    Click to expand…


    I wouldnt have people start with automated trading platforms, or forex for that matter. Although Rofx doesnt use leverage, those are fast ways to get lost, lose money and may not even be the markets some want to trade.

    Best way is to use paper trading for a while. This is of course after you’ve figured out how/what you want to trade/why initially, and it will likely change over time.

    @Ifindthishumerus What do you think you want to start with asset class and product wise?
    Click to expand...


    How about to make 100 to 500 a day? Is that feasible?

    Leave a comment:


  • DR AJ
    replied
    I would not recommend you to day trade on your slow days.

     

    I did that and lost more than 100 K in day trading.

     

    You are trading against people who are doing this full time, armed with enormous data, supercomputers and large team and the odds are against you in this casino.

     

    Leave a comment:


  • Zaphod
    replied







    Looking to do some day trading on slow days/days off. Where can I learn how to do this and what site do you use to trade?
    Click to expand…


    Start with a simple one. I think it’s better for a beginner to start with a trader platform based on an automated trading robot. I started with this one https://rofx.net/. It gave me a good start, a skill and I didn’t have to spend a long time to understand how does it work. Now as a trader with experience, I’m going to use mql5″
    Click to expand...


    I wouldnt have people start with automated trading platforms, or forex for that matter. Although Rofx doesnt use leverage, those are fast ways to get lost, lose money and may not even be the markets some want to trade.

    Best way is to use paper trading for a while. This is of course after you've figured out how/what you want to trade/why initially, and it will likely change over time.

    @Ifindthishumerus What do you think you want to start with asset class and product wise?

    Leave a comment:


  • I Find This Humerus
    replied







    Looking to do some day trading on slow days/days off. Where can I learn how to do this and what site do you use to trade?
    Click to expand…


    Start with a simple one. I think it’s better for a beginner to start with a trader platform based on an automated trading robot. I started with this one https://rofx.net/. It gave me a good start, a skill and I didn’t have to spend a long time to understand how does it work. Now as a trader with experience, I’m going to use mql5″
    Click to expand...


    What books did you use to learn?

    Leave a comment:


  • Lithium
    replied
    I don't invest in real estate outside of REITs, mainly because I dislike active investing and the inexact science of it.  But you have a much better chance of finding exploitable inefficiencies in your local real estate market than trying to pick stocks with the likes of professional traders and institutions.  In both cases your goal isn't to make money, it's to beat the spread (of passive investing) and overcome the house advantage (all the transaction costs).  Real Estate has the feel of Texas Hold Em, where if you have enough skill you can make money despite the randomness, but picking stocks feels a lot more like Blackjack, where you basically can't become an advantage player unless you cheat (exceptions like Warren Buffett and Peter Lynch notwithstanding).

    Leave a comment:


  • Zaphod
    replied







    I dont know exactly what you mean by “day trade” since theres a lot of ways to do it, as in/out in a couple minutes or someone who trades very regularly/scheduled and consistently. I am definitely the latter. I will sometimes hold positions for very short periods but mostly have a time and a plan for everything.

    Im up early in the am, following, reading, trading when setups are in my favor. Missed a good opportunity this am, but cant catch em all.

    If you’re just looking to kill time you’ll probably lose a lot of money. Should try to define what it is you’re trying to do, what your edge is and how you will manage the system from a risk first standpoint. Everything should be framed in risk as rule number one is to live to trade another day.
    Click to expand…


    Care to share stock tips?
    Click to expand...


    I dont think there is that much edge in stocks. Not enough to be repeatable in any meaningful way. There is always something that doesnt make sense, but I stay away from them all the same. I trade broad index ETFs and volatility, where the edge is that the space is very complicated and most people dont understand it, and unlike stocks, indexes, etc...its movements are predictable within a range, regime, set of parameters.

    I just try to see whats going on in the big picture. If you want to express some opinions on stocks, theres likely an ETF that will be a more diversified way to do so with better overall characteristics/less risk. Say that you think home inventories are low (they are), and that homebuilders, etc...are going to do well, you could waste time poring over financials, etc...and find the best pick, or you could just buy the ETF that best encapsulates that idea. Same for REITs (not a great pick likely), etc...I dont even do that. My two biggest holdings at the moment are spy/qqq type etfs.

    Right now the stock pickers game is to find a garbage company and buy OTM calls/warrants in the likelihood they announce some bs blockchain tie in and it skyrockets over night. I'd read and follow folks that do trade, and watch out because most people are full of it and act like theyre making tons of money, etc...I'd remember that you dont have any other info no one else does in the stock realm, so stick to things known to work, that usually means setup and rules to keep losses small and letting winners run. Trend following of some nature seems to work without acting as if they know anything, they just 'buy whats going up', 'sell whats going down'. Nice and agnostic.

    Start small, trade paper, remember everyone looks smart in a bull market. Know your risk, have an exit planned, etc...The less I fiddle the more money I seem to make, like I've said before, I seem to get better every year at not messing with my portfolio too much.

    Leave a comment:


  • I Find This Humerus
    replied




    I dont know exactly what you mean by “day trade” since theres a lot of ways to do it, as in/out in a couple minutes or someone who trades very regularly/scheduled and consistently. I am definitely the latter. I will sometimes hold positions for very short periods but mostly have a time and a plan for everything.

    Im up early in the am, following, reading, trading when setups are in my favor. Missed a good opportunity this am, but cant catch em all.

    If you’re just looking to kill time you’ll probably lose a lot of money. Should try to define what it is you’re trying to do, what your edge is and how you will manage the system from a risk first standpoint. Everything should be framed in risk as rule number one is to live to trade another day.
    Click to expand...


    Care to share stock tips?

    Leave a comment:


  • Zaphod
    replied




    I’ll interpret your interest in short term trading as a ratchet up in  the market maturity, and it’s eventual reversion to a bear market.
    Click to expand...


    The nature of the market has made a significant change the last 6 months, its definitely different right now, ie it has moved on to a later stage for sure.

    Leave a comment:


  • jz
    replied
    I'll interpret your interest in short term trading as a ratchet up in  the market maturity, and it's eventual reversion to a bear market.

    Leave a comment:


  • Zaphod
    replied
    You dont really NEED a margin account, buy you'll want one and at least a 25k balance at all times, or otherwise you're handicapped by regulations that will not allow you to get in/out in/out before things "settle". This is called a free riding violation and will lock your account to only be allowed to trade after settlement, which used to be T+3 days! Insanity, its t+2 now but thats still terrible. You'll technically be using margin any time you're in/out enough times before actual settlement, but it wont amount to much and isnt real margin that can get you in trouble.

    Interactive Brokers is by far the best account for this as their margin rates are ridiculously cheap, sub 2% or something, havent looked in a while. Like I said in another thread, there is no customer service and unless you know or can search others setups, it can be tough since its basically a DIY place. They are ruthless with calling margin, changing it randomly, pulling shares and selling your positions for the heck of it. Super annoying at times. You will not get a margin call, they will just sell everything.

    Leave a comment:

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