Any day traders on here?

[jjcannon]

Long time lurker here... looking to dip my feet into day trading. AKA siting on my ass and making $$ - something I've grown to enjoy -- alot :food-smiley-010:

Any one on here into that shit? Any tips for n00b (to the stock market in general?)

Hot forums for that type of thing, even?

Thanks

 

[vgeek]

Buy high, sell low!

 

[johnmatrix]

For your information, I just made a cool $25 playing the market... buy low sell high thats my motto. I might just quit my job at the plant and become a full time stock market guy.

 

[DreamMachine]

I've read that if you're doing "true" day trading, that is - sell all your holdings at the end of every day, then you need a minimum of $250k capital to make (I think it was) $60k/yr. I believe day trading is dead now though because most of that stuff is done by massive server farms located physically next to the exchange (or as close as they can get) to get <10ms ping times and flooding thousands of orders per minute into the exchange.

That said, intra-day or intra-week trading with some sort of instrument that provides inherent leverage (options, CFD's, etc.) it's still possible to make money (I believe) but you have to be experienced, disciplined and still have a large pool of money to draw from.

Not that I'm any sort of expert on trading, because I think making internet monies is probably 10x-100x easier - unless you have a 'pool' of a few million and know how to use it.

 

[johnjassa]

Actually, since May 2010 till now the market has been in a range which equates to easy money. High 9000s you go long and mid 10,000 you go short or sell. With the 3 x ETF like FAS/FAZ and ERX/ERY, you can really make things interesting.

Once it breaks the range, things are more difficult but until then trade the range.

http://www.google.com/finance?q=INDEXDJX:.DJI

 

[Mikesev]

Trade2win is a decent forum.

I've dabbled- made money and lost money. It can be fun but it doesn't suit my mentality and I can't overstate how important that can be. Psychology is 80% of the game.

I have also been interested recently in bet trading which I think offers higher returns, although not really progressed my research very far.

 

[Andrew Scherer]

value investing

 

[Soupyone]

I traded FOREX while I played played poker full-time for about six months. (I ended up spending all of my reserves so I quit it - made money in FOREX, net loss in poker.)

Serious tip, paper trade for years, take courses, study, and then start with money you can afford to lose.

 

[Soupyone]

I think making internet monies is probably 10x-100x easier - unless you have a 'pool' of a few million and know how to use it.

Truest thing said in this thread.

 

[pocketrockets]

I
Not that I'm any sort of expert on trading, because I think making internet monies is probably 10x-100x easier - unless you have a 'pool' of a few million and know how to use it.

Nope, it's at least 1000x easier making monies online than trading. Daytrading is a guessing game against millions of other traders on what they are going to do. You have no control.

 

[.Hack]

Like my friend told me. "Internet marketers are spoiled, traders expect a 5-10% ROI in a year and banks have a 2-5% ROI/year while internet marketers complain about not having 100% ROI in a 50k/day campaign"

 

[Tupacia]

I work as an equities trader for a proprietary trading firm. I visit the forums occasionally as I'm friends with a few members of the community. In general, it's extraordinarily hard to make money as a trader. The learning curve is very steep, and you'll face numerous disadvantages as a retail trader competing against institutional traders such as myself. I have access to capital, technology, and software that you as a retail trader do not. Furthermore, I watch markets all day long to gain an edge whereas you seem to be approaching it as a mere side endeavor.

Unless you're willing to spend literally thousands of hours learning how to trade, I would advise you to use your capital to either reinvest in your business or build a long-term portfolio of index funds. There are no forums or informational products that will present you with a magic formula to print money. Just like in internet marketing, the ones that can trade are too busy trading and the ones who suck at trading are peddling info products to sheep with dreams of making it big.

Best of luck in whatever you choose to do.

 

[propipper]

I have access to capital, technology, and software that you as a retail trader do not. Furthermore, I watch markets all day long to gain an edge whereas you seem to be approaching it as a mere side endeavor.

Very true. Many people that approach it as a "side" gig lose their ass (there will always be exceptions but most of the time this holds up).

Although I wouldn't discourage getting into it - do your due diligence. Learn as much as you can...then learn some more.

Good luck.

 

[thebigo]

Make sure you have a good amount of capital and stick with only a few stocks to start with. Watch their movements daily and get to know them.

There are several brokers that allow you to day trade a demo account (in real time) until you are ready to go with real capital. The broker i use is tradestation.

Good luck and please test the waters before trading your hard earned cash.

 

[Napolean]

I put a lot of years into Forex, and realized the more you obsess over your trades the less money you make.

I took out most my balance from my oanda account and started to focus more on IM this year, spent most of last year messing with Forex but spent more time than I would like to admit backtesting countless systems.

I still do some trading for the hell of it, on a very tiny balance. Last week my balance was a whopping $ 17.50, and after 12 winning trades in a row its at $ 27.88. (59% increase)

Not going to even think about putting money into it until I see my balance building for 6 more months.

Not that its impressive or anything (would be if I started at $100k though), but all I'm currently doing is applying a simplified version of the 9/18 ema system. You use the 9 ema and 18 ema to guage the trend, and when price is touching either the 9 or 18 ema you are expecting that to be the higher low (in the case of a uptrend) or lower high (in the case of a downtrend). Then you enter your trade, 40 pip stoploss, and 20 pip take profit. (Charting is on a 3 or 4 hour timeframe).

I usually check the charts between 5am and 6am, and enter a trade only if price is in the ema channel, otherwise I close the chart and check the next day.

I wouldnt recommend doing what I'm doing unless your just doing it for fun or doing it on a demo account for at least 6 months and until your confident. This way you know how you will and how the strategy will react in different trading environments.

 

[alan8888]

JPY 84.43 gogogo