Any other day-traders here?
I'd love to hear from you if so.
No one I know has dabbled in it and a trading buddy would be nice. Forums that are specific to that community are terrible and this is more just to exhaust avenues.
May 28, 2015
17 Comments • Newest first
I'm still too young to get into stocks for now but I plan on getting into it in about a year. My friend is just now 18 and he's got $2000 put into stocks while in highschool which I find pretty impressive. He lent me a book on it I'm reading by Jim Cramer.
Any advice you could give to a beginner?
@misscherilyn Oh hey it's you & yeah combining both TA and FA has pretty much been my basic approach to investing, minus all the intraday stuff. I'll def look into this platform though, thanks Cher.
@DogPukeYellow Oh right, didn't check your screens. Thanks I'll have to check these two out. ETrade's platform (which I'm using) is expensive + only free if you make like 30+ trades per quarter or something. Which isn't that bad but I'm not sure if I will have the time anymore to sit around and trade that much. Plus, Etrade's 25K+ pattern day trade rule, and settlement dates are a hassle as well.
Suretrader is the only broker I know of that doesn't apply the Pattern Day Trade rule because it's not hosted in the US or something.
@misscherilyn: Oh for sure that's the reason. I just had to voice the gripe though - it feels damn near claustrophobic there. >.<
@dogpukeyellow
Most successful day traders aren't that keen on openly discussing their strategies - hence why the forums are the way they are
I tried it out for a bit just for fun. A buddy of mine makes in the six digits annually though so it's definitely possible to take it on as a career, just requires a pretty significant amount of invested time/starting capital.
@nodiggityx
Try out ThinkorSwim - hosted by Ameritrade and has a pretty neat UI. https://www.tdameritrade.com/tools-and-platforms/thinkorswim/features.page
Also it might be worth considering adding in some technical analysis alongside your fundamentals: i.e. pick investments with strong fundamentals and then use technical analysis to determine when to buy/sell.
@NoDiggityx: Heya. I'm using both NinjaTrader's platform (as you can see in the screenies on P1) and their brokerage services.
As long as you can think quickly on your feet and apply the rudiments, you should be okay. The learning curve for the fundamentals is steep though. You can PM me specific questions about them if you want and I'll offer perspective.
@DogPukeyellow
I've been studying and investing in stocks for a little bit, but I haven't messed with day trading yet though. I usually apply fundamental analysis when picking stocks, like Ben Graham's rules of value investing. I might start giving day trading a shot soon though
Can I ask what brokerage firm you're trading with? I know Suretraders supposedly good for day trading or something
[quote=Colour]I don't actually LOL, ma main man has been doing trading for a good year so I hear a lot of it from him. He started with shorts too, seems to be the most popular route. I hurr dat on the exits! Wish I could give advice though! Gotta watch that $SPY all day err day LOL.[/quote]
Oh okay, very good. Rooting for him.
[quote=lettucing]I want to start throwing money at the stock market for funsies since I already maxed out my Roth IRA, but I don't wanna risk everything and I kinda wanna know what I'm doing, yanno? I'd be comfortable risking $1000 (or maybe $2000) but I don't wanna lose it and I want to actually see significant gains lol. So I dunno about daytrading. I leave for work at 1:30pm CST soo I couldn't do it all day.[/quote]
I'd personally recommend starting with SNP 500, but the markets will close by 4:30 which is 2 hours after you leave for work, and you will have missed a lot of green zones. I'm sure there are other things you could trade like in Asian/European markets but I'm not nearly experienced enough to counsel.
[quote=lettucing]I want to start throwing money at the stock market for funsies since I already maxed out my Roth IRA, but I don't wanna risk everything and I kinda wanna know what I'm doing, yanno? I'd be comfortable risking $1000 (or maybe $2000) but I don't wanna lose it and I want to actually see significant gains lol. So I dunno about daytrading. I leave for work at 1:30pm CST soo I couldn't do it all day.[/quote]
you could just go long then so you don't have to sit watching charts all day, but you still need to know how to read the charts babyyyyyYYyyYyyyY
I want to start throwing money at the stock market for funsies since I already maxed out my Roth IRA, but I don't wanna risk everything and I kinda wanna know what I'm doing, yanno? I'd be comfortable risking $1000 (or maybe $2000) but I don't wanna lose it and I want to actually see significant gains lol. So I dunno about daytrading. I leave for work at 1:30pm CST soo I couldn't do it all day.
[quote=DogPukeYellow]
'Course! How long've you been doing this if I may ask?
As for your question, I've just been looking for diversions between MACDs and prices and selling short. I need to work on optimizing my exit positions next.[/quote]
I don't actually LOL, ma main man has been doing trading for a good year so I hear a lot of it from him. He started with shorts too, seems to be the most popular route. I hurr dat on the exits! Wish I could give advice though! Gotta watch that $SPY all day err day LOL.
[quote=Colour]real though what ever works for you.[/quote]
'Course! How long've you been doing this if I may ask?
As for your question, I've just been looking for diversions between MACDs and prices and selling short. I need to work on optimizing my exit positions next.
[quote=DogPukeYellow]
@Colour: Death to candle sticks.[/quote]
LOL candle stick lyf where it's at. real though what ever works for you. what would you say your niche is so far, short, long, options, futures?
[quote=lettucing]That looks way complicated, lol. I don't know anything about stocks really, but it looks interesting. Did you only throw $1000 into it?
edit: oh nevermind, I think I'm reading that wrong. cuz I don't know what I'm looking at. hahahah.[/quote]
I think you were looking at the net profit. My account is a $2k one if that's what you're asking - that's all I put in to begin trading.
And yeah, even though I had a bit of an economics + accounting background, it looked completely foreign to up till even the 4th week. Got to be cognizant of like 20-30 things at once including external data.
@Colour: Death to candle sticks.
ichimoku best
@DogPukeYellow: That looks way complicated, lol. I don't know anything about stocks really, but it looks interesting. Did you only throw $1000 into it?
edit: oh nevermind, I think I'm reading that wrong. cuz I don't know what I'm looking at. hahahah.
@lettucing: I just finished my classes a week ago or so. I was coming off from a finance and HR job. I'm also a heavy sports gambler, so this fit perfectly.
Here's today - made it in 2 hours:
http://i.imgur.com/pNqvQSu.jpg
What are your average annualized returns?