Completely New To Day Trading and Would Love Some Honest Advice

[schizo]

Didn’t you throw in the towel at some point?

Not sure if the OP or any new would be trader should consider themselves lucky today. It’s a jungle out there with educators who prey on fresh meat like the OP selling the dream for a small or modest sum.

More books just mean more potential disinformation from hacks who don’t know how to trade and had to find another way to make money.

Uhm, he asked and I answered. (By the sound of your writing, you seem to disagree.)

Anyway, as far as your question goes, I did in fact retire from day trading (for about 6 months) in 2020. But as you might already know, once a gambler always a gambler.

As to your other comment, so I see you don't like books. Well, I too am equally cynical towards self-anointed gurus and their disinformation, but as a novice trader without anyone holding your hand, how would you even know? Plus, the bigger problem is there are way more gullible folks out there who want to be duped and conned and duped again.

 

[Laissez Faire]

Uhm, he asked and I answered. (By the sound of your writing, you seem to disagree.)

Anyway, as far as your question goes, I did in fact retire from day trading (for about 6 months) in 2020. But as you might already know, once a gambler always a gambler.

Allright.

To be clear, I wasn't taking a stab at you. Just genuinely curious, because I seem to recall you said you threw in the towel and even said life was better afterwards (another retired day trader I know said the same thing).

So, if someone with 30 years of experience threw in the towel at some point I think that's what the OP needs to hear instead of being encouraged to give it a go.

I'm just trying to bring some realism to the table I suppose.

As to your other comment, so I see you don't like books. Well, I too am equally cynical towards self-anointed gurus and their disinformation, but as a novice trader without anyone holding your hand, how would you even know? Plus, the bigger problem is there are way more gullible folks out there who want to be duped and conned and duped again.

I'm not against books. I love books. But I prefer literary fiction, biographies or history instead of trading books as most trading books are garbage written by failed traders. I know this first hand. Believe me on this. A few years ago a trader who's been posting losses for 2 consecutive years wrote one. I know this because he's been posting his results publicly. It's the sellers of shovels who's getting rich in this industry - not the customers. Same as it's always been.

And even if it's a good book it's not going to help the OP get anywhere meaningful on his own unless he have a 10 year timeline with slim chances of success at the end of the road.

Day trading is a very marginal business where success is possible, but it's reserved for the few. So, the OP should really consider if he's interested in even trying knowing this.

I sincerely believe that the chances of making modest returns as a swing trader / investor is far greater than getting anywhere as a day trader. Modest returns compound over time. Compare that to losing money year after year trying to make it as a day trader. Another benefit is that it requires far less screen time.

 

[padutrader]

Is there any good place to get more info on all these different trade types? Just youtube?

you tube is a good place to start

i would advice you to take a cheap basic general and beginner course on technical analysis.

i took one 25 years ago so the same one will not help you.

find something in your locality so you have someone who can answer questions. and perhaps guide you.

be warned of quick fixes and be prepared for 10-15 year of learning. the education field in technical trading is a veritable mine field.

i think you can check out ROSS Trading Educators

in the beginning go in for some paid courses it will save you money and heart ache in the long run........

i did not have much option or choice but i still picked up what was the bible of technical analysis at that time in 1990 a book by Martin Pring.....i strongly recommend him for a start:
Buy Technical Analysis Explained, Fifth Edition: The Successful Investor's Guide to Spotting Investment Trends and Turning Points Book Online at Low Prices in India | Technical Analysis Explained, Fifth Edition: The Successful Investor's Guide to Spotting Investment Trends and Turning Points Reviews & Ratings - Amazon.in


another icon is Bollinger and any beginner will love him John Bollinger's Official Bollinger Band Website (bollingerbands.com)

another wonderful resource the best on patterns is ThePatternSite.com

and do not forget to have fun

these are a good starting point so that you can then customize the knowledge .... important to keep an open mind

this should form a starting point in to the wonderland of TA

 

[padutrader]

Uhm, he asked and I answered. (By the sound of your writing, you seem to disagree.)

Anyway, as far as your question goes, I did in fact retire from day trading (for about 6 months) in 2020. But as you might already know, once a gambler always a gambler.

As to your other comment, so I see you don't like books. Well, I too am equally cynical towards self-anointed gurus and their disinformation, but as a novice trader without anyone holding your hand, how would you even know? Plus, the bigger problem is there are way more gullible folks out there who want to be duped and conned and duped again.

i believe, rather be shy, it is better to absorb all the rubbish out there, as much as you can afford to and if you cant afford anything, then go for the free stuff.

this will not make you a master obviously but it will make you knowledgeable of what does not work .

and then you can apply your own brains and use basic logic to try out some stuff.

it is a painfully slow but HEY!!!! you are looking for a treasure so be prepared for the long haul

it took me 2 decades and now i think i may be getting some where.

IMPORTANT and do not forget to have fun and be optimistic about the learning and the journey to paradise.

TRADING IS A VERY PERSONAL AND INDIVUDUAL AND yOU CAN ONLY FIND WHAT FITS BY TRIAL ANSD ERROR . nowadays with sim and demo at least you lose only time rather than hard earned USD

 

[padutrader]

as most trading books are garbage written by failed traders.

yes so you know what does NOT work

do not knock that knowledge

 

[rb7]

I have always wanted to get into trading but have never started because I have always been overwhelmed on where to start or what area to get started in. I do not know any of the vocabulary and a candle chart looks like hieroglyphics to me. I would just love some recommendations on any books, videos, any ideas on a solid starting point. I have always thought it was an interesting topic and would love to learn more about it. Thanks!

Take any advice with a grain of salt (including mine!).
Taking advice from anonymous strangers is always risky.
In trading forums, most of the participants don't trade with real money, and/or never did.
And the ones who do, most are not profitable and will never be.
The list of whom had given you advices so far is the best example.

 

[ironchef]

Day trading is a very marginal business where success is possible, but it's reserved for the few. So, the OP should really consider if he's interested in even trying knowing this.

I sincerely believe that the chances of making modest returns as a swing trader / investor is far greater than getting anywhere as a day trader. Modest returns compound over time. Compare that to losing money year after year trying to make it as a day trader. Another benefit is that it requires far less screen time.

Great insights.

OP should read this carefully.

 

[ironchef]

Take any advice with a grain of salt (including mine!).
Taking advice from anonymous strangers is always risky.
In trading forums, most of the participants don't trade with real money, and/or never did.
And the ones who do, most are not profitable and will never be.
The list of whom had given you advices so far is the best example.

ROTFL.

I am one of them, a good example.

 

[ironchef]

%%
looks like you are color blind, so better use hollow candles or mountain/barcharts.

%%

 

[777]

I have always wanted to get into trading but have never started because I have always been overwhelmed on where to start or what area to get started in. I do not know any of the vocabulary and a candle chart looks like hieroglyphics to me. I would just love some recommendations on any books, videos, any ideas on a solid starting point. I have always thought it was an interesting topic and would love to learn more about it. Thanks!

Don't day trade.