Completely New To Day Trading and Would Love Some Honest Advice

schizo · Oct 14, 2023

Laissez Faire said:
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.

That he too can last for 30 years??

Laissez Faire said:
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.

So what about you? Are you happy as a day trader?

I guess people need to find out for themselves whether day trading is a right fit for them, and not rely on books or opinions. More specifically, they need to be selective about what or whom they're lending their eyes and ears to. But then again, isn't that what trading is all about?

Laissez Faire · Oct 15, 2023

padutrader said:
yes so you know what does NOT work

do not knock that knowledge

LOL. No.

Success is about what works and how it works. Knowing what doesn't work doesn't necessarily take you any further towards a solution.

Laissez Faire · Oct 15, 2023

schizo said:
So what about you? Are you happy as a day trader?

Both yes and no. I do think it's a fun and enjoyable game to play, but I don't like being locked down at my screens at specific times every single day if I want to play. For my current life situation swing trading might be a better fit.

schizo said:
I guess people need to find out for themselves whether day trading is a right fit for them, and not rely on books or opinions.

Since most would be day traders fail, my take is that day trading is not the right fit for most people by default.

If anyone wants to give a it a go, by all means, I won't stop anyone, but I think the best we can do for any starry eyed newbie is to knock some realism into them and help manage their expectations.

ironchef · Oct 15, 2023

schizo said:
So what about you? Are you happy as a day trader?

I am an old noob day trader. After live traded for three weeks I actually enjoyed it. But not sure I can do this for the next decade. :vomit:

The good thing, it is like working at McDonald's, it doesn't matter if I work one day or five day. Hopefully the pay is better. Right now, my profits is a free Big Mac every day.

schizo · Oct 15, 2023

ironchef said:
The good thing, it is like working at McDonald's, it doesn't matter if I work one day or five day. Hopefully the pay is better. Right now, my profits is a free Big Mac every day.

Good for you. Unfortunately, for the other 95% of the day traders, they're not so lucky to even get a free Big Mac, let alone $1 menu for free.

padutrader · Oct 15, 2023

Laissez Faire said:
Both yes and no. I do think it's a fun and enjoyable game to play, but I don't like being locked down at my screens at specific times every single day if I want to play. For my current life situation swing trading might be a better fit.

Since most would be day traders fail, my take is that day trading is not the right fit for most people by default.

If anyone wants to give a it a go, by all means, I won't stop anyone, but I think the best we can do for any starry eyed newbie is to knock some realism into them and help manage their expectations.

i agree totally

it took me 20 years to be comfortable with day trading but HEY! maybe some newbie can be successful-or think they are successful - in 2 days.

often that is the problem -beginners luck- being mistaken for skill and then the trap is sprung.

i remember first month in daily time frame trading i made 90%.

you can make money in trading knowing shit but you cannot make it consistently enough to make a living at it.

padutrader · Oct 15, 2023

Laissez Faire said:
but I don't like being locked down at my screens at specific times

with globex and access to any market in the world at any time i do not think that is a restriction

padutrader · Oct 15, 2023

Laissez Faire said:
Knowing what doesn't work doesn't necessarily take you any further towards a solution.

no but when you have to learn something as individual as trading where the only way is trial and error then your best bet is reading everyone and trying it out to see if it is for you rather than going with the latest fashion.

padutrader · Oct 15, 2023

Laissez Faire said:
For my current life situation swing trading might be a better fit.

for me no...and that is the beauty of trading.
you get what to choose what sort oof animal you want to be.

i hate to lose and swing trading means you have to lose maybe 40-70% of your trades.

i sometimes in two scalps watching market for a hour, than most people in the world, make in a month.
that is after 30 years of experience and 20 years as losing as day a trader but nothing that is worth it, comes easy and fast. trading is easy -anyone can do it- but it is NOT fast and most newbies think trading is fast money

somethings cannot be taught and have to be learnt......

padutrader · Oct 15, 2023

ironchef said:
I am an old noob day trader. After live traded for three weeks I actually enjoyed it. But not sure I can do this for the next decade.

The good thing, it is like working at McDonald's, it doesn't matter if I work one day or five day. Hopefully the pay is better. Right now, my profits is a free Big Mac every day.

it took me 20 years to day trade but am loving it --now. apologies to big Mac