Day Trading

[easymon1]

Get More Money,
meanwhile, here's a couple links to start
By the time you get Lined Out, you'll have more money.
Get More Money...

A solid trading plan
https://elitetrader.com/et/threads/what-would-you-say-belongs-in-a-solid-trading-plan.340340/

Every Trading Method Known to Man and Beast? Right Here Baby!
https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-10#post-5014575

How Soon Can You Do This?
Suppose your paycheck was based on percent entry triggers correctly taken?
https://www.elitetrader.com/et/thre...ercent-entry-triggers-correctly-taken.343345/

mnq

 

[Laissez Faire]

And any other advice you guys could give would be greatly appreciated.

My best and honest advice is to forget about is since like everyone else I think you have no conception of how difficult what you're trying to achieve is. Forget about all the stories you hear about guys making a shitload of money off daytrading. They're either very lucky, very experienced/professional or a little bit of both.

If you're serious about this - except at least 5 years of trial and error before maybe getting somewhere. The failure rate is very high in day trading and it's really a very marginal business as there's not much room for error and you're pretty much successful or not.

You'd be much better of trying to focus on swing trading stocks, IMO, while maintaining some other job or enterprise which gives you income.

 

[ps0013]

Well, I guess a $1000 is not to much to pay for some tuition, is it?

Just a $1,000 for tuition ??? LOL that is what I have been saying for a decade

 

[Sekiyo]

Guys at Harvard are willing to pay 50K tuition fees per year to later earn 80K in average.
Guys at EliteTrader are willing to pay 1K tuition fees per year to later earn 1M in average.

 

[ironchef]

Guys at Harvard are willing to pay 50K tuition fees per year to later earn 80K in average.
Guys at EliteTrader are willing to pay 1K tuition fees per year to later earn 1M in average.

Sure there is a chance to earn 1M but you have a higher probability to be like him:

https://www.elitetrader.com/et/thre...ter-seeing-a-730-000-negative-balance.346343/

 

[ironchef]

Hello Everyone so happy to find this forum. I have been dreaming of becoming a day trader for a while now. I only have about 1000 to work with. Can you guys advice me on the best site to use. I heard Robin hood was free. And any other advice you guys could give would be greatly appreciated.

It is a tough business.

My humble advice is to keep a day job, save and invest your saving. In the mean time read up on trading, select an instrument you like, are comfortable with, do backtest and run sim trading for a while honing your skills.

Once you are comfortable that your methodology produces positive expectancy both in backtest and sim, then go live and hope for the best.

Chances are even if your method produces a profit, it won't work forever, you will have to constantly adjust your approach to match the market situation and so it is a constant learning process for as long as you are in this business. That is why I am here.

Good luck because you will need luck.

 

[TheFoot]

And what do you hope to accomplish with your $1000 and commission free Robin hood account?

As lame as it sounds I'd like to make a living at it. I have read that some of the traits that a secsessful day trader possesses I seem to have. I play fantasy football in competitive leagues and I know this might sound dumb but I win a lot because I love to anyalize and trade players. I have always fantasized about working from home trading stocks but never had the time to learn it. I'm determined to at least learn it now that i have time due to covid. Thanks for your advice

 

[TheFoot]

If I were you I’d trade stocks (Equities) rather than Forex or other derivatives.

Learn about volume analysis,
Look at what the guys at SMB do here.
I’d advise to paper (Demo) Trade for a while.

You can try for free I believe.
Open a free Interactive broker demo account.
You have everything there (Forex, Equities, Futures, Options).

Give yourself some time to explore.
Some time to learn then invest some real $$$

Can you tell me what these are.
Equities, Forex or other derivatives.

 

[TheFoot]

If I were you I’d trade stocks (Equities) rather than Forex or other derivatives.

Learn about volume analysis,
Look at what the guys at SMB do here.
I’d advise to paper (Demo) Trade for a while.

You can try for free I believe.
Open a free Interactive broker demo account.
You have everything there (Forex, Equities, Futures, Options).

Give yourself some time to explore.
Some time to learn then invest some real $$$

It’s not easy.
You can lose 1K in the blink of an eye.

Not sure what Equities, Forex or other derivatives are exactly

 

[deaddog]

As lame as it sounds I'd like to make a living at it. I have read that some of the traits that a secsessful day trader possesses I seem to have.

Take the time to study why day traders fail. Then don't do any of that stuff.

If you were trying to cross a busy street and 9 out of ten people that attempted to cross were hit by a car, would you be as eager to try?