This , how do I do this lol
Day Trading
- Thread starter TheFoot
- Start date
Even still, that goes along with the joy of the actual skill rather than the love of the money for doing it.
You won't find many here to help you as it seems most people here are not full time traders. You should take a look at @JesseJamesFinn1's journal:
https://www.elitetrader.com/et/threads/the-piker-trading-journal-gains-losses.345370/
There is some very good information on this blog and it is all free:
https://www.tradethematrix.net/
I'd start with the two entries on small caps, then the two entries on short traps, then the two on accumulation pullbacks. You can read others, but those are where you should start and probably focus your attention on those price action behaviors. You can make a living if you master them.
Once you have studied that material thoroughly, then you are ready to start scanning and following price in real time. You will need to budget for a good stock scanner with charting. I use Scanz:
https://scanz.com/
While you you are studying, scanning, and learning to see these price behaviors in real time, start saving your money. You will want to open a cash account to get started and avoid margin. I do not know anything about Robinhood but I think you'd be better starting with a broker like TD Ameritrade and learn to use their Think or Swim platform.
Eventually you will want a direct access broker. Lightspeed is an ET sponsor and I see that @Robert Morse is active here. You will need at least $25K to open with them, so now you have a goal.
Don't listen to anyone who tells you it takes five years to get this. It may take them years, but it doesn't have to take you that long. From what I have seen here at this forum, your best bet is to take a look at what is going on in @JesseJamesFinn1's journal and ask questions there.
Good luck to you.
Thank you
Don't piss away your time and money on forex.
Learn to trade stocks. It is the only way to get started and have a chance. Some will feed you a line about starting with futures, especially now that they have piker-sized them. Don't fall for it. Learn stocks, then if you get the itch, options. Futures is its own game. Learn to trade stocks. Stay away from forex. Don't start with options.
Read that journal I told you about here at ET. That is the way to go. Don't ask what you should trade anymore. The answer is stocks. No need to ask the question again.
Can I day trade stocks
When you say you have been dreaming of becoming a day trader for a while now, it must have been a very short while. Yes, of course you can day trade stocks. I gave you all you need to get started in that first response I made to you. It is up to you to do the work.
Thank you
Hi there, I'm also a new day trader and this is how I came to be and how I plan to go, if this helps:
Moved out of the US to Singapore where my wife was relocated. Was going to start looking for a new job in supply chain (my line of work) after giving up a 6 figure income in the US, when covid came along and ended that plan.
We sold our house in the Bay Area before leaving, which left us with a rather substantial amount of money that needed to be invested, and the best I could find was 10% a year for 10 years in SouthEast Asian real estate.
I thought I could do better on my own. I took $100k, opened a TDA account and started trading stocks, eventually to focus on 1 stock. I had a simple goal, to make $3500 (have no idea why I settle on that amount!) a day and call it quits when it's done. It's been almost 90 days and I'm almost keeping up my goal, although I've since then invested substantially more in this. For my expectations I think I'm successful and it comes from that:
Good luck, I know I'm lucky.
Moved out of the US to Singapore where my wife was relocated. Was going to start looking for a new job in supply chain (my line of work) after giving up a 6 figure income in the US, when covid came along and ended that plan.
We sold our house in the Bay Area before leaving, which left us with a rather substantial amount of money that needed to be invested, and the best I could find was 10% a year for 10 years in SouthEast Asian real estate.
I thought I could do better on my own. I took $100k, opened a TDA account and started trading stocks, eventually to focus on 1 stock. I had a simple goal, to make $3500 (have no idea why I settle on that amount!) a day and call it quits when it's done. It's been almost 90 days and I'm almost keeping up my goal, although I've since then invested substantially more in this. For my expectations I think I'm successful and it comes from that:
- I make the same trading decisions regardless of the amount
- A dollar today is worth 2 tomorrow
- Never woshouco (woulda shoulda coulda), it's a wasted spiritual drain
Good luck, I know I'm lucky.
Hi guys
I honestly dont know about failure rate statistics, but it can be done with a 1000 but only with 5 years or more of experience. I started with 2000 trading futures on Ninja Trader after finding a trading group. I make money every day and its absolutely what my passion has been for 15 years or more and just keeps going.
The system we have is based on solid money management. Scaling in and out, tightening stops to BE, and all done manually. I can post my last trading week results, but wont disclose more. Few live trading days eve. I was a plumbing apprentice before that and due to low wage searched for futures mentors and was lycky to find one. Can one turn 1000 into 100 000 in one year?? Yes, but they are not going to explain anything, sell anything and just concentrate on making their trading better and better
I have diversified into property and rare stamps, coins for additional investments.
All the teachers, that teach, do it for a reason. Professional traders that have experience, strict money management and solid ATM understanding and trading experience, just make their returns in silence. Yes it can be done, but without that basic knowledge, chances of wiping out trading capital is very high.
I honestly dont know about failure rate statistics, but it can be done with a 1000 but only with 5 years or more of experience. I started with 2000 trading futures on Ninja Trader after finding a trading group. I make money every day and its absolutely what my passion has been for 15 years or more and just keeps going.
The system we have is based on solid money management. Scaling in and out, tightening stops to BE, and all done manually. I can post my last trading week results, but wont disclose more. Few live trading days eve. I was a plumbing apprentice before that and due to low wage searched for futures mentors and was lycky to find one. Can one turn 1000 into 100 000 in one year?? Yes, but they are not going to explain anything, sell anything and just concentrate on making their trading better and better
I have diversified into property and rare stamps, coins for additional investments.
All the teachers, that teach, do it for a reason. Professional traders that have experience, strict money management and solid ATM understanding and trading experience, just make their returns in silence. Yes it can be done, but without that basic knowledge, chances of wiping out trading capital is very high.