I am new to day trading. I have a decent amount of knowledge when it comes to investing but this trading beast is a whole different animal. I have the basics down, and am working with $400 account. I have been at it for a month and am working the kinks out of my trading plan. The major issue I am having, and one I can't find a straight answer for, is how to pick the 2 or 3 stocks to trade for the week. I have been just looking at the volume of the stock but it seems that halfway through the week it drops off and get stuck in a slow moving stock. Is there any advice some experienced traders could offer? Thank you for taking the time to read.
Deciding on weekly picks.
- Thread starter Justin Osuch
- Start date
Your profile shows you're from Texas.
You need to have $25,000 in your account if you want to daytrade stocks in the U.S..
If you're planning on swing-trading, you should use options with a small account.
Best suggestion? ...... daytrade the micro futures with a $400 account. (MES, MNQ, MYM)
***Open & close a position the same day is 1 daytrade. You can do that 3 times within a 5 day period to avoid the $25K requirement.
You need to have $25,000 in your account if you want to daytrade stocks in the U.S..
If you're planning on swing-trading, you should use options with a small account.
Best suggestion? ...... daytrade the micro futures with a $400 account. (MES, MNQ, MYM)
***Open & close a position the same day is 1 daytrade. You can do that 3 times within a 5 day period to avoid the $25K requirement.
I do not have a margins account so the 3 trades per 5 day period doesn't apply. I am able to make as many trades as I have settled cash. I have been looking at options but they are still a little confusing and I don't feel secure enough to start that yet. I am not sure I can trade futures with my broker, I use WeBull.
What timeframe charts do you like to use?
What hours do you actively trade?
No need to specify what they are but Do you have any tested trade entries and exits?
https://www.elitetrader.com/et/thre...solid-trading-plan.340340/page-4#post-5031706
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I tend to use the 1 minute, 5 minute, and 5 day charts. I tend to trade about an hour pre market around 5 am and then 2 hours or so once the market opens. I have been using Bolinger bands as an entry indicator but am trying different approaches, this goes for my exit also.
Hey Justin,
you're about to use :
Wouldnt recommend those (or at least, not in those timeframes) but in any case, (while exploring new roads) - here's some energizing stuff :
you're about to use :
Wouldnt recommend those (or at least, not in those timeframes) but in any case, (while exploring new roads) - here's some energizing stuff :
If not Bolinger bands what would you recommend Nobert?
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SPY is the benchmark most full time Pros cant beat not a prediction+ SPY is the liquidity leader.................................................................................
Stuff happens i got in top trender PayCom + then it went sideways slop /chop trend for about 50 days after i sold it /went uptrending Well Again/
,I would suggest you sticking to this & master it :
Go for demo if still interested in active trading activities, practice till you triple your account (credits to @Handle123) & at least for a year, until you touch the real $'s.
Because, even if it's a real $400, you can't test that many different approaches/strategies, where you could with paper/fake $100 000.
Just try to treat that account as if it was real.
With real $400, you would lack valuable data (not enough of trades/progress too slow) & would be limited by PDT, thus being able only to manouver in things like futures (which i wouldn't recommend neither) or options.
Too much risk - too early.
Noneless, - never stop growing & expanding.
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