Hello! Can some one give me some advice about day trading?
- Thread starter Mononoke
- Start date
I've noticed that. Thanks for the advice. right now they charge 1% of the selling price as tariff+ commission for sri lankan citizens when day trading. it is 3.5% or something like that for foreigners. Do you think 1% is too much. The good thing is they give you trading software plus a live feed that comes directly from the exchange mainframe. so there is no lag. I'm thinking of trying to make .5-1% on average. I don't think is too bad since the market is very bull and break out often sustain 15% growth with stable velocity. Once I get decent capital base I'll move on to longer term trading. I want to ride the bull market for two years or so and then consolidate. Am i expecting too much
Quote from Mononoke:
well i just got into the country. The overwhelming consensus is that the market is going to go up for another year or so, probably not wit the same velocity but it looks good. The war is over, tourism has gone up exponentially and the present government is extremely stable and popular if not a little ruthless and a bit evil. Also, the seems to a lot of foreign companies coming in for investing. economic growth has been going up it's currently 7-8%, it's could be higher but given the world economy i doubt it. Growth so far has been largely driven by infrastructure development. But now, agriculture, transportation, telecommunication & tourism is picking up.
Of course all of this could bubble out if the private sector doesn't respond quickly enough. that is concern for me because the private sector has been very conservative and mistrusting of the government. Hmm... I'll have to wait and see, anyways if all fails i'll just go to grad school
markets always price the future in. if everyone is expecting the market to go up for a year it would already be priced in.
either way, whether the market is going to go up or crash (much more likely) it should have no bearing on your decision or ability to trade. traders make money in all market conditions. up or down is irrelevant; volume and volatility is what you want.
Being cruel to be kind here so don't take it personally.
If you think you can make money day trading paying 1% in comms then you have NO clue about trading, and I mean NO clue.
Like I said before, naive people think it's all about buying/selling at the right price and never contemplate the cost of doing business.
To sum up - you have more chance climbing to the top of Everest in 1 hour that you do in making money by day trading at 1% - regardless of how much the markets move intraday.