New to day trading, change of career - best tools?

W

we5inelgr

Hi all,

I'm new to day trading. We'll, still mostly new. Been trying it out for the last 6 weeks or so and as far as my outcome, it's about flat. I currently use Fidelity Active Trader Pro (because mine and my wife's 401k/IRA are with them). Also have an account with TD Ameritrade for last kid's college funding, but don't use that platform as often.

I'm trying to make a go of this as a means of making a living on it. Looking for a change of career (for about 10 years anyway). I don't need to depend on this income though.

My goal with day trading is to make a minimum of somewhere in the neighborhood of $300/day or $1,500/week...on average.

I have right around $25k in an account for this purpose.

Looking to stay with trading stocks at this point for now.

I have a moderately high tolerance to risk, so I don't mind high volatility or "penny" stocks.

Looking for ways to identify entry points for stocks that are ready to go up at least 5-10%, then setting a trailing stop % or just selling after such a profit. All, hopefully, within 1 or 2 sessions.

What are the best tools for newbies to use for this type of scenario?

I just ran across TradeSmith, specifically ideas smith. Anyone using that, recommend it?

Some time ago, I discovered finviz.com. Anyone use that at opening to see upward trends to get into for the day?

Thanks in advance!
 
Last edited:
we5inelgr said:
...
My goal with day trading is to make a minimum of somewhere in the neighborhood of $300/day or $1,500/week...on average.

I have right around $25k in an account for this purpose.

Looking to stay with trading stocks at this point for now...
More...

Doable, for sure, but you picked a hell of a time to quit taking amphetamines.

(I.E. The entire economy is in turmoil because of Frumpy. No patterns make sense anymore, so TA will not help you. FA, the usual backbone of any market, is also compromised and will not help you, because of said Frumpy.)
 
I would spend some time sim trading in ThinkOrSwim first before trading. Also try futures, if you like stocks try /ES, /NQ maybe even /NKD
 
Overnight said:
Doable, for sure, but you picked a hell of a time to quit taking amphetamines.
More...

lol, yeah...well, my last employer of 17+ years in the I.T. field decided to outsource (really insource) my job to an H1B visa. Even though I wasn't making 6 figures, they figured it was still more palatable to shareholders (ironic, my new career move I know) that they bring in a less experienced H1B person at a slightly lower rate.

Maybe this is - if ya can't beat em, join em - type situation? haha.

Anyway, thanks to you and Times for the replies. I appreciate them.
 
So you want to triple your money each year. This would make you a $billionaire and possibly the most successful and wealthiest trader on the planet within 10 years.
Such returns are occasionally possible and some traders do multiply their money, but you should just be aware of what you’re trying to accomplish. Smaller stocks indeed may work best up to the first $million. Just be ready to refill your account couple times.
I use FinViz but your expectation of following upward trends seems invalid. I’d say you’ll see things more clearly after the first year.
 
Hi we5inelgr,

I agree with destriero, $25,000 is too close the PDT rule. I'd suggest more like $35,000 but don't play bigger, just because there is more money in the account. I also suggest you consider a trading platform built for a day trader like Lightspeed Trader. Check out our website-hot keys, hot buttons, equity scanners, trading from 4 am to 8 pm, per trade or per share commissions and choice of routing. If you want a demo, email me over the weekend and I'll send you one to try with our current promotion.

https://www.lightspeed.com/trading-platforms/lightspeed-trader/platform-features/

Bob
 
we5inelgr said:
Hi all,

I'm new to day trading. We'll, still mostly new. Been trying it out for the last 6 weeks or so and as far as my outcome, it's about flat. I currently use Fidelity Active Trader Pro (because mine and my wife's 401k/IRA are with them). Also have an account with TD Ameritrade for last kid's college funding, but don't use that platform as often.

I'm trying to make a go of this as a means of making a living on it. Looking for a change of career (for about 10 years anyway). I don't need to depend on this income though.

My goal with day trading is to make a minimum of somewhere in the neighborhood of $300/day or $1,500/week...on average.

I have right around $25k in an account for this purpose.

Looking to stay with trading stocks at this point for now.

I have a moderately high tolerance to risk, so I don't mind high volatility or "penny" stocks.

Looking for ways to identify entry points for stocks that are ready to go up at least 5-10%, then setting a trailing stop % or just selling after such a profit. All, hopefully, within 1 or 2 sessions.

What are the best tools for newbies to use for this type of scenario?

I just ran across TradeSmith, specifically ideas smith. Anyone using that, recommend it?

Some time ago, I discovered finviz.com. Anyone use that at opening to see upward trends to get into for the day?

Thanks in advance!
More...

It doesn't appear you have done full research into the viability of succeeding in day trading.

After six weeks of attempting to day trade, you have not shown you can make profits, let alone be consistently profitable.

You casually mention a goal of making $300/day, which ignores the fact that achieving just consistent profits is something that eludes the wide majority of those that attempt this.

As others have said, $25K is the bare minimum level to not fall under PDT rules, any day your balance falls under that amount, your brokerage could immediately lock your account against further trading.

we5inelgr said:
I have a moderately high tolerance to risk, so I don't mind high volatility or "penny" stocks.

Looking for ways to identify entry points for stocks that are ready to go up at least 5-10%, then setting a trailing stop % or just selling after such a profit. All, hopefully, within 1 or 2 sessions.

What are the best tools for newbies to use for this type of scenario
More...

Are you aware that the odds of being successful in day trading has been rated at just 20% in the best cases to as low as 5% in other studies? The majority wind up blowing up their accounts and losing most of their money.

What you seek, easy 5% - 10% gains on demand with quick entries/exits would be considered the holy grail of knowledge everyone would love to have but select few do.

There are no book or courses that will give you anything close to that type of golden info. You will have to figure out a working methodology on your own, which for many successful traders, has taken them many years of effort to do so.

If you don't have a solid trading plan in place that works to eliminate bias and emotional trading, you will be far more likely to to lose $300+/day rather than earn that amount.

Your best bet is to start on a sim, keep a journal of your trades, and see if you can develop a system to make consistent profits via manual trading. Only move to real time testing if you succeed in sim.

Successful day trading is not a leisurely venture. It is one of the hardest things to do so you may wish to look at other less difficult career options.
 
You can avoid the pattern day trading rules by trading futures. I suggest the new micro futures as you learn, since they are not as big as the minis.

As for education, I would suggest Theotrade. I am very impressed with their education and hands on approach to education. Best wishes!
 
You must log in or register to reply here.
Back
Top