What Advice Would You Give to Beginner Day Traders?

MotiveWave

MotiveWave

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We are always looking to support members of the trading community, especially those just starting their journey in day trading. Whether you have years of experience or have recently found success in becoming a consistently profitable trader; what advice would you offer to beginner day traders?

Share your tips, strategies, lessons learned, and any resources that have been instrumental in your trading journey. Your insights could be invaluable to newcomers looking to navigate the complexities of day trading.

We look forward to reading your contributions and thank you for helping to foster a supportive and knowledgeable trading community.
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Start with demo trading on only one futures (eg NQ, gold, Hangseng ....).

Then expand to 2, 3, 4 .... futures and focus on IC intermarket correlations.

Practice IC day trading for a few decades
until the stone becomes a diamond.
If no time or patience, then do anything other than day trading.
 
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Laissez Faire said:
This is the advice I would give (in short - forget about day trading):

suggestions on funding your trading account for new traders
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Good Evening Laissez Faire,

I agree with you.

Futures is good trade if you are have like +$5 million in cash and all debt paid.

It is not good idea to work hard to be a good trader in futures or day trading. Not worth the effort in my opinion.

I think futures is for people that is already rich and just want to gamble and have fun versus going to Casino.

But to grow account from $1K to $1million, is very challenging.

OP focus on your career and DCA index funds. Gamble in futures if you have time, but PLEASE do not try to be a professional day trader. TOO much work. Best to gamble.
 
Day trading is extremely dangerous and you could blow your account up with one bad trade despite risk management. I trade daily and do ok but I have a regular job which means I dont need to force trades. Start off by trading very liquid stocks that trade at least 5 million shares per day.
Stay away from thinly traded stocks and never trade pre market or after hours. Also dont buy big gap ups at or near the open. Wait for things to cool down and look for set ups.
 
Learn to script your trades. Even if you do not intent to fully automate. There are many parts one can-should automate. Don't do all the heavy lifting day in and day out.

When you learn to script your trades, you will learn how crappy your so called "rules" are and how huge and plentiful the holes in your system are.
 
The_hero said:
Day trading is extremely dangerous and you could blow your account up with one bad trade despite risk management. I trade daily and do ok but I have a regular job which means I dont need to force trades. Start off by trading very liquid stocks that trade at least 5 million shares per day.
Stay away from thinly traded stocks and never trade pre market or after hours. Also dont buy big gap ups at or near the open. Wait for things to cool down and look for set ups.
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Your point is similar to this analogy:

If a kidney surgeon changes a patient's kidney, it is relatively safe.

If you change a patient's kidney, it is extremely dangerous.
 
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