What do students need to learn about day trading?
- Thread starter malaspina
- Start date
<<<1.-What do you want to learn about day trading?>>>
It changes as years goes by, beginning you think entry, later is stop loss, then duration to change to defensive attitude (getting out with tick profit), take opposite position of retail, eventually you have developed one heck of knowledgeable Trading Plan.
<<<2.-What are the biggest hassles or challenges you have experience with day trading?>>>
Lying to myself in the beginning, thought I was getting good, "am so close", LOL Perhaps only for me, learn chart reading was not enough to learn scalping, there is timing, click, click, click. Discovering I was one messed up human being-happens from handful of continual losing years-more a challenge to slowly overcome, you evolve-adapt-change your thinking and often other parts of my personality, you really have to think outside the bun.
<<<3.-What do you think would be the most helpful as you are learning about day trading?>>>
When I started I had to call the floor, so I think now it should be easier-but it is not, people are too lazy to learn for few years, you have quicker data and you can back test and paper trade till you triple demo account three different times before you go live. No larger than $5,000, bigger account you will just lose more. Keep it small, makes you keep your focus tight. Read some of the books, then never take the entries they show, find out where retail is getting out and you take other side. Retail often has too tight of protective stops. Back test extremely well.
It changes as years goes by, beginning you think entry, later is stop loss, then duration to change to defensive attitude (getting out with tick profit), take opposite position of retail, eventually you have developed one heck of knowledgeable Trading Plan.
<<<2.-What are the biggest hassles or challenges you have experience with day trading?>>>
Lying to myself in the beginning, thought I was getting good, "am so close", LOL Perhaps only for me, learn chart reading was not enough to learn scalping, there is timing, click, click, click. Discovering I was one messed up human being-happens from handful of continual losing years-more a challenge to slowly overcome, you evolve-adapt-change your thinking and often other parts of my personality, you really have to think outside the bun.
<<<3.-What do you think would be the most helpful as you are learning about day trading?>>>
When I started I had to call the floor, so I think now it should be easier-but it is not, people are too lazy to learn for few years, you have quicker data and you can back test and paper trade till you triple demo account three different times before you go live. No larger than $5,000, bigger account you will just lose more. Keep it small, makes you keep your focus tight. Read some of the books, then never take the entries they show, find out where retail is getting out and you take other side. Retail often has too tight of protective stops. Back test extremely well.
1. Why would I learn daytrading, the costs are genormous!
2. Daytrading sounds like a fun, lucrative activity on the beach, but is really a boring, stressful, painful battle with poor broker interfaces. It doesn't have to be, but to get there you really have to have an unhealthy interest in spending countless hours for unknown rewards, and continue to do so indefinately.
3. Find edges and how to exploit them without going insane1!one
2. Daytrading sounds like a fun, lucrative activity on the beach, but is really a boring, stressful, painful battle with poor broker interfaces. It doesn't have to be, but to get there you really have to have an unhealthy interest in spending countless hours for unknown rewards, and continue to do so indefinately.
3. Find edges and how to exploit them without going insane1!one
Nope. Competitive advantage (edge) first, then discipline. You're reading too many books.
1. Are you sincerely ready to put forward 10,000 hours of hard work with no guarantee of success, and the probability of failure?
2. Are you prepared to acknowledge that the time and effort spent on trading will likely be of more value learning another skill or profession?
3. Do you have the psychological makeup, and the capitalization, to be able to sustain days or weeks of losses and still keep moving forward with enthusiasm?
4. Do you require daily social interaction with others in order to be fulfilled? If so, trading is not for you.
5. Do you have a spouse or partner who can provide financial and/or psychological support during your long learning and training phase?
6. Are you being really honest with yourself about your poor chances of success, and the lost opportunity of doing something more productive with your time and talents?
aha! timing is everything.Try to understand the collective picture of things -- that's the most basic, yet Complex answer I can give you regarding trading;
Patek Philippe Celestial 5102G
the solution is for you to find a broker with an interface you find acceptable. if you can't find one, improve your trading skills to the point where at least one trading platform becomes usable.
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Only thing I've found useful about day trading is that watching markets/prices move in real-time helps to anticipate the big swings on a larger time frame. To put it another way, being able to call a trade on that smaller time frame consistently helps to read charts better and call a trade on a larger time frame.