What to trade; individual stocks, forex, futures?

[Starspa]

"OP" stands for "original poster" or "original post", in forums. So, yes: now you're that, too, since you just started a thread.





Why daytrading in particular?

I'm not trying to challenge your perspective or to criticise it. I'm an intraday trader, myself, and it was my starting-point, too. But I'm interested in the (very!) different reasons people have for wanting to be daytraders, specifically. (And to be honest, I do think that very often they're based on some assumptions which aren't always quite valid!).





Wow ... curious approach. Not something it would ever have occurred to me to do. I suspect that these days, "retail"/"independent" traders are extremely unlikely to need more than a standard, off-the-shelf computer.





Ah, you've had a look around the forum, then? That's probably fair comment, I'm sorry to say. (I hope I won't be one of them!).





I'd guess that's true.

I'm not sure what it signifies (that's to say: I guess it signifies quite a few things about the preponderances among ET members, none of which is probably particularly relevant or interesting to your situation anyway?).





Is that so? Yes, I suppose that makes sense. Not sure whether that was my reason for having done the same. Maybe so, perhaps subconsciously?

I think from my attempt to read between the lines of your post that you're predominantly interested in stocks? In which case I can't really help you anyway, because I know nothing about them (which also effectively excludes me from being able to describe their relative advantages and disadvantages when compared with the other trading instruments I do know about). So I must be posting mostly just to say "Welcome to EliteTrader"!

So I'm a newbie exposed; all of my responses to your comments are buried in your comments. I figured out how to segment the response now so I've improved.

 

[Xela]

all of my responses to your comments are buried in your comments.

I see! I hadn't noticed them before, sorry ... have caught up, now, and wishing you good luck.

I figured out how to segment the response now so I've improved.

Please excuse my mentioning that judging by your new avatar, the experience has also apparently aged you somewhat ...

 

[Starspa]

Yes it has, this is a tough crowd! Please don't wish me good luck, we know that isn't going to cut it! I do wish the best for you also!

 

[Overnight]

Hmm...

The word betting is very appropriate; I don't gamble and I don't play video games, but I think equity trading the first hour of every morning provides excitement and entertainment; not much different than the best video games and gambling casinos do.

So in the first sentence you do not gamble and do not play video games, but in next sentence admit that trading the first hour of every morning provides the excitement and entertainment of video games and casinos. How would you know this unless you actually played video games, and casinos and gambled? The only way to truly know what the differences really mean is to actually do all of it for real.

Play real-time MMORP video games and learn what virtual currencies truly are. Play in a real casino and learn what gambling really is. You will eventually find a mid-point where all of that comparative nonsense just does not work and you find yourself back to the basics about risk control. The typical opening-bell volatility is not a fun place to be.

While you may find it fun and exciting, I find it excruciating. I am not looking for short-term entertainment and excitement. That is what video-games and casinos are for. I am looking for longer-term movements, which you cannot get in either gambling or video games.

 

[Starspa]

I fully understand and appreciate your response. For me to say that I don't gamble or play video games does not imply that I have not done both, which I have, but that doesn't negate the most important message that you have conveyed; this is not meant to be a fun and exciting game, it is serious business. I am quite sure the fun and excitement phase will quickly vanish the first moment I loose 5G because the excitement and euphoria caused me to make a poor decision.

 

[tomorton]

I fully understand and appreciate your response. For me to say that I don't gamble or play video games does not imply that I have not done both, which I have, but that doesn't negate the most important message that you have conveyed; this is not meant to be a fun and exciting game, it is serious business. I am quite sure the fun and excitement phase will quickly vanish the first moment I loose 5G because the excitement and euphoria caused me to make a poor decision.

It can be fun and exciting, but only in so far as chess can be fun and exciting.

 

[qxr1011]

So I'm a newbie, a wannabe

as a wannabe trader your main concern should be how to trade, not what to trade.

by the time (and it should take years) you develop you method you will have an answer on what to trade

but whatever you play with now (while developing the method) do it on paper only

 

[Starspa]

as a wannabe trader your main concern should be how to trade, not what to trade

Due to the fact that I didn't know if trading equities vs. futures or options trade exactly the same, when it comes to set ups, I thought and still do, that it is much wiser to determine what is the best instrument to trade before one starts.
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(and it should take years)

One thing I have noticed is that most seasoned traders believe that it will take all new traders years to master the art. You don't have a clue of who I am, my intelligence, my abilities and all that I have accomplished in life, so how in the world can you stereotype me?

but whatever you play with now (while developing the method) do it on paper only

I have been studying, researching and paper trading (full time) for six months and it won't be until I gain an average of $1000 a day that I will go live, which I'm very close.

 

[jinxu]

You're 60 years old. Why do you want to trade?

 

[jinxu]

One thing I have noticed is that most seasoned traders believe that it will take all new traders years to master the art. You don't have a clue of who I am, my intelligence, my abilities and all that I have accomplished in life, so how in the world can you stereotype me?

We are giving you an honest opinion based on our collective experiences. At the end of the day, it's up to you to do what you wish with it. You could learn in less then a month or it could take you years. There are outliers in the daytrader community but being one just from definition is very rare.