Will start daytrading in one week

J

jturner

I made the mistake of sending a check to IB and now they're holding it for a week or so. I will start daytrading with 30K in my IB account. During the past four weeks I have been watching the market and testing many tools. I am sticking to daytrading. This is by far the safest way to make money and also limit losses on losing trades. I have been doing swing trades for the past five yrs and did extremely well during the bull market - like everybody else - Now a gap can wipe out your account overnight (i.e the 10 pt gap of BGEN both up and down). I realized I won't make as much (or lose as much) with day trade as with swing trade but knowing my account will be 100% cash at the end of the day makes me restful. I have done a lot of research lately and I think the following are the best tools for daytraders:

broker: IB
source of news: briefing.com
message board: elitetrader.com
daily picks: longbull.com
 
I realized I won't make as much (or lose as much) with day trade as with swing trade but knowing my account will be 100% cash at the end of the day makes me restful. I have done a lot of research lately and I think the following are the best tools for daytraders:
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Actually, with increased leverage available for day trading, you can actually make *more* day trading than swing trading if you find the right strategies. Up to a particular amount of course until you reach liquidity considerations, but by the time you encounter that problem you have arrived.

Good luck with your day trading.
 
It's ok. The more time I have the more I can learn. Recently inherited a lump sum and will take 30K to trade. I used to be a buy and hold and forget investor. Now I know this strategy is for either lazy people or losers.
 
Originally posted by swing
You can still be a buy and hold and forget ... Just be short instead of long.
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Sure! The market will keep going down forever. Just hold onto your shorts. My calculations forecast YHOO at -400 and CSCO at -350 within 12 to 18 months! But wait, there's more...
 
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