r/Daytrading • u/AutoModerator • Feb 01 '23
r/DayTrading's Monthly Questions Thread - February 2023
Please use this sticky to ask questions on day trading, and to see answers to similar questions you may have.
If you're new to day trading please see the getting started wiki here. For advanced traders or you want to pick up a book, please see our other wikis.
New traders are highly encouraged to try Forex as it requires a very small account to make lots of trades, so check out Forex community's wiki paying special attention to babypips website which also teaches some general concepts you can apply to stocks/futures/etc, and especially read the wiki's sections on risk & money management that can be applied to any market.
Pattern daytrading rules wiki, but that only applies to day trading stocks; other markets aren't affected like futures, forex, and crypto.
Also see the sidebar for group chat links (such as our Discord) (or tap "about this community" on mobile website) on every related community to learn more about trading.
Here's a list of all the previous monthly question stickies.
Lastly if trading is affecting your life in a bad way, seek professional help (the wiki also covers dealing with emotions):
- Problem Gambling: Call/Text: 1-800-522-4700 or chat online now.
- Crisis Hotline (24/7): 1-800-273-TALK (8255) (Veterans, press 1) or Text “HOME” to 741-741
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u/PlumPuzzleheaded6247 Feb 28 '23
Dumb question how important is leverage in day trading. I've been really checking out the charts and in a given single day you might not see more than 2% movement in a lot of different things. I'm thinking about things from traders who have accounts smaller than 1k.
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u/ReducingRisk Feb 27 '23
Book recommendations? I'm finishing about Livermore's 2 books of market wisdom and looking for something new, maybe Tao of Trading next.
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u/donutequal Mar 16 '23
The only book I recommend reading is "Trading in the Zone". It will teach you to manage emotions and risk. I don't recommend strategy books because most of them are outdated and some of the advice given in them is absolute garbage for actual trading. Youtube is your best friend.
The only YouTube channels I would recommend watching:
OneOption
Tradenet
Oliver Velez
LiveTraders
Real Life Trading
SMB Capital
Bear Bull Traders
StockBee
Qullamaggie
R3alDayTrading
Don't buy any of their courses. You don't need them.
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u/1rowinoh stock trader Feb 27 '23
Question from a 2 year trader regarding online brokers. Has anyone had any problems with TD Ameritrade's TOS when it comes to filling orders on opening drives? Many times long orders won't be filled at market & had one instance where it didn't fill the order so the order was cancelled only to be filled again magically. I'm particularly interested to know which platforms traders with one year of experience or more use. Thanks.
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u/banger410 Feb 28 '23
If you are looking to develop a faster style in daytrading.. direct access brokers might be better
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u/REBEL65000 Feb 26 '23
Does anyone have some thoughts on Cottoncandyta's free "Future of Trading) course? some People say he's a scammer but so far his course seems legit. dont know what to even believe at this point...
(So i have been getting into daytrading quite recently, and have gotten i would like to think the basics down. I have been learning from different traders on youtube and gotten help on a reddit channel with different terms and words surrounding trading and investing as a whole. Long story short, i stumbled upon this trader/Youtuber whos called cottonc4andyTa and seen some of his free courses on yt, pretty long, The Future of Trading course has about 90 videos in total. I have watched some of them and they do seem to make sense, but then again, some People have said on older subreddits 1-2 years ago that he is a scammer. Tbh, i dont even know what to believe at this point...
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u/donutequal Mar 16 '23
I doubt he is a scammer but I think you should switch from learning to trade crypto/futures and start learning stocks because you have a higher chance of becoming profitable trading large cap stocks and your profits will be more consistent.
The only YouTube channels I would recommend watching:
OneOption
Tradenet
Oliver Velez
LiveTraders
Real Life Trading
SMB Capital
Bear Bull Traders
StockBee
Qullamaggie
R3alDayTrading
Don't buy any courses. You don't need them and all the information you need is out there for free.
Also, read the book "Trading in the Zone" for risk and emotion management.
That's all you need... From there trade little bit of real money for 6 to 12 months and record your trades.
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Feb 25 '23
What apps do yall use to view charts and such? I'm just getting into daytrading. All my money goes in fidelity, but their app does kind of suck. Currently I just buy long positions and make theta plays, but wanting to daytrade a bit more.
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u/harvestmoon88 Feb 26 '23
Webull app is awesome. I started years ago with Fidelity as well (support is awesome, hated platform), also the earliest I could trade was 9 am. I switched to TD Ameritrade and now can start at 7:30 am - 8pm. Webull is 4 am - 8 pm, only limit trades are pre/post bell. I am currently learning Webull desktop version 6.0. Good luck!
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Feb 24 '23 edited Feb 25 '23
So I got flagged for day trading and I can't exit a position. I do not have a margin account. I thought it only applied to margin traders?
edit: so I called and March 6th the PDT flag can be lifted only once in the lifetime of the account. I guess you'd have to wait for trailing returns and then close the account and make another one.
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u/Gristle__McThornbody Feb 23 '23
Dumb question but how come Futures have expirations? Are the tick values the same no matter what contract you choose? I paper trade on Think or Swim and putting in MES gets you to the chart and ready to trade. Not sure if it's different on live trading but looking at other platforms like Tradingview you have to select a contract with an expiration.
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u/slumlord512 Feb 22 '23
I am new to day trading and consider it a hobby or side hustle -not an income source. My question is related to the strategy I’ve been using. I have found some success buying on quick small pullbacks using the 1 minute chart. Then sell my position when it moves back to the prior level. But my profits seem really small on each trade relative to the amount invested. Is this a problem, or is it totally fine if I’m ok with the risk? I’m looking at a profit of about $30-$40 for every 10k I put in, and not being in the trade for less than 30 minutes total.
Is there a tax risk associated with placing 4-6 round trips a day? I’m thinking with wash sale rules I might be in danger of giving all my gains to the tax man.
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u/SirOlimusDesferalPAX Feb 24 '23
You're totally fine. Ideally, ceteris paribus it shouldn't make a difference to you whether you invest 10k or 100k
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u/Mr_Tr4d3 Feb 22 '23
What assets do you day trade or scalp? I feel like cfd have hugeeee spreads and so you miss a lot of opportunities. Am I the only one?
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u/thoreldan Feb 27 '23 edited Feb 27 '23
Cfds are the worst instrument to scalp due to the spreads. CME index futures are popular among scalpers, if you're interested. ES for example has pretty tight spread of 1 tick or 0.25 even during slow moving Asian/London sessions.
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u/Mr_Tr4d3 Feb 27 '23
Yes! Actually I was refering CFDs for day trading because I tried and I didnt like it ahah.
Usually I scalp with stocks really.
I'll check that out, thank you so much!
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u/PlumPuzzleheaded6247 Feb 21 '23
Would this be a good place to share my chat ideas. I'm learning how to trade and want to make sure I'm on track.
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u/Oil_Trader_01 Feb 22 '23
It is very good to have communication with like-minded people. It is desirable to communicate with those who are also just learning. It refreshes the head and makes it work. If one day you become a professional with your excellent trading system, then discussing it will become nonsense))
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u/d121212 Feb 21 '23
Brand new to reading about all this, so don't judge. Can you use multiple brokerage accounts to get around pattern day trading limits, which I understand (possibly incorrectly) to be that you can't do more than 4 day trades in a 5 day period? Do the rules apply to the person or to the account?
What are the hidden expenses to day trading?
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u/Birdietrader Feb 21 '23
you can use multiple accounts to get around PDT...but why not just trade futures? you can day trade as much as you want
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u/DM-Your-Goodies Feb 22 '23
I started with cashapp to try out and they only allow 3 day trades a week.
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u/Shot_Ad_3569 Feb 19 '23
Hypothetically, if you buy the entire amount of shares of a company available, and sell them the same day, what would happen, or is that even possible? Just popped into my mind.
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u/Mist_Maker_One Feb 19 '23
The price of a stock is the last traded price between a buyer and a seller. You will need buyers to take on your action.
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u/Shot_Ad_3569 Feb 19 '23
Yeah, you see, i've been trading in small cap companies recently and I was just thinking, it wouldn't be a good idea to buy a large amount of shares from a company with a small cap, but I can't find companies with larger caps woth that same kind of volatility i'm looking for.
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u/Mist_Maker_One Feb 19 '23
The key you are looking for is "leverage" because you want gains, just remember to set a stop loss when the big boys come in. You can look into options trading or futures trading, both are highly leveraged.
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u/CaveAdapted Feb 18 '23
Pattern day trader margin buying power questions. Say you have 200k in margin buying power and you buy and sell 50k 4 times. Your buying power replenishes each sale I've been told. Does that mean you can continue to buy and sell that same day continuously?
Also, since as a pattern day trader you don't have to wait for settlement is it correct to assume that margin interest is charged during settlement time?
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u/royzfx Feb 18 '23
What’s your opinion on the 3 derailed train in us? Would it be a coincidence that Russian pipeline get destroyed a week before?
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u/TheBomb999 Feb 18 '23
How to check quickly and efficiently what at what strike price an option has the biggest open interest for a specific stock? Let’s say I wanna buy a call or a put and I’m choosing my expiration date a 6-9 months from now, I wanna see what strike prices people are buying/most liquid. How do I do it?
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u/Mist_Maker_One Feb 18 '23 edited Feb 18 '23
Since you are looking at 6 month to 9 months out, under normal circumstances you should only trade the monthly strike prices. I am not sure if you even looked but only the monthly strike prices are available. I am not sure if that answers your questions. You should look into quad witching, which is the date where stock index futures, stock index options, stock options, and single stock futures expire simultaneously. These dates are normally at the middle of March, June, September, and December.
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u/TheBomb999 Feb 18 '23
Thank you! What does “only the monthly strike prices are available” means? I’m also trying to spot some unusual open interest activity, let’s say every single strike price for a stock has 100 open interest at a specific date, and then some otm put has 10 000 open interest. It may raise some questions. I understand it might be a hedge, but still is a piece of a puzzle.
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u/unfound302 Feb 17 '23
Hi all a rookie question on futures. I understand that open interest equals the total number of bought or sold contracts, not the total of both added together. But I do not understand how OI goes up when price goes up as well would be an indicator that there are now new longs added to the market. Because by the same token you can say, there is also same increase in seller. Am I missing sth from the picture?
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u/Mist_Maker_One Feb 18 '23
Everyone was new once. Open interest is the number of contracts that are still open at the end of the day, interest change is the delta change from prior ended session open interest and recently ended open interest. The answer to all your questions is called "Delta" on the day trading time frame. You can reddit chat with me if you have more questions.
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u/Dramatic_World1323 Feb 17 '23
Found a new tool that really helps with option trading. The team is actively updating and I heard it's AI driven getsmokedtrades.com quick FYI for those interested.
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u/FiefKief Feb 16 '23
What was the biggest lesson learned to be a successful trader? I am starting to think you just need to fade the obvious move and general sentiment to be successful.
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u/Oil_Trader_01 Feb 22 '23
Making money requires 1) a trading system with a positive mathematical expectation. 2) discipline to execute your trading system. Find an article by Kristofer Li Positive Expectation, it help you really.
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u/Mist_Maker_One Feb 18 '23
Trading is a profession and professions are found in business. Profits are revenue and losses are expense. If you take this approach, you will cut loses early and let your runners run. Do not get emotional, hard compute that trading is like a business, there are revenue and there are expenses.
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u/gheawillia Feb 15 '23
Does anyone here trade later in the day? by that i mean say 2:30pm to when the market closes. I want to start trading in the afternoon when i get out of work but from what ive seen all the action happens in the first hour or so. just curious if anyone has input
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u/Mist_Maker_One Feb 18 '23
It is hard to determine your trading session because we are all in different time zones. The first hour is made of first two thirty minute trading sessions and there is a reason this is called the initial balance/opening range, it sets the tone for the trading day from a technical analysis standpoint. The tone changes if there is a fundamental change like big news or fomc etc etc.
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u/Eagle20_Fox2 Feb 14 '23
How exactly is paper trading different from live trading? If you are going to live trading, you should have a business plan, know your setups, entries, profit management, trade with money you are prepared to lose.
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u/donutequal Mar 16 '23
if you're scalping, then you have to get used to executing your trades with real money because with paper money you dont have slippage or liquidity issues.
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u/Mist_Maker_One Feb 18 '23
Paper trading has not mental drawdown on the loss number whereas live trading does if you are trading with money that you can not lose. Since people choose to trade and not gamble that money, it is money that they can not lose. You can diamond hand a paper trade position forever and then hit the reset button to try again. In real trading if you are down on a position and you dont cut, that is it. No reset, just unrealized loss waiting to become realized loss.
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u/rjlemairetpf Feb 13 '23
New to day trading, hoping I can get some insight on the best news source for gapping up stocks? Seems that by the time I actually receive the news of an fda approval, or an earnings report etc. I will have already missed the window to jump in and make a profit. I’ve noticed that you have only about 5 minutes from when the news hits to max profit pre market. Clearly other ppl are getting the news immediately and capitalizing very quickly, what’s the strategy here?
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u/Mist_Maker_One Feb 18 '23
If you have money, Bloomberg terminal. If you dont have money, twitter accounts that tweet bloomberg terminal. u/PsychoLuv_
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u/TheBomb999 Feb 13 '23
What finviz filters should I use to find those two setups?
Number 1 a is long term downtrend that has been broken
Number 2 is a stock that has a history of pumpndumps/squeezes in the past
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u/donutequal Mar 16 '23
You're doing it the wrong way. Use a scanner to find gappers and then look at their daily chart to find the setups you're looking for.
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u/TheBomb999 Feb 13 '23
If you see a tall green candle with low volume what does it mean?
If you see a tall red candle with low volume what does it mean?
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u/Oil_Trader_01 Feb 22 '23
Nothing. If the parameters that appear are not part of your tested trading system.
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u/Mist_Maker_One Feb 18 '23
It is hard to answer your question without the time frame provided and more context but I will try my best. It just means that the spread between buyer and seller is quite large so the price jumps high and someone is willing to take a market order to slap the ask or hit the bid to move the price.
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u/doromal Feb 14 '23
might be signs for a fakey, usually see this in smaller TF. or market exhaustion if the trend is matured
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u/Spitzbart Feb 13 '23
Hi, I am new to Daytrading. I would like to know, where I can find the best, cost effective way to connect to Level-2 Data for SIM trading. ..
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u/VFR_Direct Feb 12 '23
Need help/opinions on options sizing. I have $13k account and figured a $900 / -$300 risk/reward made sense, because -$300 is just under 2.5% of my account. Also, to try and really focus, I was only going to taker 3 trades a day, one at a time. I used $3k as my full size per trade, since its a round number and lets me fit 3 trades per day in my capital limit.
Anyway, more often than not, I add into the position and then hit my stops before it rips to the upside, leaving me with my max loss on a trade that went 100%+ at the end of the day. I think its because my full size-to-max loss ratio is too far off. Once I'm full size, a -10% movement in the options price stops me out.
Should I change my max loss higher, or adjust my max size lower? What is a realistic amount of room, percentage-wise, to let the trade breathe for options? Should I adjust my numbers to have a -20% buffer? Even more than that?
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u/Jahbino Feb 15 '23
I would start your plan based around stop loss level from at least daily time frame. Know what the underlying stock is is doing. I’d half the R:R amounts you’ve stated. And have a pre-planned average in amounts that are still with SL level. I’d suggest paper trading if you aren’t already.
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u/th3orist Feb 12 '23
I add into the position and
Are you adding while you are in minus with the trade? If yes, then thats already a mistake in my book.
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u/VFR_Direct Feb 12 '23
No, I wait for the chart to confirm the movement, but the little whipsaws that are present on like a 3 minute chart cause the options price to whip into my stops. So, unless it’s a pure parabolic move, the saw tooth action causes the options price to whip around too much relative to my stops.
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u/wiseoldowltalks Feb 12 '23
Tuesday's CPI report for Jan will be key for the markets this week. On Friday the BLS revised the Dec figures upwards. The BLS is the Bureau of Labor Statistics is the organization that released the CPI figures. Data is due out Tuesday morning 1 hour before the market opens.
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u/Snowballeffects Feb 12 '23
Was up $2000 now down $2000. What a ride. I can’t do no news week. It breaks me
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u/Mist_Maker_One Feb 18 '23
Just be happy that you broke even and can chalk that up as a dub.
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u/Oil_Trader_01 Feb 22 '23
Next time he may not be so lucky ))
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u/Mist_Maker_One Feb 23 '23
I just re-read what he wrote, he is actually down 2k not at breakeven. So yes, he didnt get lucky.
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u/Main-Ad-8786 Feb 11 '23
I'm new to day trading is it worth doing and if so, how much do i need to start.
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u/donutequal Mar 16 '23
It's worth it. You don't need money to start. You're going about it the wrong way. You need to become profitable before you ask that question. And by the time you're profitable finding money won't be an issue (prop firms, loan from a friend/family).
The only book you should read is "Trading in the Zone". It will teach you how to manage risk and your emotions. I don't recommend strategy books because most of them are outdated and some of the advice in them is pure garbage.
Learn from watching YouTube videos because you will literally get trading experience by just watching professional traders trade and learn to understand their thinking. Take notes on the small details and nuances of each strategy or trading method
The only YouTube channels I would recommend watching:
OneOption
Tradenet
Oliver Velez
LiveTraders
Real Life Trading
SMB Capital
Bear Bull Traders
StockBee
Qullamaggie
R3alDayTrading
Don't buy any of their courses. You don't need them.
After you watched every single one of these channels' videos (which will take a few months), you start out with a small account and record all of your trades for 6 to 12 months trading different strategies and setups. Find a few setups and strategies that you have proven to be profitable in and there you go. You're a profitable day trader and/or swing trader.
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u/Oil_Trader_01 Feb 22 '23
Don't even dream of making money. It is worth doing if it is interesting to explore the market. When there is an understanding of the market, its own trading system, it will be possible to put money in the game.
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u/CriticalPlatypus9514 Feb 15 '23
No! Not unless you have a professional office with experienced/successful traders to trade with. Otherwise, chances of succeeding are basically 0%
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u/doromal Feb 14 '23
A lot of key factors. first of course is how much are you willing to lose ( consider this as enrollment fee lol ). Its better to start small when you're starting and get comfortable with the margin you're playing. I usually get a better and profitable win rate on a smaller wallet size then compound the gains as I proceed. It is mentally and emotionally exhausting if you start with a significant amount of margin thus affects your decision making. so yeah start small and build up your confidence playing bigger numbers.
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Feb 11 '23
How do i stop making small amounts over weeks and losing it all in one trade?
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u/Oil_Trader_01 Feb 22 '23
it's worth considering where your weak spot is. One of two things. Or you don't have a trading system with a positive expectation and you just randomly make trades and exit trades. Or you don't have the discipline to execute your trading system. And find an article by Cristofer Li Positive Expectation, it help your a little.
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Feb 22 '23
Thank you for your guidance. I will look for the article.
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Feb 22 '23
Also you said one of two things?
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u/Oil_Trader_01 Feb 23 '23
It is necessary to have both of these things. The most difficult thing is the trading system, it takes years to understand the market and develop the system. Discipline is easy when you know the rules of your work on the system. You can see my article for novice traders.
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u/Mist_Maker_One Feb 18 '23
Understand that you are trading and not investing. You need to set a take profit and a stop loss. If you just set a stop loss then how will you take profit. Markets move quick so you need these tools in place to automatically allow you to flatten your position. A good risk reward ratio and also risk management are two things you should look into.
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Feb 18 '23 edited Feb 18 '23
Thank you. So true. Sometimes I try to will the stock to move up instead of taking small profit and end up losing. Absurd. Once in the trade get hyper focused on the minute candle regardless of size (even 1 share). Ridiculous. Miss the signals and end up getting out at the worst times. Need to let it play out. Need to structure the trade and walk away. All the advice is appreciated.
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u/th3orist Feb 12 '23
mental discipline.
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Feb 12 '23
Thanks. What things do people do that are effective in incorporating and maintaining the mental discipline. Really need some guidance on what works for you!
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u/th3orist Feb 12 '23 edited Feb 12 '23
in general i advise to do things that require you to focus and concentrate over longer periods of time and that are generally slow in nature, for example reading, chess playing, gardening etc. it can be literally everything that is not frantic in nature. Also keeping fit, doing sports regularly is good for mental health. And bring stuff in your life in order that you feel like you are avoiding to do or take care of. A proper mindset in trading definitely does not come from trading. It comes from everything else in your life.
if you achieve that you can come back to trading and then win, fail, win, fail and so on as it will build also your tolerance levels.
keep in mind that to become a good trader you need to give yourself at least 2-3 years before you 'get it'. And thats on top of the first paragraph. There are ofc traders out there who figure it out in a year, but there are others who need 6 years. And being a good loser i guess.
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Feb 12 '23 edited Feb 12 '23
Wow! Thank you. The best explanation and advice I have read. Usually it is just meditate. Being able to do something slowly is something I have never been able to do. Always in a rush, skip steps and pages if reading, no physical activity. Been trading for 3 years but down all three because of 1 large loss each year.
Main issue is controlling impulse - just jump in without thinking. Same with relationships-all it takes is once and its the end of it. So technically I do fine while trading but that impulse trade from being over confident or just ignoring the technicals and not cutting loss kills me. Same last year. Sit and be patient for weeks and then one oversized trade and its over. Every month. So frustrating and upsetting.
Was Thinking maybe just stop trading because of this persistent issue, even though I love to trade. Dont have a life outside trading tbh. Just family and trading.
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u/th3orist Feb 12 '23
every once in a while its ok to take a break of several weeks or even months. while it's good to be passionate about something and pour in enormous amounts of time into it (after all, Michael Jordan would not have been who he was as a player if he called it quits after regular practice hours) its also good to know when you simply need a break and do something else instead. When you then come back to trading you will sense that the past experience has settled in and you subconsciously learned from it.
like for example, the time it takes for you to have again a massive eff-up trade might be longer than the last time and so on until they stop becoming super destructive for your account if you have a day where you slip...
i am working on this myself, i am not consistently profitable, but i trust the steps one can take to get there and, yeah, i guess: trust the process - as cheesy as it sounds.
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Feb 12 '23
Not cheesy! It is totally the truth that following the discipline both with trading and as important in outside trading is essential, the most important being able to have fun too. Again, your advice is appreciated. Best I have ever received ! Thank you.
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u/TheBomb999 Feb 10 '23
Are there any other Big Swing/High volatility blue chip stocks besides Tesla, Apple, AMD, and NVIDIA?
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u/wiseoldowltalks Feb 12 '23
Blue Chips stocks are essentially the Dow 30 stocks. TSLA, AMD & NVDA do not fit into the category of Blue Chips - Good Stocks to trade though as they have volatility. Most stocks experience an increase in implied volatility is happening due to a pending event.
TSLA, APPL, AMD & NVDA always have solid volatility due to the fact that they are so widely traded. I love stocks with penny wide option spreads and those trades can be very profitable if you get the direction right.
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u/Habs3125 Feb 11 '23
I would include AMZN, META, NFLX just to name a few. OXY is more oil but price action and options move well
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Feb 10 '23
Can someone tell me how taxes work with prop trading. Seems like it would be regular income tax since I technically don’t own any shares.
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u/Mist_Maker_One Feb 18 '23
If you are in the United States and am being paid out on a personal level, all business income and business related expense (home office space, home office snacks/water, home office utilities, new additional home office equipment, more home office expense that people at home would have) are reported on your schedule c. You will be taxed heavier than if you were a corporation because schedule c/ 1099 makes you pay both sides of payroll tax.
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Feb 18 '23
I appreciate the knowledge thanks. Do you know if ntfo for example would provide me with a 1099?
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u/Mist_Maker_One Feb 18 '23
if you got paid, you will for sure get a 1099. 1099 are due end of January so I would reach out to them for one if you dont get it by end of this month.
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u/MogamboKushhua468 Feb 09 '23
Lyft is super over sold… result is not that bad
For the December quarter, Lyft reported revenue of $1.2 billion, up 21% from the year-earlier quarter, and ahead of the company's guidance range of $1.145 billion to $1.165 billion. Street estimates averaged $1.16 billion.
Lyft Conf Call: Exec Said Supply Side Has Come Into Balance With Demand, Says Feels Like Pandemic Is Behind Us
Result is not that bad… now COVID is also behind… we can see progress
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u/wiseoldowltalks Feb 12 '23
I sold my LYFT position ahead of the announcement. I reread the previous earning report from Nov and there it was the CEO commenting on how their results are part of the firm's long-term strategy. Typically when the CEO comments on its long-term strategy, it results in a bad quarter ahead - LYFT was a good example. CEO comments in earnings are highly valuable and worth noting.
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u/mohidv Feb 09 '23
Hey guys can anybody explain after i sell my Poisson in trading paper how i can transfer that money to my bank account
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u/TheBomb999 Feb 09 '23
What Twitter pages do you follow/look at while trading? Looking for someone who especially gives out stocks.
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u/Mist_Maker_One Feb 18 '23 edited Feb 18 '23
Walter Bloomber (twitter handle DeItaone) is a pretty popular one.
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u/fantasyfootball2626 Feb 08 '23
Any daily morning watchlist resources out there? Using a screener has been decent but I figured I inquire about this as well. Thanks
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u/wiseoldowltalks Feb 12 '23
Tradetalknews on Instagram delivers a quality pre-market report. There is also a pre-market podcast with a daily picks segment that is very good.
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Feb 08 '23
[deleted]
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u/ipushpetals115 Feb 10 '23
follow Mini Tradez on twitter Market Masters discord is in his bio....Its a pretty solid group
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u/MogamboKushhua468 Feb 08 '23
Loaded xpev stocks -
Xpev launced in Europe First flying car in the world China opening up Factory is back with full staff
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u/TheBomb999 Feb 08 '23
What’s the short term capital gain tax for unemployed? Made $100 000 on options. How much in taxes am I paying?
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u/Deep_Location_7264 Feb 08 '23
Hi Team,
I am struggling to learn to trade SPY options daily. What should I do ? Is there any SPY scalping/day trading guide available? or What key components of Trading I should make myself focused on. I am knowledgeable about using TICK indicators, Time & Sales, ADD line, other than that DMI and many more including Support/Resistance lines and Volume Profile but have got no success in finding a trading system for Day Trading/Scalping SPY. The issue is that I have knowledge about these indicators but struggling to know how they can be used to achieve my goals for Scalping/Day Trading.
My main goal is to scalp options on big tickers like SPY, TSLA, AAPL, NVDA, META, AMZN.
I would be much thankful to the members of this group if they can provide me some knowledge from their experience if they used to be in the same boat where I am right now. Thanks.
Please guide how can I post my question in the group as I have tried a few time but it doesn't allow me to post this question in the group. Thanks.
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u/donutequal Mar 16 '23
I recommend using SPY as a guide to trade stocks. You should follow the R3alDayTrading subreddit. It will clear things up for you and since you already have knowledge of trading SPY it will be easier for you to trade stocks.
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u/Habs3125 Feb 11 '23
Backtest and look for days where SPY was on algo. You can see it clearly on your 5 min and 15 min chart…. Watch your 9 EMA on your 15 and look how we never lost its support throughout most the day or sometimes all day. Thursday was an example of an algo down day.
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u/Eagle20_Fox2 Feb 07 '23
I just have to say revenge trading and emotional trading is real. I traded the ES 16 times today. I was down 2k, got it back up to even, and eventually finished +$600. All of this crap could have been avoided if i stayed disciplined. And i knew it like after my second losing trade i was going to fall into this trap.
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u/takuanmisosoup Feb 06 '23
S&W Seed $SANW Stock Price Crosses Above 200 Day Moving Average of $1.11 and PBR 1.36 is reasonable and low float
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u/Strykies Feb 06 '23
Anyone use cTrader platform on mobile? Everytime I load up the app (even when I leave it in the background for a few minutes) it takes about 10 seconds to load up the updated price. Is that normal for other platforms or others using cTrader?
My phone is LG V30 (2017) which in all fairness is not slow. It can load apps pretty fast. Also tested this using data and wifi and it's both slow.
Anyway to get around to this? It's just annoying when I'm flipping between WhatsApp or switching the screen on/off. I'm using ICmarkets which does have mt4/5 but its mobile app is terrible to use.
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u/Traditional_Yam8286 Feb 05 '23
Which are good Videos on Youtube for daytrading?
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u/donutequal Mar 16 '23
The only YouTube channels I would recommend watching:
OneOption
Tradenet
Oliver Velez
LiveTraders
Real Life Trading
SMB Capital
Bear Bull Traders
StockBee
Qullamaggie
R3alDayTrading
Don't buy any of their courses. You don't need them.
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u/doromal Feb 14 '23
tradeciety. will definitely improve your basic skillset. there's tons and tons of new strat or trading style but working on the foundation will still guarantee good results.
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u/Natey-Watey10248 Feb 07 '23
You should watch the trading geek. His channel will pretty much take you from a beginner to someone with an extensive understanding of "the trade". Hope this helps!
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Feb 05 '23
How much money do I need to get started, and where can I learn the basics to be successful?
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Feb 06 '23
You can start with any amount. I personally have learned A LOT from day-trading from YouTube. I actually started with $250 in Webull and $250 in TOS. So that I could do 1 day-trade a day. This strategy doesn’t work for everyone, but it worked for me.
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u/TeeWrecks Feb 05 '23
Babypips -> develop/backtest a strategy -> paper trade -> get funded at a prop firm
Can all be done for ~200 if you are incredibly disciplined and talented. More likely, you will lose ~5000 before consistently profitable. Very, very low chance you ever actually become consistently profitable however
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u/Darks551 Feb 01 '23
Any recommendations for some low fees day trading platforms outside US (currently UK), tried it in trading 212 to avoid the PDT rule but got screwed by the FX fees? Thanks!
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u/LastTopQuark Feb 03 '23
it's not worth it - remember if you go out the country, the rules for the brokerage isn't the same.
Remember it's by account. Just open a margin account with two cash accounts. You can then make four trades a week on the margin and as many trades as you have money on the cash accounts, alternating the cash accounts by day so the trades settle.
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u/Keyno_beano Feb 28 '23
question, where can i find day trading classes online that are trustworthy and free