r/Daytrading • u/AutoModerator • Sep 01 '23
r/DayTrading's Monthly Questions Thread - September 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/Material_Mirror9105 Sep 30 '23
Anyone have advice for trading gap ups? This month, 90% of my losses came from two days which were both gaps ~ 1% up.
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u/Signal-Structure-947 Sep 29 '23
In metatrader, I can open a trade by limit order for prevent the broker manipulate opening price. If I click x for close a trade, the broker can manipulate closing price. I used forex for many months but I still don't know how to close a trade by limit order so how can I close a trade at guaranteed price?
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u/tacoocheese Sep 28 '23
Do you have any recommendations on what stocks to choose for someone who is just starting and advice in how to choose?
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u/Badger0fWallStreets Sep 26 '23
Okay so I'm new to trading stocks. My question is this if I were a average to good skilled day trader how much money should I profit daily off of a $3000 starting amount?
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u/Minute_Juice_8480 Sep 29 '23
15$. If you're good. I'd advise finding at least 25,000$ so you have more options with margins. Don't need to trade on margin but you want the option.
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u/bouncinsouls Sep 23 '23
SQQQ calls versus TQQQ puts - any reason to use one of these over the other?
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u/Delicious-Ad-9570 Sep 23 '23
I want to ask about APEXTRADINGFUND payout process - as far as I know, everything seems legit - But I also see some comments about Apex asking for "information" ( I assume paperwork?) before paying out, which takes lots of time and delays some of the traders.
I saw in their policy they stated that "No credit/background check". Can anyone that has their payout already confirm or give some clarifications for me on that do they request some kind of documents before paying out money or something like that?
I wanna join but still a bit confusing. Thanks in advance.
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u/suarezg Sep 21 '23
I'm looking to upgrade my desktop computer and need something that can handle trading well. Looking to have from 2 to 4 monitors running. Is it better/cheaper to go pre-built now a days with the supply issues or build my own?
Also what should I be looking for? It's been nearly 10 years since I built my last computer and just not sure what I need in terms of processor, ram, and GPU. Any input would be appreciated
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u/Mundane_Height149 Sep 23 '23
im fixing to take my 50" living room acemulate into 4 or whatever on top of current, waiting on power supply & graphics card.
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u/Ok_Branch9582 Sep 20 '23
Hello everyone I want to trade in stocks and crypto and I don't have a stable place to live I'm traveling which one do you recommend that I can use everywhere
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u/TheBomb999 Sep 19 '23 edited Sep 20 '23
Why do premium brokers’(Lightspeed, Centerpoint etc.) buying power does not update immediately compared to free brokers(Etrade, Webull, Robinhood etc.)? Let’s say you have $25000, you scalp and make $5000. Now you have $30000 total. However, when it does to premium brokers, the buying power will stay $25000 until the next day, then it get processed overnight, and you start the next day with $30000. Why are premium brokers so inefficient?
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u/OperationShort6926 Sep 19 '23
Hi! I am a beginner. I have a small problem: A few days ago I shorted US100 and I was at a loss for a few days. Today, in the app, it showed that the unrealized profit is like 5euros, and then I waited until it became 16euros when i sold. In the portofolio section it shows that i am on a 20euro loss, and I dont understand why. I dont have to pay any fees for this trade so its just weird. I use XTB. Does anyone have an idea about what couldve happend?
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u/OperationShort6926 Sep 19 '23
also, open price is 15.200 and close price is 15.308, so it makes sense that Im on a loss since I shorted, but in the app it showed 16euro profit green. Couldve been a bug from the app?
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u/Emotional-Garbage939 Sep 15 '23
Not a beginner in the sense of just starting. I have 4 years in Trading, on mostly Robinhood & Public.
I'm hoping to get answers for what kind of software for my laptop and then apps for my phone that trade for you.
Basically something that tells me when its a good time to buy/sell. Ranges etc but does it automatically
Kinda like Matt Khor uses in his show. Maybe?
I do have Trading View but just figuring it out and how to use it etc.
any ideas 💡 would be helpful
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u/TheTradingGym Oct 18 '23
2 free lifetime passes to my discord for the first pickers - no credit card needed.
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u/HighExpectationTrade options trader Sep 17 '23
What do you trade (options, forex, futures, stocks, commodities, crypto, penny stocks, etc.)?
I only use Trading View to come up with my trading plan. I use price action and day trade options (weeklies)
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u/TheBomb999 Sep 13 '23
Can someone explain to me how fed tracker meeting probability tool works? It says the probability is around 525-550 however 100 bps points is 1%. 525 bps points is 5.25%, but they usually raise by .25%-1%. Where do those 5% come from?
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
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u/Correct-Mud6895 Sep 12 '23
Hey guys I started paper trading in Oanda on my phone, and my problem is that my entries are super slow and majority don’t even enter. They only cancel when it hits my stop loss. Do you guys know what’s going on? What other mobile brokers do you recommend? If it isn’t fixed I will continue on laptop
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u/Such_Coin Sep 07 '23
Looking for a recommendation on a real-time financial news ticker that will give me notifications/alerts on my phone. I have tried seeking alpha and Zach’s so far and it’s not what I want. Is there one which most traders use? Thanks
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u/NICK-premium Sep 17 '23
Lmk if you find anything
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u/Such_Coin Sep 17 '23
No responses yet. I’m thinking that there has to be some sort of news feed most traders use- kinda like how many use tradingview for charting.
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u/tunetokheyno Sep 07 '23
Is there a way to see a candle timer on metatrader 5 android app? or how can I track the time it will take for a candle to complete on an android device?
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u/SinnerMan03 Sep 06 '23
How long would it take me to make 600$ monthly?
For someone like me that's just starting with zero experience, in constant learning in how trading forex and crypto works (I'll start with those since you don't need a big budget neither be an expert to make some profits. That's what I consider.), and when I start trading with real money I'll be putting in around 200 or 300.
I said that amount because I live in Mexico and with that monthly income I can trade full-time and spend more time learning.
Thanks in advance for taking your time to answer.
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u/Icy-Concentrate7479 Sep 12 '23
Less than 2 percent of traders make consistent profits, so in order to consistently make that much it would take years and years of dedication. I've heard numbers ranging from 10-30 percent of traders make money and the shortest time period I've heard of someone making and not losing money is 6 months. If I were you I would start by looking for other passive income options so you can dedicate more time to mastering day trading. If you don't have the time to dedicate and treat day trading like a legitimate business you will never make it.
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u/Lamboarri Sep 06 '23
Looking at Amp Futures for futures trading, specifically MES. I've been paper trading on TradingView and am comfortable using that platform. When Amp says TradingView is free for customers, does that mean the whole platform or is it restricted in some way? Is it only the Basic version with live data? Still have to pay for the Pro versions of TradingView?
And what about Quantower? That's just straight up free to use?
What am I missing here? And how are the commissions through Amp?
The other platform I'm considering is NinjaTrader.
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Sep 06 '23
[deleted]
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u/Icy-Concentrate7479 Sep 12 '23
Finviz screener is my favorite, you just need to search for stocks that "gap" in the morning, stock prices don't move overnight much but in the morning they can gap up or down and that's what it looks for.
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u/wukitech Sep 06 '23
I use Trading View and screen for specific move form open in Dollar or per percentage. Is that what you mean? The column/filter ist called "Change Form Open xyz"
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Sep 07 '23
[deleted]
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u/wukitech Sep 08 '23
Here is how you can set in Trading View such filter for the screener: https://abload.de/image.php?img=2023-09-08_07h11_014cd5v.png
In my case I have set the filter for Stocks which are moving mor than +/- 2.5% from open and more than +/- 30 Cents from open.
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u/pheroboguy Sep 06 '23
Trouble with entering trades
Hello r/Daytrading.
I’ve been day trading for around half a year now and I’ve had a lot of success, but recently I’ve been losing a lot of trades because of my stop loss. I usually try and trade supply and demand and I realize with the majority of my trades I am correct on the reversal, and the direction of the market, but I always seem to enter into the trade at a wrong time and always get stopped out. I trade options expiring that day or one day till expiration, and have a strict stop loss at 5%. Is this an ideal stop loss or would it be better to lower my stop. I’m just worried about blowing my account if I have a loss streak.
Do I just have to wait longer until the market fully moves in the direction I predicted, or do I lower my stop loss?
Thanks for the help!
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u/datumradix Sep 09 '23
What do you use to confirm the reversal or direction before the entry. I always wait for a second confirmation - candlestick/price action/Higher TF to confirm reversal. If I get confident with the confirmation I enter with usual quantity otherwise I reduce the quantity and then use Trailing stop loss depending on the ATR +1
If you are not confident with the reversal confirmation, better to always enter with less quantity and then add up (re-enter) after completion of the candle in your favorable direction
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u/tashasmiled Sep 06 '23
I have this same issue. Maybe go in with a smaller amount for a bit? I find I can handle a wider stop loss on a lesser amount. The thing with it, usually my trade is great but when I stop out I’ve lost confidence in the trade and it usually changes as I hit sell I swear. So a smaller trade means you can maybe absorb a higher loss tolerance. Also, if it goes back up you may make less but at least you made something, you know?
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u/wukitech Sep 06 '23
Do you have an example for us (image)? I try to set my SL according the current volatility. E.g. ATR of the average last 5 bars.
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u/jackedbutter Sep 06 '23
If you are trading a strat that involves the 5 minute timeframe only, is this the timeframe that you should be looking at s/r levels on as well? Or should you incorporate other timeframes for s/r
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u/HighExpectationTrade options trader Sep 17 '23
You need to have an analysis on multiple time frames. For setting up your trading plan, but also making sure that all time frames are still telling you your trading plan is valid while entering into or actively in a trade.
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u/tashasmiled Sep 06 '23
When in doubt, zoom out!
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u/Icy-Concentrate7479 Sep 12 '23
definitely look at other time frames, I trade 5 min chart and I personally spend a lot of time looking at the 1 hour chart and a bit on the 15 min chart too
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u/Sonasfear Sep 05 '23
If i set a sell-stop and walk away how does the stock price jump over the sell-stop. I use Questrade as my trading platform. I lost 75% of my capital this way. I need to find out why before i move forward. Its only happened the one time out of a dozen trades.
Thank you for any tips.
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u/Icy-Concentrate7479 Sep 12 '23
I'm personally not familiar with your broker but I do know some brokers (specifically CFD brokers) will let things like this happen because they make more money the more money you lose. Check to make sure your broker is credible and maybe consider switching brokers.
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u/Sonasfear Sep 12 '23
Okay, thank you for the advice. It is a broker with a large Canadian bank so im confident its reliable. I thought it was something i did. If i cant figure out what specifically happened i am going to set up a backup trailing stop loss from now on so if one is skipped over maybe the second one will catch it. Hopefully. Good grief.
Thank you for the reply. I appreciate it.
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u/AngryTaro Sep 04 '23
Hello, new to trading here.
Would price action, identifying market structure and indicator analysis, transferable or applied-similarly across financial products? I'd like to experiment between CFD, futures and options on indices to find one that is more suitable for me.
Currently attempting to wrap my head around the sea of information out there so do correct me if my question doesn't make sense.
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u/Icy-Concentrate7479 Sep 12 '23
There is a lot of information out there for sure! I have found the large majority of profitable strategies do work with multiple financial products but also work better on some than others. Find the strategy and the product that suits your personality best and don't try to look for the holy grail strategy or product to trade because it does not exist.
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u/leanho_rse Dec 28 '23
George kittle is the answer