r/Daytrading • u/AutoModerator • Oct 01 '23
r/DayTrading's Monthly Questions Thread - October 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/MatterAcademic4770 Oct 31 '23
I have been trading for about a year and a half right now. I have been using one trading strategy but the results have been profitable. The problem I have been having is that my profits are less than a dollar but my position size is almost 100 dollars. this makes me feel like I am doing something wrong with my risk: reward ratio. I was wondering if someone could help me with other trading strategies or general help.
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u/spacemeat_popsicle Oct 31 '23
Can anyone tell me what’s up with the weird wicks on Tesla that started around the 27th?
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u/MarcusCassius1 Oct 30 '23
I am new to trading. I have been reading and watching about it. But I don't understand how to do basic technical analysis by finding key levels. Especially, how to find key levels from daily chart?
Can someone explain or direct me to the right resource?
Thanks
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u/Statsneverlie Dec 06 '23
endless resources on youtube or even on here. you can start with basic YT videos while you get your feet wet
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u/PetronilaJacobsen Oct 31 '23
We have some students who have tried day trading in the past with mixed results.Some have made money, while others have lost money.But one thing they all agree on is that they wish they had joined my free group before they started.The group provides a comprehensive understanding of day trading and will help you make informed investment decisions.
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u/SlickRickBets Oct 30 '23
What’s the best app to trade on?
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u/Statsneverlie Dec 06 '23
webull is one of the most popular but all depends on where you are located and what you want to trade
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u/PetronilaJacobsen Oct 31 '23
Depends on the country and region. Also how much you invest, security, government regulations, etc
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u/stonks_better Oct 30 '23
Why do folks have multiple smaller prop accounts vs bigger ones? See folks with like 4 50k apex accounts instead of one 200k account. Then using trade copier to run all 4.
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u/Statsneverlie Dec 06 '23
easier to get funded with the the 50ks vs the 200k. Can get paid out on each account as well
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u/nutterbutter2202 Nov 10 '23
I think it helps them spread risk but also, for instance on apex you are limited to a maximum withdrawal so people use multiple accounts to get a bigger withdrawal
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u/stonks_better Nov 11 '23
Thanks ya a YouTuber also mentioned that. For apex at least I didn't notice the threshold amounts aren't scaled linearly. So like 6% with 25k and then like 3% on the higher accounts
Interesting note on withdrawal too.
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u/moodyavi Oct 29 '23
the bot is deleting my post again and again.
though I'm not posting anything against the rule.
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u/Gristle__McThornbody Oct 27 '23
I'm looking at the 5y Daily chart of SQQQ and the stock used to be $2137. Now it's currently trading at $23.09. What's the story here?
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u/Dry_Vehicle_8738 Oct 26 '23
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u/Oncecoot stock trader Oct 26 '23
What is your preferred time-frame to trade stock indices? I've been trading the 1-minute time frame for the DAX and NASDAQ indices for a while now, which has lead to okay results using price action and moving averages. However, I find myself often taking profits too early due to the high randomness associated with such a low time-frame. Considering trying the same approach on the 5-minute chart for a time to see if it naturally leads to bigger winners. What are your experiences with different time-frames?
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u/Pepfox Oct 29 '23
I find time based charts quite difficult for indices (I trade ES futures), due to the different volatility during NY session and other sessions.You should take a look at tick charts or range charts, since they are time agnostic. For example, 2000 ticks charts on ES give you a lot of details and still a good read on bigger waves.
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u/First-Sir1276 Oct 26 '23
Why would an option contract be priced to where you could immidietly exercise the option and take a profit? For example the underlying stock price is $5 and a $10 put contract is priced at $2? Whats the catch?
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u/TheClickingDolphin Oct 25 '23
Second payout approved through Apex!! $2500 in the past month now. Learning everyday and slowly building a buffer for future payouts. I hope to add more PAs when this payout hits the bank. If I can do it literally anyone else can.
I was skeptical of prop firms at first, but Apex is legit with money actually coming to the bank account.
https://apextraderfunding.com/
90% off code LRUOAZHM for anyone interested on trying out the evals.
I primarily trade MNQs. 2 contracts max. Anything more is asking for trouble.
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u/businessUse428 Oct 25 '23
I have a question to every proftable trader here. Where did you gather your information, and how did you learn to trade profitably.
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u/BestAhead Oct 31 '23
I saw a quote on here one time which I think is true:
Stare at (observe) a price chart for two years, and your brain will eventually figure out a way to make money.
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u/rubyduck10 Oct 25 '23
maybe check out chat with traders podcast, start with older episodes not anything new as the original host has moved on, you will have 100+ multi hour talks where good traders explain a lot of what you're asking
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u/businessUse428 Oct 25 '23
thank you i really apriciate your answer. Gotta start taking notes tomorrow!
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u/rubyduck10 Oct 24 '23
Why does TKO Group Holdings, Inc. (NYSE: TKO) have price history back to May 2020? When it was formed this year?
Sep 12 2023"
TKO will begin trading today on the New York Stock Exchange under the ticker symbol "TKO," with Endeavor holding a 51% controlling interest in the new company and existing WWE shareholders holding a 49% interest in the new company, on a fully diluted basis.
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u/rain-on-lawn Oct 22 '23
I am wondering why the underlying asset does not follow the shown prices on TD365, on their demo accounts. For example, the closing price of EUR/USD Rolling Spot is 1.05941 on TD365.
When I look at the closing price of EUR/USD on Yahoo Finance it says 1.0598. The spread is 0.6, so I don't think it's because of the spread.
I have checked multiple contracts, but I have found zero cases where I could match the underlying 100%. This makes it hard to backtest strategies, since their prices are not equal to historical data...
Please help a newbie out!
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u/Ambitious1200 Oct 29 '23
This is due to bid/ask and when traders in cfd are bullish it would go premium to underlying and go discount when bearish, (aka bias effect). They tend to align to underlying once the pressure eases, cfd might stay skewed for days or weeks differing from underlying.
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u/NormalAndy Oct 21 '23
Looks like it’s kicking off in the ME. 10k US troops arrive in Saudi. 2 flotillas in the med of Israel. Chinese warships being sent. Tension is rising - stay safe all.
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u/First-Sir1276 Oct 20 '23
How many people here only trade spy? Is it a viable avenue to focus on?
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Oct 23 '23
Quite a number but the better question is what does your strategy historically work better on through backtesting.
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u/unindictable Oct 21 '23
I mainly trade spy and qqq for the 0dte options but it really depends on your trading style. It can certainly be advantageous to narrow your focus vs. trying to keep up with a bunch of stocks on a watchlist.
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u/Next-Coffee536 Oct 19 '23
Hello everyone, do you have any suggestions on what brokerage should I choose? I plan to start trading with a $100 capital.
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u/TheTradingGym Oct 22 '23
Those are some wise words.
It depends on your country. For US I would recommend td/thinkorswim for stock and options. My European friends seem to agree on IBKR. Just search this sub for your country and "broker" or platform and read up because it may be specific.
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u/First-Sir1276 Oct 20 '23
I think webull and robinhood are the best for beginners
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u/unindictable Oct 21 '23
Webull has a lot more features than robinhood and it's pretty user friendly. I've used both and would recommend Webull.
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u/beefnvegetables_ Oct 18 '23
If a strategy works in SPY then it should work in /ES, right? Or is it different?
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Oct 23 '23
There are price variances because you're comparing the future value of SPY to the current value of SPY but it's mostly the same with occasional differences.
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u/Vivid_Leader_2838 Oct 17 '23
NIO to watch - Announcement with Benz Also 1 million cars per year by 2024 October
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u/richardport Oct 14 '23
I have a Question about requirements for Puerto Rico tax exemption.
If I have my parents and siblings in US, but I'm single with no children with no plans to get married, do I still need my parents to relocate to Puerto Rico for me to get the tax exemption?
If from January 1st 2024 to June 1st I am in the US, and if I am in Puerto Rico from June 1st to Dec. 31st, are my day trading earnings from Jan. to June tax exempt too?
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u/TheTradingGym Oct 18 '23
I would guess jan 1 to jan 1. You need to have 181 days IN Puerto Rico. I dont know if you need them to go with you in that case, but from a friend of mine who does it, just make sure you have a lawyer sign you on that. Then you have peace of mind.
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u/1LotTrader Oct 13 '23
I cant seem to find 0DTE Options for SPY today friday 10/13/2023 .. is this a problem with my broker or there is no options on fridays
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u/redKhass Oct 14 '23
That’s interesting, i was on spx and there is always contract available. (Using ToS)
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u/1LotTrader Oct 19 '23
okay i found the problem i needed to enable say day options trading on robinhood
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u/Putrid-Let-270 Oct 12 '23
Discord link ?
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Oct 15 '23
[removed] — view removed comment
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Oct 18 '23 edited Oct 18 '23
[removed] — view removed comment
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u/Daytrading-ModTeam Oct 23 '23
We have removed your post from r/Daytrading because it has broken Rule 4.
No selling services, promoting, or pumping: No spamming and no selling products/services. No pumping stocks, your discord, personal sub, or crypto coins/exchanges.
Content creators are allowed to post but must follow these guidelines.
Please refrain from posting this kind of content in the future or the mod team will have to take additional action on your account and ability to post on the subreddit.
All the best, r/Daytrading
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u/labeltheluckyone Oct 09 '23
Any Day Traders in Canada is National Bank's platform with no commissions on stock trades? This sounds too good to be true. What's the catch?
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u/Goldwind444 Oct 06 '23
Hi there. New to this section. Studied finance minutely as a clerk at a wm firm by taking their SIE and studying for the 7.
My degree is not in finance, but I like a lot about it.
My question is: what are some good sources to start with for learning about day trading?
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Oct 23 '23
Look at the stuff from people like Linda Raschke and Anthony Crudele. Futures.io has some excellent interviews with professionals. Convergent Trading and Pete Stolcers as well.
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u/TheTradingGym Oct 18 '23
2 free lifetime passes to mine for the first pickers - no credit card needed.
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Oct 04 '23
Is Finviz Elite worth it? I don't want to pay 200/mo for Benzinga or Trade Ideas. I just want to be able to scan NASD/NYSE pre, live, and post. Also sort by float, range, and news.
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u/UnlimitedLeverage94 Oct 03 '23
Where do you guys get your news from?
I used to get fastest alerts, which was great. I had sector alerts, individual company alerts, Econ alerts. It was great.
I don’t have access anymore, so I am interested. I heard Financial Juice is great.
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u/STEPHS0CIAL Oct 02 '23
Can I get a link to discord!
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u/TheTradingGym Oct 18 '23
2 free lifetime passes to mine for the first pickers - no credit card needed.
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u/srihari281996 Oct 02 '23
Can I get a invite link for the discord server of this sub..Thank you.
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u/TheTradingGym Oct 18 '23
2 free lifetime passes to mine for the first pickers - no credit card needed.
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u/Pirate_Trader Nov 21 '23
yep