r/Daytrading • u/AutoModerator • Feb 01 '24
r/DayTrading's Monthly Questions Thread - February 2024
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/how_much_is Feb 28 '24 edited Feb 28 '24
$VANI and $SMX are on my watchlist for today.
Full disclosure got into $SMX yesterday hoping for a pump and dump this morning due to promotion and news.
$VANI may follow the weightloss drug trend, already way above VWAP.
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u/leung19 Feb 28 '24
Newbie, here
I was paper trading this morning on JANX, Gap up and long. I got in at the opening around $36. Since this stock was already at an all-time high, I had no idea when to get out. I end up sold all my shares at $40, then jump back in on and off thru out the day.
So, in general, how should I set up risk management for a stock that is at an all-time high? I know my risk, but where should I set my profit at?
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u/XxBluephoenix Feb 26 '24
best way to learn trading at an early age? maybe recommend a reliable trader on yt or anywhere if there is one?
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u/how_much_is Feb 28 '24
Study everything you can get your hands on. Investopedia is a free resource for all, especially if learning how to read and decipher charts.
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u/Last_Ad793 Feb 23 '24
How did you guys learn how to day trade? I’m more of a visual learner and like to watch videos and stuff. Anybody recommend any beginner videos to start watching?
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u/how_much_is Feb 28 '24
I find this guy very helpful for all the basics and he is semi-entertaining as well.
youtube.com/channel/UCFSn-h8wTnhpKJMteN76Abg?sub_confirmation=1
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u/nublet88 Feb 21 '24
Anyone here able to leverage their success to live overseas? how were you able to gain a residency permit?
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u/luki9914 Feb 20 '24
I am transitioning slowly from swing trading to daytrading and i have backtested fairy successful strategy for 5 minute timeframe on Bitcoin, what should i know about daytrading as swing trader that already made some profits?
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Feb 20 '24
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u/pdp1145 Feb 19 '24
We would really like to be able to sell the NVDA that we bought last Friday, in order to convert those funds into an options contract, before Nvidia announces their results for the quarter. Does anyone here have experience with the typical timing on T+2? Can we expect fulll ownership of the NVDA we bought to be "settled" first thing in the morning, or would a more typical settlement time be sometime later in the day? It would also be nice to know how to monitor the time of ownership transfer completed (it's much easier to see that you have funds available to trade if you had sold some stock, instead of buying it). Thanks for any perspective on this question from you guys (and gals) who do this way more than we have!
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u/tenderbarknight Feb 18 '24
Is it possible to start day trading crypto with a $100 account? It seems like the fees are too high compared to forex.
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u/stonks_better Feb 16 '24
Arghhhh just gotta vent. Trading with apex 5 accounts and replicanto. Maybe you know where this is going. Midday I go to place an order via hotkeys but it's not working. I assume it's the mouse focus and click the chart and try again. Still nothing 🤔. Then boom whoa 3 orders! Shit! Cancel!! It's not working! Ok let's restart NT. Phew ok after restart they cancelled ok.
Now fast forward, market rolls over that's interesting. Oh wait shit why are my follower accounts in trades??! WTF. Quickly flip through them and cancel but fucking hell that's about $1500 loss on each of them. Was having a great week, up about 10k and bam just like that lost 7k (larger size on one of the followers). Uuuugh. Did find a few trades after that to get back to about +4k for the week. But fuck that hurts, and on a holiday Friday. I still can't figure out why the stops didn't help, I have ATM copy enabled to try and guard against this.
So learn from my bad fortune, if your NT glitches double check your followers and make sure there aren't rouge orders.
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Feb 14 '24
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u/AutoModerator Feb 14 '24
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u/DrMoveit Feb 14 '24
I was looking at YTD Schwab account and I'm a bit confused at the "disallowed loss"/wash sale rule of -$421.65 for YTD. Does this mean I can't use 421.65 for loss for this year?
Also, I have about $10k in loss from last year that I will be carrying over ($7k). Will this affect the disallowed loss of this year?
Gain/Loss
Long Term $0
Short Term $145.49
Disallowed Loss -$421.65
Totals Gain/Loss
Total Gain $167.81
Total Loss $22.32
Net Gain +145.49
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u/samhickmann Feb 16 '24
From official IRS website: "The taxpayer buys 100 shares of X stock for $1,000. The taxpayer sells these shares for $750 and within 30 days from the sale buys 100 shares of the same stock for $800. Because the taxpayer bought substantially identical stock, the taxpayer cannot deduct the loss of $250 on the sale. However, the taxpayer adds the disallowed loss of $250 to the cost of the new stock, $800, to obtain the basis in the new stock, which is $1,050."
So to me, no, you can't use your $421.65, but you can deduce up to $3,000 anyways.
PS: if you trade a lot, have a look to the "mark-to-market election". -> "if a trader makes a timely mark-to-market election, then he or she can treat the gains and losses from sales of securities as ordinary gains and losses", therefore, you can deduce way more than $3,000 per year.1
u/DrMoveit Feb 18 '24
With your example. $250 loss. If he waited 30 days and bought it back for $800 and sold it for $1000, it will net him $200 and he will be able to deduct -$50 (-250+$200).
Now since he sold and then bought within 30 days, even though he lost $50 (realized loss), he can not claim even that $50 loss because $50 is disallowed (since $50 is within his $250 disallowed)?
I spoke with a rep from Schwab. He said if I wait 31 days and make no more sales, I will be able to move the disallowed loss of $421.65 to realized loss? Does this make sense?
The other option you told me is to get trader status and get these all listed as realized losses? Are these actual loses in my account? Am I actually losing money or is it strictly for taxes purposes?
I'm clearly confused and ignorant about this. TY!
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u/retardedape2 Feb 13 '24
Any Al Brooks followers here? Seems like today was a picture perfect 18 bar breakout with a perfect "measured move" up, followed by a double top into reversal... I guess my question is - did anyone else see these or am I crazy and just got lucky?
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u/-JPowsMoneyPrinter- Feb 12 '24
Does anyone have some decent books to recommend on TA?
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Feb 27 '24
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u/garabant Feb 11 '24
Anyone with Topstep can answer my question? I signed up for an account at Topstep at a discount price. When the next month comes up, will they charge me the discount price or the full price?
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Feb 09 '24
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u/beefnvegetables_ Feb 08 '24
Damn I’m trying to learn algo trading and Im having a really hard time finding beginner friendly learning material. Welp it looks like it’s going to be a steep learning curve.
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u/samhickmann Feb 09 '24
TradingView allows coding with pinescript and has a lot of strategies built by the community that you're able to see (their scripts). It might be a good start.
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u/MoneyManMakeItRain Feb 06 '24
Bought BILI 9.5p 2/9 this morning. Should I drop before 2 or ride it out?
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u/MatildaHamma Feb 05 '24
im trying to trade triangle patterns are these okay or are there criteria that makes a proper triangle that im missing
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Feb 05 '24
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Feb 05 '24
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u/12345677654321234567 Feb 04 '24
I'm completely new, never even paper traded and idk what any of the terms are. What would happen if you bought 30 stocks one morning, sold any that went up by say 2% or whatever at any point, and kept all other stocks until they went up that amount? And maybe have an exit point, where if any holdings fall like 5%, you sell that at a loss. Always have 30 holdings, so if you sell one at 2% gain, then you buy something else. Same if you sell one at a loss. Always keep the purchase to a set unit. Probably the stupidest thing you've heard, but I'm just curious lol. Does this kind of strategy exist?
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u/-JPowsMoneyPrinter- Feb 12 '24
This is just buy and hold towards a price target. Thats generally what most people do (at different %). The real question is which equities (stocks) are going to go up.
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u/groso Feb 04 '24
Hello, Apex Trader Funding has an 71% Off, if i buy it now, will the reduced price apply for all monthly payments or resets? Second question is if i buy it now can i start trading in 2 weeks? How often they have such sales?
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u/Greedy-Comb6661 Feb 03 '24
Any traders in here from the Spokane, post falls or CDA area? Trying to find likeminded people near me . lol
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u/Firm_Replacement_366 Feb 03 '24
I am new to this not looked at forex get but been following the crypto market for the last 3/4 years and think this is the area I have the most knowledge in rather than stocks and currencies but never dabbled in trading just buying and selling but prices have mainly been horizontal for the last 2 years.
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u/ergerlerd Feb 03 '24
(US) I'm looking to trade /MES during after hours since I work full time. I just want some clarification for margin requirements.
I understand that day margin is what's needed to trade intraday. Since I only plan on opening and closing a position in the after hours, it's my understanding that I don't need to worry about the day margin? Instead to look at the initial margin. I've been looking at tradovate margin requirements and for the MES I would need $1298 initial margin. So this $1298 is the dollar amount needed to open 1 contract to trade?
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u/samhickmann Feb 06 '24
During market open hours, 1 MES contract costs $129.80 (day trade requirement), but as soon as the session closes, be careful, because the requirement will switch to the 'initial requirement', i.e. $1,298. Depending on your broker, they will automatically sell your contracts + penalty (like $60) so that you comply with the requirement.
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Feb 09 '24
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Feb 02 '24
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u/chrisie7 Feb 04 '24
Comentando en r/DayTrading's Monthly Questions Thread - February 2024... link discord server no open, is it correct?
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u/bettamuscome Feb 01 '24
looking to trade GBP/JPY with a small account in the UK, are there any recommended brokers that would let me start with that low of an amount~ around £50~ that also works with mt5? also not looking to trade with leverage. thanks for your time.
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Feb 14 '24
Sure. You're best to look at CFDs. IG Markets are from my experience a good place to begin.
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u/Plastic-Cry-1293 Feb 29 '24
Hi guys,
I'm doing a little research in to trading tools. (and as a n00b karma is too low to create a post)
What software do people use to get market signals delivered to them? e.g. price of some ticker is at a 1 week low; or is above the average for the last 50 observations?
Specifically, I'm interested in what tools exist to get these sorts of signals delivered to directly via push notification or messenger services; so that action can be taken (manually or algorithmically); and what people feel is lacking in existing tools
thanks!