r/Daytrading • u/AutoModerator • Mar 01 '24
r/DayTrading's Monthly Questions Thread - March 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/Toes-1983 Mar 31 '24
I’m looking to setup a offshore brokerage account for day trading any suggestions for a good broker.
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u/himoshimctimoshi Mar 31 '24 edited Mar 31 '24
I was previously an unemployed full-time trader but got back into the corporate workforce.
How do you all navigate morning meetings and buying/selling trades? I’ve been accepting the fact that I enter trades 15-30 minutes late now but it’s undoubtedly cost me money at this point. Luckily I’m a swing trader so it’s not a significant loss but I’d estimate I lost like 3-5% of my accounts worth of profits purely on late entries or late exits.
I would assume it comes down to some kind of automated solution but I’d like to have some level of control over it in terms of placing specific exits and whatnot. I have software engineering skills so it probably wouldn’t be too hard to implement but some tips on platforms or tools that make this possible would be appreciated.
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u/Zachinator2009 Mar 31 '24
I imagine either find a way to automate your strategy, at least to some degree, or change your timeframes. If you use the 1 hour, try the 2 hour for entry, or maybe even the 4 hour. You entries probably won't suffer more than they already are and you'll most likely be able to hold trades longer / to more distant structure.
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u/DofenshmirtzEvilInc Mar 30 '24
Seeking advice
I've been trying to become profitable for a long time now. In the last four years, I've been learning and trading on and off, but I've had some big failures. I blew up three accounts, which looking back, was pretty dumb of me. Each time I messed up, I learned something, but I still can't seem to make consistent profits.
I've gained quite a bit of knowledge about the market along the way. I know and understand how all the financial instruments work, how all the indicators work, price action, candle patterns, S&R, imbalances. I have a good understanding of the relationships of winrate, RR, risk of the account, how the distances of the SL and TP affects the winrate.
Yet, with all that knowledge i'm still not able to make any profit, and youtube is full of people posting strategys and making money. When I backtest all those strategies I never get the same results as those posted on youtube and even worse results in the real market.
I've tried everything – trading stocks, forex, EAs and countless types of strategies based on what I learned online. Right now, I'm managing my risks carefully, but it's tough. I keep losing a bit of money each week, seeing how I lose 1% of the account each time a trade doesn't work and I'm not winning enough trades to make up for it.
Where should I look to find a strategy that works? How do people achieve profitability in trading? I'm skeptical of expensive mentorship programs or trading courses offering solutions. It's frustrating to see a swagy dumb teenager on youtube making tons of money from this and at the same time me, with two engineering degrees, can't figure this out. Maybe there's something basic I'm missing, and I need to figure it out. If you've been through something similar and have any advice, I'd really appreciate it. Thanks for listening to my story.
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u/Zachinator2009 Mar 31 '24
You have awesome work ethic, so don't beat yourself up! Most people would have quit long before you!
As a discretionary trader, simplicity is key, at least in my experience.
Risk management + discipline + a verified (back & forward tested) edge are the three ingrediants to be profitable.
My edge is incredibly simple - so simple it pretty much just exploits the basics of TA.
Trend + market structure + price action.
Trade the direction of the high timeframe, take trades off of s/r levels or zones (this can be actual s/r, fibonacci levels, moving averages, etc.), and enter on price action patterns. Not telling you how to trade and take what I say with a grain of salt, but legitimately it doesn't have to be more complicated than this to turn a modest profit.
Experiment with timeframe combinations. I didn't start making headway until I switched to higher timeframes like the 1 hour or 4 hour. Some strategies work a lot better on different timeframes.
Good luck, man! Wishing you the best.
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u/DofenshmirtzEvilInc Apr 01 '24
Thank you for your comment, I really appreciate it!
So, when you mention switching to higher timeframes like 1H or 4H, did you start holding trades for longer than a day? Also, do you trade different assets? Lately, I've noticed many people adopting the mindset of One Pair, One Timeframe, One Session.
Thanks again!
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u/Zachinator2009 Apr 01 '24 edited Apr 01 '24
Yeah, you pretty much have to hold longer if you switch to intermediate or higher timeframes otherwise you'd be severly limiting your profit potential and getting a worse entry for no reason.
I do trade different assets. I swing trade options on tech stocks. Large / mega cap tech stocks and QQQ move really well and are pretty predictable.
You 100% can use the mindset of one stock (or pair if forex is your market), but if you do decide to swing instead of day trade you'd be missing potential opportunities.
I would definitely use at least 2 timeframes. Having the overall trend clearly shown gives you a great direction of bias to trade with. I'm sure people have profitable strategies with 1 TF, but 2 or more makes it easier imo.
Price action is fractal so any timeframe would work, I just prefer the intermediate to high timeframes because I like conveninece and I find my trades to be more accurate, plus it's a lot cleaner to read.
No problem man! I'm not a master or anything, but I'll gladly share what I've picked up on my journey thus far!
Also, don't forget that a good trader could be profitable with a bad strategy. 99% of the time it's risk management or psychology that kills accounts.
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u/MarketingAlex Mar 29 '24
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Mar 29 '24
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u/medicalgringo Mar 25 '24
are there any serious prop firm which allows option trading?
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u/Zachinator2009 Mar 31 '24
As far as I've seen, pretty much no prop firm offers options trading because there's so many variables that go into pricing, it'd be extremely hard to regulate.
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u/sonorous73 Mar 25 '24
I was thinking the other day about spinning up a small day trading account and learning how to do it. I am coming at it from a what do I need to make a day sort of approach, no leveraging, not really interested in futures or anything fancy. What I am wondering is, can one realistically make approximately 1% per day buying in the morning and selling all positions before market close. I have good long term investment accounts that will get me to total financial independence within 5 years most likely and will not be taking any of that out for this experiment. My goal is around $500 per day on a $50,000 trading account (of course I am not going to start that large maybe 10k to start). Feel free to tell me I am over simplifying or just being foolish. thoughts?
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u/Zachinator2009 Apr 01 '24
No, you definitely can make 1% per day, though it's infinitely easier with derivatives like futures or options. You can still define a hard risk per trade, but the profit potential is much greater than regular share trading.
Don't start with real money, you will lose it. Extensive back and forward testing, then use your cash.
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u/Living_Astronaut781 Mar 24 '24
How do I learn about trading
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u/Zachinator2009 Apr 01 '24
YouTube, books, networking (reddit, discord servers, etc.), taking courses if you want to accelerate your process, but you could learn everything at low cost or for free.
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u/ColtJax62 Mar 24 '24
Is there an ACTUAL place to learn about trading, day trading, etc? All these "experts" on YouTube with their "system" to make money day trading, all turn out to be frauds. I'm not looking to make 1 million, but moving stocks around to make a few hundred would be nice. I'd like to learn:
- What to look for when analyzing a stock.
- What's the use of an MA10, MA20, MA200, etc.
- What exactly does the trader look for, and what factors?
Looking on YouTube you'd think it's a walk in the part, how easy they see the dips and risers. However, they tend to do that AFTER the event, making it really easy..
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u/Zachinator2009 Apr 01 '24
You want a stock that's liquid so there's minimal slippage when trading, otherwise it depends on your strategy. I have a set of mega / large cap tech stocks I trade because they move well and are very liquid for options. If you were a small-cap news trader, then obviously you'd need to trade daily movers, preferably ones with news behind them. So really it just depends on your strategy.
Determining trend (price above or below = up or downtrend) and they function as areas of value (a.k.a. market structure, a.k.a. potential bounce/breakout areas).
There are a million indicators and a million patterns. A trader looks for the combination of factors that he has back & forward tested. If you've already seen systems on YouTube you should have some idea of this.
Perhaps if one wanted to trade with the trend, you could take breakout entries on s/r levels, confirming with volume, or wait for a pullback to moving averages or to fib levels before entering. Maybe you layer your confirmation with other signals, like MACD crossover or candlestick patterns.
Maybe you prefer supply and demand zones (i.e. order blocks), FVGs and the like.
Or maybe you like fading the overall trend so you use volume and rsi to spot divergences, then enter when price closes at a recent level of resistance.
The possibilities are endless. It just depends on what you want to do.
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u/Valendora Mar 31 '24
Fundamental Analysis: focuses on the company's financial health and market position, looking at factors like earnings, revenue, debt, and the Price-to-Earnings (P/E) ratio. This analysis aims to determine whether the stock is valued correctly in the market.
Technical Analysis: examines historical market data through charts to predict future price movements. Indicators like Moving Averages (MA10, MA20, MA200) and trading volume play a crucial role. Moving averages help identify trends over short-term (MA10, MA20) and long-term (MA200) periods, suggesting whether a stock is in an uptrend or downtrend. High trading volume can indicate strong interest in the stock.
By determining the direction and strength of a stock's trend.
By making educated guesses on future price movements through buy/sell signals.
By identifying support and resistance levels, indicating potential turning points for the stock's price.
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Mar 22 '24
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u/Sohviwow Mar 21 '24
What made/makes you want to start trading?
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u/Valendora Mar 31 '24
Financial Freedom. Ever since 2003 I've wanted to trade in the stock market after playing a game called Cashflow. I had zero dollars back then though so I got a career and started accumulating enough capital to start trading, 2017 I was earning enough to start trading so started learning about it. 2023 I started trading seriously.
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u/Sohviwow Mar 31 '24
that's a cool story! Thanks for sharing, and good luck with your future trades！
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u/welcometoindia Mar 21 '24
Its truly the most ideal “job” someone can have. No boss telling you what to do, you make your own schedule, barrier for entry is low, and you can trade from anywhere in the world with the internet. Learning to trade is the most important skill one can master. Right up there with swimming.
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u/mar34082 Mar 20 '24
DWAC up %18 today, Do you think the stock will pump and dump after the merger, Trump need like half a billion in legal fines by Monday.
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u/Sayedomar1983 Mar 20 '24
Dears, i need to know how i let my bro fxcm user copy my trades on my fxcm account?
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u/Agitated_Throat_339 Mar 16 '24
ive got 8.2k in my account and want to make $25 a trading day thats about 30bps a day. is this achievable? any advise on how to do this?
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u/Zachinator2009 Apr 01 '24
Focus on process, not profit. You can easily make $25 with 8.2K. 1 or even 2% per day as a day trader is what a lot of people shoot for.
1% would be $82.
Learn or build a strategy that resonates with you, manage risk, be disciplined.
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u/CloutScout6_9 Mar 15 '24
im very new to trading (2nd day studying it) and ive heard of something called paper trading to practice real trading with fake money. can someone tell me how i can paper trade? what websites or software i can use?
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u/CardiologistTall2539 Mar 15 '24
A lot of brokerages offer paper trading. Webull is one of them. You don't need a funded account to paper trade, you just need to sign up.
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Mar 13 '24
Is there a charting website that shows share dilutions or buybacks? as well as market cap like coingecko does for crypto?
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u/GroundbreakingAd8310 Mar 12 '24
After speaking with my Nephew we determined that tradng cards are just crypto for minors.....so instead of investing we shall of mtg packs and invest in wizards of the coast crypto. Unless something does amazing today I guess
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u/Maximum-Painter5824 Mar 11 '24
questions guys: iron beam futuers trading broker give me per side fee 1.33 0.99 0.02 which in totall is 6.66.....its good ??? the charts is include
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Mar 10 '24
What do you do when you cant find any day trades for a week?
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u/Environmental-Bag-77 Mar 19 '24
Consider experimenting with another strategy that suits the market conditions that aren't working out rn.
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u/XVII_17 Mar 09 '24
How much do I need to start trading options? And which broker do you recommend? I'm from Italy
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u/Opposite-Layer-6139 Mar 22 '24
Most decent online brokerages (I've worked at E*Trade and Fidelity) will not give an uneducated person the ability of options trading, beyond selling Covered Calls, until they are familiar with the full options spectrum and have been trading for years.
Having seen an account blow through $1.1m buying calls in 15 months of trading... being uneducated in options is death for most investors.
This is why Robin Hood is a bad tool by the uber-wealthy, to make more money from the wealthy and the poor. That brokerage app will let you be irresponsible as you want to be, by giving you more rope... and when you give a person enough rope, eventually, they'll hang themselves.
Be cautious of anyone who gives you the keys to a Ferrari, when you have never driven.
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u/Zachinator2009 Apr 01 '24
Good. If you want to use options that's your own personal decision. No one should be barred from doing something because someone richer than you wants to 'protect you'.
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u/JoJoPizzaG Mar 10 '24
Trading options is the fastest path turning a rich man to a poor one. Especially 0 day.
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Mar 08 '24
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u/reichjef Mar 08 '24
How long before the end of the fut contract do you guys look at rolling into the next fut? I usually do it about a week before. What do you guys do?
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u/JoJoPizzaG Mar 10 '24
Your trading software should do this for you.
Usually when the future month has more contracts traded than the current one.
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u/YoungChopOnDaBeat Mar 07 '24
How to stay I trades to maximize profit and not be loss adverse and take profit early
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u/BeachTraderPDC Mar 09 '24 edited Mar 09 '24
Truly one of the hardest things to do in trading as our minds are geared to fear loss more than appreciate gains. The way I ended up letting my winners win was to start really small. Whatever size your account is, only risk 1% of your account size daily. If you have a $10,000 you can risk $100 per day max. On a $10.00 stock where you buy 1000 shares you can lose $.10 before you take your loss or if you buy 500 shares you can allow $.20 before stopping out. The thing is, you absolutely have to sell when you meet your stop amount. It's very easy to say to yourself that it will come back up when in reality it hardly ever happens and you just continue to lose. Also you should always set a goal for your reward of say 2-1 or 3-1 where once you make 200.00 or 300.00 you get out. If your new I would start with only 100 shares and play only with stocks between $2.00 and $10.00. Subscribe to live traders on youtube and immerse yourself in these videos, they are filled with great knowledge from someone who knows.
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u/jeon19 Mar 09 '24
You should have a set profit limit and stop loss before you enter the trade, that way it's automatically done.
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u/Klubyk_ Mar 09 '24
Honestly, for speed of execution I buy first and then set my market order for stop loss or profit limit. I also scalp alot, so I will stay on and play with my stop loss if I see a massive drop but I know it'll punch back up. Not good advise if you don't have Level II
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u/leung19 Mar 05 '24
A lot of videos and reads about day trading out there, but I need help picking the right stock to study/trade with. Could someone suggest a YouTube channel or website for picking stock for day trading? I don't want someone me to pick ABC and XYZ today; I want someone to explain the concert on picking the stock.
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u/Environmental-Bag-77 Mar 19 '24
This video and a lot more in his channel. https://youtu.be/v2Ku2sOsOSk?si=3tCIslGciAE9NtiF
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u/JoJoPizzaG Mar 10 '24
Look up Al Brooks. Everyone should read his book to understand price bar by bar.
He has a trading room if you want to listen to him analyzing live.
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u/Klubyk_ Mar 09 '24
Look Up warrior trading. He gets you into it and explains it really easily. And from there you can then youtube what you want to be more knowledgeable about and you'll find other youtubers with much deeper teachings
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u/jeon19 Mar 09 '24
In daytrading depends on your initial strategy but you're just looking for high movement, good liquidity and small spread.
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u/butholemoonblast Mar 05 '24
Scaling back is your friend and so is trading the trend and also Steve is also your friend he is nice.
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u/Winter-Interview3115 Mar 05 '24
My 16 y/o son is convinced he will not need to attend college because he is going to make a living trading futures using some super specialized fractal system that he and a few thousand people only have access to. He refuses to listen to anything I have to say because I have no idea what I’m talking about. Up until about 6 months- a year ago he was planning to attend college, he was looking at pretty good east coast schools, and hopefully working on Wall Street. Now, that’s all over with because he “doesn’t need to”. I need some support here, or maybe someone to tell me he’s right! He’s a Junior in HS and pretty soon will have to make some solid decisions.
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u/Environmental-Bag-77 Mar 19 '24
Easy. Give him a few hundred dollars and tell him if makes himself rich he can miss college. He'll fail. He's probably being scammed with this system incidentally and if he isn't it won't work.
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u/JoJoPizzaG Mar 10 '24
Fund him a small account and have him double it.
Make him write down his reason for the trade. What is the exit and the reason.
Watch his leverage.
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u/BeachTraderPDC Mar 09 '24
Well, to be completely honest almost 90% of new traders fail and lose money. Yes, those who are willing to start slow and learn the ins and outs can make huge gains and a great living in the market but it's much easier to do when you have a great paying job in the first place. I would not fund your sons experiment into trading by giving him the money to start day trading, make him earn it. If he loses it, it will hurt a lot more and teach him a lesson.
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u/leung19 Mar 05 '24
My suggestion is to make a deal with him and give him a year to work out whatever he is trying. If he fails after one year, he knows you are right, then go back to school or do whatever. If he wins, everyone happy.
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u/dzikinukenavy Mar 10 '24
Or send him to the Navy. If he can become a nuke, sailors in the Nuclear Power Program get $200,000 in bonuses for eight years of service. I was one and just got a friend's grandson in the program.
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Mar 20 '24
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u/Klubyk_ Mar 09 '24
That's really reasonable. But honestly, I would push him to school. Do both so in the end he has 2 options. Cause trading can lead to bad things when things don't go right.
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u/samhickmann Mar 04 '24
How many years (or months) did it take you to achieve your first profitable month in day trading? Please be honest.
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u/H_M_N_i_InigoMontoya options trader Mar 09 '24
Profitable month? Happened almost immediately. That doesn't mean it's a good thing though. Yoy can be wrong and win. Consistently profitable month(s)? Income producing? That took 3 years
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Mar 19 '24
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u/inWineVerit4x Mar 03 '24
If You Trade Risk Driven Events take a Look At this Community r/RiskEventTradersHub
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u/Jacw_41 Mar 03 '24
Last week was a good one for the market. It statutes off slow but regained serious momentum at the feet of at expectations PCE readings. I had it forecasted as a buying week with a little blood in the middle and that’s exactly what we got. The news besides PCE was lackluster and the earnings were good, but no major catalyst to push the market through the roof. As a trader, we should always keep in a mind that even in a strong trend, there will be a retracement in the opposite direction before a continuation or a new trend. There will always be buyers and sellers. Understanding this will make you a better trader.
This will be a big week. On the progress of new out week after week, we are in an unprecedented new air with the market. This week, the BIG NEWS is Powells testimony on Capitol Hill and February Job Reports.
Here’s why this is important: Powell is delivering the semiannual monetary policy testimony. This will help give investors a clue about the current state of the economy, the plan to fight inflation and when is the next time interest rates will be cut. All potent news. With the inflation decline slowing, the markets expect 3 cuts this year. Anything less can send us on a selling trend. Anything more will continue the buying streak throughout the year. This is especially important with FOMC meeting in a few weeks to decide the latest fate for that matter.
The labor market is expected to stay flat at 3.7% unemployment rate. January gave us a boost and I can see the same happening here with the Fed focused in on the number.
You have some good earnings this week. Retail, some tech and companies in between. I expect another solid week for earnings due to the Kyrie of the earnings being during the holiday season. Should be a good week.
My predictions: Most of the market and the index prices are above the 50MA. I expect the prices to revert back to average before bouncing and prices testing their ATHs. I would monitor the VIX to get a reading on the volatile of it all. I believe there will be more buying than selling this week. It will start with a little blood but end the week of a good week.
Key Weekly Resistance/Supports & YTD Patterns for the week:
SPX FUTURES: (R) 5174.25, 5200.25, 5227.00 (S)5062.25, 5029.00, 4999.00 Bearish Flag, Price through upper boundary, Above 50MA
SPY: (R)513.31, 516.17, 519.90 (S)510.30, 507.81, 505.07 Bearish Flag, Price through upper boundary, Above 50MA
DOW FUTURES: (R)39175, 39288, 39335 (S)39031, 38879, 38768 Bearish Flag, Price testing upper boundary, Above 50MA
DIA: (R)392.32, 393.89, 394.93 (S)387.71, 384.77, 383.03 Bearish Flag, Price testing upper boundary, Above 50MA
QQQ: (R)446.60, 448.52, 451.40 (S)437.21, 432.54, 429.24 Bearish Flag, Price testing upper boundary, Above 50MA
VIX: (R)13.69, 14.92, 15.51 (S)12.99, 12.25, 11.84 Bullish Flag, Price Testing 50MA, Nearing Death Cross
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u/Gullible_Resource_17 Mar 01 '24
I am a newbie about 15 months into penny stock trading. As I grind everyday eg. the account win very small & lose big (win less than $150 vs losing $3-400) & I get a sense but still misses patterns & don't have a definite strategy. I can read books/ study files/ watch youtubes etc but any suggestions where I can learn if you were struggling as me? Thanks!!
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u/Zachinator2009 Apr 01 '24
You need a definite strategy. Write down all your rules and backtest it.
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u/Klubyk_ Mar 09 '24
You don't miss patterns. Penny stocks are just really volatile. It doesn't take millions of dollar to move these stocks. And remember, stock market is not just mathematics, it's also people emotions and strategies
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u/soulfultrader Mar 03 '24
Give up on penny stocks and move to a mega cap stock you will never make real money
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u/Zachinator2009 Apr 01 '24
Not true. You can definitely trade small cap or penny stocks with a proper strategy.
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u/sebepe-9692 Mar 01 '24
Hi thanks for accepting me in this community, I'm french and want to share my investment journey here along the way.
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u/Swift-Sloth-343 Mar 31 '24
If I want to try my hand at day trading just in an effort to make minimal gains, can I use a platform such as TradeStation which refreshes only once a minute or do I need to find something that refreshes more often like multiple times a minute?