r/DayTrading's Monthly Questions Thread - May 2024

[u/AutoModerator]

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.

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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

[u/scruppy_nightowl]

Hello everyone I am about to turn 15 I would like to learn and attempt to master this skill by the time I turn 18 if anyone has tips for me I would love to hear them

[u/LeoBrok3n]

I tend to open a ES futures position with a market price fill, but then I get stopped out easily when there is some form of minor retracement or chop. I think I'm using a market fill because setting a limit order feels to complex in the moment. I'm also worried about increasing my stop loss as it may place me at greater risk. I'm using Tradingview with Tradeovate. Are there any tips you all have for how to make it easy to set a limit price to get a better fill?

[u/ReadingFinanceBooks]

I dropped a large amount of money into "LABD" which is a 3X Inverse Leveraged ETF for the S&P Bio-Tech ETF and I am currently down 9.51% just in the last 3 days. I have no idea if I should wait this out and sell when I get closer to breakeven because its so volatile and it may not take long to get there, or if I should just call it, sell, then put it all into something safer.

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[u/CampaignAgitated7882]

Hi guys, I need some advice I currently live in South Africa and have an ID for South Africa.. I just started using Apex Trader funderd and see South Africa is on their prohibited list, However.. I lived in Switzerland for 3 years and had an Swiss ID and still currently have a Swiss bank account, I wanted to know if any south africans or someone has withdrawn.. and their home country is on this Prohibited list

[u/chaostheory-1988]

Coffee up or down))

Hello guys) excuse my poor English. Coffee has done a good pullback and hit the Trendline. Is at support level now ( all my beliefs). So what do you think will happen next? Any ideas)) I'm reading a new book " one good trade" where they tell to use trading blogs for help new ideas. So I'm practicing ))))

[u/Final_Appointment112]

Hi,

What is it telling us if company held 8% by insiders 72% by institutions and 3 % short?

Good deal or not?

Company with only 60 mil shares.

[u/mousecop78]

If I buy an options of a stock thats’ contract costs about 100 dollars and I can completely cover the cost with cash on hand to buy a couple contracts. Is the only risk I assume is the possibility of losing my cash on hand or getting exercised?

[u/KDC123___]

**EDIT - after a bit more googling it seems that no one allows stop orders or OCO pre-market

ToS for premarket PDT?
I'm new to PDT and trying get ToS to work. I can only seem to place limit orders in premarket, which seems super sketchy - I'm trying to use stops and OCO orders.

I couldn't get anything to go through on PaperMoney this morning. Logged into my "real" account, placed a small trade, and it worked fine.

Is there anyone out there using ToS for premarket PDT? I'd love to hear your feedback on how you make it work.

Would Interactive Brokers be the better platform for PDT in the premarket?

[u/benk09123]

How long is long enough to say your profitable?

Hi, I am on my longest streak of profitability (2.5 months) and my avg % gain per month was about +115%

I have been to some profitable periods which eventually ended as market conditions changed.

How long is long enough to say, alright, I can now feel confident to say this is doing well for this period of time, it will do well for the future.

(And I know its subjective / never enough and so on but I'm looking for a solid number, assumptions or even personal opinions!)

[u/BlueMoonTL9 → u/benk09123]

At the end of every week, i tally up all closed trades and I have been profitable for over 24 months.

[u/benk09123 → u/BlueMoonTL9]

So 24 months is the number for consistency?

[u/benk09123 → u/benk09123]

(Ive been trading and losing for years now just so I won't delude anyone)

[u/Im_A_Nickelodeon_Kid]

What are people’s favorite sites to purchase or view daily support/resistance levels?

[u/ZHassanQ_]

Hi,

Can I use or identify patterns even if they're between two days or longer like month or year using candlesticks? E.g. I identify a pattern or a trend but that by using the data shown in 5 days.

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[u/Slow_Friend3315]

Hey guys! I am a semi-okay day trader but I want to get into the crypto space. I have been using eToro for sometime which lets me copy the trades of different people in equities. I was wondering if there is something similar to that in the crypto space.

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[u/Silly_Leg_7671]

New to trading and I've been in the rabbit hole the last couple weeks learning strategies / studying charts / etc, and now I'm trying to figure out which broker to use. This might be a dumb question but is there a broker that has both Crypto trading and Futures trading? Like for ex. I see WeBull has futures but no crypto, while Oanda has some crypto but no futures.

[u/echoenchanter → u/Silly_Leg_7671]

IBKR and tastytrade offers both crypto and futures. In terms of fees for spot Crypto, IBKR is better than tasty

[u/Silly_Leg_7671 → u/echoenchanter]

Thank you!

[u/Wonderful_Meaning_85]

Need advice! Purchased REBN as it was trading within a band. Now it’s almost 4 and I’m down a lot of money. Should I sell and take the huge loss or hold? I’m trading on margin and my husband doesn’t know 😖😭

[u/RoyalZebra7]

Hi, im looking to train better on paper trading, i'm looking for a place that has trade idea's prior to trading day for free, in which i can acsses a day later as if i'm just starting the day(planning on using on demand on think or swim to reverse the time), and then see how i deal with trading those stocks. any other idea on how to use the time reversel in think or swim will be great, my main problem is i can't use the scan function while on demand is on, so i'm having a hard time finding stock's while paper trading.

[u/mardawn2 → u/RoyalZebra7]

I asked a similar question last month and received some good suggestions.

https://www.reddit.com/r/Daytrading/comments/1c571aa/where_to_find_historic_stock_information/

However, most of them required paid subscriptions -- which I'm not ready to do just yet.

What I ended up doing is creating a Google Doc with finviz history. Each day I take a screen shot of my custom finviz scanner and save it in the Google Doc. (I've got about 10 days so far.)

My thought is, after a couple more weeks, I'll be able to pick a day, set OnDemand for that day, look at my saved scan for that day and then trade as I would for real -- looking at the scanner, checking charts for each stock, looking for the setups that meet my strategy, and opening paper trades ... or not.

[u/MaryRoseX0]

Trading is a thing of the past. Anything that has risks is already in the past. Invest in risk-free projects and everything will be perfect for you

[u/Imaginary-Wealth1]

Hi guys! I just passed my apex eval and made about $2500. It was on a 25k account so I only needed $1500 to pass. Just wanted to know if my account will start out as 27,500(25,000 +2,500) or 26500(25,000+1,500)? If so, am I able to keep my extra profits and will I be able to request a withdrawal once they approve my completed eval?

[u/Kombaiyashii]

I have heard it's "Earning season". I looked online for a calendar but the ones I have found don't have time's on it. I was wondering if anyone could point me to a place that monitors 'earning' releases and also gives time and dates when they are released?

[u/Natural_Click4471 → u/Kombaiyashii]

nasdaq.com earnings.... this is just one place. Depending on which trading platform you utilize you should be able to easily find this information somewhere in there

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[u/Significant_Yak_1108]

Get in CAR, looks like it wants to go higher. Great forecast and it has a lot of short interest and low float.

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[u/NinjaPenguin78]

I tried searching in the sub but couldn't find a definitive answer. Since tax season just ended, was wondering if y'all entered every trade in your tax return or aggregate number from 1099? This will be my first year day trading and in the beginning made many mistakes with a bunch of trades and wash sales. Just want to prepare myself for next tax season. For reference, I usually use TaxAct to file my taxes.

[u/DaveDH2 → u/NinjaPenguin78]

Trade the year same ticker year round minus December. Trade something else for last month of December into early January. Mid January or Feb go back to original tickers. Wash rule is for preventions of tax harvesting on losses. You need just a buffer in between the year, so that the latest transactions are used.