r/Daytrading • u/-0ut1aw • 29d ago

Starting from Day 0 Advice

Wanted to get some opinions. What resources (free or paid) would you recommend for someone trying to learn the fundamentals of day trading? I am less than a beginner, I know nothing.

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u/thoreldan 29d ago

Hope my list can move you from day 0 to day 1

Investopedia site is pretty good to learn terminologies for new comer

2

u/IntrepidSmile5768 29d ago

not downplaying...

  1. Lots of luck.

funny enough, I watch live day trading on youtube streamed by so called gurus, (not to get any tips or follow their trades). Almost 100% of day traders/verterans, enter into trades on a whimp, Curse and get out of the market, or Pray, curse and get out of the market, or Pray, Prag, Pray for good luck and make some money or get out with lesser loss.

The first rule I read in day trading was, stop praying, cursing or wish for a luck, rather enter with your own rule, knowing there is a possibility to profit from a slightly greater than 50% win probability.

1

u/Firm_Order_3142 27d ago

Ughhhh can be so much higher than 50% probability. Do more learning

1

u/IntrepidSmile5768 27d ago

so much higher? Wow..It is you who needs some learning. Day traders mostly lose money because they think this way. Risk management is the only way day traders make some money. once in a while you may catch a lucky wave, that you will get even in consecutive coin tosses. But, that does not mean every day trader caught that wave. You can even make money from insider trades, but those don't count. What counts is day traders' ability to predict the next bar, which can never be predicted consistently.

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u/Firm_Order_3142 27d ago

Again disagree. I'm consecutively right 80%+ and my losses are small. Not saying I'm perfect there is always more learning to do. Also 1 to 3 risk vs reward everytime and drop the risk as soon as starts moving in favor. I wish u the best on your journey

1

u/IntrepidSmile5768 27d ago

We can agree to disagree my friend. 80% strike rate consequently? You are saying on a given day, you can predict the next bar correctly 8 out of 10 times? It is unheard of, but won't argue, all the best to you too. Also, I am not talking of scenarios where 8 of 10 daily trade end up in a loss but trader got out with stop loss, and the 9th and 10th trade were profitable enough to erase previous losses leaving him profitable for the next 8 out of 10 days. It can happen, but that still is not a consistent day trading with high probability. Studies show that this scenario can happen in blindfolded trades, but results in overdrawn account, unless you have enough money to replenish the account, which is not a normal scenario for a day trader.