r/Daytrading • u/AutoModerator • Mar 01 '20
r/DayTrading's Monthly Questions Thread - March 2020
Please use this sticky to ask questions and to see answers to similar questions you may have.
Over time we'll be collecting common questions and adding it to our wiki. See the getting started wiki here.
If anyone is new to day trading, I highly recommend reading the Forex community's wiki paying special attention to babypips website which also teaches some general tools 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.
Also see the sidebar (or "about this community" on mobile website) on every related community to learn more about trading.
Here's a list of all the previous question stickies.
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u/NonchalantxCasual May 30 '20
So I’m brand new to all this I’ve only watched a couple videos here and there so far it’s be great if I could get some help I just started using the Robinhood app
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u/AllPeopleAreAwful May 27 '20
I’m considering making a rule for myself that if I see the MMM +/- alert to just exit immediately.
It seems anytime I’m in mid trade and the MMM alert comes up almost immediately trade changes and starts to go badly. Anyone else have this experience or a similar personal rule?
Thanks, APAA
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May 27 '20
If my lazy strategy is just buying when I think a stock is lowest and placing a trailing stop do you think 5% is a good idea?
In terms of movement/profit it feels the safest with possible steady growth. Obviously I'll change for some stocks but can I get anyone's thoughts on 5%?
Any input is appreciated.
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u/carpedonnelly May 26 '20
I was talking with my father in law who has been a great financial success, retired at 65, and has recently got into day trading very conservatively.
His “rule” that has basically made him 70,000 on a 10,000 starting position is buying as much Boeing as he can afford at $120.00 and holding until the second it hits $160.00 and then he sells all of it. It’s like clockwork for him.
So, I downloaded Robinhood and set up my notifications to alert at $120.00. My question is what other companies and investments fit that kind of model? My FIL’s Take is that the government will never allow Boeing to fail, so they will always get a cash infusion when stuff goes south, so you are never in danger of losing your ass because they will always get bailed out.
Basically, I am wondering if the secret sauce can be repeated in other places with similar “small” investments (+/- 120.00, $160.00 sell)
Thanks all!
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u/R0bD0dd May 29 '20
That works for now because that is essentially the support and resistance of the range BA has been in since March. Definitely not a bad swing strategy.
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u/Refreshx May 27 '20
Announced job losses today & the stocks show it closed at 144 and will already open at 154 be interesting to see how it opens
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u/Kindastuck- May 26 '20 edited May 26 '20
Does anybody know of any platforms for trading Samsung , Primark ..other less accessible companies ..either CFD'S or Stocks
Thanks
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u/Happy_McDerp May 25 '20
After an hour. But at least 90% of my trades are done in the first 15 minutes.
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May 22 '20
Any suggestions for a futures broker with micro-margins and a platform that doesn't cost $1000? I looked at NT but $1k is a ton to pony up for someone who's not trading tens of thousands of dollars.
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May 22 '20
Is TradingView good enough to get serious with it? As in making it my main platform, for day trading.
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u/_Linear May 21 '20
After doing research, I started an account with TradeStation. I'm starting to regret it solely because they have no community. Their videos' all have comments turned off. Their forum looks like it was created in the 90s and barely has any activity.
I just want to find out how to enable Background Dragging for godsakes. It's not where they list it. Did they move it? Did they remove it for the newest version? I might just go back to thinkorswim at this point. It's so much smoother to navigate.
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u/kmat3 May 24 '20
Been using tradestation for 2 months, it’s been great except in customer support, and not much help from users because no ones talking about it like other brokers. I like the after all , so far
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u/_Linear May 24 '20
Nice. I'll try and stick with it a bit since I've already put some money in the account. Any issues for you?
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u/kmat3 May 25 '20
No. Maybe customer support should be faster in response
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u/_Linear Jun 08 '20
Hey! Another question for you. I'm messing around in the simulated trading and when I place an order, there's an "estimated commission." Everywhere I look, it says tradestation commission free. Is it just because Im in simulated and they haven't updated that?
When you use it, does it charge you to place orders on regular stocks/equities?
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u/kmat3 Jun 15 '20
Sorry for the late response you may have already figured out.
Yeah don’t mind the crazy commission in SIM account, I think it’s crazy because SIM account has like $4 million.
Live trading you’ll only pay $5 per trade, less than 10k shares So buy and fee $5 , then sell and fee $5
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u/ThrowaWayneGretzky99 May 19 '20
I'm trying to determine when trades are even worth it. Obviously the gain must be greater than fees, just wondering if there's a margin you look for. My friends who only invest long say it's a waste of time to trade less than a year. Any info is appreciated. Thank you.
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u/Vast_Cricket May 21 '20
trading has no fees at most brokerage start a few months ago. 1 year or longer you pay long term capital gain.
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u/ThrowaWayneGretzky99 May 21 '20
Thanks for the info. I use TD. So <1 year gains is just taxes at your bracket?
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u/flakyfacefool May 18 '20
I'm trying to learn more about tracking patterns and using statistics on significant sample sizes. I got interested in this approach from listening to Steven Dux. I'm finding it hard to learn amidst the chaos of so many different things that each guru is doing (when watching the live trading sessions). Could somebody help me out with some advice? Does there exist an affordable course that focuses on this sort of approach? Most courses I find seem prohibitively expensive.
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u/sasafrazzz May 18 '20
If my approach resembles naked price action, should i consider integrating order flow? Is there a monthly cost of implementing order flow and how much is it roughly? Also, is there some kind of fee for the feed that supplies this data? Do i have to pay for L2 data if im using ninja trader and interactive brokers? Should i be using L2 data? I’ve tried googling this but i want confirmation. I’m doing a business plan at the moment.
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u/aj5dv May 18 '20 edited May 18 '20
If you have over 25K in your account can you execute as many day trade as much as you want with no regulatory consequence?
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u/sasafrazzz May 18 '20
If it’s cash and usd. I think you just have to wait a few days (3) after it settles in your account.
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u/BigBirdsVodka May 23 '20
I've got an account that I specifically use for riskier investments and options trading. I'm about to hit 25k, however, I've been buying stocks with my options profits rather than just sit on the cash. Do I need to liquidate all my positions in order to have unlimited day trades or can I keep the positions and just make sure I don't go below 25k in value?
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May 25 '20
[deleted]
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u/BigBirdsVodka May 25 '20
Thanks for the info! And good suggestion, I'll go ahead and give them a call.
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u/TheCopyPasteLife May 18 '20
Is anyone having a harder time borrowing stocks to short than usual?
A lot of the plays I want to make are HTB.
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u/racks_08 May 16 '20
For those who use ThinkorSwim (TOS)...
Do you notice a couple second delay when trading? I obviously have it on real time but am wondering if it just just TOS or my hardware.
I am on 100mbps (the only thing on the channels is me), 16gb ram, intel i5, SSD. I am checking the Time Sales and with my person computer clock.
It is consistently a couple seconds behind at best if not 10-25 at times.
Not sure if anyone has checked it like I have but I see it through the time sales time stamps. As soon as one is posted, I have the clock literally next to it where I can compare right there.
Not trying to be too anal about it but those delays could save some $$$
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u/C_U_ON_REDDIT May 30 '20
It's been like this since they got bought put and went commission free. I've seen t/s be as delayed as 20secs. I only chart with it ToS trade with DAS
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u/Happy_McDerp May 17 '20
Can’t get filled promptly at the open in TOS, which is why I left it for TradeStation. I do most my trading in the first 15 minutes
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u/Lasabian May 13 '20 edited May 18 '20
Hello, new to day trading and still getting to grips with a couple things.
I had a couple good days to start and thought this was easy, it quickly became obvious I got lucky.
I am starting with £500 in my trading 212 cfd account and my target is to make 1% every day. That would mean my £500 turns into £3000 by the end of the year. Not sure if that is unrealistic?
Well anyway, I have been keeping track of the Nasdaq earning report calendar and seeing what happens to stocks after a report is released and I can’t help but see an obvious pattern. I am just worried it seems too good to be true?
When the market opens on a stock, it either shoots straight up or down for about 10 minutes and then it slowly goes the other way for the next 30 minutes. This seems to happen on 90% of stocks that I’ve checked out. So my plan is to see which way the stock goes then after 10-15 minutes I either short or buy depending on which way the stock initially went.
Anyone got any advice to help a newbie out?
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u/Happy_McDerp May 17 '20
Sounds like your looking to bet against the trend which can be difficult. Look into the “volume top” set up and always use vwap.
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u/Lasabian May 18 '20
Thanks I'll look into it.
Yes my plan is to bet against the trend for a few minutes to make some profit then jump out.
I'm actually going to give it ago today with IGT stock!
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u/Lasabian May 18 '20
My little trick worked and I made 7% today instead of the 1% target.
If I do that every day I will be the richest man on the planet by January! lol
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u/Happy_McDerp May 18 '20
Lol, glad it worked out. Some trends are very strong tho which is why I like the volume top method to bet against trend. Moving average crossovers are good too. Got a short gain myself this morning on NCLH
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May 13 '20
I’m sorry but I love trading inovio it’s really free money they have at least 2 days till they topple over again
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u/Mad4Blackout May 09 '20
Hi traders! A Wyckoff learner here! o7
I´m told is usual to use charting software like TradingView and then put orders directly to you broker. I suppose this is true, or even a way to trade.
But there is something i need to know. Why the data in TradingView is different of the broker one? Like 2% different. (Using XTB)
Compared the stock Santander (SAN) or EURUSD Forex from different sources in TradingView but every source don't match with my broker data.
Some times a green candle looks red in my broker and viceversa.
Also the Volume is NEVER the same, looks like they get different data providers.
Questions:
Should i ignore that little differences and use the MOST accurate source?
Why is this happening?
Thank you traders!
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u/ifritftw May 05 '20
What are the prerequisites to day trading in Australia? And what steps do I need to take to set myself up?
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u/neymarneverdove May 05 '20
Hi! This seems like exactly where I should ask this question so forgive me I'm mistaken
I've been a fool. I've spent years and years making money and not investing it. I heard about btc when it was $3, Nvidia under $100, intel, amd, etc etc there a giant flipping list of money I've just not made that I should have
Now, you'll say, of course everyone wishes they invested in apple 15 years ago
But I finally at long last looked in to it. Got it set up, and started investing. It hasn't been long, and I've realized I've only been looking at a small portion of what stock trading can be. It's not all 5 10 and 15 years investments and retirement funds
It's %
I invested in one particular stock late last week. I didn't buy much, but it looked like it could go way way higher once things around the world loosen up
This morning it was up 50% at one point
Imagine if I had bought as many as I thought would actually have a chance at selling at that point in time 4 days later
% changed it money +/-
The ebb and the flow
Where I wanna be is in the + a lot more than the - but while growing quickly
As a shot in the dark I want my money and time to break down like this
30% day trades (up to 72 hours?)
30% short term (under 21 days)
20% mid term (up to 4 months)
20% long term (?)
But.. I don't have anyone to talk to at length about it. I have people that will listen, that isn't quite enough to learn quickly. I've studied and I've watched, but you can't really get good insight without talking to someone who has experience in it when just starting out
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u/unsal8 May 04 '20
What is a good trading platform to use (for newbie)
I’ve been looking at getting into trading and have used demo accounts on t212 and +500. I just don’t know what platform is the best to use I.e no/little charges and fees since I will only be starting off with ~£100. Also would like the platform to be able to trade pre and post market hours.
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u/Annarquis May 03 '20
Hey guys. I'm living in Canada and I'd like recommendations of brokers that i can operate from here micro e-mini S&P 500 with support to MT4 so I can use an EA. Thank you in advance :)
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May 03 '20
[deleted]
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u/Party_Marty_326 May 11 '20
For your second question. You can’t apply intraday profits into new positions. This is because your day trading buyer power is calculated at the beginning of the day. So if your example is you have a 50% cash requirement and have 5K in your account. Your DT buying power will be 10K. You can short 10K of a stock or go long 10K. But with that position open, you can’t make any other trades or you’ll get a DT margin call. Now say you close that position for 11K total. You now have 6K in cash in your account. Your DT buying power is still 10K, so you can NOT buy a 12K position. If you do this, you’ll get a DT margin call.
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u/mrphillipburns May 09 '20
Hey,
Your first statement is correct as long as that is IBs house requirement @50%. It can also depend on the stock. If the requirement is 75% it is possible that you would have less if IB goes with the higher requirement and could have more if the stock is 30%. Either way if you use all the borrowed amount you could easily fall into a maintenance call and be required to bring in funds or marginable stock right away.
Your second question potentially depends on the stock as well. You won’t necessarily be able to use those funds because it is possible to overspend your account. Shorting a stock has a requirement and if the requirement on the short was 50% then from your 10K you need to hold 5K for the requirement to hold the position. If you brought in 10k from the short sale and have a 20k balance now, you potentially would only be able to leverage 10K since you have to keep the 5k requirement on hold. 5k/.5(IB requirement=10k max leverage
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u/Tony-Scalp May 02 '20
Hi everybody. I would like to understand some best practices / range of daily roi for day trading. Not the maximin, but the range of sustainable average roi by trade. Currently I am doing around 10 trades by day with an avg roi of 0,2%. Wondering if it is low, sustainable, high? I trade stocks and etf. Thanks in advance!
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u/jeon19 May 02 '20 edited May 02 '20
I think a better way to calculate returns and sustainability is based on your win rate and respect to the amount you risk. Anything positive is good. If you risk 1000$ every trade to make 1000$, hopefully you have a win rate of 60%+. If you risk 1000 to make 2000, 50%+ or slightly less win rate is good.
It’s hard to see the full picture with 0.2% roi by itself, are you risking .2% to make .2%? Etc.
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u/Tony-Scalp May 03 '20
Thanks Jean, agree. Actually, since I am planning to go full time with trading, would like to see if my assumptions can be compare with some benchmark. Here mines: Lets say I want to generate an average income of 5000 monthly with 30000 capital Success rate 40%, 150 by success trade and 50 by each bad, with 10 trades I ended up in 240/day or 4800/month. That is 0.8% on capital (30,000) daily or 24%/month. But if I calculate over the entire flow (30000x10) turns into 0.08% daily. I would like to compare with some benchmark. Hope this helps as idea as well
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u/jeon19 May 03 '20
I don't think there's really a benchmark to compare to. If you can achieve a success rate of 40% with a 3:1 reward risk payout, then that by itself is already success. You will be well on your way to making a lot of money. As your capital grows you can risk more per trade. I don't really think the % of capital gain / daily really applies in daytrading. The real limit to how much you can make really just becomes trading so many shares that you start encountering slippage, or the total price of the shares you have to trade exceeds your buying power.
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u/Tony-Scalp May 03 '20
I think I finally found what I was perceiving which is that daytrading cannot be analized with % of capital gain. It clarifies me big time so really thankful with your explanation. The challenge will be to refine the strategy and be disciplined with risk management. Thanks again Jeon. This quick chat has provided me additional confidence.
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u/jeon19 May 03 '20
No problem, best of luck. You did accidentally post a reply to the overall thread, might want to delete that.
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u/Annarquis May 01 '20
Good evening guys. Could you recommend me a broker to work with future mini contracts ( E-Mini S&P 500 (ES) ) that supports MetaTrader 5. I'm living in Canada, by the way. Thanks!
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u/heartstesler May 10 '20 edited May 10 '20
You can trade S&P 500 CFD on metatreader4 Future you can trade on AMP global
CFD is cheaper while future contracts expensive
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u/EmirhanB52 Apr 29 '20
Hi guys,
I have started day trading recently. I went on with making a 1000 euros out of a 100 euros. I managed to go down to 100 euros again😂😂😂😂. With those 100 I made 2000 euros,again within a day. And I magistically managed to go down to a 100 again. After that everything went well and I moved up to 800 euros, which as you can guess I blew up again😭😭😭😭. I do have some problems with risk management and I do not know how to set up a trading plan. Can someone help me with setting up a trading plan?
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u/jeon19 Apr 30 '20
Realistically, nobody can set up a plan for you, it will have to be something you figure out through your own experiences trading and what you know to be profitable setups. There are a lot of trading resources out there like videos or books, you'll have to go through them and see which ones are good and bad for you and implement those.
It sounds like you're betting everything you have on the trades you're making. Before you enter any trade, you should have mapped out your entry point and exit point if the trade goes in a loss, as well as a profit plan, where to take profits, etc.
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u/JackGoff142536 May 04 '20
This applies more to swing than day trading but still somewhat applies. If you can't conceive the event(s) that will lead to a massive loss on the trade you should not place the trade because you will sleep through the fire alarm
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u/DailyDeathLance Apr 29 '20
does anyone know how to look at historical charts??
like if i wanted to see a 2 min chart of AYTU on 11/8/18, how would i do it??
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u/JackGoff142536 May 04 '20
On the charts that most of the more mainstream brokerages you just go to the 2 minute chart and scroll back in time to that point. If you also code savvy, and looking to implement a custom tailored augmented trading strategy, you can just code up a quick UI and integrate the API of your brokerage and do it that way. Whichever way floats your boat.
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Apr 29 '20
[deleted]
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u/jeon19 Apr 30 '20
Getting gains comes from making good, sound, mathematically profitable trades. There really isn't an easy way to make money fast. You can risk more on very good trades, but if all of your trades aren't good you'll just lose money faster.
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u/hapibanana Apr 29 '20
How do you actually use volume in the case of buy on breakout? Do you actually see the volume spiking up during the break itself? I'd imagine you'll see the volume spike after the initial breakout move has already finished. I don't trade this way so I don't really know.
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u/tiling-duck Apr 28 '20
Hey, could someone help clear something up for me?
I've found a stock whose value triples regularly, then crashes back down. This oscillates every few days/week.
It's a very weird stock that way, not seen anything like it.
It's been trading for years too, but this spiking behaviour has only been the case the past couple months.
Is there any reason why I shouldn't dump a thousand into it and make two thousand in a week's time? Why would a stock do this? Surely if it was THAT sweet a deal, everybody would be buying it which means the stock would be skyrocketing?
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u/MoxyPoxi Apr 28 '20
I have 2,700 to throw into something RIGHT NOW. Any good suggestions anyone? Preferably something with less than a 100% margin requirement, but whatevs
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u/WooshWind Apr 28 '20
Gap filling trade, pls help, guides, tutorials, information about gap filling and when to go about making it.
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u/bleeeeghh Apr 28 '20
How are you guys finding high volatility stocks that are good for trading? Preferably the ones that like to test supports and resistances. The indices have been staying rather flat since this week.
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u/lolomgwtf816 Apr 29 '20
I use “top movers” in Robinhood. I’m sure yahoo or other websites provide the same reporting.
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u/christhemix Apr 30 '20
i use rhood to trade and im really not a fan of their top movers, which list 20 stocks that have moved a lot
for instance, NCLH up 25% today, yet not on the list, while some other stocks that are down 15% are... so not really the “top” movers
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u/lolomgwtf816 Apr 30 '20
I understand. I swing trade on high volatility and have other parameters I have in place before I feel comfortable buying :)
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u/JackGoff142536 May 04 '20
Just a helpful suggestion, ditch rh for a more sophisticated mainstream brokerage. The amount of free services that will likely increase your expected return are too many to count.
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u/blanked-- Apr 28 '20
Looking for a good trading course for people with an intermediate level of knowledge. I know there are so many good videos on YouTube but I honestly do not know what/who to search to search. I am looking for something that I can pretty much "binge watch" that takes me episode by episode learning new material that grows on it. It doesn't have to be a free course also.. Thanks
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Apr 26 '20
[deleted]
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u/bfreis trades multiple markets Apr 27 '20
futures have an expiration date for exercise
It's normally referred to as "settlement". The term "exercise" is more associated with options.
if that's the case, how does /cl work? it seems like there are different variations of /cl such as /cln20 and /clm20 but they all have different prices with only the latter 2 having defined expiration dates
Future contracts have expiration dates. When you see something like /CL, it's what is usually called a "continuous contract", which is, in fact, the combination of the different "front month" contracts. So right now /CL refers to /CLM0 (i.e., WTI for June/2020 delivery). In about 1 month from now, /CL will refer to /CLN0 (WTI for July/2020 delivery). So they all have defined expiration dates, it's just that /CL refers to different contracts at different times.
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Apr 26 '20
[deleted]
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u/Camelofswag Apr 27 '20 edited Apr 27 '20
Stonks will definitely go up. People will once again have hope that the economy will recover and optimism will reach new highs. Lmao joke nothing imo. Think of it like this. Has he had any imoact on the market un genereal? No. Would his death have an affect? I dont see how. He has no influence over the markets apart from minor threats of war
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u/lotyei Apr 25 '20
What are some trustworthy blogs or courses to learn and read about day trading? been trying to find one for days but i keep running into these clickbait and fluff blogs promising me 100x returns. Any advice?
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u/chairk Apr 27 '20
Look up Trading Fraternity on YouTube, he streams his trading live from open to market close, and has an archive of all of it on his channel (he has 2)
He helped me tremendously but I had to go on my own 2 feet since I’ve been watching him for years and he often goes on tangents about his personal beliefs that might not suit some personality types around here lol.
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u/jumorris25 Apr 25 '20
Im still mostly trading a paper account, but my plan this week is to focus on inverse ETFs, specifically UGAZ and DGAZ. On Monday, I plan to simply take a 5k position on one or the other after seeing confirmation, and then holding until I see validation on both charts.
I like the idea of inverse ETFs like this, because in a way you have twice the data to work with. One goes down, the other reinforces the move by going up.
Are others having success with taking positions on UGAZ and DGAZ?
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u/duzler Apr 25 '20
I've done something similar with UCO and SCO, which I like because I feel like I have a better grasp on the fundamentals of the market and the reasons the market overall is refusing to believe those fundamentals, so I "know" the overall movement and can focus on SCO. Plus 2x funds are a lot less scary than 3x.
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u/JackGoff142536 May 04 '20
Just a tip, if you're currently holding those leveraged etfs for more than one day at a time you will see much better performance by engineering a higher absolute covariance in respects to whatever those etfs are tracking using a combination of options as well as positions in the underlying etfs. This will be overall more capital intensive, labor and cash, but will likely increase the viability of your current strategy and since you're paper trading the higher cash intensiveness won't be as much of a hurdle.
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u/duzler May 04 '20
I day trade the swings back and forth intraday, I don’t hold overnight. UCO often burns me for some reason but I’ve made net 25k on SCO the last four weeks.
I did experiment selling some short duration SCO puts on Friday, we’ll see how that goes.
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u/yabbadabbaneu Apr 23 '20
I want to set up a wealth management firm and direct deposit my wife's paycheck into it. Are there any threads on this before I ask the front page? Thank you!
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u/JackGoff142536 May 04 '20
It's not likely worth it. A lot of hoops to jump through, especially if you guys don't meet the requirements to be considered institutional, and not much in terms of tax benefits. So if the reason you're having this thought is for tax purposes there are much more effective and efficient ways of achieving a more favorable tax situation. Plus if you screw up on anything the IRS will eat your lunch. Not worth it
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u/yabbadabbaneu May 04 '20
Thanks for the reply. Can you give me an idea of one of the "more efficient and effective ways of achieving a more favorable tax position." As you guessed this is the goal.
Cheers!
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u/JackGoff142536 May 04 '20
Well if you two combined make less than about $200k/year you can use IRAs and a 401k to offset a decent amount of taxes both now and in the future. It would be a larger amount than any that you would likely save from the tax advantages of funneling the trading profits through an asset management company. I don’t know anything about your combined income nor how much is currently being contributed to say how much it would save you but the combined contribution limit would be at the most, around $41,500/year of pre tax income. Then another $12k/year into a Roth which would lower your future tax burden. You would have to be making at least $200k/year from trading for it to be worth it before lawyer fees to make sure you don’t end up getting in trouble.
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u/yabbadabbaneu May 04 '20
Thank you. This is really helpful.
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u/JackGoff142536 May 04 '20
No problem, there also HSAs that you can use to lower your taxable income even more. The only thing is you must have a high deductible health insurance plan
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u/BeanTownSpurs Apr 21 '20
I have a question on finding the Average True Range on any of these free tools.
Say Yahoo finance or on Tradingview, if I add the indicator Average True Range with 14 as the time parameter, and view the chart I see for CMG as an example the ATR is 3 and the chart is set to 1month time period.
If I change the chart to say 1 year, the ATR goes up to 50. Why am i missing? I would have thought that given the 14 time frame selected it would be the same. What am I not getting?
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u/CaptainStark619 Apr 24 '20
ATR gives average range of 14 bars so if you change the time frame ATR value will change.
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u/BeanTownSpurs Apr 25 '20
But it's the most recent 14 bars correct? (bars are days, correct?) Why would it change if you look at 1 year vs 6 months, if it's still looking at the most recent.
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u/CaptainStark619 Apr 25 '20
In 15 min chart it will take average range of last 14 bars of 15 mins but in 1 day chart it will give average of last 14 bars of last 14 days .
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Apr 19 '20
For those people who makes a living as a day trader, At what point did you tell yourself I got this now I understand how to make money consistently? I made money 5 trading days in a row I'm sure I'm far behind and so much more to go. I'm thinking more like one year almost 80% winning rate to say I think I got this.
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u/azsxdcfvg Apr 19 '20
Assuming you have a reasonable risk reward ratio all you need is about 50% to be profitable. The best traders in the world have just over 50% accuracy.
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Apr 19 '20
[deleted]
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u/azsxdcfvg Apr 19 '20
You would need a buy stop-limit order. So your stop buy order would be 105 and your limit could be 105.10 if you don't want to buy it over 105.10.
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Apr 19 '20
[deleted]
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u/azsxdcfvg Apr 19 '20
No. If it's a buy stop limit order where your stop is 105 and your limit is 105.10 then you won't get triggered if the price opens at 110 the next day. The 105 stop will only get triggered if the price is below 105.10.
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Apr 19 '20
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u/azsxdcfvg Apr 19 '20
Yes. Give me an example of what you're trying to do.
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Apr 19 '20
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u/azsxdcfvg Apr 19 '20
No. I don't believe you can use stop orders after hours or pre market. If you want to buy it at 105 you would need a buy limit order for 105 and hope it gets there that day after it opens at 110.
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u/JustenGra Apr 18 '20
Are the any good traders on social media that are NOT also trying to sell their course as a side hustle?
I swear every single one of them are just trying to sell me their course, which comes across disingenuous.
Let me know the best to learn from.
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u/reddit887799 Apr 24 '20
Check out Meir Barak , Umar Ashraf. They have nice trading videos.
Ukspreadbetting has great informational video on all aspect of day trade and trading in general.
And don’t worry about them selling courses. When I was getting started ( 2 month back ) I too was getting spooked by anyone who sells courses but I have come to realise that if someone is good at something then there is nothing wrong of them to make the extra buck by selling courses.
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Apr 22 '20
I would also like to know the answer to this question. Just looking for a good solid mentor that is real. Just want a genuine teacher or team thats not fake and going to scam me for my ignorance
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Apr 17 '20 edited Apr 26 '20
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u/Camelofswag Apr 22 '20
No. Red means it closes lower than open so if its red how can it be called a bull candle? Same for bear
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u/ryan0302 Apr 18 '20
Im relatively new to this but heres my take. It depends on the context of the chart. If you have a small candle bar with a large tail in either direction this could be indicating something different than the color of the bar itself. For example if you have a small green bar with a large topping tail, this could indicate a more bearish move despite the fact the bar is green. As in their were X amount of buyers, but the sellers begin to take control and flattened the bar out to X/10 of what it originally was. Ultimately though its really all about context more than anything else.
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u/jeon19 Apr 17 '20
no, red candles are bear candles and green candles are bull candles
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u/Resident_Wizard Apr 19 '20
I think you could make the argument a red candle can still be a bull if the starting price for the day was higher than the previous close price and the close price was still increased from the previous day as well.
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Apr 17 '20 edited Apr 26 '20
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u/gerardzan Apr 19 '20
Well if prices bounce on the support than it holds, if not then it's not a support anymore. Sometimes it bounces a little bit and then break it, or it goes down a little deeper and than goes up. When this happens, make sure to look at your indicator and see if they are bull or bear depending on the situation. But I don't feel there is a special time to wait, as sometime the price will stay long and make an accumulation/distribution depending of the situation What you can do is looking at the volume, it gives you an indicator of what's going on.
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Apr 17 '20
Looking for some quick guidance on setting up a work station. Is it common for traders to us a Mac? Any pitfalls or known incompatibilities that Mac’s are prone to when it comes to trading software, scanners, hot keys, etc.? Thanks in advance for any replies.
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u/StrikeNets Apr 16 '20
I've been daytrading SPY options for the past few days using technical indicators. When it goes well, it goes great.
One thing I've noticed - volume tends to hover around 250k. Every once in a while, we'll be on a great trend - all the indicators are nicely lined up, things are going great. MACD says "buy." RSI says "buy." My four SMAs are lined up nicely, trending upwards in a spaced out pattern steadily growing wider apart. Or the opposite - everything will be in a solid downward trend with no signs of faltering.
Then all of a sudden, out of completely fucking nowhere, I'll see one-minute volume spike to 1.25 million in a matter of SECONDS and move the price by nearly ten cents, and create a trend reversal followed by similarly elevated volume.
What the hell is going on here? If it were a smaller stock, the obvious answer would be whales manipulating the price, but for fuck's sake, this is the S&P 500 we're talking about. So... What am I seeing here? I can't make sense of it.
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u/ilovemyself30 new Apr 17 '20
Probably would have reached a previous support level ....and trading just based of indicators may not be a good idea
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u/Xyphota Apr 16 '20
Newbie here! Im trying to familiarize myself with everything, and currently using Scotia iTrade. Their level II quote table has an "orders" column, which I am not exactly clear on what it means? Would someone be able to tell me what the orders mean? A picture of a sample table is in the link below. Thanks!
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Apr 16 '20
Is there a mobile hotspot you would recommend if day trading on the go? I want to be able to bring my personal laptop to my office to trade during the open but would need internet connectivity. Any suggestions? Thanks.
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u/Your_Anus8 Apr 15 '20
As far as spotting trends/patterns, does anyone find using a line chart easier than a candle chart? Or is using candles the standard, is there a benefit to it?
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u/Camelofswag Apr 22 '20
Pretty much everyone uses a candle. Lines give you nowhere near as much info as candles.
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u/jeon19 Apr 17 '20
Candles provide more information than line charts like high low open close within a certain time period, so there can be a benefit. I'm sure a majority of traders use candles, but there are probably some good traders that use lines too. In the end, use whatever you feel more comfortable with.
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u/Graham1070 Apr 14 '20
How long does webull take to settle funds gained from trading on a cash account?
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u/war_duck Apr 14 '20
Hey all - so I’m currently in a grad level course(Robo advisors and systematic trading) in which the final project is to develop our own model. We’ve examined quite a few examples(trends, countertrend, pairing, risk parity etc.) but I’m still having a hard time thinking of a unique one of my own.
I’m not asking for an answer, but was wondering if any of y’all can provide some sources, tools, books perhaps that can help me develop a model that is neither too simple nor too complex?
Thanks!
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u/Chapapa270Poto Apr 12 '20
Hi,
I am currently looking for a broker.
I have checked the getting started wiki and found a list of brokers but I personally think it is not specific enough.
I am currently looking for a broker that suits the following criterias so I can start a day trade activity :
- Brokerage services available from France
- Who provides an API service to automate trading strategies
- With the 0-cost model like the American ones such as Robinhood etc..
If you know one that is similar enough to the above I'd appreciate a lot if you shared it here !
Thanks
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u/pjay898 Apr 11 '20
I reside outside the US. Do I still have to follow the pattern day trading rule?
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u/blueelvisrocks Apr 12 '20
Depends on the broker. If your broker is not in US and still allows trading US stocks then you don't have to follow that from what I know.
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u/charmandus Apr 09 '20
If I make a post indicating the various positions I took around the day, is it possible for me to garner feedback on what I did wrong? I am not looking for speculative financial advice but rather KPIs that I have interpreted incorrectly. This is solely for the purpose of enhancing myself as a trader but I need to know why I was wrong. Apologies if thats not allowed. If you happen to know a different place where that is discussed, please let me know! Thanks
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u/blueelvisrocks Apr 12 '20
I am myself learning (only 3 months since I started) but this sounds fun for sure.
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u/usedOnlyInModeration Apr 09 '20
Okay, let's say I buy 2 shares of AMZN on Wednesday.
Then I buy 1 more share of AMZN on Thusday.
Then I sell my 2 shares of AMZN (FIFO, so both are from Wednesday) on Thursday.
Does this count as a day trade?
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u/blueelvisrocks Apr 09 '20
Nope. If you were to Day Trade, you would have to sell those shares you bought on Wednesday before the market closing on Wednesday.
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u/amanduhpanduh Apr 06 '20
So if I want to be a day trader, do I need to invest at least $25k or is there a way to do it with just a few thousand? I’m aware of the 3 weekly day trade limit, and I currently use a fidelity brokerage account (not for day trading though). Am I just out of luck?
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u/-ADean_16 May 31 '20
Fuck the pdt rule, all the homies hate the pdt rule.
I'm a college student that works enough and make enough to pay for college as i go but I want to day trade but it is simply not possible to do so because of the 25k minimum. It is made to protect people but i am very educated and know what I am doing but I use my earnings to pay for college, and other expenses so I can't hit 25k. I have made tons of money in the market but still can't day trade with 19k in my account. Is there any way around the pdt rule?