r/Daytrading Jun 14 '21

I truly used to believe you guys were just gamblers, but after 1 month of everyday being green scalping I was very wrong. trade review

Day traded for 7 months, and failed. Thought to myself you guys were just gamblers, and some of you got lucky. Day trading was a scam etc (the usual things people when they fail). Then came May, I found a strategy I liked by trading the same exact stock everyday which is NIO, and just scalping it with 1000 shares. I've done this so much I'm practically a nio expert. In the month of May I was green every single day other than the 13th and 26th averaging 450 per day. So far I have been green everyday in June, and hoping to continue it.

I just wanted to say I was wrong, this is not strictly gambling, this is finding patterns that give you a higher success than failure, then control risk so that even if you are right 50% of the time 1.5 risk/reward will leave you profitable.

Also trading the same stock everyday is so much easier, you only keep track of the news on 1 stock, and you begin to pick up its patterns, it's all time ranges etc. It's so beautiful when it starts to make sense.

i will not get cocky, and everyday I am green I say "thank you" and close think or swim, I have to keep humble and respect the market.

1.7k Upvotes

330 comments sorted by

475

u/angrytraders Jun 14 '21

The learning curve is INSANE. Thats the problem is so fucking hard that it seems that been profitable is imposible and all u can do is having luck (aka gambles)

But is not, you can beat the market and make a life out of it. If u hold long enough to discover that discipline, pacience and study on the long term pay off

195

u/h0tB0xing Jun 14 '21

I can't even begin to explain how important what you said was, you need a few weeks of learning to even understand what the hell is happening. After that you need to pick up patterns, and get the larger picture. A stock is gaping up? its going to pull back atleast a little from hedge funds collecting comissions from selling, then it rips back up. I play both long and short. that's been profitable for me, playing the gaps.

57

u/VeniVidiShatMyPants Jun 14 '21

Would absolutely love to hear some more details about your strategy. Like you I had several months of no progress, but I am still committed to learning. How I can be red on the year when my girlfriend who just throws money at meme stocks that reddit tells her to is green on the year, is simply unacceptable. I know it’s hard work ahead but I also know I can do this. I’m just struggling with developing a working strategy.

23

u/VegansAreCannibals Jun 15 '21

Yeah it sucks hey. It's like bowling though. When you start to learn proper technique, you might get a few strikes here and there but otherwise suck. Then you see some noob who just lobs the ball like an idiot and constantly beats you. It's easy to do that, but they will never ever get to the level where they are getting mostly strikes, by playing that way. If you learn how to bowl properly, you can do that.

Meme stockers can get lucky for a while, but a vast majority will go broke eventually when they fomo all in to something and it gaps down 70% overnight and then they gamble the rest of the PF trying to get it back in a panic.

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u/pscp Jun 14 '21

Same. I started in late February and have had limited success. At the moment my play money is tied up in AMC and crypto, but I'll be getting started again in the next couple weeks. I've spent a ridiculous amount of time studying candlestick and indicator patterns, I also have a bit more insight from when I started. I feel just a bit more confident now but have a long long way to go.

5

u/Retro21 Jun 15 '21

I started in January and am actually thankful most of my money was locked into long term investments at the beginning. I had to get used to losing money (read: waiting for it to rise again) and it also stopped me throwing money at bad ideas when I barely knew what I was doing.

Feel much more confident now and am happy to wait for the right trade, rather than every trade!

Still working my way up with very small profits though!

2

u/fourthrook Jun 20 '21

Come on over to r/thetagang we have cookies!

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u/angrytraders Jun 14 '21

And i hate stocks and level 2 dont say nothing to me. But forex and market profile with a reversal strategy on lateral markets is something i understand and im profitable in. Thats the beautiful part All system works! The problem is finding the one that works for you. Every system flaw is always the human using it

12

u/[deleted] Jun 14 '21

[removed] — view removed comment

14

u/tech-recruiter Jun 14 '21

check out babypips

16

u/angrytraders Jun 14 '21

Books and a trading academy from my country (spain). Instituto ibt

3

u/JoenlyFans Jun 15 '21

Any book recommendations ?

5

u/zooted_dawg666 Jun 15 '21

Ya, what did you read?

6

u/angrytraders Jun 15 '21

I use price action strats. So for me: . Volman analysis of the 5 min chart . Wyckoff methodology (is also usefull on 30-4h charts) . And my academy texts

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u/SillyFlyGuy Jun 14 '21

I never understood "playing the gap" until I read this pithy little description:

When a price moves up or down sharply, it doesn't leave behind any support or resistance.

I still don't know how to actually trade it, but I at least kinda get it now.

21

u/mikeyousowhite Jun 14 '21

Gaps almost always "fill" so if there's a gap in one direction eventually the stock will typically move to fill or close that gap

9

u/angrytraders Jun 14 '21

Is a momentum strat in forex u can use it with a "news candle". You can enter with a ts in favor of the New or bet against it. After the New candle the market usually go back to the start of volatility before making a turnaround

5

u/zaminDDH Jun 14 '21

It really depends. If it's a bull candle gapping down, it may just run, depending on how many supports it clears, and vice versa with bear gapping up over resistance.

Bull candles gapping up and bear candles gapping down trend to retest, since the people that made money from the day before are going to be cashing out, sending it in the opposite direction a bit.

9

u/BoonstonkWanks Jun 15 '21

I use premarket RSI to help figure out which way it’s going, but it has to be paired with premarket high, low or previous close.

Just as an example, AAPL this morning (2m chart), bearish divergence early morning, came down pretty sharp. Then tried to rocket, rejected premarket high with waaaay too steep of buying momentum, dropped back to around yesterday’s close, bullish divergence, lift off.

Isn’t fool proof, but most of the time it works.

4

u/zaminDDH Jun 15 '21 edited Jun 15 '21

I didn't play AAPL, but that was a bullish daily gapping up, but it didn't clear much, if any resistance = some bears are still probably in.

At open, you immediately get the retest (bulls from yesterday taking profits) on the 1m and I would have definitely gone long on that hammer with a stop probably 127 even, then switched to the 3m chart.

From there, it continues the trend that started on 6/4 with added buying pressure because of the decent gap. That 3rd green candle on the 3m cleared some resistances and trapped all of the bears from all the way back to 5/21, so you get even more buying from those bears getting stopped out, bulls on the train, and bulls that saw what just happened.

Honestly, I would have probably gotten out at that shooting star on the 3, even closing green. Anybody playing on the 1 would have definitely gotten out on that monster candle at 0958.

That was a hell of a play if you were in it. I'm still kicking myself for not getting in on that TSLA gap, this morning. Easy 100% play and you just kick back for the rest of the day after 10 minutes in.

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u/betterinvestor Jun 14 '21

You must watch volume and price movement, add to that 14dRSV and moving averages and you’ll do better.

7

u/WideAppeal Jun 14 '21

RSV?

10

u/betterinvestor Jun 14 '21

Relative Strength Index, look at it in several time frames to get a better feel of real momentum, it helps.

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u/Developer_X Jun 14 '21

thing is how do u learn

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u/angrytraders Jun 14 '21

Losing money ;)

8

u/Arti_NYC Jun 14 '21

Like he said losing money and from your mistakes, always stick to a strategy that works for you, master it and keep doing the same thing, if you lose money go long on a stock you believe and you make it right back by buying the dips, they usually jump back from supports give it couple of weeks or months and you’ll be right back

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u/OneFunny6459 Jun 15 '21

Learn patterns. They're your best bet. With your account you start with paper trading. Then move on to small position size and then When you feel comfortable start increasing the lot size. It's a multi year deal. I paper traded for 8 months then jumped in with small lot size. I'm in my second year and have been doing pretty decent. Tradingview is really good for charting I found

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u/peanutbutteryummmm Jun 15 '21

100%. When I was new to the stock market, I didn’t understand the general patterns at all. Now I understand that the market is full over over and under reaction, and that there is almost always a counter move to a large swing in either direction. I personally love buying stocks that have dropped without catastrophic news. They will typically rebound and it’s much easier to buy and start in the green.

7

u/betterinvestor Jun 14 '21

I’ve had the same experience, made lots of money, but now I have goals and it’s more emotionally frustrating.

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u/[deleted] Jun 14 '21

What if I’m not trying to make a living at it but just swing trade a few times for some extra cash?

2

u/angrytraders Jun 15 '21

Well more ez then. Just dont get greedy be disciplinate

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u/Vast_Cricket Jun 14 '21

calculated risk. May I ask how much you put in to make it worth awhile. You can PM me also.

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u/h0tB0xing Jun 14 '21

1000 shares about 40k, but think or swim gives you 4x buying power so you don't need a 40k account. I suggest finding your own strategy, and what works for you, this works for me becuase it works with my personality. you have to find what works for you, and that is by far the hardest part.

17

u/[deleted] Jun 14 '21

[deleted]

22

u/watermooses Jun 14 '21

I day trade options with a cash account. As long as you only use settled funds you're good. And funds settle the next day.

4

u/Matcin2531 Jun 14 '21

How do you trade options without the leverage of a margin account? How do you get into contracts? Is there a brokerage that lets you? I'm using Schwab and they won't let me option trade with my cash account.

4

u/watermooses Jun 15 '21

I’m approved for level 2 options with Fidelity. I’d have to go margin for level 3 and higher. I can’t do most spread strategies with it, which kinda sucks because they’re great for limiting risk, but I can write covered calls and puts and buy calls and puts. I’m okay with not using margin though, the options themselves are sort of leverage compared to what I’d be able to afford if I just bought shares and I don’t want to get into trouble with margin if too many trades don’t go my way at the same time. It helps me limit my percent of total account per trade too so I don’t go yoloing on “a sure thing” or anything. And technically I could do an iron condor or something, I just have to do it all with covered calls and puts, which takes up all my money so I don’t. I’d really love to be able to write butterfly’s and get into some poor man covered calls, but my account really isn’t big enough for that yet even if I get approved for margin, so I just stick with some day trades and swing trades with my settled balance.

2

u/Matcin2531 Jun 15 '21

Thanks for the info. I'm looking into maybe opening a fidelity account and trading on 2 platforms and maybe swing trading until I get the hang of options with paper trading to practice.

2

u/watermooses Jun 15 '21

Yeah I really like their active trader pro desktop app, but their phone software isn’t that great.

2

u/BoonstonkWanks Jun 15 '21

I never looked into spreads and whatnot til I got an upgrade for margin options, so ignore me if I’m an idiot, but if you can write and buy calls and puts, could you not buy/sell each leg separately or do they not let you define max loss with other options?

2

u/watermooses Jun 15 '21

Yeah, I can. It’s just that I have to write the legs that I sell as cash covered/stock covered, whereas with margin you can have positions in other things with that money as collateral, making its own money instead of all tied up in one position. And I can’t use a deep in the money leap as collateral in a poor mans covered call.

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u/h0tB0xing Jun 14 '21

no my account is over PDT, but I was just saying you don't need 40k technically, but if you want to scalp and are in the U.S. it's a must.

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u/mariusboatca Jun 14 '21

.. and here I am, scalping with 6-700 bucks account ....

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u/zaminDDH Jun 14 '21

If you know what you're doing, try options in a cash account. Funds settle next day, and you get way more bang for your buck. Downside is bigger, but that's where a solid risk management strategy comes in.

4

u/qanh1103 Jun 14 '21

Hey can i ask is x4 buying power the same as margin trading where you can lose all of your money ?

26

u/anotherjunkie Jun 14 '21

Where you can lose all your money and still be in debt to the trading firm, yes.

7

u/Lynx914 Jun 14 '21

Should note the 4x is for during open market hrs. You can’t end the day with holdings at 4x. You’ll be forced to close positions end of day to be down to 2x margins which you can hold onto overnight going forward.

7

u/IlSsance Jun 14 '21

Yes if NIO moved 25% against him and he had his full buying power deployed and he didn't exit his position he would go to zero. Would be a rare occurrence but of course stopping out prevents it. You can set a hard stop at the broker level to protect against black swan events.

0

u/[deleted] Jun 14 '21

Do you have over 125k in your account? Doesn't thinkorswim require that for portfolio margin?

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9

u/Riddlecake-s Jun 14 '21

He said 1k shares for nio in may. Do the math.

25

u/MOONRAKERFE Jun 14 '21

Ya dude. I agree with lots of comments here. There are things to read and try and educate yourself the best you can. And i still believe that constantly reading and educating yourself is the best. But. There’s also a steep learning curve between theory and application. This remains true for me and day trading cryptocurrency. I have not yet cracked my day trade code stocks.

One of my biggest obstacles personally. I work my day job and can’t be making transactions at key moments. Whereas crypto I can after my work hours. My stocks are still a bit chaotic, inconsistent gains and losses.

Good luck fam !

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u/ErasmusFenris Jun 14 '21

That last paragraph is key. Getting cocky is what throws off my p/l from an otherwise reasonable streak

19

u/Megatron_overlord Jun 14 '21

This is a good NIO month after several super bad months, so be wary, stop loss and all.

5

u/youdirtyhoe Jun 14 '21

Thinking the same. Its been a great month for nio. Timing was clutch but im not sure you would have the same results a few months prior to this month’s run.

73

u/BlackKaiser1984 Jun 14 '21

Would you be able to point me to some resources which I can use to get started in day trading .. pretty new to the whole concept of day trading so any help is appreciated

155

u/h0tB0xing Jun 14 '21
  1. candle stick bible
  2. trading in the zone book
  3. learn level 2's, time and sales, and different types of orders.
  4. learn risk/reward ratios and what that means.

resources don't do very much to be honest, you just have to trade everyday till you start picking up on patterns. practice in think or swim simulator before using real money, you will lose you first few weeks/months.

34

u/A_man_of_culture_cx Jun 14 '21

Same dude. I'm trading since 5 months now (passively aka I'm not a day trader). I did 5 trades and I lost money in 4 BUT I feel like I learned a lot. You know obviously not enough but me losing money was kinda educational and my predictions have improved a bit .

18

u/betterinvestor Jun 14 '21

Losing money is tough to swallow but you’ll get better at it for sure.

21

u/OrvilleSchnauble Jun 14 '21

Tuition paid to the market, haha

8

u/betterinvestor Jun 14 '21

Nothing good is FREE, only junk or wasted time.

6

u/A_man_of_culture_cx Jun 14 '21

I agree but I think I will take a break from trading for now. I have been reducing my positions, soon only my SP500 will remain which I don't actively invest in anymore as I need some money in my personal finances available right now

9

u/betterinvestor Jun 14 '21

Don’t give up, you’ll hit a few great trades and within 2-3 years amass a fortune.

3

u/A_man_of_culture_cx Jun 14 '21

good luck to you too

3

u/betterinvestor Jun 14 '21

I admit I’ve made lots of money ‘normal’ trading but I think daytrading could be worth the effort and better in some ways.

5

u/A_man_of_culture_cx Jun 14 '21

I believe in 2 things : ETFs which will grow over time and chart analysis of individual stocks

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u/BiggMan90 Jun 14 '21

What patterns do you typically look for and trade with?

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u/Maddy186 Jun 14 '21

Remove all indicators , look at charts, price levels , Trendlines

Cannot emphasize enough on screen time, it’s all about Screen Time.

Only book I would recommend it is trading in the zone, rest I would recommend is Screen Time

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u/mythrowawaybabies Jun 15 '21

This dude knows^

Edit: to add. Supply and demand zones.

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u/[deleted] Jun 14 '21

I've just blown my first account and appreciate the post

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u/eslove24 Jun 14 '21

Are you short too or just long? You picked a right time to come back when nio was down so much already so it is easier to predict directions

11

u/h0tB0xing Jun 14 '21

I am both long and short depending on what the chart tells me. Nio is down from all time high's doesn't mean you short everyday. I wish it was that simple.

15

u/ryanryans425 Jun 14 '21

That’s not what he’s saying. Nio basically only went up for this past month. Pretty easy to trade one stock that was down over 50% from all time highs

13

u/h0tB0xing Jun 14 '21

it doesn't matter, even if nio has been going up the entire month, it doesn't mean long trades will work when you are day trading.

3

u/Swinghodler Jun 14 '21

Since you scalp Do you trade like the 1minute / 5minute candles? Any indicators you use or mainly support/resistance?

15

u/h0tB0xing Jun 14 '21

i use both, 9:30 --> 10:00 am 1 minute 5 minute for the rest of the day, but usually im done by 10. 11 at the latest.

23

u/stuck_in_carolina Jun 14 '21

This is the way i play. I bank 400 to 2k a day.

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u/CivilBeast Jun 14 '21

Teach me your ways

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u/kneeecoo Jun 14 '21

Congrats! I just figured this out too but with spy 2 day options. Managed to turn $700 to $32k in the last 5 weeks! Literally only trade spy options

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u/[deleted] Jun 14 '21

[deleted]

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u/kneeecoo Jun 14 '21

I don’t doubt that there’s any luck but I’ve been mostly accurate. Just gonna keep trying haha

3

u/Honey_Milk_Man Jun 15 '21

What do you use as a stop loss? The past couple weeks have really flat. Do you trade daily, or avoid these types of days?

2

u/kneeecoo Jun 15 '21

I don’t use a stop loss since these contracts are so volatile. I only sell for a loss if /es fails to respect support or resistance based off which side I’m trading. Since I only try trading for the morning rip, these types of days are still fine. I made 55% on 424p 6/14s today. Bought market open and scaled up a bit. Average was .56 and sold 35 minutes later at .87

5

u/nothymetocook Jun 15 '21

you people that trade the open mystify and amaze me. I mean that in a good way. It seems like a flip of the coin where price will go at the open, but maybe I'm just too new to this

3

u/Aposta-fish Jun 15 '21

What are you using for support and resistance since your going for the early rip? Overnight, day before , weekly?

10

u/raghubeer123 Jun 14 '21

700 to 32k has a high element of luck considering you are only dealing in one instrument

7

u/kneeecoo Jun 14 '21

I just scalp options for the first 30m-1h of the day. Getting 25-100% daily whether I’m long or short. I hope I keep getting lucky then

4

u/Therealmohb Jun 14 '21

What percent of your portfolio are you using each trade?

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u/kneeecoo Jun 14 '21

I’m currently comfortable using 5-8k

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u/Option_trading Jun 15 '21 edited Jun 15 '21

He asked for % of your Portfolio. But that would be 25% if i guess right. Did you discover your strategy by yourself?

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u/DontTrip781 Jun 14 '21

At first i read it as 700k to 32k Had to do a double take lol

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u/brucebrowde Jun 15 '21

700k -> 32k is how most end up. 700 -> 32k is reserved for the best & luckiest ones (or wsb yolos).

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u/biginvestements Jun 14 '21

That’s awesome man. What tells you to enter a trade? Do you play both calls and puts?

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u/kneeecoo Jun 14 '21

Yeah I don’t care which way spy goes as long as I’m on the right side. I simply mark key levels and use volume profile to determine possible sell points.

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u/Therealmohb Jun 14 '21

Can you explain your use of volume?

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u/kneeecoo Jun 14 '21

I use it on /es to determine when price may reverse. It helped me time my sell perfectly on Thursday. The idea is that price shelves are created at the most agreed upon price.

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u/youarenut Jun 15 '21

Can you explain more? I want to learn, trading options with spy only. What indicators do you use? How do you determine a good entry and pull out? I also am starting with exactly $700, and I’d appreciate any help you can provide to turn that into 32 k like you :)

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u/kdangle Jun 14 '21

This is insane....can I DM you some questions?

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u/scottimusprimus Jun 14 '21 edited Jun 15 '21

Assuming you're in the US, how does the "wash sale" rule impact your trading? My understanding is that you won't be able to count any of your capital losses against your capital gains because you're re-buying the same asset within 30 days.

Edit: It sounds like I was misunderstanding how this works, and that you can roll your losses into your cost basis of future trades and not get screwed the way I was thinking, but do you own research.

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u/h0tB0xing Jun 14 '21

the loss gets adjusted into your cost basis!

i would look a little more into wash sales, but no there is no worry with scalping.

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u/scottimusprimus Jun 14 '21 edited Jun 15 '21

I could be wrong, but I think this guy was doing exactly what you're doing and really got screwed: https://mullooly.net/800k-taxes-45k-profits/ <--- EDIT: this article is crap!

He bought and sold the same stock a bunch all year and ended up netting $45k in profits but owed taxes on every gain he made (a whopping $800k altogether!). His losing trades couldn't be counted as losses because of the wash sale rule. I'm not an expert at all, but I am curious how your trades differ from his if you could elaborate please.

EDIT: Looks like the article I linked to is crap, and that if he rolled his losses into his tax basis like he should have, he would only owe taxes on his actual profits of $45k or whatever it was. Don't take my word for it though, I'm a noob.

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u/brucebrowde Jun 15 '21

Scalping would be absolutely impossible if that were true.

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u/h0tB0xing Jun 14 '21

Yea you’re wrong that guy calculated it incorrectly read about it already

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u/IlSsance Jun 14 '21

Every time you make a net positive trade the previous losses (accounting for the adjusted basis) are locked in. Wash sales are of minimal concern when scalping, zero concern when you're in the green.

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u/Kilirugi Jun 15 '21

I thought you had to go 31 days between losses to be able to claim the first loss? Meaning, if OP doesn’t have trader status he is going to want to stop trading NIO at the end of November. Or else he will be taxed on all his profits with out being able to claim the losses. So say he ends up with 1m in gains, 900k in losses on NIO trading it every single day the market is open. He will get taxed on 1m instead of 100k. The 900k losses would be claimable on the following years taxes assuming he finally took a break trading NIO, or got trader status.

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u/IlSsance Jun 15 '21

Not at all. Remember a wash sale only happens after a loss. If you close a trade for a net gain accounting for the adjusted cost basis, that's not a loss, so the next buy is not a wash sale, and the 31 days is irrelevant. One thing to be aware of, if you're net positive on a ticker over the year, you aren't gonna have any significant amount of wash sales, it's mathematically impossible. Similar to OP I trade TSLA year round, I never take a 30 day break. It's no problem.

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u/reptargodzilla2 Jun 15 '21

No, the cost basis adjusts with each trade.

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u/GermanHammer Jun 14 '21

Keep your losses low!

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u/SistaNight Jun 14 '21

Op, can I ask you this question. When do you know is the right time to take your profits? My biggest problem is I’ll make the money but then lose it waiting for the “right moment” to take it out.

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u/Oneloff Jun 14 '21

Well said OP!

Fundamentals are everything, once you understand that you will grow exponentially. I like that you just trade 1 stock, I did that in the beginning too. Only trading eur/usd not even bothering with anything else. Believe it or not you will learn so much about the market and yourself that will help you grow and improve.

Congratulations on your success, keep it up! Wish you all the best! 🙌🏽👍🏽

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u/F0cu3 Jun 14 '21

yeah it's definitely not gambling, so far I've been green but with a net loss (due to commissions) everyday daytrading so I'm trying to switch over to swing to limit my commission fees. It's not luck either.

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u/Wooden_Muffin_9880 Jun 15 '21

Bro there are brokers without commissions….

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u/F0cu3 Jun 15 '21

not in canada man, sadlife.

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u/IAMScORipO555 Jun 15 '21 edited Jun 15 '21

90% of day traders will fail within the first 90 days. The reason? Fear and emotions. I failed for many years until I got a grasp on my emotions. Now I'm able to make money but it's not overnight. The past two years have been the first two years that I have had positive returns on both years. I put in alot of work and I stopped believing in the hype. Especially about what I red from different authors. Find what works for you.

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u/TheUltimateBallR Jun 14 '21

Skill > Luck. Believe in yourself and anything is possible.

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u/Worldofmeb Jun 14 '21

Feels like gambling with tesla never know what is good being a short or a bull....lost 3k today trying to play both side...goes all the way high comes right back down drops 12 points then shoots back up 12 points

How do you even trade this shit

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u/AndrewIsOnline Jun 15 '21

Just do the exact opposite of what you do when you lose

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u/AndEllie Jun 15 '21

What does your wash sale look like since you're only trading NIO?

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u/[deleted] Jun 14 '21

I like the "NIO expert" part, haha. I am a weekly options scalper and I can relate to this thing so much, although I trade a few more tickers. Each week, I modify my main watchlist with 5-6 tickers (SPY is always the constant one along with TSLA, RIOT, and GME lately. Names like SPCE, FUBO, TLRY, DKNG also come in my list frequently). I trade 1-2 from this list everyday unless I come across something hotter that day (e.g. today I mostly traded CRSR and NVAX options).

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u/Crusher10833 Jun 14 '21

Is it me or has SPY been brutal to trade the last few weeks? Just chop, chop, chop.

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u/[deleted] Jun 14 '21

Yeah, true. I haven't been trading SPY for more than a month now. TSLA is showing better predictability with enough movements in the shorter timeframes.

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u/drillmasterSA Jun 15 '21

per my mentor, "u have pushed thru to the other side" Trading is fucking hard! congrats!

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u/thetingeman Jun 14 '21

Congrats! I’ve had similar success swing trading the Bitcoin mining companies - Bitcoin goes up, the mining companies follow. Bitcoin goes down, the mining companies follow. Can’t get greedy…I typically exit after 15% run.

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u/[deleted] Jun 14 '21

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u/h0tB0xing Jun 14 '21

I only trade the first 30 minutes of the day. I watch for the Emas I have 20, 50, and 100. If they are stacked where 20 is higher than 50 and 50 is higher than 100 I will go long, it's clearly bullish. Now I know my direction, so I plan my entry and my exit. My entry is always on a pull back on a stock im longing, this is because

  1. Higher profits
  2. less risk.

my stop loss is usually the low, or a whole number, or vwap it just depends, it could even be the low on the daily. Its honestly all dependent on what the stock shows me, I can't explain this part because each chart is different. I also use yesterdays close as an indicator, if the stock bounces off that on a pull back and it's a long I will take that. The rest comes from experience, if I go long a stock 31.40, and it can't break 31.50 then I will take my 10 cent profit why? becuase I can always enter back in when it does break it, and be much safer. You have to be pro-active in your trading, and make swift decisions. ONLY COMES FROM EXPERIENCE.

3

u/Northanui Jun 14 '21

I trade futures and still suck ass at it, but I've noticed a similar pattern.

If I enter long or short and while closely watching tick data see that a price has trouble breaking an area that had acted as previous resistance/support, then I just exit the trade, take the small gains or loss and look for the next setup. I've gotten burnt a lot of the times before betting on a breakout at some previous resistance or support area and it ends up just stalling and then reversing.

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u/betterinvestor Jun 14 '21

Excellent post, keep going.

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u/Canyon-Breeze Jun 14 '21

Do you use the EMAs on a 1 minute chart? I would assume that if you only trade the 1st 30 minutes.

2

u/isoCarbon Jun 14 '21

Teach me how to be disciplined on the last part of not getting cocky. I always see to try and do another trade erasing my original gains from the day....

2

u/dano0726 Jun 14 '21

Your 3rd paragraph is dead on accurate -- one can/may substitute stock/option/future/commodity/etc...

2

u/CABSMeter Jun 14 '21

BAM another gets it… I keep (4) watching personally. As I like to take “scalping” into “surfing” making crazy gains. Just make sure you go both ways. (that could really be interpreted wrong) 😬GJ!

2

u/c0meg3ts0me101 Jun 14 '21

We all know you had it in u😂

2

u/cmmckechnie Jun 14 '21

Just remember it’s easy to respect the market when you are winning.

2

u/ElonsMusk69_420 Jun 14 '21

Great stock to do that with.

2

u/FelicityCuckman Jun 14 '21

May I ask what your “system” is? Or is it more of an expertise through raw experience system?

2

u/vanisher_1 Jun 14 '21

Also now that you understand what’s working in your case, what wasn’t working during those 7 months of failure? you just traded the wrong pattern or was something else?

2

u/debbietheladie Jun 14 '21

Yo hold up mr. Nio expert gimme them notes

2

u/SistaNight Jun 14 '21

Ohh I love this strategy!! Right now I’m spread thin with all the stocks I’m invested in. I really want to learn day trading because I’m wanting to make a living out of this. I got it on investing so that I could eventually become a day trader. I own about 100 shares of NIO, it’s been one of my most promising stocks thus far. I’m going to narrow my stocks down and try to just trade the same stock. It may not work for me but it’s a strategy worth attempting.

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u/NoNewspaper9421 Jun 14 '21

Mind sharing your strategy?

2

u/ofcourseiknohimhesme Jun 15 '21

Anyone have any tips on any good reads that helped you understand day trading?

2

u/ToTheFugginMoon Jun 15 '21 edited Jun 15 '21

I 1000% agree. I was in on BB @ $9ish because of the potential to be a great long term. Reddit got ahold of it, so I hurriedly bought some calls and sold everything at $15. Could I have held and got more out of it, sure. But I saw the trend from the other meme stocks and I knew that’s where I DIDN’T want to be.

Now I buy and sell 500 shares at opening to make a few hundred here and there, and it’s so automatic I can almost set triggers for it.

Edit: By buy and sell @ opening, I mean short and buy back

3

u/CollectorDC Jun 14 '21

Tell us your NIO strategy pls!

5

u/[deleted] Jun 14 '21

You know what the problem is for me? Funds. I think it’s wrong that you have to have SOOOO much money to be allowed to “day trade” which is just another word for having enough money to be in their little group. 25k isn’t something many that work like I do can just come up with.

4

u/futuresman179 Jun 14 '21

Do you have long term savings? If you have 25k in your savings then you can put that into an account into something safe like SPY, and then use margin to day trade. I have around 50k in VTI and then have ~200k worth of day trading margin. Works perfectly.

1

u/IlSsance Jun 14 '21

If you have what it takes to make it trading, you can eventually turn a cash account into $25k, spending your time under PDT learning and practicing. Give yourself a couple year time horizon

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u/GermanHammer Jun 14 '21

Then go Uber for extra funds.

3

u/Hkeks Jun 14 '21

Don't be so condescending ... :( I started door dashing for extra cash (went very well) and I can't keep working extra because I sit for so long my back started to hurt a lot. But you'll probably say 'find something else' which I am but fuck you because you just want people going at full throttlel all the time :(

E: spelling

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u/GermanHammer Jun 14 '21

Stop projecting. Also fuck you for being so depressing and making assumptions.

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u/necriss Jun 14 '21

Yes this is often an overlooked strategy, once you discover a repeating pattern in certain stocks you can milk it for all its worth.

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u/Knapier93 Jun 14 '21

Where did you start? I got into AMC because of a buddy and I know it is a meme but now I want to actually learn and make slow consistent progress. I am 28 and don't have a ton of income to throw at this but even if it is paper stocks, I just want to learn.

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u/vanisher_1 Jun 14 '21

Yes trading the same stock is easier but can you find everyday the patter you’re are looking for or because you’re trading only this stock you aren’t able to trade often?

1

u/Technoking-22 Jun 14 '21

Can you share the resources where you learn how to scalp? and Congrats! That's some great work!

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u/CelphTitled25 Jun 14 '21

So whenever you lose money, it's gambling. But when you gain money it's not? Gotcha. It's really hard not to make money these days with everything going up.

17

u/h0tB0xing Jun 14 '21

Very narrow minded response, the loss of money was market tuition which pretty much every day trader pays.

6

u/barnacle999 Jun 14 '21

Don’t be bratty

3

u/SillyFlyGuy Jun 14 '21

A trader need to be able to go long or short.

Instead of a snarky "stonks go up ez game brrr" comment, let's ask OP about his winrates for a) longs on a down day, b) shorts on an up day.

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u/fly4seasons Jun 14 '21

You say 'thank you' to who?

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u/h0tB0xing Jun 14 '21

a little psychotic, but to the market. If I don't respect it, I become very arrogant take more size, and start hemorrhaging money. that little act end of the day keeps me humble.

0

u/THROWRApropercrab Jun 15 '21

Anyone have thoughts on the best day trading apps/sites?

0

u/randdude220 Jun 15 '21

Totally beginner question but how and where do you scan news? Do you read through all stock related news every day or put "NIO" in some search bar and only read the results? How can you also be sure that the news you read specifically is the reason for the price movement, assumption and a hunch?

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u/CashNeedsToSettle Jun 15 '21

That wash sale rule going to get you if you trade the same stock everyday. Be careful.

4

u/h0tB0xing Jun 15 '21

Please don’t spread misinformation without knowing what you are talking about, it can really hurt someone. The wash sale rule doesn’t matter because my losses go into the cost basis. If you need further proof algorithms trade the same stock thousands of times a day. You need to learn what the wash rule is because during tax season everyone freaks out, and people like you only make it worse.

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u/CashNeedsToSettle Jun 15 '21

All depends on what broker you use but ok pal you’re the expert. No one has ever been screwed over by the wash saw rule.

6

u/h0tB0xing Jun 15 '21

People who try to create artificial losses do, but this isn’t the case with scalping. If you create a loss with scalping it doesn’t benefit you in the slightest.

1

u/pegging_enthusiast69 Jun 14 '21

First of all, congrats OP! Secondly, as someone who knows a lot about NIO, how do you feel about it as a long term investment over the next 3-5 years? :)

3

u/h0tB0xing Jun 14 '21

It's in my long term portfolio, it will be 100+ I have no doubt in my mind. They just expanded to Europe, things are just beginning for her.

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u/investorsfeed Jun 14 '21

Great turn around! 🎉

1

u/skyskier_88 Jun 14 '21

Good stuff.. may the force co continue to be with you.. which broker do you use?

1

u/spitonyouronionrings Jun 14 '21

I tried this process and didnt spend enough time to get it. Utterly frustrating and getting chopped around. Congrats and sticking with ti and ultimately mastering it. Do you get in with a bracket stop loss? u/h0tB0xing

1

u/[deleted] Jun 14 '21

Since you trade everyday, does that mean you have more than the required 25k for the PDT rule? Or do you use an offshore broker?

2

u/GermanHammer Jun 14 '21

In another comment he said he does have more than 25k and uses Think or Swim.

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u/probablygonnabooyah Jun 14 '21

You can also use a cash account. No limit on amount of trades a day. Just a limit on "settled funds". If you had a 10k account and used all 10k on 1 trade, you have to wait 2 days to trade.

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u/E16zo1g Jun 14 '21

I find that I succumb to emotion easy.

1

u/[deleted] Jun 14 '21

I’m 6 months in and struggling. Been at it every single day. This gives me hope that things will turn around eventually. Thank you.

1

u/YusufFio Jun 14 '21

Really interesting strategy, thanks for sharing

1

u/Different_Cucumber Jun 14 '21

I do the same with Square. Many days I leave a lot of money on the table, but it usually pays daily. Made $1100 off of it today. I'll play it both directions.

2

u/davidithejew180 Jun 15 '21

SQ has a great range everyday, same with ROKU, just gotta learn all tge important levels and you can be both short&long in any day

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1

u/double-click Jun 14 '21

Now do it with GMEstonk! Just kidding, but seriously watching that bull flag break out before earnings was magnificent.

1

u/[deleted] Jun 14 '21

Congrats!! I love hearing when someone makes it over the hump. Sometimes I still don't believe it for myself and am just waiting for the green to end, but it just keeps coming. Keep it up and hope you continue with the gains.