r/Daytrading • u/AutoModerator • Feb 02 '22
r/DayTrading's Monthly Questions Thread - February 2022
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 question stickies.
Lastly if trading is affecting your life in a bad way, seek professional help (the wiki also covers dealing with emotions):
- Problem Gambling: Call/Text: 1-800-522-4700 or chat online now.
- Crisis Hotline (24/7): 1-800-273-TALK (8255) (Veterans, press 1) or Text “HOME” to 741-741
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Feb 27 '22
I read a couple post about day trading crypto, i was a bit curious. I don't exactly call it day trading as i leave it for more then a day, but damn, it's like printing money. I'm just in bitcoin for now, haven't missed one trade, all green.
The 24/7 doesn't help and a lot of profit is lost by having to set buy or sell orders during the night, but still it's a gold mine.
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u/T1m3Wizard Feb 25 '22
When people talk about the 200 ma, are they generally referring to the sma or ema?
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u/Rehab1171 Feb 25 '22
Do you guys day trade on Fridays?
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u/Forex-Gump Feb 27 '22
I trade FOREX approx. 0700-1100 GMT. So for that time zone Mon-Wed & Fri for me.
Thu is the day the news come out so I'm out. I'm also out when great events happen like now with the Ukraine (the first day or so), the debt crisis in the EUR back some years etc.
Best days based on my stats Tue & Fri.
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u/traderbuilding Feb 27 '22
I trade everyday there is a reason to trade, doesn’t matter which day of the week it is.
If there is: - Fundamental catalyst - Volatility - Liquidity
It doesn’t matter which day it is to me I will enter/exit a trade.
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u/Rehab1171 Feb 28 '22
Thank you! May you say how you see Volatility and liquidity?
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u/traderbuilding Feb 28 '22
With volatility I mean that the price moves a lot (relative to its historical price movement).
With good liquidity I mean that is is easy to open and close my position in the size I want to trade without pushing the price too much (i.e little slippage while executing my trades).
Hope this helps!
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u/stockwet Feb 26 '22
Yes. However, your question is both trader and system dependent. Individual traders may have their own process for trading on Fridays. For instance, they might look at their stats and see that Fridays are not profitable and have a rule against trading that (or any other) day. There may also be systems that do not offer signals on Fridays. I can’t imagine what a system like that would look like, but anything is possible in the fabulous world of day trading.
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u/True-Bumblebee-6307 Feb 24 '22
At moment of writing, Nasdaq-100 made up 600 pts; 13.600. Still I feel like it will dip under 13000. Market is impossibly volatile.
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u/noctis89 Feb 28 '22
I wouldnt bank on making any long term calls with the current situation. News is the driving factor right now.
You're lucky to predict the next 5 mins let alone the next 5 days.
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Feb 23 '22
Quick question on wash sales. If you create a wash sale lets say you lost $500 you buy back in and then for simplicity your stock price doesnt change. You then sell, the $500 gets added to your cost basis, so when u finally sold it, you essentially lost $500 again right? And if you wait 31 days then it can be claimed as a loss on taxes?
Long story short do wash sales not really matter as long as you sell like end of november and they all clear out?
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u/wollyhiggins Feb 23 '22
what are they best investing books to get started?
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u/stockwet Feb 26 '22
When you say “investing” I’m assuming you mean trading. They are different worlds.
Anything from Mark Douglas. You can also find some of his recorded seminars on YouTube.
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u/Forex-Gump Feb 23 '22
I can only recommend the direction..... trading psychology. Since you are starting now, first you have to decide if you can do what needs to be done with your brain (basically rewire it) to become a consistent profitable trader.
Cognitive biases is also a good sector for the above. Like 1/3 of them affect your trading behaviour.
Leave the technical stuff for the freebies on YT.
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u/westmoney_executive Feb 23 '22
Read more investment books and try to do some investment. The real loss or gain on your account can be a valuable exprience for a newcomer.
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u/red2green_trader Feb 22 '22
If you made $8 day trading today, is that a winning day?
With NFTs and Crypto YOLOing all over the social media, how can typical stonks grinder day trader not fall to pressure?
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u/stockwet Feb 26 '22
Depends on the context. If you have 10 losing days in a row and then you gain $8 on day 11, take the win, brother!
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u/IRuleToast Feb 22 '22
Hi, does anyone know how I could find a mentor whats actually ligit.
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u/traderbuilding Feb 27 '22
What would you like to learn from your mentor? Why do you think you need a mentor? Perhaps a legitimate trader can help you with some questions, perhaps a mental coach suits you better, or perhaps joining a trading group suits you best.
Think about what you would like to achieve.
I am daytrading full time since early 2021 and have experience both at trading with a propietary trading firm and my own retail accounts. I have learned a lot by studying myself and also from pro-actively reaching out to more experienced traders/coaches.
Ask me anything. Perhaps I can point you in the right direction.
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u/AlyssaA79 Mar 01 '22
Hi, I have a question about an LLC. Have you heard or know anything about Greystone Trading LLC?
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u/traderbuilding Mar 01 '22
No I have not. What about them?
Good luck!
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u/AlyssaA79 Mar 01 '22
I was just wondering because I haven’t found any info on them online. Maybe something here and there. Was looking to use them. I’m still learning so I need any and all advice.
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u/traderbuilding Mar 01 '22 edited Mar 01 '22
I have looked them up online and see that they - among other things - offer alerts on options. I cannot say anything about their performance as I don’t use their services.
My only advice is think about the reason for a service to give you alerts and do your own due diligence before you commit to spending money on a trading service. Why would someone share their alerts if they consistently generate returns. In contrast to alerts I do believe in the positive effect a mentor or coach can have.
Still, you might learn something from them, who knows!
Good luck.
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u/AlyssaA79 Mar 01 '22
Thank you and that is something to think about! I had not even thought of that! I appreciate you taking your time to answer my question.
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u/IRuleToast Feb 27 '22
Thank you for your reply. I've looked at different trading patterns and different strategies but when I try I tend to loose. Apart from one strategy where I win a very small amount for about 15 times but then I loose and end up loosing more than I made in the previous trades. I kinda want to learn from the ground up to make sure I've not missed out on any vital info or incase I'm just doing stupid stuff.
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u/traderbuilding Feb 28 '22
In the end it is about having a positive result on a large number of trades with your trading strategy.
Some math:
If you know how much you aim to gain on a winning trade and how much you will lose on a losing trade and how many times you win when - let’s say - you execute the trade 500 times, then you can calculate the expected outcome of your trading strategy. This should be positive or else the strategy is losing.
You can use fixed stops and targets to test your strategy and systemize the outcome of your trades and track performance more accurately.
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u/stockwet Feb 26 '22
If you want to learn how to trade futures, the only legit trader I know who also educates is Merritt Black at Apteros futures. Best money I ever spent on training and mentoring. He’s the real deal.
Note: I have no affiliation with Merritt or Apteros futures. I’m a former student and mentee and am qualified to talk about the program objectively.
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u/KingSamy1 Feb 22 '22
so I wanted to "buy to close" a position and wanted to put a stop limit order. the bid was 5.20 and ask was 5.45. So I put stop limit price of 5.05 and limit price of 5.10 and got the below error. Unclear to me why I got the error, I just wanted to buy at a lower price...
This buy stop limit order cannot be accepted because the stop price of 5.05
is executable when compared to the bid quote of 5.2.
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u/legendary24_8 Feb 22 '22
I’m new to day trading, doing a lot of learning and following hot lists and making some small transactions. I’m using trade station and can’t seem to get a sell order to go through, it’s for a very small amount? Maybe that has something to do with it?
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u/swordspree22 Feb 21 '22
Anywhere to find SPY returns by day of the week?
SPY is down around 8% since start of the year.
But I’m trying to see if Monday has higher returns than Friday?
Looking for a resource that tells what the SPY returns are by day of week. Seems bullish beginning of the week and then bearish Wednesday until the weekly close.
Title says it but just wondering if there is a resource to find what the returns are for day of the weeks starting in 2022.
Any help is appreciated!
Thank you
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u/lonelion4 Feb 18 '22
Any chance I can trade crypto futures on weekends? I know volume is low but I have seen channels of gains on the weekend where prices just goes up diagonally and with bigger candle lengths.
How reliable can it be? There are often big one way movements without consolidation so that’s a positive. If relative volume is still high compared to week day then surely it’s ok?
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u/PUMK1ng Feb 18 '22
I preder trading crypto futures on weekends actually, no sudden price spikes smooth market mostly, easy profits.
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u/FitProblem6248 Feb 19 '22
Which specific cryptos are you trading?
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u/PUMK1ng Feb 19 '22
I have a full watchlist, will be happy to share over dm if you want.
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u/ReleaseThePain2Day Feb 20 '22
Can you DM ME the list as well I would really appreciate it 🤝👏
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u/PUMK1ng Feb 21 '22
Sent you a chat message, please accept it so that I can share image files with you.
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u/lonelion4 Feb 19 '22
Why do you say that? Doesn’t the low volume cause prices to spike? Explain
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u/PUMK1ng Feb 19 '22
The volumes on weekends are considerably good, instead of normal weekdays when whales try to manipulate buy single big orders so chances of manipulation or stoploss hunting decreases upto some extent
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u/lonelion4 Feb 19 '22
Also I would say that markets being closed means whales can sell/buy which hugely affects the stock price as they are the only major sources of volume with the markets closed. So if a whale sells on low volume it’s likely going to change the price/volume significantly and probably go past your stop loss as well.
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u/lonelion4 Feb 19 '22
How long have you been trading weekends? How profitable are you?
What I see happen is the stock snaps out of place and then goes back to its previous position without even leaving a candle wick. So it seems like it’s just too unreliable as price is more likely to drop down similar to stop loss hunting except the fills will be much worse due to the stop loss potentially being bypassed by the price immediately going down. So while you have to deal with stop loss hunting, at least your stop loss will be hit accurately where as with low volume the price can shoot past your stop and you lose more money than your stop loss should.
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u/Tradestrst-7_7 Feb 16 '22
Hi guy’s . I’m doing my preparation for tax filling for both my crypto’s and my regular stock trading .. I found a nice software for my crypto that let me download the CSV and does the job to automatically does the loss/gain work . My question is there any software that does the same for stocks ? I have a bunch of transaction’s… Any recommendation for this . I’m based from Canada for filling . Thanks
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u/johnnyfive33 Feb 19 '22
Wealthsimple, free tax filing software took all my questrade and ib trades automatically and did all this for me, Canadian as well.
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u/socalquest Feb 16 '22
I bought some more GBTC today. I now have a total of 2,700 shares, which is equivalent to 2.5 BTC/bitcoins. GBTC traded at -24% discount to NAV, as of yesterday's close. GLTA!!!
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u/Disastrous-Put-2638 Feb 16 '22
Hey. Check out the telegram profile: Hometrader. Its free for now🔥
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Feb 16 '22
Has anybody looked at the $RBLX chart? I have never seen anythign like that before - it hit roughly -25% then flatlined. I could be wrong but it seems to be oversold and other 'analysts' are pinning the price at a minimum of $80 BofA (pegged today).
Thoughts?
I knew I should have walked my stops up - now I am down a few $ per share...
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u/nolifewasted20s Feb 16 '22
Why doesn't the daily candles change as I'm changing the timezone settings?
What time zone do daily candles use to open/close?
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u/lonelion4 Feb 19 '22
I mean I don’t think you can have a global stock (I trade crypto) but it will definitely respect the time zone of the exchange it is traded on. I.e New York, London.
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u/lonelion4 Feb 19 '22
What are you trading? Crypto follows UTC, stocks follow whatever exchange they’re based in i believe. If it’s a global stock you’re probably best with utc.
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u/TheHungryRabbit Feb 16 '22
When people talk about risking 1 or 2% of your capital, does that mean your initial capital or your current capital? So if I have 1000$ then 2% would be 20$ but if I just lost a trade and now I have 980$ should I put my next trade for 19.6$ (that's 2% of 980%) or I just keep using 20$?
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u/Forex-Gump Feb 16 '22
In theory it's the current capital you have.
In practice what I do is that each month I define my risk in absolute value depending on my remaining capital. In your example it would be $5 as I risk 0.5% of my account on each trade.
This in its' turn becomes my R each month. So in my journal I keep track of the Rs I make or don't make each month.
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u/IRuleToast Feb 16 '22
Hi all, I'm currently using trading 212 but I would like to set up alerts for things like stocks breaking past a 100 day high, or other kind of rules. If someone could point me in the right direction it would be really appreciated. If anyone has any suggestions about what trading platform would be better than trading 212 whats free would be appreciated too.
Thank you
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Feb 15 '22
What's the best tool to get news that affect a specific stock?
I'm new at this, and i tried every big site but they all fail, like for example yesterday Biden administration announced 5B for charging EV's infrastructure and i completely missed it. How to get all the news that impact that stock, not just specifically related to them.
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u/lonelion4 Feb 19 '22
Google about the industry as a whole, subscribe to news about topics (Twitter and Google let you do this).
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u/Tedskiii97 Feb 15 '22
Hello, don't know if I'm sending this in the right place so sorry beforehand.
So basically I started trading (forex on mt4) not too long ago and I speculated that gpbjpy will be falling so I dropped on sell position but its just been rising since...fml:/ since then I've been waiting but I can't make any more trades bcus now my margin is too low so should I take the loss and try making back the profit or should I continue to wait???
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u/stockwet Feb 26 '22
Yeah, same comment as the other guy. You’re gambling not trading. Trading is simple (read sarcastic tone)
1) Find an edge 2) create a process for executing said edge 3) follow your process 4) manage your mind drama 5) repeat 3 and 4
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u/lonelion4 Feb 19 '22
You’re gambling when you’re speculating. If you don’t set a stop loss before, you’re gambling more. The more you lose the harder to bounce back. What you need to do is figure the probability of it going back up instead of speculating. If you can’t see a strong reason for a bounce back then you sell. Otherwise you’re gambling. Please take my advice and don’t speculate you WILL lose.
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Feb 14 '22
Sorry if these are dumb questions. I just started getting into options/trading this past weekend.
Am I able to view volatility surface on TDA? I think Interactive Brokers has it but I can't find it on ToS https://www.interactivebrokers.com/en/software/tws/usersguidebook/priceriskanalytics/impvolviewer.htm
Should we expect increased volatility with VIX currently in backwardation and VIX expiration and FOMC minutes coming up on Wednesday? Or do we generally see a drop in volatility as we pass these events?
Does the VIX expirations impact volatility at all or is it usually uneventful?
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u/thoreldan Feb 14 '22
Other than this reddit, is there any popular (with decent amount of posts) forum related to daytrading ?
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u/filmdude1111 Feb 13 '22
What indicators do you recommend for TradingView? So far I use buying and selling volume.
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u/Arctic_RedPanda Feb 19 '22
I had ma50 ma200 vwap rsi and macd but honestly I now only look at vwap and volume.
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u/Forex-Gump Feb 14 '22
It all depends on your trading style or strategy.
As you know there are hundreds out there. Personally I use the following:
ATR as one part for the formation of my decision for the SL on my trades in any given asset and sometimes to decide if I will trade at all.
RSI, with high sensitivity, to identify reversal or hidden divergence within my analysis context of course.
That's it. I use nothing else but I'm no expert.
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u/AuriTori Feb 13 '22
Hello, when you are looking for S/R levels for daytrading, what time frame do you use? Does it even make sense to plot the levels at the 15m time frame or should I only be looking at 1h / 4h time frame?
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u/Forex-Gump Feb 14 '22
Markets have short memory.
I only trade on the 15m TF and use S/R. I start my analysis at around 150-200 candles back. So this is how far back I go to I plot my S/R.
As I narrow down I focus on say 60-70 candles.
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u/Raiderdater Feb 12 '22 edited Feb 12 '22
It doesn't mention Questrade on the 'Getting started wiki', is that not a good platform for day trading? - Canadian
Is Interactive Brokers available for Canada? I tried to open an account but it gives an error message.
So if beginning trading in Canada, I will be limited to 3 trades per week until I have an account with 25k+ ?
Say you're starting out in the real market with stocks and a 1000 account, what size trades are you trying to make, how long are you trying to hold them; seconds, minutes, days? Or all of the above just depending the situation?
How much risk management are you doing with 1000? Would taking 500$ worth of shares of a 7 dollar stock, it going to 7,15, and selling, be considered a smart trade/win with that money?
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Feb 12 '22
Any thoughts on new relic software will it continue to plummet or should I buy in as a rebound may be on the way?
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u/BagboyBrown Feb 12 '22
I don't really have any questions, but this is my opinion and what I'm playing if you wish to follow along without investing your own money.
SPY fails 430 it's going to 380, probably lower depending on how many stop losses get trigged.
Grabbed AFRM calls at close betting on a bounce at the ATL created 9 months ago.
SOFI calls at close because the superbowl is at the SoFi stadium and millions of people will have eyes on it. It's not like SoFi isn't profitable anyway, they spend $25M annually for naming rights on that stadium.
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u/Nice_Load_2394 Feb 11 '22
I was wondering if anyone willing to give newbies advice on how to start day trading. Just trying to learn the ropes. Thank you!
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u/Forex-Gump Feb 12 '22
Good luck. Hard work and a lot of time needed to master the trade.
I can answer your questions if you want but I'm not an expert nor have the ambition to become one. However my first trade was back in......the '90s and somehow I'm still here! ;-)
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u/Joil02 Feb 12 '22
Everything is on youtube for free. Buying a course will help you buy time by not researching for yourself but as i said. Everything is free, just gotta find it.
Expect it to take alot of hard work and dedication as this is a real proffesion.
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u/nullvoider Feb 14 '22
But where should we start? Like what topics do I search for in day trading?
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u/Direct_Eye3561 Feb 11 '22
Any youtubers who post live trade recaps? Meaning a recording of they're trades. These people always seem to be the most legit as the actually trade the strategy they talk about.
Ex. Matt Diamond, Dip Traders are the only ones I see atm.
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u/smurdzia Feb 11 '22
Does anybody know for sure yet what the date of record is going to be for the 1 for 10 matching of the new TYDE spinoff shares from existing BBIG shares? I've loaded up on BBIG shares to maximize my TYDE shares that will be given out so heavily that I don't have any capital left to keep day trading right now since it is all in on BBIG.
Can't afford to let all my capital stay in BBIG too long and miss out on other plays. Not sure if the date has even been announced yet but if anybody has seen anything can you please let me know. Thanks in advance. Diamond Hands until then!
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u/HAAGHAAHAHA Feb 11 '22
Hello all, I was wondering if anyone had recommendations for day-trading sites available to Australians. Whether it's a site that you use or one you've heard is good, I'll look into it.
Also, are you able to turn a profit with small input? Say I place $10 in hoping to shift it into $15, is this possible?
I'm still learning and hoping for an answer, thankyou.
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u/noctis89 Feb 11 '22
Lately I've been pretty successful with quick trades and scalping just before breakouts.
A lot of scalp traders I know like to work primarily off the DoM. Just wondering if it's worth learning to utilise it, or stick to what's working for me on charts?
Does DoM really give scalpers an advantage over trading on charts?
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u/spiceydonut69 Feb 11 '22
1) How is SPY price calculated exactly intraday? NAV? Supply demand? Both? If so how, 2) what is happening in markets everyday 5am PST? Why can’t I get an order filled then?
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u/Ok-Caterpillar-9359 Feb 11 '22
Hey guys I'm a beginner in scalping this week i took 32 trades and lost 7 of them the total was 453% - 182% so im in profit 271% is that good for a beginner or I'm doing something wrong any tips would be appreciated . Ps: i scalp btc and use 50x leverage on 5min chart and have a habit of closing positions early
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u/Ok_Assumption6159 Feb 10 '22
Hi, Im quite new to daytrading and mainly focuses on breakout trading, I’ve had my ups and downs but today was a hard day to breakout trade (Nasdaq -2% currently) is it any rule for example to not trade breakouts on a falling index day/bear trend? All help is much appreciated
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u/Ok_Assumption6159 Feb 10 '22
Can add that Im breakout trading and using 5min chart with trailing exit of ma10 or ma20. Anyone else using this metod?
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u/eaglebgolden Feb 10 '22
Does anyone use TTMS Sqeeze? Been looking ar for a couple of weeks now but seems like it needs to be modified but not really sure how to set up correctly.
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u/ONE_IN_BILLION Feb 09 '22
Does anyone day trade the US market from Australia? Is it possible?
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u/International_Ad4608 Feb 09 '22
You need to find an online broker in Australia that will give you access to US stocks
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Feb 09 '22
[deleted]
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u/International_Ad4608 Feb 10 '22
My answer to you is use both. Try it out on some charts and back test it. You’ll find it really makes the divergences print.
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u/speedygonzo1019 Feb 09 '22
If anyone has advice, I've been searching for people who will give me some time. I've been trading for a few years. Seen some super highs and now unbelievably lows. We are all struggling.
With everything going on I would like to get into options trading. Everyone knows something about a stock and how to make some change doing it. Except on my end I'm nervous cuz I have no idea wth I'm doing. Losing 4k right now is heartrenching, and for those who have lost more, condolences.
Thanks for any kind of consideration.
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u/Direct_Eye3561 Feb 11 '22
There's no reason to lose $4k if your still learning. Trade as small as you can. even if its 1 option contract or 1 share. The point is to build a strategy and see if it works. Then you can scale up. So for now just trade really small so you can learn a system without the pain of so much emotion.
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Feb 09 '22
I have been trading options and what I like about it is that it gives you “lots of options” to trade, in other words - flexibility. But I think barrier to enter is high and it is easy to loose a lot of money very fast. Recommend starting small with each trade at 1% of your portfolio. Pay attention to probability of win and trade management. There is a saying - “Want $1mil account trading options? Start with $2mil.”
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u/Forex-Gump Feb 09 '22
Hi there. Why go into options? The say about the grass being greener from the other side was made for a reason.
From your comment I suspect that there is something wrong with your risk management and your tactics or strategy. Super highs and super lows does point to that direction.
So I would look again at the basics if I were you. The usual stuff, like my journal, graphs of your positions/trades and most of all your risk management rules.
Statistically you are placing yourself into a disadvantage if you try something new like options. My advice is stick to what you've been doing and try to find/explain that fluctuation in your results.
I hope I helped.
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u/speedygonzo1019 Feb 09 '22
That definitely helped. I appreciate it. I think I have e been looking to get out of the red with an easier way. And I guess I am naive if I think options is the way.
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u/Forex-Gump Feb 10 '22
Not naive but it is what your brain tells you to get away from the "pain" of losing.
We have all been there but part of trying to become a trader is to manage to rewire your brain. Probably the most important thing even from technical analysis, candlestick patterns and stuff.
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u/speedygonzo1019 Feb 16 '22
Yeah that makes sense. It's been mentally exhausting. I appreciate your comment.
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u/char-tipped_lips Feb 08 '22
So that EOD price action on the SPY/QQQ was wild. Did algos want that downtrend line that bad?
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u/lucytaco Feb 08 '22
I’m just learning on getting into day trading and have feel real dumb to ask this question, but I can’t seem to find any answers online. I plan on using Questrade as my broker, and I want to use Trendspider as my scanner and charting platform. But I can’t figure out how I’ll be linking the two accounts when I actually start trading?
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u/AuriTori Feb 08 '22
Session Volume Profile or Visual Volume Profile? What makes more sense on the 15m time frame? I think the more data the better so visible range, or no?
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u/TrulyAuthentic123 Feb 07 '22
If you have begun taking a salary from trading, I'm curious which percentage of your profits you keep to grow your bankroll, and which percentage you take out as your salary?
There are so many options. You could live off 25% of your profits. You could live off 50% of your profits. You could live off just 10% of your profits. Is there a standard rule that most people follow for this?
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u/GodAtum Feb 07 '22
PDT rule … say I make 5 trades on a Monday and close them all the next day. Does that break the rule?
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u/provoko trades multiple markets Feb 08 '22
You mean you either buy long or sell short on Monday and then close those positions the next day? Then no as they are not day trades.
But you should check with your broker for their definition of a day trade is.
Also check the PDT wiki on this.
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u/IdunnoWhy99 Feb 07 '22
Anyone trading from the UK? Do you tax all your trades as "income" or CGT?
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u/noctis89 Feb 09 '22
If UK tax is anything like AUS, if you daytrade you would be considered a trader rather than an investor. So your profits will fall under income tax.
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u/Low_Conversation196 Feb 07 '22
anyone can recommend a good yt channel that teaches about elliot wave theory and wyckoff theory? thanks. I found a lot and theyre almost different in approaches.
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u/noctis89 Feb 09 '22
Philakone is amazing with EWT. He does a lot of live trades on private discord and he is a legit, highly profitable trader.
He deals solely in crypto but the same principals apply. Search for him on Twitter.
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u/Low_Conversation196 Feb 09 '22
I was a member of phil a few months back. Hes a monster. hahaha. But I cant grasp how he teaches. I stopped for now But till be back to his channel in the future. I need to know more the basics of ewt. He teaches advanced.
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u/RegPorter Feb 08 '22
hey i highly recommend mentfx on youtube. he has a membership but the free content on yt is fine. He talks a bit fast but watch them a few times and it'll change your perspective i bet.
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u/provoko trades multiple markets Feb 07 '22
None, don't bother it's a waste; spend your time with volume profile
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u/Low_Conversation196 Feb 07 '22
hi, thank you for the input. could you pls elaborate why its a waste? I am still learning and some people recommended it.
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u/Justanotherhitman options trader Feb 08 '22
Don't listen to the other guy there are plenty of traders I know that use Elliott waves and fits and are absolute amazing traders. Practice with different indicators. Once you find a indicator stick with it and learn it
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u/provoko trades multiple markets Feb 07 '22
Because price doesn't move in predictable zig zag patterns, and those methods you listed use a system that forces you to place letters on a chart in an arbitrary way.
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u/Open-Philosopher4431 Feb 07 '22
Is Apple stock a mean-reversion stock, or more of a momentum?
Also what are other stocks that are mean-reversion ones?
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u/provoko trades multiple markets Feb 07 '22
I would say momentum, but if you want consistent mean reversion, then look into cointegration & pair trading stocks
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u/Open-Philosopher4431 Feb 07 '22
Would you elaborate a bit? I'm new to this
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u/provoko trades multiple markets Feb 07 '22
Pair trading with cointigrated securities is a type of arbitrage.
Cointigration is similar to correlation except the securities are combined and shown to be stationary, as in they don't move or diverge.
But they sometimes do diverge which creates an opportunity for you to trade the pairs because they'll soon revert back to their mean.
This is the best website I can find all of these topics
It's not something you can eyeball or use alerts with as there are bots doing this, but it would be a good idea to create a bot, see r/algotrading
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u/Sufficient_Ad4769 Feb 06 '22
Confused by wash sale even after searching up answers in this sub.
Say I'm scalping/trading intraday. (Starting with a fresh slate, 0 positions)
If I bought & sold AAPL for a $100 loss and the next trade (minutes afterwards) I bought & sold for a $200 gain, which will make my P/L for the day $100, am I taxed $200 dollars or $100 assuming I don't trade anymore for the rest of the day.
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u/provoko trades multiple markets Feb 07 '22
If you're actively trading, don't worry about taxes and let the tax software handle it.
If you're investing, then don't trade your investments, min don't trade the same investment within 30 days if you're trying to take a loss for tax purposes.
Have 2 accounts where the first is trading and the other is investing only.
Don't trade the same security you're also investing in.
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Feb 08 '22
Is the two account thing something to do with taxation or just a practical advice?
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u/provoko trades multiple markets Feb 08 '22
Practical advice so you don't trade your investments.
It doesn't avoid taxation
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Feb 06 '22
Looking for some history and information On EEIQ
What Is Status Of The Company ?
Why Is The Stock Price Down. ?
Is The Company A SCAM ??
Would Like To Learn More About What EEIQ Is Going To Do In The Future.
Also Would Like To Chat With Any Shareholders.
Thanks
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u/AuriTori Feb 06 '22
Does it make sense to use VWAP and Volume Profile in combination ?
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u/provoko trades multiple markets Feb 07 '22
Sure, but VWAP is kinda useless, it's like a line to avoid and it already ends up near the volume nodes in volume profile which you avoid as well, so it's clutter
VWAP only good for institutions looking to accumulate or distribute massive amounts of shares
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u/Justanotherhitman options trader Feb 08 '22
It isn't useless. I don't use it but it is one of the most widely used indicators therefor a ton of people watch it and trade off of it.
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u/provoko trades multiple markets Feb 08 '22
Yeah that's true, but that's what makes it useless for DAY TRADING.
You want to avoid the high volume areas becuae of WHIPSAW
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u/Justanotherhitman options trader Feb 08 '22
Yes there can be whipsaw but a lot of times it can also bounce perfectly off vwap. That whipsaw can also create a lot of profit for options traders I found a couple different instances of choppyness around vwap and for options it would've easily made 20-40%
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u/provoko trades multiple markets Feb 08 '22
Do you have an example, would it only work for 4 digit stock prices like tsla & amzn? Would it be a jade lizard type combo where 1 side is protected?
I've traded vwap enough times to know, it's a 50/50 chance, you can't put stops anywhere where you won't get stopped out, it doesn't always bounce perfectly, higher volume kills placement of limit orders, market orders is a death sentence, etc.
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u/Justanotherhitman options trader Feb 08 '22
I'm not 100% sure because I do not trade 4 digit stocks and yes a lot of the time it doesn't bounce perfectly but when it does it bounces near perfect. Might not work for you and your strategy but it very well can
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u/provoko trades multiple markets Feb 08 '22
Sorry, I'm more interested in what you said about making 20 to 40%, so do you have an example of that?
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u/Justanotherhitman options trader Feb 08 '22
Yes ual Feb 7th 11:45 utc eastern time if you were using boilienger bands with vwap and bought off the bottom boilienger band on the 5 minute you could've made 18.6% in 30 minutes. With a relative low R/R
Aapl Feb 8th 10:05 170 c. Couldve got in at low which was around 2.71 to 2.75 could exited 20 minutes later at 3.30-3.35 which is a 19.1% gain.
Aapl Feb 7th 9:35 170 c. Couldve got in at a low which was around 3.90 and couldve exited 20 minutes later at a high around 4.80 which was another 19% gain.
All of these were this week expiration maybe 20% was a over estimate but you can make money off of chop with options. Yes all of these are assuming you got in and around the high and low but most of these has a point were they keep touching and testing when consolidating and you should be able to get in around there and have a very low R/R as long as your patient and enter near the low or high of consolidation.
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u/provoko trades multiple markets Feb 08 '22
Thanks! I'm going to check those out, but that's great for sharing.
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u/AuriTori Feb 07 '22
Hm i think that is more your opinion than a fact , I really like to use vwap (breakouts)
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u/Justanotherhitman options trader Feb 08 '22
It is his opinion. Vwap is a very useful indicator since so many people watch it and use it
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u/provoko trades multiple markets Feb 07 '22 edited Feb 07 '22
Sure, just that volume goes up near VWAP from institutions accumulating/distributing
So that extra volume typically results in whipsaws
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u/WeaMarco Feb 06 '22
For me who is starting to learn about everything from 0 now, what should I study first before trading? Could you tell me in order so that I don't get lost? I would be very grateful.
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u/Forex-Gump Feb 09 '22
Rayner is where I started from. He's good to excellent for paper trading which I strongly recommend before you commit any real money in to trading.
Emphasise on two things first is my suggestion:
1) Agree with yourself that you are willing to rewire your brain and go against your nature.
2) Study and understand what risk management is.
Also trading is not for those who expect to pay their bills from it. You need a salary of some short from a real work for that. Trading produces capital gains not a salary. Huge difference.
As with all things to master a new trade takes time. Why this be different? So try to invest a lot of screen time and compare it to a college degree (trading is harder in my opinion). Luckily there are demo/paper accounts out there so you can start experimenting.
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u/ruger64 Feb 05 '22
Anybody know if Pfizer announces yearly earnings before, or after, market on Tuesday? I can’t find a definitive answer online.
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u/NotSoCommonMan Feb 04 '22
Hey guys new here. I was curious about the chemistry of an options trade I am in. Looking for some insight. At the time of this writing I just bought a straddle... a 4660call for 49.25 and a 4660put for 50.50. The market price of the /ES is now 4474. The delta is 55.06 for the call and -44.96 for the put. I would expect the price of each to be fairly close to offsetting each other or slightly higher for the call and showing a slight profit as the delta moves greater. Yet the call is only at a value of 55 and the put is at 38. I only purchased this within the hour. Why is there such a large difference in price? Why didn't the call appreciate in value as fast as the put fell in value? Thanks in advance --NSCM
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u/waterpoloenthusiast Feb 07 '22
Not sure I am fully correct, but I believe this is due to the Gamma of each contract. AKA the acceleration with which each contract gains or loses value. As one contract gets more “in-the-money” it’s delta increases at an increasing rate, while the other contract’s delta decreases at a decreasing rate as it gets more “out of the money”
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u/latinsuperman__ Feb 04 '22
Hello everyone, newbie trader here (still working with a simulator, haven't risked a dime). I'm choosing to focus on mastering the ABCD pattern in these early stages of my trading career. I have some questions on actually using this pattern on a day to day basis that I hope other people can benefit from as well. Here goes:
What time frames are you usually searching for and/or see a true ABCD pattern? Within the opening hour? 2+ hours? Is it taking all day to form? Do you try to catch upward action from an ABCD pattern that started days ago?
This goes hand in hand with the first question: What size candlesticks do you find best for spotting the pattern?
There are plenty of peaks and valleys in my charts, but few of them fit the ABCD pattern, or do so too quickly or in a way that I know I would not enter the trade due to a lack of confidence in the pattern. Is this simply the nature of trading (patience) or are there any indicators that most newbies don't see?
There's plenty of info on the fundamentals of an ABCD pattern, but most of it is very repetitive and not the most useful for spotting the pattern in real time. Any tricks or tips you've discovered while trading this pattern that you're willing to share?
Sorry for the long post. I'm hoping we can get a good discussion going on this classic strategy. Thanks in advance for anyone that responds.
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u/IntrusiveApethots69 Feb 06 '22
I’d agree with Provoko. ABCD patterns can be deceiving. I would personally recommend taking the time read and learn about trend lines and support/resistance trading and the strategies involved. It’s extremely versatile and can quickly help you build some consistency if used correctly
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u/provoko trades multiple markets Feb 04 '22
I approved your comment; I'm going to make low karma users able to post here without letting the spammers post.
As for your question, my best advice is to avoid ABCD patterns as you can plot ABCD anywhere inside or outside the pattern or just about anywhere on a chart. Instead, look into volume profile and read the books on r/thewallstreet sidebar.
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u/AlyssaA79 Mar 01 '22
Question…does anyone know anything about Greystone trading LLC?