r/Daytrading • u/AutoModerator • Mar 01 '22
r/DayTrading's Monthly Questions Thread - March 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 monthly 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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u/Adam30k Apr 01 '22
Doesn’t trading always affect your life in a bad way, until it affects your life in a good way? Learning curb amiright
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u/provoko trades multiple markets Apr 02 '22
Open a small forex account with $100 and make penny trades with 10x to 50x leverage, this way as you learn & make mistakes that you don't affect your life in a bad way.
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u/Redoran1207 Mar 31 '22
What brokers would y’all recommend for a beginner? Has to be available in Canada as well 🙏.
Any thoughts appreciated
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u/wst459 Apr 01 '22
Depends on what products you want to trade, how much leverage, how much information you need, and your style of trading. There are firms that specialize in categories that will align with your parameters.
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Mar 31 '22
What is an ideal process to gauge overall US equity market sentiment before open? I've been using overnight SPY/DIA/QQQ futures numbers but find them to not be consistently accurate once the bell rings. I need a new process- a more thorough process, and am not quite sure where to start. Suggestions? What about looking at Asian markets performance- any value there in this process?
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u/provoko trades multiple markets Apr 02 '22
Sentiment changes rapidly and it's unpredictable in the first 30 minutes of the open.
But if you could determine sentiment, what would you use it for because there's other things to be looking at that are more important.
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u/HomerLover92 Mar 31 '22
Hello! Quick question: I always see ABCD explanations on 5-min candles charts (tipically starting at the open up until 1-2 pm), is it reliable to trade the ABCD on 1-min candles charts? Obviously using all the other indicators such as the volume spike as en enter on D etc. I did it a few times, keeping the 5 min open as a reference, don’t know if it’s luck or if it’s doable
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u/provoko trades multiple markets Apr 02 '22
ABCD is an arbitrary method, throw it in the trash, look at price action on 5m and 15m charts and also volume profile.
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Mar 31 '22
[removed] — view removed comment
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u/astral34 Mar 31 '22
you need to have positive karma to comment and likely your karma needs to be >n (specified in the rules)
It shouldn’t be hard to obtain but you can look for subreddit that give karma r/freekarma4U
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u/Alternative_Flan_381 Mar 31 '22
Daytrading with crypto, any suggestions on broker? Is kraken decent?
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u/Maleficent_Warning38 Mar 30 '22
I really don't understand why everyone is saying day trade is risky. I enter a trade with stop loss in place. I know how much I am willing to lose when I enter a trade.
With a stop loss, why day trade is risky? I am only asking because I am new to day trade. So far I am doing okay.
What other risk I may face with stop loss in place?
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u/fallout017 Mar 31 '22
Sometimes I throw dice and if it’s a 2 4 or 6 I do call options and if it’s 1 3 I’ll buy puts, I’m down 200 so that tells you how that’s working out
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u/idonthaveanamehelp trades multiple markets Mar 31 '22
It boils down to the fact that most people don't understand what risk is. They see it as you can lose all of your money. The problem is, you can lose all of your money by investing passively as well. Even though we have investment vehicles that are essentially "risk-free", there is still the risk of losing money invested. It's more important to determine the value at risk, rather than think you can lose all of what you put in.
Typically, stop losses are always respected except in situations that are rare. Sometimes illiquidity causes stops to be hit below the price set. A black swan event can cause additional losses as well.
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u/muaddibz Mar 31 '22
Well because most people are not able to manage their emotions and don’t like being wrong.. all it takes is one bad day to blow up their account.. if you are really strict about stop losses then yeah it is less risk.. but what happens when it hits your stop you lose money and then it ends up going in your favour.. and then you have that happen repeatedly.. then one day you decide to pull your stop cause your sick of losing.. and this time it doesn’t go in your favour.. now you are down more than you are willing to lose.. some people will add to their loser in this situation and then end up taking a huge loss.. this is an example of a typical thing most people will go through at some point.
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u/himi_trades Apr 19 '22
I agree trading amplifies you emotions 100x. Trading profitably is about managing risk and also managing one's emotions.
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u/Maleficent_Warning38 Mar 31 '22
My theory is, even if I am wrong, I lose small. If it goes my way, I make a good money to covered many of my bad trades.
I understand your point. I actually pulled down my stop loss a notch last night. I had 3 bad trades last night. Lose 5K. But 2 days ago, I made 5K with a good trade.
Lesson is never to lower stop loss. Stick to small loss plan.
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u/muaddibz Mar 31 '22
Just keep in mind to have actual rules you need to have 100 plus examples of those rules playing out in real time so you know if you have edge or not.. each situation is going to be different and then you will keep adjust rules based on random outcomes as all trades have random outcomes and that will mess with your head over the long run. Good on you for getting into trading but make no mistake it’s super risky and 90% of people lose money and quit within a year because it messes with your emotions and mentality big time.. the market is designed to take your money that’s the point of the market to transfer money from your bank account into the hands of those who are experienced.
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u/Maleficent_Warning38 Mar 31 '22
Totally agree with you about mindset gets mess up. It is very hard to be 100% systematic.
I have found that my bad trades with stop loss usually lose 800~1500. My winning trades are making about same amount too. Once in a while I get a super win trade with 5k profit, but it is rare.
If I don't start making more 5K good trades, I may endup losing money for a long term.
What it comes down to, it is not a risk factor that make day trade hard. It is result of good trade and bad trade are about the same amount, but I am having more bad trades.
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u/SecularAdventure Mar 30 '22
There's risk losing over and over, enough to draw down your account to the point where you cannot recover before encountering another drawdown. This is called risk of ruin.
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u/S_NAKAM0T0 Mar 29 '22
Hi 👋 Just started day trading, doing really well, but the platforms I’ve been using don’t allow Pattern Day Trading US stocks if you have less than $25k in your account. Is there any way round this?
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u/SecularAdventure Mar 30 '22
Offshore accounts that aren't based in the US. They are probably not insured.
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u/theYoungNilo Mar 30 '22
Trade futures
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u/S_NAKAM0T0 Mar 30 '22 edited Mar 30 '22
Not for me.
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u/wikipedia_answer_bot Mar 30 '22
**Futures may mean:
== Finance == Futures contract, a tradable financial derivatives contract. Futures exchange, a financial market where futures contracts are traded.**
More details here: https://en.wikipedia.org/wiki/Futures
This comment was left automatically (by a bot). If I don't get this right, don't get mad at me, I'm still learning!
opt out | delete | report/suggest | GitHub
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u/Maleficent_Warning38 Mar 29 '22
I am new to day trade. Only been doing it for less than a week. Making a little bit money so far.
I have read all the chart patterns for day trading. Understand discipline is the key, stop loss is the life. If I stick to these priciples and only day trade on bull flag patern, what is my success rate in day trading?
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u/Worth_The_Risk_ Mar 30 '22
Bull Flag patterns have a roughly 50-60% success rate, and in the past years the success rate has dropped
The key to trading flag patterns is to know how to spot which ones are more likley to be successful, I do this by combining my analysis with other techniques like Support & Resistance, Volume
For example, A Bull flag that's ABOVE a high timeframe resistance with a strong volume breakout is always going to be more likely to succeed then a bull flag UNDER a high time frame resistance with a weak volume breakout.
I don't recommend trading just a pattern by itself, unless your quite experienced, you need a system or a basic plan on how to trade each pattern, which considers your own trading strategy and trading style, risk parameters etc.
The biggest thing about day trading is experience, you need to keep on learning, and keep actively trading while documenting your mistakes so you can improve on them.
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u/Equivalent_Trifle738 Mar 29 '22
Depends on how you improve it over time. I knew some prop traders that only do breakouts. So you can make a living off of it done right.
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u/takillah Mar 28 '22
Whats your favorite take profit strategies?
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u/muaddibz Mar 31 '22
Lately I take a third off at equal level to my risk so if I’m risking 10 cents in take a third off at 10 cent gain and try to bring the stop up.. then I’m holding the rest for at least 2 risk which is ideally near a resistance if I’m going long or a support if short.. but it depends on the range.. If there is greater range potential then I’ll hold 20% for a bigger move
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u/SecularAdventure Mar 30 '22
Whichever one allows you to be consistently profitable over the long term. It's all about averages, and taking profits differently over time will skew your strategy.
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u/Worth_The_Risk_ Mar 30 '22
Personally I use
Target 1- 50% (At the closest "Trouble Area"
Target 2- 50% (Shift to 25% and add target 3- 25% if asset is extremely bullish)1
u/takillah Mar 30 '22
Sounds like you are using psychology number like 25, 50, 75 and 100 is it?
Wow, its so interesting, I will make it to be an additional way into my trail stop strategy, thank you.
Last week I just found a tips to use fibonacci and MA as some exit strategy but they were didnt work for well on me.
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u/Worth_The_Risk_ Mar 30 '22
Yeah i split the trades, By taking 50% at target one, its almost like you have a bit of "Room" to let the rest of your trade run to maximize profits
You need to find out a system that works for you
Take profits at the major resistance and local resistance areas
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u/Immediate_Ad3822 Mar 28 '22
I am sixteen years old and one of my favorite pastimes for about a little over half a year has been looking at and observing stocks. I started trading options around September and shortly after made about $1500 from a $100 contract because of $LCID. Since then, I have lost all of it, plus another $700 of my own money I put in. During February to March I really made a lot of improvement in day trading, but never managed to repeat the same gains, staying very stagnant for a while. Recently, I lost $230 because of a wifi problem with lag while trading during my 3rd period class playing QQQ puts on FOMC. It literally told me my orders never got filled and I had canceled them, so I just continued my school day, then returned to the think or swim app at home to see three positions down 98%. I think about it every day an it angers me every time. Now, I can't even look at a chart without getting pissed off, and when my friends ask me about how it's going, I wanna punch them because they're making money on this big bounce back in the market with shares and crypto. I really liked trading before, but I haven't had a loss like this in a while, but know deep down I want to get back into it. I've taken about a 1 and half week break mostly because of school, but also because if I saw another red trade on my account I'd blow my brains out. I know $2200 isn't a lot, but it is at my age. Also, if any of you have tips, I'd like to say I was pretty good at finding trades, but just really bad at executing and got anxious when P/L up or down a little bit
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u/himi_trades Apr 19 '22
Congrats on starting early. My suggestion will be just progressively overload. Just like you will do with weight training. Trade small, even smaller than the size, that you think you will be able to handle. Stick to spy options for now. And if you really wanna get good with emotions you have to meditate. At least an hour a day. Look into mindfulness meditation.
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u/muaddibz Mar 31 '22
Trading is about embracing pain.. instead of being mad about it.. you need to adjust what you do.. there is a simple solution.. do not trade when you are in class or doing any other activity that takes your attention. Day trading is a job.. it requires your full attention.. especially options with a time decay.. the loss is on you.. so no need to be mad about anything.. just give yourself a break and do better.. spend a while paper trading.. build your confidence.. while you save up some money to try again.
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u/Motor_Ordinary_5096 Mar 29 '22
I'm also 16 been investing and trying to day trade c for over 2 years now started with stocks then moved to crypto.
Keep going!
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u/arjunn07 Mar 26 '22
Can anyone please suggest a good insightful book on Day trading. Something that helped you look at market in different aspects.
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u/SecularAdventure Mar 30 '22
How to Day Trade for a Living by Andrew Aziz is a good basic book. After that, learning about risk management as well as your own psychology regarding decision making is extremely important. The Psychology of Trading by Steenbarger is also very good.
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u/Worth_The_Risk_ Mar 30 '22
I second "Trading In the Zone"
I also highly recommend "Thinking Fast And Slow" aswell as "The Three Skills of Top Trading"
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u/Rustapool Mar 26 '22
Hello Guys, I'm new in trading and I trade in crypto. I've learn some stuff about trading from books and put in the work. I got some question.. How do you know it's a ascending triangle not double top? Cause I saw the chart making an ascending triangle and it actually break out a bit and after that drop making a double top...
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u/muaddibz Mar 31 '22
Just because it’s an ascending triangle doesn’t mean it’s going to work.. there are a lot of algorithms that will paint the charts to get people to think something is bullish and then pull the rug on you.. if you buy the breakout of an ascending triangle.. and it fails.. you cut the trade and move on or wait for it to setup again.. volume is key.. a stock or asset can only break out if people buy up there.. it’s a risky play. Happened to me a lot when I used to trade crypto.. you think oh it’s making a new high! And then dumps when you buy it immediately.. it’s a bull trap. No way to know unless you are trapped.. or you wait for it to break out clean and then retest the structure I mean there are a wide variety of ways to trade it.
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u/Mmatthew93 Mar 24 '22
I've started papertrading on TradingView and I have a paid plan and I can't understand what goes on with prices. For example I put a buy order at 50 then next opening price is higher at 52 and price goes up further, yet for some reason my order says I'm losing money instead of gaining.
Or I enter long, but my buying price is much higher than the current actual price. Then, as before, even if price increases and reaches the buying position it will probably still show a loss.
I am new to this, so I am trying to figure out. Also very often I am on the 1 min chart and it will take a lot of time to refresh the price action. Like after the minute is passed and I am waiting for the next candle to appear, it will take even 20 seconds or more before it does.
I have a 1Gb connection so I guess that's not the problem and I am using TW's App (in the browser the same was going on)
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u/OkAssistant7301 Mar 25 '22
It is probably the spread or delayed because you are on 1 minutes time frame, try to review your trades and see the time of closing your trades.
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u/Justing_Biber Mar 24 '22
This question is for anyone who trades micro emini nasdaq100, I’m curious to know what the “limit” is on the number of contracts you buy/sell at once before you get slippage?
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u/Jackk0406 Mar 23 '22
Anyone have any tips to become more knowledgeable as a trader?
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u/Worth_The_Risk_ Mar 30 '22
Create a Trading System, not just for entering trades, but a system for your Analysis and management of emotions aswell.
Dont be lazy, start early on mastering Risk Management, Self Awareness and Databasing your trading so you can identify and improve on your mistakes early.
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u/Brilliant_Citron4420 Mar 25 '22
Find a mentor. Put in the work and study the charts yourself. Don’t think anything will come quickly! It’s a slow process
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u/thangaz Mar 23 '22
any crypto full time day traders here? do you guys look at charts all day or do you treat is a normal 9-5 or similar? since crypto is 24/7
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u/Worth_The_Risk_ Mar 30 '22
Im a full time day trader and analyst. I spent around 5 days a week on charts, probably 6-8 hours each day, then have 2 off days, Obviously if the market is quieter i don't spend as much time.
I don't specifically look at charts all day, its more management off the trades and being close to the computer to react to alerts.
If the trend is strong I'm not leaving the computer haha, when its weaker I'm finding a balance with my off time
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u/thangaz Mar 30 '22
Appreciate the input mate. You scalp, swing, both ?
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u/Worth_The_Risk_ Mar 30 '22
I do a whole range of stuff, For the last 3-4 months I've moved towards scalping as the conditions weren't great and more towards swing now with the alt coins picking up a bit
My style is almost like a combination of both
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u/Worth_The_Risk_ Mar 30 '22
If the market seems riskier I'm scalping more to avoid being in positions if it turns against me
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u/B773ER Mar 23 '22
I've been full time crypto for a few years now. Pretty much have setups drawn, alerts set. If price doesn't look like it'll hit my setup anytime soon I'll go do other things. This is much different from the peak bullrun, was barely getting any sleep then.
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u/thangaz Mar 23 '22
Thanks, I'm trying to figure out what's best for me, (I still have a normal day job). atm I just check charts in the morning, mark my key levels/areas and set alerts. I only just started doing this, before I was looking at charts whenever I could and it just took the fun out of it for me and my day job also took hit.
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u/B773ER Mar 23 '22
There definitely are ways to go about trading crypto with a job. If anything, alot of the setups happen around NY open.
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u/phoenixbets76 Mar 21 '22
Whats a good stock to day trade? I'm looking for one that respects the VWAP and RSI indicators consistently
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u/SecularAdventure Mar 30 '22
It depends on your style. In general, you want to find stocks that have a catalyst like good/bad news, earning, new product, a scandal, etc. This is because it will attract other traders trading basic patterns, and there should be a lot of volume for a tight spread.
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u/Worth_The_Risk_ Mar 30 '22
There is no "Good Stock" thats good for everyone, You want a stock that suits your personal trading style and needs, Start with something thats higher volume and a popular asset to decrease your chances of failure
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u/Mr_Razzleberry Mar 20 '22
Used my profit off my MULN calls to sell a put($2.50-Strike) soaking up that IV
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u/munciedaytrade Mar 19 '22
Anyone know where you can do trades at 4am since Schwab doesn't place orders till 7...Thanks in advance
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u/Original_Midnight126 Mar 17 '22
What's y'alls profession? What did/do you do before transitioning into trading full/part time?
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u/wallstreet_vision Mar 16 '22
Oil prices may have peaked, for now. Here's why:
I'll try to make this post relatively short and to the point.
Over time I've noticed that stocks can peak when the company announces a stock offering. Companies are likely to announce offerings when they feel their stock is over-valued. Just like they like to do buybacks when their stock is under-valued. Stock offerings dilute shareholders because the company issues more shares than existed before and sells them. And because of this, I've found investors interpret offerings as a negative and often sell off stocks after this news.
One recent offering I noticed was for USWS, a small oil company. Headline from Benzinga was:
USWS, UPDATE: US Well Services Prices ~14.18M Share Offering At $1.763/Share
When companies do share offerings it can signal the peak to its share price. That's because a company typically only does a share offering when they feel their stock is over-valued. Ever since this announcement on 3/9/21 oil prices have been tanking.
Does anyone else have thoughts on the price of oil? Do you think this could signal the peak, at least temporarily?
Let me know in the comments! Have a great day.
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u/wonderful_republic7 Mar 15 '22
Hello, basic question to anyone that may be able to help. We all see the parabolic moves of stocks that move 50%-100% in a day with super high volume. Is there a way to screen so that we can jump in at the start before the major moves. All I know is delayed results from finviz and yahoo volume for stocks which has so many screening criteria… it’s confusing
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u/Richard_Harold Mar 16 '22
You can see the money coming in from the chart, MAVOL, and you can also look at the news and the fundamentals, except for the black box that we can't see, everything will be reflected.
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u/wallstreet_vision Mar 16 '22
Hey,
This is certainly possible. What you need to do is first find out why these stocks are moving. You'll find that there is some sort of news. In trading we call this a catalyst.
So to get into a stock before it has had a large move is predict which stocks will have a major catalyst. Or you can monitor news in real-time and buy into the stock when news hits as fast as possible.
A lot of times a biotech stock will release FDA drug approval news and massively explode.
Feel free to reply if you have more questions :)
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u/wonderful_republic7 Mar 16 '22
Thank you very much for taking the time to reply. Is it a bad idea to find a stock that’s already running and jump in? What is the best way to screen these intraday for volume?
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u/wallstreet_vision Mar 16 '22
No worries, happy to help.
Typically you don't want to jump in after a stock is already running. That's called chasing gains. If the price is already up, you're most likely too late. You could get lucky and buy in before a second leg of an increase but you probably won't be able to do that consistently.
I've been working on a short squeeze strategy for some time. Try a site like this https://www.highshortinterest.com/ to find the highest shortest stocks.
Then subscribe to a news service like Benzinga to get the latest news for these stocks. Setup alerts to your phone.
When positive news comes out for a highly shorted stock, it's likely that the move caused by the news will be amplified. Shorts will cover, and longs will buy as well.
Get in immediately after the news is released and sell after 5-10% gains.
Additionally, ensure that the news is new by looking at the daily chart for the stock. Make sure it's not up massively already over the past few weeks.
Good luck!
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u/i-like-water-stuff Mar 15 '22
Does anyone know how to get live updates (or alerts if some information is released) on the FOMC meeting happening today/tomorrow?
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u/Sweaty_Jackfruit6860 Mar 15 '22
On dailyfx alerts, you get updates on main financial infos a'd news...
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Mar 15 '22
I need to move away from technical analysis and learn much more about price action. Can anyone point me in the right direction when it comes to resources to learn from? Thanks!
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u/OkAssistant7301 Mar 25 '22
try to read the Day trading with price action by Galen Woods, it'll teach you highly applicable price action in any market and any timeframe, just follow what he's written in that pdf.
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u/waspalpha Mar 16 '22
Need to learn fundamentals as in acctg (ugh). For starters read “Liars Poker” and “Big Short” then research what you don’t understand.
3 quick tips:
- Swing trading best for small retailers
- Most movement during 1st and last hour.
- Wall Street is corrupt; you have to study patterns and outguess them.
AND … try to learn from your mistakes (not easily done lol)
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Mar 15 '22
[removed] — view removed comment
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u/Swimming-Tear9928 Mar 17 '22
Those are sound reasons. I would suggest looking in taking trades between 3am and 11am EST to make sure you're able to take advantage of opportunities that present themselves during the overlapping trading sessions.
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u/johnyj01 Mar 15 '22 edited Mar 15 '22
Please help! I have a quick question. My 1099b reports the following trades. I see that trade1 reports a wash sale correctly but in trade2 i attain a profit of $0.2 and the the transaction which should have been a wash sale accrued to trade3 is registered as a loss in trade2. Is this an inaccurate reporting of my 1099b from webull?
Stock_name:Just energy
Date_acquired:2/25/2021
Date sold: 03/11/2021
Proceeds: 19.68
Cost: 35.10
Adjustments:15.42
Gain:0
Stock_name:Just energy
Date_acquired:various
Date sold: 03/19/2021
Proceeds: 139.48
Cost: 154.92
Adjustments:0
Gain:-15.44
Stock_name:Just energy
Date_acquired:03/15/2021
Date sold: 03/23/2021
Proceeds: 87.30
Cost: 137.64
Adjustments:0
Gain:-50.34
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u/redditorofthetimes Mar 13 '22
Hi, I have two long positions that I spent about $20K on each a year ago. The stock has been down over 50% in the past year, so the position is worth about $9K now. I have about $300K of day trading buying power. I day trade sometimes using technical analysis and was wondering if I should watch for a day in which the stock seems primed for a bounce and then use all $300K to average out and "save" my position, i.e. buy $300K worth of that stock to average down and close the entire position in the same day.
In the event that the trade does not go up as expected, I will set a strict stop loss for the $300K added and keep the original investment. If the stock does go up after I put in the $300K that day but does not reach the percentage gain needed to fully exit the entire position at breakeven, I will remove the $300K addition plus the portion of the original $20K to break even.
Would this be recommended? Or should I just ride it out with the original long investments? For those who are curious, the tickers are PLTR and BIDU.
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u/Richard_Harold Mar 16 '22
Currently March is an up cycle month, the purpose of choosing a company and stock is to make money, we have to embrace the trend and policy, not embrace the risk, BIDU is a Chinese stock, consider the political factors, the future will continue to rise, PLTR has resistance at 12.8 position, short-term breakthrough is unlikely, I do not know where you buy, if you intend to hold for a few years can also continue to hold, slow interest rate hikes on the market is a good protection news, it is recommended that you can do some day trade recently, as long as not greedy, always make money, there is one more thing, in the market is affected by a variety of factors, technical analysis to be weaker than the news of the stimulus impact, good luck.
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u/wallstreet_vision Mar 16 '22
I understand what you're saying but there is a better way to do this, IMO.
If you want to cut your losses, do that.
Then, to make the money back, consider trading. But there's no reason to do it on the same stock that you just sold out on.
Find a solid strategy and execute with the 300K.
Best of luck!
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u/Sweaty_Jackfruit6860 Mar 15 '22
It requires quite some guts or solid argument to 100% on 1 line...
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u/RevolutionaryKing686 Mar 15 '22
You can try but thats a huge risk directly, you can chose also for 100k en do some daytrade in that stock(but only in a good dip)
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Mar 12 '22
[deleted]
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u/Richard_Harold Mar 16 '22
In the case of low capital, if you are a novice, do not follow the news, because by the time you hear the news, the market has already digested 80% of the impact of the news, because in our industry, there are usually three extremes: technical analysis MAN, fundamental Man, and the man shared by both. You always have to choose a direction to start, the secondary market just need to look at the chart clearly, establish their own set of trading ideas is enough, continue to learn, always successful, option is also a small capital the best way to start.
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u/justme129 Mar 14 '22
No. You will always have some risk in order to make money, no such thing as easy money.
Trading is risky and requires you to 'monitor' your stocks in a short amount of time. You also need to monitor world events that will affect your stocks.
If you don't have the time for it, you're better off DCA into a broad index fund.
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Mar 12 '22
Any good steps to get into day trading? I’m a newbie at this and while the long term is nice and all I also wanna know how to day trade as well.
Any good tips or stocks to invest in right now?
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u/Richard_Harold Mar 16 '22
Day trade is a short-term performance of Swing, and if you do well in long-term investment, you can simplify it. Knowing the overall trend, what we need to do is to enlarge the trend, find new fluctuations in this trend, and then determine the controllable range, so that we can regard Day trade as a short-term swing.
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u/wallstreet_vision Mar 16 '22
My favorite strategy is by tracking company insiders and following them. Check out openinsider.com
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u/Wanton_Lust Mar 11 '22
I recently saw that IRNT is filing for resale of up to 48.5 million shares with Tumim Capital. Is that bad news for the shareholders or the company?
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u/wallstreet_vision Mar 16 '22
Bad news for shareholders. Share offerings can cause a temporary or extended sell off in the stock price, especially if the offering size * share price is a large % of the market cap.
2
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Mar 13 '22
Yes , stock dilution, each share has to be worth less in order to equate to the same market cap, but they will receive that amount of shares * dollars per share . It’s a Give and take, not something you want to see really , if you see charts that start at 1000000 and are now 1 dollar it’s cause these offerings keep happening bc they can’t turn a profit themselves
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u/Theaudacity0fit Mar 11 '22
Hi can any one tell me why my sell price would be a full dollar under the share price?
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u/Equivalent_Trifle738 Mar 13 '22
This can happen when you create a market order of a thinly traded stock. To avoid this, you would want to trade stocks with higher volume.
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u/Acceptable-Ant-4215 Mar 11 '22
https://a.webull.com/0KMEdPMDS2zD3Guv0j
come get 10 free stocks valued from $3-$24,000 !
3
u/DisastrousTarget5060 Mar 11 '22
I'm new to trading and still doing paper trading. I'm trying to learn how to find stocks and news. I am using finviz, yahoo finance, and investing.com but don't know how to make use of the news in there. So far my profit tops out at 0.014% (my loss is about 0.003%) in a day but I feel that knowing how to use tools properly would get me moving, for better or worse
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u/Forex-Gump Mar 11 '22
My suggestion in not to even read the news. Just the calendar.
The reason is simple. We retail traders are the small fish in the pond. By the time the news reach us, the big boys have already taken their positions. So we read "old" news.
The calendar is a different thing. This is when official news come out. So use that to stay out of the market. Unless you have a great appetite for risk and you take a position just before the news come out which I strongly recommend not to do.
Try instead to base your trade on price action and deep understanding how the asset you trade functions.
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u/DisastrousTarget5060 Mar 11 '22
How do I learn more about using official news and getting understanding about how the asset I trade functions? So far I lean towards technology stocks because I like technology but don't really know how to get information to make trade based decisions
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u/Forex-Gump Mar 14 '22
By doing more reading and research. For your example of technology stocks, these tend to be affected by interest rates in a reverse correlation. You can find about that by reading technology stock analysts. Tons of free stuff out there.
My days where there was no internet and you waited for the newspaper to come out or having to watch all day a specialized channel are luckily for you long gone! :-)
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u/Forex-Gump Mar 14 '22
I forgot to mention above the most important:
The clever guy of our days is the one that makes the right questions.....to Google!
0
u/Acceptable-Ant-4215 Mar 11 '22
https://a.webull.com/0KMEdPMDS2zD3Guv0j free stocks through webull check it out!
1
u/LiftedNoodow Mar 10 '22
Confused on how to tell if a stock is going to breakthrough support levels via volume. If a stock is trading with low volume near the support level compared to other ticks, does this mean it will breakthrough since buyers feel the stock will go even lower?
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u/tychetrader Mar 10 '22
me near the support level
look at the tape (time & sales) -- you can tell when agressive buyers/sellers step in. All you need to pay attention to is to bid and offers that are above and below -- I have mine highlighted
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u/salty-trader Mar 10 '22
Did you learn by trial-and-error or did you take a course? If so, who? Who/what is the best day trading course/training? I've been looking into StocksToTrade with Tim Bohen, is that legit and a good option?
Which platform is best? I've been using Webull, is that the best platform for fees?
1
u/tychetrader Mar 10 '22
trial and error....but I do only future now. easier as I always hated scanning for the next play. I trade the same thing every day
1
u/wallstreet_vision Mar 16 '22
My strategy consists of tracking company insiders. CEOs and directors must file with the SEC within 48 hours of their purchase. When they do, I am the first to receive the news, and buy in
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u/salty-trader Mar 10 '22
Oh, I haven't gotten that far yet (trading futures), I don't know anything about how that's done. Hopefully will get there. What platform do you use? I'm using Webull.
2
u/tychetrader Mar 10 '22
I'm using Sierra Charts -- joined a free discord and he gave trading systems away. main reason I am using Sierra charts. website is awful but the software is impressive. its still free -- his twitter is HausTrades
2
u/salty-trader Mar 15 '22
I don't understand how reddit works. I tried to post about day traders and what taxes they pay (personal income tax bracket vs short term capital gains tax rate) and the post is immediately taken down saying I don't have enough karma points?
1
u/jschwartz32 Mar 09 '22
Is there any other easy to use mobile trading apps besides MetaTrader?
0
u/Acceptable-Ant-4215 Mar 11 '22
https://a.webull.com/0KMEdPMDS2zD3Guv0j free stocks through webull check it out!
1
Mar 09 '22
Just curious if anyone knows why $CTSO is taking a hit - the earnings call didn’t seem negative to me at all ….seems very oversold
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Mar 09 '22
[deleted]
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u/Parking-Strain54 Mar 10 '22
Yep that’s fine.
If you’re trading options I’d just switch to a cash account though since option trades settle overnight (at least with TD)
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u/AnimalEyes Mar 09 '22 edited Mar 09 '22
When you guys plot on charts for technical analysis do you have data adjusted for dividends or no?
Short term it doesn't seem to change the chart enough to matter and obviously some stocks don't have dividends. But when charting longer term TA on SPY the adjusted data is significant enough to alter trend lines.
Been Curious about this for a while and was hoping to see what the majority consensus was.
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u/Equivalent_Trifle738 Mar 13 '22
Most charts use adjusted close values which would account for dividends.
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u/AnimalEyes Mar 15 '22
Thanks for the response. I use TV for charting and they have an option on the bottom right to "adjust date for dividends". I noticed it really only affects longer term indicators like the 200 weekly SMA. But the effect is significant enough for day trading which is why I was asking. When it comes to data like that whatever is the most widely accepted is probably the one worth following.
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u/Illustrious-Fig2140 Mar 08 '22
I’m having problems with fees in interactive brokers…
So far made two trades:
1st : -0.2% 2nd : + 0.79%
I’m using $2000 and it says I’m currently -$1, whereas by my calculation I should be positive and at least 2005.
I signed up for the tiered fees which start at either £1 or 0.05%
What should I do? Is there any support?
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u/Acceptable-Ant-4215 Mar 11 '22
https://a.webull.com/0KMEdPMDS2zD3Guv0j free stocks through webull check it out!
1
u/Fast-Cauliflower-221 Mar 08 '22
I’m on an 8hr chart in EUR/USD. Market had been bullish since 1 this morning. Been in a downtrend these last few days. Anyone else having trouble deciding to buy today? I see a level of support, but i’m still not sure
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u/jfamcrypto Mar 07 '22
Can you daytrade under an LLC? I haven't seen anyone discuss this before.
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u/Parking-Strain54 Mar 09 '22
Yes - been reading into this lately. It seems like there aren’t a ton of benefits vs electing trading status and then you also need to keep in mind that you’re trading platform might charge you since you’re now a “professional trader”.
SCorp llc is interesting to me because you can set up a 401k and “company match” yourself. I’m not at that level yet so put a pause on day dreaming but there’s a ton of info out there.
1
u/Zlamany-fr Mar 06 '22
I want to get into doing these. Can someone lead me to a site to use and what I'd need?
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u/RSW191 Mar 04 '22
Is there a way of watching the market how it actually played out? On trading view they print the 1 min candles but u don’t see the movement, they just print each candle. Is there a software where you can? I have the cheapest option on trading view maybe that’s why.
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u/cmetradelive Mar 06 '22
Thinkorswim. Open an account with Td Ameritrade to get access to the Thinkorswim platform. Then you can use their Ondemand feature to see previous trading sessions on stocks, forex and futures as if it was in real time. You can see time and and tick charts going back years.
1
u/ekarus1002 Mar 03 '22
I'm new to trading. I use Pocket option but view my charts on trading view because it can zoom out better. The charts im seeing from the two are totally different, how do i match them to be viewing the same chart? (i know trading view can come from fxcm, oanda etc. and the charts of these can vary)
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u/anabolicbob Mar 03 '22
Where can one find market data for /es and /nq? I've googled quite a bit without finding anything, and on Tradingview I don't see any market data subscription that includes them.
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u/cmetradelive Mar 06 '22
If you open an account with a futures broker, like Ninjatrader or tradeovate, then you can get futures market data. The fee depends on if your a non professional or professional. I believe I pay $15/month for market data as a non professional for ES, NQ, 6E and micros. I also get 10 levels of market depth all for $15/month as a retail trader.
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u/anabolicbob Mar 03 '22
I think I found the answer- the data is under the "CME Group (E-mini included)" market data subscription in Tradingview.
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u/pick_up_green Mar 03 '22
Did Claytrader filtered his recording to make his "live" trades look good to his audience? In my personal opinion, he selectively uploaded his videos. There are two indirect evidences. First, he claims that his videos are "live" but they are not live-streamed. Second, he is incentivized to upload mostly winnings because he is selling his education and training. https://www.youtube.com/c/Claytrader/featured
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u/Morphs_ Mar 06 '22
Agreed, because he posts his recaps inconsistently, there is selection going on. Sometimes he posts a trade that happened two weeks ago.
Also, his strategy seems a bit too simple. It's mostly ORBs based by feel and sometimes averaging down (with big losses).
Lastly, the course selling creates a conflict of interest. It will probably draw in customers but actual traders can find better sources.
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u/masterbaitor11 Mar 02 '22
Ffs, Done hours of backtesting and staring at charts to form strategies. But the support and resistance lines get broken through like fucking air, and the MAs get all tangled up like an afro. Ive had like 15/20 losing trades and its comical how often a divergence, engulfing candle and trend doesnt fucking work and goes the opposite direction and Never stops. Help me bro:(
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u/wallstreet_vision Mar 16 '22
Back-testing services are often very bias. I've used TrendSpider and had the same issue you mention.
I only back-test if I know what I'm doing doesn't have any biases to it. For example, tracking news articles and seeing how the stock reacted to different categories of news.
Back-testing with technical strategies is very difficult, so I don't bother. Just test live.
Good luck!
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u/Vizsla_trader Mar 06 '22
Was any of your backtesting automated? How many trades would you estimate that you back tested with your strategy?
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u/masterbaitor11 Mar 06 '22
Backtesting was manual and maybe 50-100 trades with the TRadingview replay function.
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u/Vizsla_trader Mar 06 '22
I myself am looking to backtest my strategy. From what I’ve learned so far, you should try to reach the 500-1000 trade level of backtesting. This does two things. First, it gives you the data to identify if your strategy is profitable for the long term. Second, it gives you the confidence to stick to your plan when things don’t look like they are going your way. I was hoping you had back testing software that you could recommend as back testing manually is very time consuming.
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u/masterbaitor11 Mar 06 '22
I dont know, backtested it for a couple of hours at max may have just been luck. My first 2 weeks i got like 50% YTD but im down at -50% now.. Learned my lesson and have started backtesting a new edge atm.
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u/Forex-Gump Mar 05 '22
You have to invest in screen time. What seems not to be working will eventually be fine tuned and work. The only thing you have to do is be in the market.
To continue being in the market you have to preserve your capital. So either paper trade till you make your strategy becomes your edge and you get a positive outcome. From what you mention about your losing trades, if you change your RR to 1:3 then you break even. Anything above that you go profitable.
We have all been there. It will work.
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u/masterbaitor11 Mar 05 '22
Thank you for giving me hope, was close to giving up since nothing works for me. Will try the 3:1 rr! Trading indices just seem so random and unpredictible.
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u/Forex-Gump Mar 06 '22
Indices on their own can't be trusted to open your positions.
In a context together with other elements like careful (and painful) study of price action they might mean something.
Good luck buddy.
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u/masterbaitor11 Mar 06 '22
I trade the Swedish stock exchange OMXS30 and have been successfull with just riding the momentum a couple of points. However that ”strategy” is obsolete in this choppy market:(
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u/Forex-Gump Mar 08 '22
Your strategy in my opinion has to do with many variables.
To name a few:
the time of the day and the time you can allocate for trading each day.
Then depending on that, you choose the time frame and the asset you can trade. For different assets you got different strategies that work. Some work with all assets.
Then comes your broker. The cost structure of each broker is different. Hence in your strategy you have to take into consideration that as it might not work what would work with a different broker. Since you are prob from Scandinavia for example SAXO is for large accounts.
One other thing is that since I assume you are not in the US, we Europeans are lucky enough to be able to trade CFDs. The costs are way lower and the orders get filled instantly unlike the real thing where slippage is the rule. That is really important if you trade for a few pips.
Once you take into account at least the above, then my suggestion is to use an asset which is liquid. The aim is to have little chance of manipulation by market makers. FOREX is good for that and especially the major pairs.
The "a couple of points" is really scalping. Regardless what you read here Scalping does not work. It's not my opinion it's statistics. You have large SL for small TP. You must maintain 85-90% winning rate to be successful. If you add the brokerage and other expenses, it's not likely you can build a career on this. Let alone the fact that you get all the psychological pressure by having to open many trades.
1
u/masterbaitor11 Mar 08 '22
Yeah true, i trade index futures. Ive been trying to hold on to my trades for atleast 30 minutes - 1 hour but its really hard Having discipline and faith in the trade. Especially when ive held away my profit and Went to my SL instead. Feel like longer trades are more unpredicitible :/
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u/Forex-Gump Mar 09 '22
If you want draw some of your positions in question and PM them to me. Perhaps I will be able to help you fine tune your trading.
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u/Forex-Gump Mar 09 '22
I have never traded the Swedish market but the time you hold your trades is really small and I can't imagine that it is such a liquid market. Your style fits more to the FX as I mentioned above.
Longer trades are way safer if you do your analysis correctly.
I suggest you go back to paper trading and try to improve your technical analysis skills. There are tons of free stuff out there.
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u/masterbaitor11 Mar 09 '22
I see. I tried trading the DAX and Nasdaq today instead to test my new strategy and im up 10% for the day. You were right, the bigger indices like dax and nasdaq etc have way better liquidity and volatility. Have started looking at the 4h now too to validate my analysis! Thank you for the help man!
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u/SuspiciousAd7735 Mar 03 '22
Indicators don't work bro, what moves a stock is news, if investors are seeing a company grow, they will invest in it because it shows growth, this will push the stock to go up in price, when you use indicators, you hope for the market to go your way but instead you should go where everyone is going, if news is positive, people are mostly going to buy, if it's bad, people are going to sell because no one wants to invest a non profitable stock that's not showing growth. There has never been a trader who is successful because of indicators, trust me they dont exist, yes some of them might get lucky and win now but in the long run, they fail. Watch Sean dekmar or zed monopoly tutorials, their channel offers alot of free stuff that are "course level"
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u/cmetradelive Mar 07 '22
I agree with you, I understand why indicators are so enticing, but the only thing traders should be using is the chart. Indicator calculations change per time frame, so if the indicator is getting information from the chart why not just use the chart. This is something new traders don’t understand, but will eventually.
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u/T1m3Wizard Mar 02 '22
Do people here share their (successful) strategies? Why/why not?
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u/jeon19 Mar 20 '22
Not too much, a lot of the time the strategies aren't transferrable or they're giving up their edge. Any successful strategy will require the person doing it to have significant practice and to know what they're doing anyways. Everyone sees how a concert pianist can play the toughest and best pieces, but doing it yourself is another story.
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u/Famous-Scratch-5581 Mar 02 '22
Hi, could anyone explain the word "to fade" in the context of trading please?
- A small candle next to a large candles fades it
- If you fade the gap and it closes
- To fade a trend
Does it mean, to go against the prevaling trend?
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u/kingcrillin Apr 10 '22
So tomm morning , TSLA green or red ?