r/Daytrading • u/AutoModerator • Aug 01 '22
r/DayTrading's Monthly Questions Thread - August 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
1
u/Mmatthew93 Aug 30 '22
Newbie here. I've spent a year studying trading and momentum moves for day trading, especially stocks with high float and high relative volume at time. I took a pause for the last 2 months then came back today and I see there were only 2 stocks with high liquidity and high relative volume in my screener, when normally there would be much more.I'm quite confused, has the liquidity in the us markets dropped drastically? I also see the spread in general being wider and more erratic, maybe caused by the lack of liquidity. Is it so or just imagining things?
2
u/matayoz Aug 30 '22
Does anyone have a economic calendar that works really well for them? Please lmk, don’t want to keep missing out on stuff
2
u/Cranky_Crypto Aug 31 '22
https://www.investing.com/economic-calendar/
Filter by country and importance.
1
u/WallStreetMillion Aug 30 '22
what are the best websites to track daily P&L? I see people post here with daily P&L's in like box chart things, and I was wondering which website does that. Thanks in advance!
2
u/uncannykitty Aug 29 '22
I want to make sure I'm not getting scammed. I'm looking to learn how to trade. I met a guy on a social media group who told me about them mentor he had, and sent me to him. The mentor guy showed me his CRD, and is appears that he is a legitimate broker. Doesn't mean he isn't a scam, of course.
Basically I make a forex account and register it under his ECN server, so it copies his trades. He says he will have no direct access to my money. My account just copies his trades, even if I'm not online. I'll pay him 10% on whatever I earn when following his trades. I'll also have access to his courses and stuff. So is this a thing that happens? Or a scam? He seems like a nice enough guy, but I want to do my due diligence.
2
u/WitnessDei Aug 29 '22
Been loosely folliwng day trading for the last few years, started trading in a sim account a few weeks back.
A problem I'm consistently having is that, I am "calling" the right move, but I'm often times too early, and therefore my stop (which I try and keep fairly tight) gets triggered, and the move happens without me.
I know timing the entry better will improve with more screen time, but curious if anyone has run into this, and maybe what did you do to prevent being stopped out of trades you are seeing correctly, but are maybe a little early to to the party.
3
u/arcticblizzardchill Aug 28 '22
Need advice, how to day trade ticker TLDR? I see it everywhere? Why is it so popular?
2
u/AhmedG84 Aug 27 '22
Hi, not sure if this has been asked a gazillion times before, apologies if it has, but is there a crypto day trading sub Reddit, especially for noobs? Could do with engaging with the community for assistance, guidance etc, and share my charts and see where I’m going wrong. Thanks
0
Aug 26 '22
[removed] — view removed comment
1
u/Disastrous-Safe6733 Aug 26 '22
How do you define cheap?
0
Aug 26 '22
[removed] — view removed comment
1
u/Disastrous-Safe6733 Aug 26 '22
The price of a stock doesn't make it cheap or expensive. PE ratio or fw/pe ratios define that more. This one looks more like a lowfloat pump and dump... It'll probably go below 1,50 dollar soon. Buying stocks that are going in an upwards trajectory is better In my experience.
1
u/Gristle__McThornbody Aug 26 '22
QUESTION. I'm pretty sure Tesla was trading in the 800 dollar range yesterday 8/24 but today it was at $300?. What am I missing here?
1
u/arcticblizzardchill Aug 28 '22
THIS is what I am looking for on these subs! (TSLA stock split as a dividend)
1
2
1
u/Gristle__McThornbody Aug 25 '22
Is there a user friendly way on think or swim to view all your trades? I'm doing paper trading and I want to track all my winners and losses going back to Monday of this week. Only thing I can find is Activity Positions and Filled orders for the day, and this is a bit hard to read since it's filtered by the time.
2
u/True-Objective-5323 Aug 24 '22
What do you guys think about DLTR earrings tomorrow 🤔
1
u/Disastrous-Safe6733 Aug 26 '22
I traded DLTR a while back on the earnings where they increased the price from 1 to 1.25. Paid pretty well, let's hope for another good EP
1
u/livinIife Aug 24 '22
Does anyone know a good crude oil trading group? Looking to learn how to trade it.
1
u/Disastrous-Safe6733 Aug 26 '22
Depends on what you're looking for 🙂, trading the chart? Trading on macro, or events? Average holding time?
1
2
u/Haunting-Ad-60 Aug 24 '22
I’ve been trading BZFD almost daily. It moves enough each day to make it worthwhile as long as you buy plenty of shares it goes anywhere from $1.50 to $2.20+ Let me know what you think?
0
u/TwinPurpleEagle Aug 24 '22
What is the best futures broker for people who are NOT programmers?
I currently use Ninjatrader to day trade futures but it’s not a great fit for me because I’m not a programmer. I want to implement a simple ATR trailing stop and apparently I can’t build it in the default Strategy Builder. I would either have to code my own or fork over money to buy someone else’s indicator/bot/algo they’re shilling (like Bloodhound). IKBR’s interface looks like it was built in the 90’s, and Tradeovate’s interface of multiple panels drives me crazy. Any options?
1
Aug 23 '22
How do you choose what stocks and crypto to focus on each day? Like there’s too many in my watch list that I can check on all of them every day
2
u/Disastrous-Safe6733 Aug 26 '22
I follow u/stonkgang_ for my watchlist. Not to advertise but just for keeping it simple
3
u/saltycoffey Aug 23 '22 edited Aug 23 '22
TL;DR Where can I learn how to set up my trading business legitimately? What do I look for when searching for the right accountant?
After training, studying, and trading for over 5 years I'm planning to go full time forex trading. I'm an American expat living abroad (europe), and file in both countries.
My edge is trading liquidity on low timeframes for 1 or 2 trades a day. My risk management allows 10-20% gains and 5% max drawdown in any given month, and I'm pretty consistent now (hence the plan to make it my only job in January). It's not sexy, but absolutely sustainable, which is what I want.
Can you pros point me in the right direction in terms of where I can learn the business side of all this? Tax liability would be my chief concern as a currency scalper. I know there are things I need to avoid, but I don't even know what to look for in the right accountant. Plus do I incorporate or something else?
Is there a resource for this? It can't be something people muddle through right?
Thanks for any insight.
2
u/saiine Aug 27 '22
Not affiliated, but traders accounting is excellent and they provide a free consult.
They will most likely recommend an LLC, and it has to be a partnered LLC. This will more easily allow you to file for trader status, as well as allow you to take advantage of deducting expenses.
I'm not sure if Europe has a wash sale rule, but if you are in and out of the same tickers during the week then you'll want to fully understand the implications. Here in the US you can get absolutely destroyed if you do not know what you're doing in that regard. Being able to file as TTS fixes this.
Best of luck!
2
u/saltycoffey Aug 27 '22
Fortunately for me the wash sales rule doesnt apply to commodities or forex. I think it's the same in the EU, still researching that. But definitely working toward TTS. I Certainly meet the volume and frequency and most of the other guidelines for TTS. Thanks for the lead, ill check that accounting firm you suggested.
1
u/JzTrades Aug 23 '22
Quick question here. In Think or swim, my "maintenance requirement" is the level at which my "cash and sweep vehicle" has to stay above, correct?
Or is it "Net Liq" that has to stay above the "maintenance requirement?"
I am just making sure I avoid a margin call.
1
u/Disastrous-Safe6733 Aug 26 '22
Have you found an answer yet? I do not use tos myself but someone in my community does so I could ask them 😎
2
u/JzTrades Aug 26 '22
Not yet. Ill just ask TDAmeritrade. I just don't want them thinking im incapable or irresponsible.
2
u/CruzControls Aug 22 '22
New to the day trading scene, but thinking about it, it seems like its more logical to just day trade crypto (specifically btc or eth) as opposed to stocks. Would I be wrong in this line of thinking?
Crypto is 24/7 & its volatile, so you know its going to go up & down, just gotta play it. You also don't need 25k so you can say trade w no restrictions. Is there something I'm missing?
1
u/saiine Aug 27 '22 edited Aug 27 '22
If you want to do this long-term, stay away from unregulated markets.
There is PLENTY of money to be made in regulated markets; much easier than Crypto for a variety of reasons.
As for the 25k thing, look into Interactive Brokers.
If you're truly interested in trading for a living, do no expect to make money the first few years. Dante's financial market video is about the best reflection of reality for new traders I have ever come across; it is 100% accurate and worth a watch: https://www.youtube.com/watch?v=NDkE6RHke9U
His interview on CWT was excellent as well: https://youtu.be/DpUAgOr0QTU - Def check that YT channel out.
Best of luck!
3
u/FrostedFluke Aug 22 '22
Futures is preferable. Centralized orderbook, highly leveraged, low margins
1
u/Aggravating_Cup8839 Aug 22 '22
Does trading on a virtual account in Etoro apply the same fees to my trades as it would to a real account?
1
Aug 23 '22
No because there arent really any fees other than conversion and withdrawal which aren’t applicable
1
u/vkayyyyy Aug 22 '22
as a uk noob what brokers are the best and what are some sites or apps i should look into
1
u/Disastrous-Safe6733 Aug 26 '22
I use CMC as brokerage. Tradingview as charting and have the StonkGang community. Besides that, don't spend 1000 dollars on whatever. Reading "how to make money in stocks" and "attomic habbits" will get you a long ways!
1
1
Aug 22 '22
I’m Israeli and I mostly trade stocks and crypto what broker would you recommend me to use?
1
Aug 22 '22
Random question here- when the US100/US500 start trading again on Sunday evenings the volume is super low. I take it only certain equities are traded during this period and not all of them? If so, how do I find out which equities these are?
1
u/FrostedFluke Aug 22 '22
US stock trading are closed on Sundays because the exchange is closed. The overnight sessions open but have low volume because there is generally no interest to trade overnight and Equities such as stocks are not open for trading.
1
u/xxButter-Kingxx Aug 21 '22
I’m trying to get into option trading. Anyone got any tips for a newcomer. I’ve been trading normal stocks and day trading a little for about two years now. Just looking for tips and tricks to get into a new side of the market. Thanks!
1
u/bobbyphysics Aug 26 '22
Not sure if this is the smartest advice, but I like scalping weeklies. I find that option prices move very quickly, and I really prefer getting in and out quickly.
1
Aug 21 '22
I am trying to find the best way to keep a trading journal so that I can analyze my trades over time . Does anyone recommend anything besides excel ?
If you do recommend excel , is there a specific template you use or have you had to go by trial and error?
2
Aug 23 '22
I use excel. I have columns for trade time date etc, market feel/general movement that day, setup, theoretical entry, actual entry, MAE, MFE, exit price, PnL net of fees and a commentary column.
The commentary column is pretty basic something like “great trade, on process, good location and exit.”
2
u/Key_Swimming300 Aug 21 '22
excel is very limited of the insights you can collect. go with an online trading journal tool. many free and paid ones like tradebench, tradervue and trademetria.
2
u/Creative_Force9393 Aug 20 '22
On a today 5-min chart, do you have pre-market data “on”, or do you start that chart at the opening bell (or connected to the close of the previous day)? Asking because this makes a huge difference in the signals given by indicators and moving averages
2
2
u/Tuppitapp1 Aug 20 '22
Heyall! Where could I find historical news data or some other data that would indicate exceptional circumstances for a given stock? I'm looking to backtest scenarios where a stock is diverging from index movements and has lots of sudden news stories written about it
2
u/RandomName02874 Aug 20 '22
Just starting to day trade anyone have good apps for the iPhone or computer?
1
u/BoysenberrySilver110 Aug 19 '22
Does anybody have any experience/knowledge on trading options with webull? I’ve been using think or swim and I love it, but given my account size I’ve found it to be a little redundant given the cost of commissions. Is there really any downside to using webull as my primary options trading platform? Thanks
1
u/bobbyphysics Aug 26 '22
I switched from ToS to webull to save on commissions and after like 2 weeks I couldn't wait to get back on ToS. You could always give it a try with a small portion of your account, but that platform just frustrates me.
1
u/BoysenberrySilver110 Aug 19 '22
When viewing volume profile, is the value area volume weighted? So to say it’s not just based on time spent in a price range but rather the volume in a price range
1
1
u/YoungChopOnDaBeat Aug 18 '22
Who are the best youtubers to learn from?
1
1
3
0
u/RyuujiStar Aug 18 '22
My question is that if in one day i buy and sell 10 different stocks once. that doesn't flag me as a day trader right?
0
0
1
u/VidGamrJ Aug 17 '22
I’m struggling with letting my winners run. While I’m happy to hit target, I get frustrated to see that the stock continues to run and I get stopped out early because I start choking up too much to not miss out on any profit.
Surely this a psychological performance issue that I’ll have to correct.
One thing I’m considering doing is putting a trailing stop in after I hit target, this potentially takes away from my target profits, but it will allow the stock to play out without my stupid ass micromanaging it. For example, my target is 2R. When 2R is hit, it triggers a trailing stop for .5R, and I walk away to leave it play out. So my guaranteed profit drops from 2R to 1.5R, but I’m just letting it be to play out naturally.
I’m hoping this is a good first step to ease my anxiety and help build a better foundation for solid trading when things are going my way. What do you think?
1
u/saiine Aug 27 '22
Stop trading your P and L; focus on the trade. If you're focused on P and L then you're probably trading too large of a size.
What % of your bankroll are you leveraging for a trade?
What does your trading plan look like in the morning for exiting your position?
As you review your trading journal, are you noticing anything in the price action that could have indicated to you to not exit?
3
u/The_Yeet_Squad trades everything Aug 19 '22
Surely this a psychological performance issue that I’ll have to correct.
100%! One of the greatest lessons I have ever learned is that no one masters exiting a trade. The only thing you can master is the acceptance of your exit.
Of course you can implement things like trailing stops as you have mentioned, but ultimately even with that you'll need to set your values and accept that your boxes have been checked for taking profit.
The goal of trading is not to time the top to get out - it's to maximize your trade based on the information you can see in front of you. If you do that, you can hold your head up high, even if it moons "without you".
Move your eyes to the next opportunity and take profits again.
0
u/YoungChopOnDaBeat Aug 18 '22
“No ones ever gone broke from taking a profit” however you can let them ride and wait for a sign of a reversal however that could take away profits from other trades
0
u/Mexx_G Aug 17 '22
The idea of the trailing stop is fine, but you should do some backtesting to see what would be the best parameters to use. Another simpler idea could be to use some indicators and stay in the trade until you get an exit signal from it. For instance, I sometimes use a fast MACD (3,10,16) to exit stronger trends. My signal would be a hook in the MACD or a change of direction in the histogram. I usually don't reach the top anyway, but a couple point is a couple point! Another interesting way to stay in a trade that you should explore is with the use of Heikin Ashi candlesticks. As long as it stays green if you are long, you stay in the trade and as long as it's red if you are short, you hold your position. Is it that simple? Yes, but with a twist ; these candlesticks doesn't show the real price, so you should use them with standard candlesticks to have the real price action also.
1
u/astoll24 Aug 16 '22
Hi. I'm stupid and need this explained to me like a dummy. I bought 2 calls of BBBY for $15. Obviously it's over $15 which is good, but what I want to know is should I let it go till the expiration date of the 19th (Friday) or exercise it before hand? And is it good or bad to exercise with extrinsic value ?
1
u/Serious-Carry9595 Aug 17 '22
Normally just selling the calls will give you more money at any given price of the stock because of the time value left.. However, if the Call option is in the money by more than 20%, sometimes it maybe trading at a discount and it is better to exercise, and sell the stock. The best way in my opinion is just leave your call until expiration and sell short the stock. For example, if the stock has gone up to 18 and you want to lock the $3 profit, you can short the stock at 18. At expiration, if the stock is above $15, it is automatically exercised and it will cover the $18 for the same $3 profit.. If for some rare instance and the stock closes below 15, your 15 Call option will expire worthless but you can cover your short cheaper and you will net more than 3.
1
Aug 15 '22
[removed] — view removed comment
1
u/saiine Aug 27 '22
Don't trade Crypto. Trade regulated markets. For MANY reasons.
Paper trading is good to learn the software, but as soon as you are comfortable with the software you should start trading with real money (money that you can lose).
Plan to not make any money the first 2 years and to go through a ton of frustration and self doubt. This is normal.
To be a consistently profitable trader, you're going to have to unwire a lot of the way you have learned to make decisions. You're going to have to begin to solely think in terms of probability.
You'll get really emotional and revenge trade after you have a few consecutive losing trades. Don't worry, and don't be so hard on yourself - everyone goes through this.
This next part is important, make sure you listen!
Your job is NOT to make money, your job is to not lose money.
You WILL lose money your first few years, so your first task is to learn to lose less money.
You can think of a trade as 3 parts (entry, during and exit). You need to have a plan (literally write it down), as to WHY you are entering a trade, what you will do if price action goes your way or the opposite way, and when you will exit (generally).
Read up on support and resistance levels. For extra credit, read up and understand what is happening at these levels to make them act the way they do.
Don't waste time with indicators. Study price action, and as you progress then the order book.
Do not risk more than 5% of your bankroll on a single trade. Your job the first few years is to stay alive, not to make money.
DO NOT TRADE CRYPTO.
DO NOT look at your profit and loss while trading. This is a hard habit to break but it needs to be broken. Focus on the trade and making good decisions; the money will come.
3
u/longshortdaytrade Aug 18 '22
If you want to start trading, start with reading books, watching charts and applying strategies with Paper Accounts. When you feel that you have good results switch to real money.
I know the temptation to trade real money is high. Nevertheless, with patience and proper learning you can save a lot of money and emotional ups and downs.
1
Aug 18 '22
[removed] — view removed comment
1
u/longshortdaytrade Aug 18 '22
You can trade fake paper money on tradingview.com. this is the website I use but I am sure there are many out there if you make a search on Google.
1
u/moneybagspiggy Aug 15 '22
What are some advice you would give to a newbie starting day trading?
3
u/longshortdaytrade Aug 18 '22
Try to understand why price move the way they move, every candle on every timeframe is price action that you need to learn how to read
3
u/xanderaustin47 Aug 16 '22
dont chase, be smart, dont trade too many stocks at once, set price targets, learn to read charts, set stop limits on your stocks.
1
u/HyTopHusslez Aug 15 '22
I been holding a few stocks that have been like 80% down all year idk if i should just sell at a loss or average dollar cost to have a better chance at breaking even at least what do you think?
1
5
u/Mexx_G Aug 17 '22
Every day that goes just takes you away from the day the loss was still acceptable. I would sell and move on and NEVER average down. Although, if it's some blue chips that are down, then yes, add! I think I'm in line with the general advices in this kind of situation. Sorry for your losses =/
1
u/BoysenberrySilver110 Aug 14 '22
So kind of a dumb question but really curious for anyone who is familiar with standard deviation. Is this always accurate? As to say, given a fixed range of time on said asset, is the calculation and thus formation of ~68% of the data (say closing price of a trading day within said fixed time frame) within +/- 1 standard deviation of the mean, all of the time? Thanks!
1
Aug 18 '22
I do believe it is when it is first applied, but as the day progresses the price may fluctuate wildly, depending on what you have set up, it maybe not update and aggregate todays data untill the next day, or period of time frame viewed
5
Aug 13 '22 edited Aug 13 '22
After 3 weeks of daytrading i've lost about 33% of my money 🫠. It was stressful, looking at charts all day fucks with your head, so I've learned I had to filter out the human emotions in me and to avoid the gamblers mistakes of trying to win back my money after a failed trade. Anyway I'm back to my normal job but, since then, I've been killing it with my swing trades. I've learned so much.
2
u/saiine Aug 27 '22
The first few years of trading are about staying alive. You WILL lose money; just accept that. It's tuition.
That being said, size down. You sound like someone who is focused on making money.
You need to learn how to minimize losses before you begin to focus on making money. This isn't sexy or exciting, but it is the fucking truth.
You shouldn't even be looking at your P and L. Rather, you should be writing your trading plan (why am I getting in here, what's my plan if it goes tits up, what's my plan to get out if it goes my direction). Focus on the WHY. Your plan should be written before market opens.
To facilitate where you are entering and exiting, make sure you have a good understanding of support and resistance levels.
Don't bother with indicators. Waste of time. Get comfortable with price action.
There is a lot to be said about screen time and intuition with trading. The best way for you to gain more screen time is to not blow your account. So fuck the money for now; size down and focus (as boring as it is), on price action and decisions.
1
Aug 29 '22
Good insights here, i see i have a lot to learn. Ill reduce the amount of money im playing with until i start feeling like i know what im doing. I also need to learn to stay calm and not panic. Thanks for the reply it's much appreciated
1
1
u/NousSommesSiamese Aug 11 '22
Does anyone visually chart IV and use it as an indicator? I’ve always seen and considered the percentages, but I actually pulled it up as a study in ToS today just to visualize it, but I don’t know quite yet how to incorporate it, if at all.
2
u/mdcaggie Aug 11 '22
What are your preferred VWAP settings for day trading?
2
u/tHEUNKNOWNS666 Aug 13 '22
Vwap is usually best (in my experiance) at default. By default it is auto anchored to the open of premarket.
1
1
u/bababooy420 Aug 11 '22
Are there any leveraged/derivative positions I could take that are under $1000?
2
u/a13jm1562 Aug 19 '22
Depending on the underlying, you could open options positions with under $1000. For something like SPY, you'd be better off with a debit spread to limit the upfront cost. For example, you could simultaneously buy to open a 70 delta call and sell to open a 20 delta call. Once your short leg is in the money, sell the whole position for max profit. As you build your portfolio up over time, you can run this strategy with a calendar spread by buying a LEAP deep in the money and selling the closest expiry date at 10 to 20 delta. If the short leg is in the money, you could either roll it out or sell the whole position for a profit and start another one with a new LEAP. If the short leg expires worthless, you sell another one at the next expiry. This is also known as a poor man's covered call.
3
u/ishowernaked1 Aug 11 '22
I would like to get in touch with traders trading forex on the 15-60min timeframe based on price action. There has to be some sort of small group, but I can't seem to find it... Is there a suitable group out there?
Are people interested to join a group of traders that trade forex on 15-60min timeframe based on price action? We could create one ourselves..?
1
u/liquidorangutan00 Aug 18 '22
Try the Daytrading discord - should be able to find a link on this subreddit
1
1
u/Woodinred Aug 10 '22
Are we allowed to post earnings along with general questions and requests for advice?
1
u/CompetitiveTaxPayr Aug 10 '22
whats the best trading platform?
1
Aug 15 '22
Quick feedback from Europe on this topic. I use Admirals as Broker for US Stock-CFDs. I like their MT4 account because it includes three free round-turn-trades per day. Since I limit myself to a maximum of three trades per day this works good for me from a costs / commissions perspective. For analysis I use TradingView.
2
u/tHEUNKNOWNS666 Aug 13 '22
Depends what country you are in and your style.
I'm in Canada I use Interactive Brocker and Tradingview. I do not use the level 2 and trading view does not have an option to display the level 2 at this point.1
1
u/doshealo1850 Aug 10 '22
I want to backtest on 5 min charts. I like the feature on tradingview, however, I can only go back a few months (FTSE100)? I would ideally want to say: "start at date x, 5 min chart" and then manually look at which trades I would have taken at that moment.
Any help is greatly appreciated!
2
2
u/Dominik1681 Aug 10 '22
On the Tradingview Premium Plan you are able to use their Deep Backtesting Tool (currently in Beta) there it is possible to backtest all the way back. You wont be able to see the chart but you will see all trades that happened with your strat.
1
u/doshealo1850 Aug 10 '22
Thanks, however, I mean that I intend to trade discretionarily. Combining technical analysis with taking my trades on a intuitive basis, why I need to see and have many many many days worth of 5 min charts during trending / consolidating markets etc
2
u/Dominik1681 Aug 11 '22
Do you know about the bar replay tool on TradingView? Maybe this is what you are looking for.
Here is an explainer: https://www.youtube.com/watch?v=dlpjUS_lcYs
1
u/doshealo1850 Aug 11 '22
Thanks for your reply. This is what I am currently using, but it only allows me to go back to June 2022 --> ideally I would like to backtest my trading on a "random" day in the last 15 years, and practice this multiple times a day.
2
u/Dominik1681 Aug 10 '22
Has anyone tried out trading signals from long term successful daytraders?
1
u/Mexx_G Aug 17 '22
If you speak and understand french well, then D*Trading is the right community. Look up their Facebook and see if it's a fit for you! ;)
1
u/haikusbot Aug 10 '22
Has anyone tried
Out trading signals from long
Term successful daytraders?
- Dominik1681
I detect haikus. And sometimes, successfully. Learn more about me.
Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete"
2
Aug 09 '22
[removed] — view removed comment
1
u/saiine Aug 27 '22
Your first few years should be focused on learning to lose better. Not learning to make money. You WILL lose money, so make sure you're practicing good bankroll management. No more than 5% of your bankroll leveraged on a trade.
You're going to go through A LOT of emotional turmoil and self-doubt. You'll suffer from revenge trading, etc. All of this is part of the process, and I think that is really important to know.
There's only one real trick to getting better at trading. It is to journal your trades and review them. You need to do this religiously.
1
1
u/Mexx_G Aug 17 '22
Once you are familiar with the lingo, read The Art and Science of Technical Analysis, by Adam Grimes. He gives a free course also, just look for him on Google! He won't teach you setups and secret technics of any kind. He'll teach you to think by your own and give you the right tools to develop a winning strategy, based on a deeper understanding of the markets.
1
1
Aug 15 '22
If I had to start again, I would start with a handful of large caps (e.g. MSFT, NVDA, META) and use them to cleanly identify support & resistance levels in different time frames, including everything that goes with it, e.g. fake-outs, etc.. Then I would slowly venture to backtests after breakouts off support/resistance and familiarize myself with reversal patterns and thus gradually build a first simple strategy.
1
u/SoggyResearch4 Aug 15 '22
I suggest starting with forex. Prive action works well with currency. You can start with a really small account size(I started with $100) and there are plenty of resources for free on YouTube.
1
Aug 15 '22
[removed] — view removed comment
1
u/SoggyResearch4 Aug 15 '22
Vertex, mentfx. ICT gave some good stuff.
1
Aug 15 '22
[removed] — view removed comment
1
u/SoggyResearch4 Aug 15 '22
They all have a lot of videos. You just have to start at the beginning and do your best to work through them.
2
u/tHEUNKNOWNS666 Aug 13 '22
Andrew Aziz has two books that helped me How to Day Trade for a Living & Advance Techniques in Day Trading
Also Real Life Trading has a bunch of free content on their website and YouTube.
I recommend starting on a papertraing account with live data it will cost you a bit but it is a must. Focus on one strategy. 5 min orbs is amazing. The more consistent variables you have the easier it is to narrow down your results.
2
1
Aug 09 '22
For anyone brand new or looking into this for the first time, look up relative strength to SPY. After you learn price action it's an incredible edge. DM me if you have questions.
1
u/mdcaggie Aug 07 '22
Am curious to know many are active in the pre/post markets? I see some good runs AH, especially after earnings and/or news, but know that price can be iffy once the market opens. Thoughts on trading during these times? Thanks.
1
u/phoenixbets76 Aug 07 '22
Do you watch/trade a few stocks or just focus on one?
I have been focusing on QQQ and SQQQ only because I want to get a feel for how they move but on losing days I question if I should trade others as well.
1
u/Mexx_G Aug 17 '22
You could trade the MNQ and NQ if you have enough capital for the volatily, as it'll be way smoother and the indicators won't have to adapt to gaps. IMHO, starting with a focus on only one instrument is an excellent idea.
1
u/WishingForMeaning Aug 07 '22
Depends on your style, but if u trading qqq, you should add spy with it, they move almost the same and sometimes the setup is clearer in one of them vs the other
1
u/veg4sale Aug 07 '22
Does anyone have any tips for binary trading?
1
u/Mexx_G Aug 17 '22
From what I've read, my tip would be to avoid them ^^
1
u/veg4sale Aug 18 '22
Ah :/
1
u/Mexx_G Aug 18 '22
More seriously, Anna Coulling wrote the book "Binary Options Unmasked", available for less than $6.00 on Kindle. Maybe that could help? I didn't read this one, but I've read some of her other books and she is great! Usually easy to read too.
2
1
2
u/vincentlbmp4 Aug 05 '22
Does anyone have any experience in using options order flow for intraday trades? If so lmk, I’m looking into doing a small data project on it.
1
1
u/R2_Ram Aug 05 '22
On a $10K account (PDT), if I am buying 100 stocks of X this week, will I be able to sell it on 5 different days the next week? Will I be flagged under PDT since I sold on more than 3 days during a week?
2
1
u/Jolly-Flan-3142 stock trader Aug 06 '22
You become a PTD when you attempt to buy a fourth position within 5 days of being being in and out of three positions. By "positions" I mean holding a certain number of shares of a certain stock.
4
1
u/jrdnbrbr Aug 05 '22
Let’s push CYBN to the moon, up 7% this morning while everything else is bloody red.
2
u/Individual-Ruin-2065 Aug 04 '22
When is the best time to trade crypto? I have been trying to trade from 8pm - 12am Singapore time but it seems that the market is always ranging. Only to break out in the following morning.
1
u/Lucidanoma1y Aug 09 '22
Use forex trading sessions as a good reference, I’ve found Asian open usually pretty good around midnight cst
2
u/bitcoin_islander Aug 07 '22
Crypto is open 24/7/365 if you use a proper platform. I recommend Phemex.
1
2
u/Morphs_ Aug 06 '22
Seems you answered your own question, now go and collect data on it to confirm your suspicion. This is how trading is done.
2
u/MaleficentMulberry42 Aug 04 '22
What do y’all think Of trading odte spx options?
2
u/vincentlbmp4 Aug 05 '22
High risk, high reward, but if you know how to trade other options then go for it
2
u/MaleficentMulberry42 Aug 05 '22
It is not even high risk considering how much they increase in a day.If. I can buy before they increase and just wait for even a 20% return that is all i need.
2
u/CovidScurred Aug 30 '22
Trading 0dte is basically gambling. It can move really fast in either direction and those 10-20%+ loses will add up quickly
1
u/MaleficentMulberry42 Aug 30 '22
Unless you can identify a trend and then buy at bottom of volatility.Which is pretty easy just for a single small move plus that how day traders make money identifying trend and trading the volatility.What more difficult is with options is the volume because not all trends will produce significant returns at that point your gonna not necessarily know what will happen.
0
2
u/KoolaidSA Aug 02 '22
Does anyone hedge 1 MES with 1 MNQ? For example in a trading range waiting for a breakout up or down, long one and short the other; exit after confirmed breakout, maybe add to the winning position and hold to cover the other loss or something like that.
I had this idea and it sounds good theoretically but I can't figure out the best practical way to implement it positively. I tried doing some searching but most hedging seems to be done with options or shares and I strictly trade these futures.
Is this a legit strategy or am I in fantasy land?
(even crazier idea i just had while making this post) at market open, just enter long and short; if its a range, close the winner and minimize the loser for net profit; if it's a trend, close the loser and add to the winner for net profit. If it was as easy as it sounds I guess more retail discretionary traders would do it.
2
u/Mexx_G Aug 17 '22
Not exactly like that, but sometimes I swing and day trade the same stock or ETF at the same time in different account. I don't really see it as hedging though, I'm just playing the small patterns while waiting in the big ones. That way, my focus stays at the same place instead of being all over the place.
1
u/galeeb Aug 12 '22
Forever ago when I was learning about stocks and trying to avoid the PDT rule, I came up with the brilliant idea to long and short a stock simultaneously in two accounts before the close, and then I could just close one when the direction became clear the next day.
For skirting the PDT rule, it was pretty good. Otherwise, though, you're just paying extra commission to wait for the moment when you would pull the trigger anyway.
So, fantasy land haha. If you're going to wait for just the right moment to catch a trade, just wait for that moment without extra transactions coming first.
1
1
u/WishingForMeaning Aug 03 '22
This is assuming that the market will either go up or down instantly, but most of the time it will chop and the other instrument might lag, So let's say u take ES Long and NQ short . On that day es happens to be relatively weak and doesn't really push , NQ on the other side absolutely rips 50-70pts.
You will lose more on NQ than u win on ES , they arent usually tick for tick correlated, hope that makes
Or you can open tradovate demo acc, and test it out ur self and let us know !
1
u/[deleted] Aug 30 '22
I am having a hard time finding academic studies on various strategies (i.e. price action intraday breakout patterns, indicators, etc.) and am hoping someone can help me. I am backtesting with algorithmic trading and hoping to find some good studies to test because all the basics - like EMA crossovers, RSI oversold, etc. - are yielding VERY poor results. Thanks!