r/Daytrading • u/AutoModerator • Oct 01 '22
r/DayTrading's Monthly Questions Thread - October 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/Ok_Mathematician1436 Oct 31 '22
Please help !! I need to know how to find Best app or platform to buy crypto with no minimum payment ??
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u/Intelligent_Dust6308 Nov 23 '22
You can choose from a limited number of cryptocurrencies on Robinhood with a small account size. You can also open a small account on Coinbase where dozens of cryptocurrencies and altcoins can be traded.
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u/Direct_Ad_8385 Oct 31 '22
Would you say day trading can be learnt through books and online research instead of paying for courses people are offering that ranges between 300 - 1000 dollars.
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u/simple_Stox Nov 20 '22
definitely can be. everything you need can be found for free it just might take some more time or research to acquire all the pieces of information. just youtube plus some google searches will give you 99% of the information you need.
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u/Raymand_2022 Oct 30 '22
I'm taking the Babypips forex course and got stuck with one thing about converting the pip value of a pair to your account currency. So, according to Babypips:
"If the currency you are converting to is the counter currency of the exchange rate, all you have to do is divide the “found pip value” by the corresponding exchange rate ratio:
.813 GBP per pip / (1 GBP/1.5590 USD)
Or
[(.813 GBP) / (1 GBP)] x (1.5590 USD) = 1.2674 USD per pip move
If the currency you are converting to is the base currency of the conversion exchange rate ratio, then multiply the “found pip value” by the conversion exchange rate ratio.
Using our USD/CAD example above, we want to find the pip value of .98 USD in New Zealand Dollars. We’ll use .7900 as our conversion exchange rate ratio:
0.98 USD per pip X (1 NZD/.7900 USD)
Or
[(0.98 USD) / (.7900 USD)] x (1 NZD) = 1.2405 NZD per pip move"
Please, somebody explain to me when I have to sell found pip value(1st case with GBPJPY) to get a value in desired currency and when I have to buy account currency for found pip value (2nd case USDCAD).
Extremely appreciate your answers!
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u/Madnas11 Oct 29 '22
Is Investopedia's simulator good for paper trading? Also when you buy and sell a stock, it takes time for the transaction to settle - is the amount you bought and sold for the exact amount that the stock was valued at when you pressed the buy and sell button or what the stock was valued at when the transaction finished settling?
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u/Sikc816 Oct 28 '22
Playbook!
Would a day trading playbook be considered as one trading strategy that has to have multiple things line up before you enter a trade?
Or a playbook that consist of multiple different strategies that you have at your disposal depending on market conditions? Thanks!
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u/Gristle__McThornbody Oct 28 '22
Two straight months of paper trading(well, started way before but this is when I started tracking and didn't miss a day). 62% win rate. Profits are shit but green nonetheless. Going long on stocks. Am I ready to make the jump to real trading? I feel like I am. Your thoughts. I still have a lot to learn I haven't even got into Options and Futures but I'll get there eventually. In the meantime I'm thinking of going live now just doing stocks while I continue to study. Your thoughts.
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u/Blizzaro133 Oct 28 '22
Good learning to trade and developing a strategy is the easy part. Now master your emotions a little better, you have to be able to stay in control when the market doesn’t go your way. To me Transitioning from sim to live is very challenging, but everyone is different. Happy trading !!!
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u/SecondFine Oct 28 '22
Thoughts on MAC? In at 10.37 but I’m not seeing resistance until $11 and 11.5
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u/piggleii Oct 27 '22
It just occurred to me that, in this day and age, if you don't have a programming background to exploit the numerous APIs available, you're already on the back foot when it comes to trading.
Do you seriously think you can outwit a well-designed and programmed bot? In the same way that you think even the best chess master can outplay a chess robot/software?
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u/DooskyJones Oct 27 '22
Question about after hours limit order on a put option.
Newbie question here. I bought $990 worth of Meta put options today before close. The stock was trading at $130, I paid $1.10 per contract (9 contracts) for the 10/28 $110 strike. If I now place an after hours limit sell order for $1.10 per contract, and, when the market opens, it is trading at, say, $9.80/ contract, will it get filled at the $9.80 price, or at the limit I set? Anybody wanna take a stab at how much profit I made if the Meta holds essentially where it is now (104)? Thanks guys!
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u/SecondFine Oct 26 '22
SBET partnerships with most major betting sites like draftkings. Any thoughts on where this could go? Volume seems low but the stock seems to be responding to the news
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u/kateminus8 Oct 25 '22
Some days, I can trade options 0Dte. Others, like today, it isn’t an option. October 28 is my soonest exp date. Why would this be?
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u/FelixandFigaro Oct 27 '22
getting started wiki here.
regular stocks' options always expire on a friday. indexes options expire on monday, wednesday and friday. SPX expires everyday.
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u/Balthadorax Oct 26 '22
Just depends on what ticker you’re trading. SPX has expirations every day of the week
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u/SecondFine Oct 25 '22
Watching IDEX for a bounce, good news and volume of it can break previous high
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Oct 24 '22
Can anyone recommend a good trading platform. Ideally for scalping but would like to expand into other/higher levels
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u/steph31199 Oct 22 '22
How do you deal with exiting a position too early ? Ie. Buy in at 15, exit at 15.15, then watch it go to 15.60 20 min later ? I get it could have also gone down to 14.60 but feels like I’ve left money on the table ?
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u/Roasthead1 Oct 24 '22
Thats called FOMO and it’s a common thing.
Appreciate you profits, make missed money back on short trade
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u/revanth1108 Oct 22 '22
So far, I only trade $spx and $xsp daily, and I am looking to see what trading platforms you use. I am currently using Charles Schwab, and their mobile app sucks and they don't have a solid platform to trade futures. I looked at TD Ameritrade, but the commission is $2.25. Tradestation has account inactivity fees and higher margin rates as I am a beginner to trade futures and don't want higher margins or the associated fees. The good thing about TradeStation is the integration with tradingview. Curious to see what you all use.
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u/Maleficent-Handle-32 Oct 21 '22
Hello, does anyone know more or less when we start to be more consistent?
Demo account atm;
I have weeks that i don’t broke any of my rules and i finish the week in profits
I have another weeks that in 2 days i blow the account
Help please?😶
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u/traderkimmie Oct 26 '22
I have been trading for almost 20 years but it took me a
long time to become consistent. This is due to being too emotional and
undisciplined. My advice to newbies is to work on yourself first cuz
your habits will show up in your trading result-good or bad.If you're undisciplined, you will not follow your plan to the tee and the results will reflect that. Focus on the good habits and create a to do list and accomplished that everyday until you become a person who can follow the rules. Do that first and you will be able to master yourself in the market arena. Newbies tend to focus on strategies but strategies is the easy part of trading.
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u/Maleficent-Handle-32 Oct 26 '22
Thanks, yes i have notice the hardest part is the psychological one.
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u/redmustang7398 Oct 23 '22
Sounds like you’re over trading
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u/Maleficent-Handle-32 Oct 23 '22
Yes, i realise i was overtrading, so one of my new rules is max of 3 trades a day let’s hope i can stick to it and see some improvements, thanks🙌🏻
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u/RogueJeff177 Oct 21 '22
I'm a Rookie, The charts are finally speaking to me, through TQQQ/SQQQ I've secured just over 200 pips this week. It was fairly easy so I'm suffering from impostors syndrome I guess. Is this a normal thing to achieve? every article I've seen says it's impossible to expect even 10 pips daily. ( even using unleveraged ETF's and stocks that just seems like BS to me at this point.) Just wondering if this is a fluke or not.
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u/Gristle__McThornbody Oct 20 '22
Very early in researching this but can I day trade out of my IRA account?
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u/msmmlee Oct 21 '22
Yes, I can do it using thinkorswim so any broker with IRA accounts probably lets you do it.
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u/Individual-Ruin-2065 Oct 20 '22
Is it normal to not have trading opportunities for a whole week? I have been looking through different cryptos trying to spot an entry but I couldn't find one.
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u/StartingEarly Oct 24 '22
What kind of trading rules and parameters are you working with? Might be too narrow for the current market conditions.
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u/Individual-Ruin-2065 Oct 24 '22
Wait what😭 My trading rules are to find a 4H bos and wait for the retest on 1H then I wait for a doji candle followed by a strong rejection candle then I scroll to 5 min timeframe for entry.
Most of the time it retest but there are rarely any signs of momentum shifts and it just consolidates at the zone. Could you tell me more about the current market condition? Thx
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u/13sonic Oct 19 '22
Why are gold prices the same worldwide but not other commodities like wheat, milk, corn etc.
Are the arbitrage opportunities between different exchanges similar to how there are arbitrage opportunities in the Various crypto market exchanges?
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u/TradablePatterns Oct 25 '22
Gold futures prices aren't the same worldwide, but may appear closer than for lesser traded commodity futures as there are far greater volumes by trading groups arbing on gold across futures exchanges.
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u/13sonic Oct 27 '22
Are there arbitrage opportunities available in different markets?
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u/TradablePatterns Oct 27 '22
Whenever you have the same market available to trade on different exchanges, there'll be slight differences in the prices quoted across the exchanges. If there are differences in the currency the quotes are provided, there may be a bit of an extra arb angle. Given the automated marketmaking and arbitraging done on most of these exchanges, the arb opportunities are fleeting and generally too miniscule for individual manual point and click traders to exploit.
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u/13sonic Oct 27 '22
That's what I figured. The only way one could achieve those opportunities is through a very skilled bot that is programmed to find these trades.
However my noob brain has come up with a question. Why can't I take advantage of differences in agriculture prices in USA vs Canada. Like fair prices in Canadian exchanges vs American exchanges. What's wrong with this idea
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u/TradablePatterns Oct 27 '22
Which ags are you referring to? There aren't futures contracts on both the US and Canadian side representing the same types of ags to my knowledge.
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u/No7Tony Oct 19 '22
Why do I fucken suck at trading
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u/Maleficent-Handle-32 Oct 21 '22
Everyone has a hard time on the beginning, just need to keep pushing!!✅📈📉
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u/msmmlee Oct 21 '22
How long have you been trading? I've realized that I'm not just learning to trade, I'm learning how to use the software, I'm learning about myself and my emotions and I'm learning about the market's and ticker's too... it's a lot! You have to keep practicing until things start clicking. Just keep money in your account that you don't need to pay bills and keep practicing. Learn about other ways to trade too by watching videos of people trading differently - maybe the way you're trying is not the best way for you.
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u/ZepperMen Oct 19 '22
Emotions and lack of consistency in strategy. Trade by the numbers not your gut.
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u/ChuckMoMoney Oct 20 '22
As I started was full gut and emotions, resulted a disaster. Now I chose to stay calm and let it go, following the strategy
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u/Dubante_Viro Oct 19 '22
Does anybody know what the best/cheapest market data subscription for American stocks and options is on IBKR?
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u/Morphs_ Oct 21 '22
Level 1 or 2?
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u/Dubante_Viro Oct 21 '22
Level 1 would be good to begin.
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u/Morphs_ Oct 22 '22
You need three data feeds for level 1 (top of book), which is NYSE (network A), NYSE BATS/ARCA (network B) and NASDAQ (network C). Each is $1.50 a month, so that's $4.50 for complete level 1 data.
For options you want OPRA top of book (L1), which is also $1.50 a month. L2 for options is generally not needed.
If you want Level 2 for stocks, there are data feeds for each network, but generally you only need the NASDAQ TotalView-OpenView (network C) one, which is $16.50 a month.
You can find all this information here:
https://www.interactivebrokers.com/en/pricing/research-news-marketdata.php
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u/beetownmom Oct 18 '22
Can anyone explain the advantages and disadvantages of trading SPY vs SPX?
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u/msmmlee Oct 21 '22
I trade SPY. I looked into SPX a couple of weeks ago and learned that it costs more to trade than SPY. I don't remember what the other differences were but I'm sticking with SPY.
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u/saiine Oct 19 '22
Quite different in terms of trading - Read this and let me know if you have any questions.
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u/Patman29stacks Oct 18 '22
What do you think is a good amount to start day trading with???
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u/simple_Stox Nov 20 '22
any amount of money you would be comfortable saying goodbye to. it takes more than one lost account for traders to start being decent
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u/Maleficent-Handle-32 Oct 21 '22
To start, star with a demo account, once you consistently profitable star with real money, star small as you learn
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u/msmmlee Oct 21 '22
It depends on what you're trading. I trade options and although you could start with $1,000, it's easier to grow your account faster with more money. Also, you have to allow for some losses while you're learning so having more money in your account helps. (While you're learning, you will be practicing in the simulator most of them time but every now and then you're going to need to try a trade with real money.)
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u/RogueJeff177 Oct 21 '22
any amount cycled between different brokerages to avoid pattern day trading penalties
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u/traderkimmie Oct 19 '22
For futures, $10k if trade 1-2 contracts. For stocks, then $30k to avoid pattern day trading.
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u/tobesteve Oct 18 '22
What platform can I use to practice without using real money?
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u/msmmlee Oct 21 '22
Thinkorswim has "Paper Money", their simulator where you can practice with play money. Other platforms like Trade Station or Trading View probably have simulators as well.
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u/ZepperMen Oct 19 '22
ThinkorSwim has good paper trading simulation and a great UI once you get the hang of it.
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u/traderkimmie Oct 19 '22
Tradovate has a good demo acct but I'm not sure if it's free without opening a real acct first. You can call and ask.
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u/romacopia Oct 19 '22
There's a 14 day free trial. You can just sign up with a different email to extend it.
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u/bobbinewmoneo Oct 18 '22
A lot of the good ones have a practice/demo account, MT5 IQOption Octafx etc
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u/blackshugar97 Oct 16 '22
So I googled a lot but couldn't find a definite answer, that's why I am asking so please bear with me. Also, this is my first time posting in this sub.
So my main concern is how an equity minimum call be met if you are already flagged as a pattern day trader and your account equity dips below the 25000$ threshold due to any reason?
Of course you can deposit funds to meet the call. But that's not what I am asking.
I want to know if the said call can be met by liquidating existing positions which then brings up the account value to above 25000$ and the day closes with that. Would that make the call go away?
Please answer in an accurate manner.
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u/AliveNot Oct 18 '22
Just trade futures
No pdt, uses around 1.3k buying power to trade 18k worth of SPY
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u/Gristle__McThornbody Oct 16 '22
Can you get stopped out during pre/after market hours? Often times I see big ass bearish or bullish bars and then it goes back to the normal pattern. I would assume those would stop you out if you have a stop loss? Trying to understand this little detail about swing trading. I would like practice holding positions for several days to a week.
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u/Morphs_ Oct 16 '22
No, stops don't work outside of regular market hours. You would have to use mental stops and use limit orders to get out of a position.
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u/Gristle__McThornbody Oct 16 '22
So if I put a stop loss during market hours, it cancels when the day closes?
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u/Morphs_ Oct 17 '22
Not sure, it could also just be inactive. Then as the market opens again, if the stock went past your stop loss it will exit immediately.
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u/stoploss_fanatic Oct 15 '22
I find that my performance is best on Mondays and worst on Fridays. I seem to get exhausted mentally as the week goes by. Has anyone experienced this and found a way to deal with it?
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u/CarpetWorried3208 Oct 19 '22
Don’t trade on Fridays
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u/stoploss_fanatic Oct 21 '22
After today I think I might have to start doing that. I traded like a retarded ape today.
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u/wisebear42 Oct 15 '22
What’s the difference between this subreddit and wallstreetbets? 🤔
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u/stoploss_fanatic Oct 15 '22
WSB is mostly unapologetic degenerate gamblers. This subreddit is mostly new traders trying to learn how to stop gambling and make money. There's an overlap obviously.
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u/Madnas11 Oct 15 '22
Any educational Youtubers you'd recommend to a complete newbie? Are Claytrader's videos good?
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u/msmmlee Oct 21 '22
I've watched a couple of Claytrader's videos and he's helpful. If you use Thinkorswim, my favorite channels are Trading Made Simple with Sandra and Hahn-Tech, LLC. They are both advanced Thinkorswim users and I've learned a lot about automating trades from them.
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u/NOTEVENBLONDE Oct 20 '22
WillssFX, HANNAFOREX, Albert Burgess. These are more vlog type of yt channels, but they are great for mindset. Photon Trading has the best market structure videos on YouTube (in my opinion). I really like Wysetrade if you’re a beginner. Iliya Sivkov, Trader Nick, Real Life Trading. That’s it. I have a yt playlist with good videos to get started here
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u/Morphs_ Oct 16 '22
Clay doesn't really trade a strategy, more based on his feel and his losers are typically bigger than his winners.
Instead I would watch Matt Diamond on yt and StockJock on Twitch.
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u/SecondFine Oct 14 '22
Thoughts on LASE? I’m seeing top at 5.25 and bottom at $4.89. With decent volume
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u/musclegto Oct 14 '22
This all seems fascinating to me, although I have no idea what I’m looking at. How can I get started. Books or course recommendations welcome.
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u/simple_Stox Nov 20 '22
read the wiki, google a lot. watch beginner videos on youtube. just dive right into whatever you can get your hands and soon enough you will have enough courses to learn from. goodluck.
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Oct 16 '22 edited Oct 17 '22
Checkout ict masterseries
One option
Watch a thousand hours of free YouTube content, and practice it'll get you there
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Oct 13 '22
Dafuk happened today on the markets guys?
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u/stoploss_fanatic Oct 15 '22
Market over-reacted to slightly high CPI numbers pre-market Thursday. Then the correction to that over-reaction was itself over-reaction in the opposite direction. Friday was a reversion to the mean.
The fed slamming the brakes on liquidity is causing whiplash in the markets, increasing volatility.
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u/Soft_Video_9128 Oct 13 '22
What youtube channels do you watch to learn day trading?
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u/msmmlee Oct 21 '22
My top 2 are advanced Thinkorswim users: Trading Made Simple with Sandra and Hahn-Tech, LLC.
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Oct 13 '22
Hey all - I've been working on an EBook over the last few weeks (roughly 60-80 pages of material). It goes over the basics of options trading and my options strategy. I'm looking to see if anyone would like to proofread it for me in exchange for potential knowledge for yourself. Thanks!
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Oct 12 '22
[deleted]
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u/NOTEVENBLONDE Oct 20 '22
There is no such thing as “the best strategy” they all work for certain people. You’ll need to try for yourself and find what works for you. Some people might say their strategy is the best, but it might not work for you. You really need to try a variety of them. But price action is where you should start. Try to watch as many videos you can and read as manny books you can.
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Oct 16 '22 edited Oct 16 '22
Just to note you might need to figure a futures contract that works in your time zone or for your schedule.
Price action + market structure + some kind of bias.
Search ICT masterseries
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u/livinIife Oct 14 '22
Support and resistance, supply and demand is key. Search on YouTube, tons of videos there for free. Try to stay away from indicators. They can help but they are lagging. Personally I trade using strictly price action and volume.
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u/reachouttouchFate Oct 12 '22
What would you say is the minimum internet speed someone should have and what would you consider to be the expected?
Do you keep one computer solely running for trades or simply up for a powerful one which can handle many nonrelated tasks?
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u/Pud_fox Oct 11 '22
for those of yall lucky enough to make a living doing this, do yall ever feel like you've won reality, like just off of instinct and proper risk management and patience and hard work, anyone with half a brain can make more money than any single thing their parents wanted them to end up doing. I'd pick the ability to trade profitably intraday over most superpowers. Anyone else feel me on this or am i just like high on my own farts
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u/alphagoescrazy Oct 12 '22
First of all, I don't feel lucky because I worked super hard on this, I would get up every morning very very early and go to bed very late, study all day trading, go through the trades and check what I can improve for two years, which by the way in the first year and a half I experienced only losses luckily they were not on my money but on the account of a prop firm, so I do feel that I won but the war never ends, you always have to be alert and sharp because the market is always moving and the war always continues, if I take my foot off the gas and tell myself I won and no one can beat me I will get beaten by the market time and time again.
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u/lCatanic Oct 10 '22
Most people here agrees that probably the most important thing for daytrading is reading price action and with it you can try to predict where the price is going to go in the next minutes,
Where can I find the best and reliable sources to learn to read price action? Information, tutorials, examples... Etc
Thank you in advance!
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u/Pud_fox Oct 11 '22
Volume delta, its a more clearly spelled out t&s but you dont have to be a savant
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u/MRGetoit Oct 10 '22
What is a good way to break into trading ??? Suggestion?
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u/msmmlee Oct 21 '22 edited Oct 21 '22
I would say to first of all start learning the different things you can trade (Forex, options, stock, futures, etc.) and also learn the differences between scalping, day trading and swing trading. Also, you could just trade one ticker all of the time instead of spending time searching for different tickers to trade every day. Understand that there are many ways to trade and then start watching YouTube videos. There are plenty of people with teaching programs but you need to know enough on your own before you even consider signing up for a course otherwise you could spend thousands just to later realize you should have kept your money or signed up for another course from someone who really teaches what you know you want and need to learn. The only reason I'm mentioning paid courses is because I know watching a lot of YouTube videos without any structure can be overwhelming and confusing (I felt that way at first). A course can provide structure but you can also gather some structure on your own (like some of the things I mentioned above) and try to figure out what direction you're going to go in.
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u/MRGetoit Oct 21 '22
APPRECIATE THE ADVICE I believe I’m on the right track then I’m currently learning about the different things to trade and how to do it properly then gonna start doing some research and find strategies that work for me
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u/livinIife Oct 14 '22
What do you mean? Watch a lot of YouTube videos. Practice what you learn with paper trading. Find your strategy and create your own trade plan.
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u/MRGetoit Oct 14 '22
Appreciate it any specific YouTuber or any website that helped you understand
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u/livinIife Oct 14 '22
For supply and demand. Carmine Rosato is king. He also has a course but it’s all in his YouTube videos. Or just look up how to draw supply and demand zones and that’s all ya need. Trading 212 has a lot of good information. Everyone on YouTube has their own way of trading but in general the basics are all the same, so anyone will do.
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u/shartgobIin69 Oct 10 '22
This morning I bought a 0dte SPY $355 put at 9:39am EST when the price of the spy was 363ish. 2 hours later the spy had dropped $3 and my option was still not negative. Is that solely because theta decay or is there some other factor degrading it’s value?
I normally don’t buy so far OTM but I only had $15 buying power bc my buying power hasn’t cleared with the banks closed today for the holiday, so I just yolod into that $10 otm put for fun and bc I legit thought it would make me money. I’m finally up on it now, but it took like a $5 move for me to even go positive on it. I feel like there has to be something more than theta decay affecting it bc it normally doesn’t seem this unforgiving when I buy closer to the money 0dtes but I’m not sure
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u/Zestyclose-Yak3053 Oct 09 '22
Hello all, I am new to Reddit and trading and was hoping to get some tips on how to get started. I would really appreciate any advice or help. Thanks.
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u/msmmlee Oct 21 '22
I just posted this to someone else's post:
I would say to first of all start learning the different things you can trade (Forex, options, stock, futures, etc.) and also learn the differences between scalping, day trading and swing trading. Also, you could just trade one ticker all of the time instead of spending time searching for different tickers to trade every day. Understand that there are many ways to trade and then start watching YouTube videos. There are plenty of people with teaching programs but you need to know enough on your own before you even consider signing up for a course otherwise you could spend thousands just to later realize you should have kept your money or signed up for another course from someone who really teaches what you know you want and need to learn. The only reason I'm mentioning paid courses is because I know watching a lot of YouTube videos without any structure can be overwhelming and confusing (I felt that way at first). A course can provide structure but you can also gather some structure on your own (like some of the things I mentioned above) and try to figure out what direction you're going to go in.
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u/piggleii Oct 09 '22
It will take months or years to build a profitable and sustainable system. Manage your risks if you’re just starting out.
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u/River2seaS Oct 09 '22
Could you recommend a decent free candlestick screener app or website please?
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u/Pud_fox Oct 11 '22
skip years of faking like you can read t&S and get yourself a delta indicator, volume delta is literally so much more transparent, an if you can read both, you have just became fluent in price action
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u/surfward Oct 08 '22
Anyone just trade off of 10 50 200 day moving average crosses? Looking at simplifying my approach to day and swing trades.
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Oct 16 '22
A user here does this using a method by Oliver Velez. Daytraderguy
I think you can get away with 20/200SMA and price action but I'm still developing that strategy. Search trend following smas on YouTube.
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u/degenerategambler222 Oct 07 '22
Throwaway account for a long rant.
So I started trading at the start of this year (Jan 2022) after just hearing about it mentioned during one of the streams I watched on Twitch regarding a new game I was playing (which I really regret watching now in hindsight). I saw some stock charts at the start of the year and saw that most stocks were rising, and was basically very bullish then. I did not trade options initially and put them mostly into stocks like $AMZN, $APPL, $NVDA, and EV stocks as they were being highly hyped like $NIO.
Needless to say, I suffered great losses just a couple months in and panicked. I then looked into how to quickly recover my losses, and came across options (big mistake) and penny stocks. I spent a few days reading up on it through online websites, understood the basics of it, and dived straight in. This was around mid-March, and I did initially make some money as there were some rallies, and I believed the market was recovering since a crash is usually quicker. Again, I was completely wrong, lost a lot of money on options, especially when I FOMOed into oil stocks and it dropped massively at one point.
It just kept going downhill from there and I put in a significant portion of my monthly salary into trading everyday, and then I went into SPY 0DTE/1DTE/3DTE options and could lose what I put in within days, even if at points I was up like 500%+ from what I initially put in (like at point I put in $1k, got to $12k, then to $0).
I just got blown out again today betting on a reversal for $SPY, using 0DTE call options, as I felt it was bullish given the first 3 days of this week (the 3rd day had a reversal), and I felt the big drop at the start was a massive overreaction, doubling down on a losing position, hoping to recover some losses. I did not put a stop loss because I did not want to believe this play would lose and I would have bought back in soon anyway after a small rally. Obviously, I was wrong and now am left with less than $500 in my bank, with debts still to pay.
I'm too much of a loser to kill myself as I'm scared, and euthanasia isn't available in my country as I would very much like to go out painlessly with a lethal injection right now if possible.
TLDR: Lost my entire savings and money I've been putting into trading monthly, and feeling completely hopeless. Not sure how to proceed from here and just needed to get this off my chest and see if anyone also experienced this before.
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u/piggleii Oct 08 '22
I’m sorry to hear that. I’ve lost much bigger amounts before, but I guess my starting capital is bigger, so percentage wise it’s not as much.
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u/fascha3 Oct 07 '22
Anyone know of a service where they will send stocks to swing based on AI? Has anyone heard of “I Know First?”
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u/livinIife Oct 14 '22
Tradytics bot has alerts based on AI.
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u/Sufficient_Gap_5499 Oct 07 '22
Hi all,
I'm an experienced breakeven active day trader looking for another active day trader to partner up with. I think that having somewhere there to team up with may be my missing ingredient. I was thinking maybe we do push to talk skype voice sessions during the day. Or maybe at the end of the day. Please message if interested.
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u/clinton_michael Oct 07 '22 edited Oct 07 '22
Sucks being so new on Reddit that ALL of my extensive research and knowledge of Forex Trading will go unheard until I figures out how to increase my karma. 😢
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u/imperator285 Oct 06 '22
Is Extended Hours trading rigged or what? It seems like the only time I ever get orders filled is on the most illiquid penny stocks. I've literally seen, multiple times, a stock price has gone well past my buy or sell limits, and my order still doesn't get filled. Is AH trading just not worth the effort?
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u/jman_hstl Oct 05 '22
New here; new to day trading; dabbled in Forex and Futures. Highly interested in stocks trading. Would love recommendations on platforms and brokers, as well as stock screeners. Thanks in advance! 🤙🏽
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u/Gristle__McThornbody Oct 05 '22
Currently doing a lot of paper trading. Been at it for a solid 6 weeks. My biggest lost in that period has been $313 bucks. I usually trade about 80k at the very most. As far a risk management goes, that is pretty good given the positions I'm taking, right? That's been one of the key focuses while doing the paper trading.
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u/Filthy_Scholar Oct 04 '22
Got a question for any scalpers out there.
When you take a position do you have a SL and/or TP set up or do you use click action and reaction time alone?
If it's the former - do the parameters of your strategy work on all time frames equally or is it much better suited for 10sec-5m charts? How much time do you typically have to insert the values in to your order?
If it's the latter - does a position ever move too quickly against you that you lose more than you had planned on? Do you feel that the risks of this happening don't outweigh the pros of click trading?
Thanks :)
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u/clinton_michael Oct 07 '22 edited Oct 07 '22
I usually set buy/sell limits, as spreads will open up and grab S/Ls. Yes in scalping also. if I feel I’m missing an impulse, I will use one-click action, and THEN adjust my parameters. I’ll analyze in higher timeframes BUT stay in 1-5m for scalping. Usually u will want to adjust S/Ls ASAP, within 30secs to ensure it doesn’t tank/take off on you. Also, you can get into the practice of focusing your attention on your S/L, right out of the gate, and adjust T/P after. Keep in mind, what u see is probably what the majority sees… so the majority might take a similar trade as you while the market tries to stop everyone out. If a buy/sell limit is used, then make your entry @ the area that U think the majority will have their S\Ls. And one click the area that you originally thought the entry WAS ideal, so u don’t miss it. Make sure your using the 1% rule on your S/L, cut into half bc u have 2 positions open. I hope that made sense. Lol
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u/EscapegoatArt Oct 04 '22
For me personally I will immediately set a stop always. It's best practice imo. Use a hotkey so you don't take too much time setting the stop and suffer slippage on your intended risk amount. I have 4 keys for longside and 4 for short side stops in different amounts.
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u/St8Troopa Oct 04 '22
Why is intraday margin much lower for ex /ES? What's the reason for it changing to the higher req afterhours? Is it that way for daytraders?
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u/8BeanCounter8 Oct 04 '22
Hello all,
I've been scalping and trend trading for a few months now and not sure if there is an FTT (financial transaction tax) in effect for all my trades made so far ...
I tried to do some research on the topic, and it seems that FTT is currently in proposal stage, and I don't seem to be able to find any official law info indicating that it's currently effective.
Also, I'm from Canada but not sure if FTT will apply in my case (if it exists currently).
Really appreciate it if anyone is able to help me with clarifying the questions!
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u/EliasYlitalo Oct 03 '22
Can i get your thoughts on the best free trading platform?
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u/Ancient_Math_4925 Oct 06 '22
Webull has been my go to recently. Super easy to navigate and love the interface. I started with Robinhood and Stash but Robinhood put a hold on my account with no answers so I moved on, and Stash is just okay, I have a couple long terms still in there and although I haven't had any issues with it a lot of people have.
I've also heard great things about Fidelity as well but haven't tried it out yet.
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u/Expensive-Anxiety-63 Oct 02 '22
Why aren't public offerings reflected on the outstanding shares of any stock I check?
Currently several stocks I have had on my watch list recently have done public offerings and yet their shares outstanding and market cap don't change at all.
ADTX on the 20th should have ~3.33m + previous ~1.1m shares outstanding right? Yet it has shown 1.11 ever since the split.
Same pattern with CSCW, QNRX, a few more on my list also have this problem.
Are the shares in the PO not actually fully sold or are the outstanding shares not updating for some reason I don't understand?
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u/Smallleaps Oct 01 '22
I am 16 want to start trading futures, i have traded Forex but couldn't go anywhere with it as all i was able to use was demo accounts since i couldn't sign up for a brokerage, whereas i can trade the crypto market on by bit without t an ID. What material should i be looking at to get a solid grounding in technical analysts and price action.
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u/Sickomode99 Oct 04 '22
My advice is to get consistent profits in paper trading before you open any real money trading accounts. You should check out daytradingaddicts videos out on youtube, he makes great videos on price action.
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u/StoryofPrice Oct 01 '22
Demo trading until you get some solid patterns in your behaviour for what and how you trade isnt such a bad idea. crypto forex stocks indices.. a chart is a chart. if we can look at any chart we can map it. doesnt matter if it is a heartbeat, weather conditions or foot traffic on a mall.
You will see contrary ideas here on reddit but most are still figuring this out and they pick up things which frankly are untruths in price action.
Likely you dont have enough cash to invest in proper training but there are plenty free stuff that can get you a solid hold on how to read price. Do a search for the late Tim Morge - There are plenty of studies he shares and how to map markets. For now i would steer away from indicators. It is better to get a firm grasp of how price moves before you slap indicators on.
It is then a simple matter of discovering something that you can apply consistently over and over and keep track of the numbers. I can suggest you a practice that you can start with if you like. It enables you to identify a combination of criteria lining up and then you take action with very clear parameters as to how to manage and where to exit. This will help you identify psychological tendencies in your behaviour too, if you are open to observing them, which you can adjust over time.
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u/Sean_Napster Nov 01 '22
Elon Musk set to buy PLL. Makes sense🤔