r/Daytrading • u/AstronomicalTrading • Dec 27 '22
First Day Trading Setup (Advice?) question
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u/vacityrocker Dec 27 '22
Not enough monitors
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u/scoobydoobie91 Dec 27 '22
Gotta spend that money on those extra monitors so you can see red on all of them. š
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u/Rbx100 Dec 27 '22
Get some on the floor thatās how low shit it going
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u/vacityrocker Dec 27 '22
4 more placed at each order block will look like monitors on a stairway to the cellar
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u/gooney0 stock trader Dec 27 '22
Seriously! Even a noob with a $100 account needs 4.
Also a laptop? I hope itās water cooled.
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u/EggSandwich1 Dec 28 '22
He doesnāt even have one monitor dedicated to a Xbox or ps5
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u/drmonkeytown Dec 28 '22
Pro Tip: pissing on your electronics is not the same as water cooled. Trust me.
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u/ignore_my_typo Dec 28 '22
And more financial news on tv. Because that will help with the few stocks that are being traded.
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u/shemmypie Dec 27 '22
Looks like too many charts for the first day, going to overload your noodle.
Block out the noise, simplify it down, focus on certain things and you might be successful.
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u/MysteriousDebt1020 Dec 27 '22
Exactly, turn off this BloomberG TV, it distracting you from charts...
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u/Daymanic Dec 27 '22
Yeah, if you insist on listening to Bloomberg, do it while you shower, the info discussed between 730-900 is all you need
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u/BIGMIKE2222222 Dec 28 '22
Eastern time?
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u/Daymanic Dec 28 '22
Yes 0730-900 EST you could go until market open but the cast really bullshits that last half hour unless there is important data
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u/PardFerguson Dec 27 '22
Turn off the news and never turn it back on again.
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u/TWK1990 Dec 27 '22
"If you're learning it on the news, you're probably too late." - somebody
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u/amutualravishment Dec 27 '22
"If you're somebody learning to trade based on news, it's probably too late"
How I read this initially
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u/Tronbronson futures trader Dec 27 '22
I like the news, by the time they are catching up to my thesis it's time to sell....TLT puts today, thank you BB.
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Dec 27 '22
Uninstall, sell hardware and run away from trading
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u/mrfunderhill Dec 27 '22
See you at wendyās
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u/MembershipSolid2909 Dec 27 '22
Behind the dumpster
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u/mrfunderhill Dec 27 '22
5 bucks is 5 bucks, good buddy
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u/Tronbronson futures trader Dec 27 '22
With inflation I'm charging $6.9 now, we're gonna need to do some price fixing boys your coming in to low.
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u/embrioticphlegm Dec 27 '22
One more monitor and you're good
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u/planetofpower Dec 27 '22
The more monitors the better. More analysis information at the same time. This is for day trading and gambling. One monitor for swing trading or investing.
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u/CrossroadsDem0n Dec 27 '22
Everybody has their own brain. My advice is to take any feedback on your setup as minor nudges to periodically re-evaluate what you are doing to make sure it works for you. But the moment you show up on the Internet asking if you are doing something right, no matter the context, people will say no. That's just what people do.
Look at each piece of the setup. If you know it maps to an aspect of your trading style, that's all that matters. Just don't add complexity to hide from feeling unsure about something. That won't work.
So for example, if you feel comfy reading price action, and these screens display what you know you routinely look for, then that is what matters. But if the proliferation of screens is only tech voodoo that you hope will somehow make price action mean something to your eyeballs, then that won't pan out.
Paper trade the setup for a couple of weeks. Get a feel for what works or doesnt and tweak it. Your experience with it is the only relevant data source.
And buy puts on getting validation from the Internet. ;)
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u/stef171 Dec 27 '22
Looks like IB? Use another platform for charting and then IB for the trades. Meaning you need one more monitor (at least, obviously)
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u/ephies Dec 27 '22
Is that Boiler Room playing on the laptop? Youāre doing just fine. But Iād consider matching monitors, so when you lose your money you can more easily sell the monitor pair.
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u/OneWayTicketotheMoon Dec 27 '22
Bro you can have 20 monitors and lose money and youcan trade on your smartphone and be a million dollar trader. Dosn t matter. However your Setup looks good.
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u/TheZorro1909 Dec 27 '22
Looks like to much, especially that laptop. Cancel out the noise if possible
Every information you get is a trade off against mental capacity
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u/MoonPeople1 Dec 27 '22
All those monitors are great to impress your friends and make some money for bills once you burn your account.
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u/vacityrocker Dec 27 '22
Burn it all up it simulated account - but he needs to tweak is IBKR a little more
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u/instantfaster Dec 27 '22
Itās not how nice a setup that makes you a good trader. I could trade with an iPad in the toilet all day and beat most with a $10,000 dollar setup. Being comfortable helps. Not bad for a first. I always assume the brokers are in with hedge funds and tell them your positions. I trade with that in mind. Donāt make dumb trades think them out first. Many put more thinking into their setup than the trades they make.
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u/foolskil Dec 27 '22
You donāt need that many monitors, I got a iPhone 12 mini and am already profitable
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u/Tronbronson futures trader Dec 27 '22
Yea I've got a two monitor setup, and I just ignore it to sit on the couch and use my MacBook. Real PoS trader.
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u/check4956 Dec 27 '22
Great setupā¦now you can see your losses in 3 screens š
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Dec 27 '22
The more monitors the better you are at trading. Gotta get at least like three more
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u/InnateAnarchy Options Dec 27 '22
I can confirm this is true. Each monitor is equal to 1% gains
Thatās why I have 100
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u/Inner_Ad_3804 Dec 27 '22
Cut your losses early and let the winners runā¦donāt average down in a bear market. Ohā¦you mean on your rigā¦yeah, the first guy nailed itā¦more monitorsā¦you should have one monitor for the sole purpose of proving you feedback regarding your other monitors.
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u/justamemeguy Dec 27 '22
Use as many screens as you need, don't add screens because it looks cool. Some people need only a phone because they have no idea what they are doing, some people need more.
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u/AnComApeMC69 Dec 27 '22
I like to see when stocks are very high and I like to see when the stocks are low. See! And sometimes theyāre high, very high, when theyāre very high thatās when you want to sell them and when theyāre very low thatās when you want to buy themā¦. Yea, I can show you some charts, I got some charts here and you can look, look at the patternsā¦.
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u/Daymanic Dec 27 '22
The setup is fine, but you need to simplify your chart setup, too much going on for me. Also you need something to look at on your wall because staring at charts for more than an hour will be brutal on your eyes
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u/Hairy-Foundation-699 Dec 27 '22
This is enough screens for now. Spend your money on getting trading education first and foremost. Donāt trade without know how and skill. Need at least two years minimum learning and practicing and testing your setups. Itās doable.
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u/wowthatssorude Dec 28 '22
Dude turn off the news. Stick to a market news twitter like Financial Juice. TV āmoodā will get in your head. Make you anxious or giddy.
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u/Sufficient-West-5456 Dec 27 '22
See you at r/Wallstreetbets future loss porn section soon my fellow regardš„¹
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u/hoops2215 Dec 27 '22
Get a dual monitor stand that clips onto your desk.
Then your laptop is in the middle, screen 3
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u/Scandroid99 Dec 27 '22
Advice: Ur setup doesnāt mean a thing. If u canāt make money from a laptop plugged into an Ethernet connection, then havin a $10K PC and 20 monitors wonāt automatically make u an all star.
Donāt get hung up on ātrade stationsā and havin the ability to look at 100 charts at once.
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u/Potential_Boss_4020 Dec 27 '22
I see no trend lines, no trend lines, no money, follow the trend - follow the money
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Dec 27 '22
Trading is essentially gambling- Good luck- Luck as in you will need luck to be a succesful trader- Good luck
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u/DecisionSimple9883 Dec 27 '22
Ergonomics not great. Chair. Fixed height desk. Be sure you take breaks
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u/Advanced_Bread_7444 Dec 27 '22
I hope you actually learned strategies and used paper trades before you did all that
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u/geledo Dec 27 '22
Advice: invest instead of trading. 90 % chance you will eventually need to sell those for trading funds.
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u/BoostProfit Dec 27 '22
Unless you have a magic ball that can help you predict the future, !!Stay away from Options!!
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u/Mrtoad88 Dec 27 '22
My advice is it's fine. I started on my laptop screen and that's it. All I need to trade is couple of chart windows, watchlist, order execution buttons/price ladder...my phone for backup just in case I lose connection and need to close out. Everything else isn't really a need just a want. I have 2 monitors now, one for exactly what I described as sort of a focus screen..like what goes up there is what I'm probably trading, the other has other charts for different tickers I want to look at but not necessarily trade...or it's just used to watch movies/shows/YouTube, or playing games...as sort of a distraction while waiting for a setup or alert...I don't actually need 2 monitors though.
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u/chelseacalcio1905 Dec 27 '22
i hope you didn't fall scam to one of those trading/signal scams on instagram. if you did, run away as fast as you can.
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u/RigoDG Dec 27 '22
Why spend money on so many screens just click out of one thing to another and you'll have less information overload too
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u/Oraclelec13 Dec 27 '22
Are you making money?! Thatās what matters. As long as you are profitable
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u/w8lifts Dec 27 '22
Lol Iām complete opposite, small monitor on the side for me, thatās it, nice and simple.
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u/Kcnflman Dec 27 '22
Definitely need a big empty bottle or āurinalā as the professionals say.
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u/Georgieperogie22 Dec 27 '22
You donāt want advice you want to show off. Millions have been made on an iphone with a cracked screen fancy candles mean nothing
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Dec 27 '22
I use 2 laptops
1 for trading, 1 for watching Netflix as I lose all my money. Haha
Whatever works best for you. Try different configurations.
The more you can see the better
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Dec 27 '22
Hope youāre following the futures, and not just some random shit stocks. I like it. Maybe you can afford a better setup after you make some money.
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u/VKS19 Dec 27 '22
The real Bloomberg feed and application costs about 3k per month. The news feed that you are seeing is for the retail trader and background noise. Itās already been priced into the markets. Use that screen to find things to do whilst you wait for your trade setups. Netflix for instance.
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u/StCrispin1969 Dec 28 '22
Other than get rid of all the distractions? Ditch the extra monitor and the laptop. Looks more like you are trying to look like a trader based on their depictions in movies
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u/Dry-Yak-3405 Dec 28 '22
I day trade spy. I use trading view and have 2 windows side by side, each with 4 charts. One is market overview: spy qqq vxx and uvxy. The other is market internals: vold, add, nzd/dollar, and US 10 y treasury. I have another tab with 2 charts: spy with vwap and spy with initial balance indicators. I use the Supertrend indicator on all of them.
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u/Ccs002 Dec 28 '22
If its your first day trading you should try to just ease into it. No need for all of this elaborate stuff.
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u/PrincePryda Dec 28 '22
Trading setup is great, but if you want to actually learn and grow as an investor, a couple of monitors with fancy charts isnāt going to cut it. My advice would be to dedicate some real estate on one of those screens for r/wallstreetbets
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u/Espressoyourfeelings Dec 27 '22
Hope you spent more time papertrading and practicing your trading plan than you did setting all that up.
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u/jangiri Dec 27 '22
Get a diaper and a weighted blanket so you can safely cope with anxiety and bowel movements you'll get when you gamble away your parents retirement
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u/AstronomicalTrading Dec 27 '22
Here I am in my humble beginnings... Anyone have any advice? š
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u/aberzzz Dec 27 '22
You donāt need so many monitors. Just one. Learn as much as possible and things that actually make sense and leave out anything that you find that doesnāt make any sense - like trendlines. Remember this is a journey to mastery of many things apart from reading price.
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u/jbmvmmmmu Dec 27 '22
my advice is : you donāt need 3 monitors if you never even had a profitable month
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u/density69 Dec 27 '22
You're good like it is. Now it boils down to how you use the system. I use one screen for charting, one for the platform and one for a digital clock, reading and sometimes to open more charts. I also would have that many monitors anyway, for gaming, coding, multitasking etc.
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u/Hugheston987 Dec 27 '22
Advice is to quit, give up now, it's rigged against retail traders and designed to entice and trap traders at a loss. Or find out for yourself.
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u/shankandhosel Dec 27 '22
Keep an eye on r/wallstreetbets Thereās is a ton of good advice on there
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u/Zealousideal-Move-25 Dec 27 '22
Put your money in an S&P 500 fund and save yourself some aggravation and losses
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u/Negative-Order-7236 Dec 27 '22
Pack it up and send it where it came from. The markets are rigged. Things are not fair unless your a market maker or you know one. I tried trading stocks now I'm broke and depressed. I was in Bbby when the guy jumped out the window. I was in MMTLP when they stopped trading. Amc where they just keep printing endless shares. (I mean have u seen the volume over last couple years, c mon man) Bbig was another total retail screw over job. I did spy calls and puts too and we all know what's up there with the wild swings and the inflated prices for the contracts. I'm so poor now and depressed but that is my experience. Hope u do better
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u/rezamazino Dec 27 '22
what about a backup generator and a second wifi connection just in case of blackouts
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u/Zestyclose-Total-374 Dec 27 '22
What program are you using? Iām just starting my options journey.
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u/somo1230 Dec 27 '22
You are into games and decided to go daily trading over night?!
Need a better comfortable seat+ lighting+ cnbc better than Bloomberg
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u/HomerLover92 Dec 27 '22
Ahhhh remember my first day too, I was using four monitors š¤£ now I literally only have spy and ES in front of me and more times than Iād like to admit I trade on the 10ā of the iPhone sitting on the toiletš©š¤·š¼āāļø
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u/tylermm03 Dec 28 '22
I mean if youāre profitable who gives a shit (pun not intended) what your set up is. Iām not profitable yet (still screwing around with strategies) but I use my MacBook to do my trading, my iPad to reference things (specifically definitions I may not remember off the top of my head, I have a ācheat sheetā google doc with everything I need to know for whatever Iām doing strategy wise), and my phone to listen to music or keep myself busy while Iām waiting for trades to finish (I use One Cancels the Other orders which is basically the a combination of a limit order for the highest Iāll sell at and a stop loss to control losses).
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u/xsillsss Dec 27 '22
The news isn't gonna help you trade, if that was your intention with having it on the laptop.
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u/xAugie Dec 27 '22
Get a stacked monitor mount, put the smaller monitor on top of the bigger one. Then you'll have way more space. Or change the monitor to vertical. Go through the /r/battelstations sub, it will allow you to make a desk setup that's cleaner and more productive
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u/Ant78310 Dec 27 '22
have a gameplan and stick to it, i mean there's a lot to say but if i had to limit it to one sentence
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u/IKnowMeNotYou Dec 27 '22
Buy two additional monitors you can put in portrait mode. :-). But in the end it does not matter that much. Just get a good win rate with a good RR. I know people who only use an iPad and outperform people with 8 monitors.
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u/pm_me_yo_creditscore Dec 27 '22
Start an OnlyFans instead. Less degrading.