Is day trading a good way to make some extra money?
I'm a student so not looking to get rich, but I was fucking around with some investment simulation apps and noticed that especially cryptocurrency seems to go up and down pretty consistently during the day - most coins were really low at night and went up considerably during the day.
Anyone here into this and could share some experience?
Is it worth it to put more research in or are the gains not worth it?
I was thinking I would open up an account with some online bank and set aside 50€ a month to try it out, but want to hear some advice first.
Thanks
Also an investment noob here, but what app are you using if I may ask?
>day trading
The 90's were 20 years ago champ
>>1166681
they didnt have computers doing all the daytrading in the 90s either.
>>1166412
Well I make between 3 and 10k € each day. It's working for me
>>1167167
Any advice?
>>1167189
Don't fall for that shit anon. Each day could consist of one to two days out of a year where his trades are based solely on luck without his knowledge of it.
Either that, or he's betting a ton of money on his picks. Either way this return, in your case, would be almost impossible.
To make an average return as a day trader you'd need a good skill set based off of hundreds of hours worth of reading.
You'd be better off throwing your neetbux into an ETF.
>>1167201
>>1167212
Thx
I'm not looking to make a living out of it, that's what real estate is for. Just would be nice to have some extra money on the side that I can make online, and trading / investing seemed like a fun way to do so.
I've sunk thousands of hours into videogames so might as well sink thousands now into something that might actually be profitable
>>1167201
>>1167212
Thx
I'm not looking to make a living out of it, that's what real estate is for. Just would be nice to have some extra money on the side that I can make online, and trading / investing seemed like a fun way to do so.
I've sunk thousands of hours into videogames so might as well sink thousands now into something that might actually be profitable
>>1167238
>>1167239
what the fuck
Day trading is literally gambling
Everyone in this thread is a shillbot
Honestly I dropped 150$ a few years ago into the market and have been able to turn that into making 400-500 worth of profit everyday. It literally is about finding the right stock and getting a solid understanding of when the best time to buy and sell is. It becomes easier with time. Great way to make an extra income plus it's a blast to do.
>>1167167
What do you trade, el capitan?
>>1167952
Living is literally gambling, you probably don't even want to consider what the odds of you living or dying on an average day are.
>>1168147
100% as you will do at least one of them
>>1168161
That is now how probability works
>>1167238
No anon. I'm telling you to not sink thousands of hours into it.
Statistically speaking, you'd be much better off if you'd take those thousands of hours and apply them to learning programming and cs theory or a trade skill.
>>1168188
>programming
lol
>>1168211
I have that too, but the problem is that it doesn't has a list of all stocks, you can just search for speficic ones or top gainers / losers.
So its not that good for total beginners who just wanna see what's out there
>>1168147
Comedically bad analogy notwithstanding, the odds of me living each day for at least the next thirty years are astronomical compared to the odds of my making a living day trading in the same span.
That said, fifty a month isn't going to kill you. There's no harm in a minor amount of your money going to speculation. Just budget it out as entertainment rather than investment, as that's essentially what it is.
>>1167167
Proof or gtfo faggot
Lol at all the haters saying proof or gtfo. Went to a college, had crazy smart jew proffessor who makes TONS each day. He literally flew into our country 2x per week and had a spare room at dorms, to teach at our uni cuz his kids where there.
Its doable, but you must study, study, study,
Attain mastery, and be really interested in finance. The $$ helps with motivation, but really study your ass off.
Sometimes skip socials, etc to study. And trading is a marathon. not a sprint. Just start paper trading. And find good sources for info. Good luck desu.
>>1168754
>crazy smart jew proffessor
How did I end up back in /pol/?
>>1168768
You realize that jews actually exist in real life, right?
>>1168202
fuck off kid
>>1167956
I do a lot of simulators just for fun :|
I do have actual investments though
Dont do it. Instituional investors with CFA's, and millions of dollars make money trading from retail investors.
Case in point - they have bloomberg terminals. I can access financial sata faster than any retail investor. They cost something like $50k a year per terminal
>>1168188
This. To compete with bots, 2000h of practice is needed. In 2000h you can learn fluent russian and become a translator where money is always available and actually looks good on your CV.
In day trading, you can get a 5 dollar suit and have a bankaccount in minus. Unless youre a financial major and have nothing to do all day, tons of money which dont matter to you, daytrading is the simple most stupid idea to invest in ever.
>>1170257
its not about making a living out of it.
I'm probably missing something since I am a total noob, but just from fucking around with gold on plus500 I was able to make a nice profit.
Now I just got lucky, since I have barely an idea how all this shit even works.
But if I could get good enough to replicate this from time to time, it seems like a good deal.
I'm thinking small here, like saving up 1000 bucks on a dedicated account and use just that, so when it's lost I won't miss it. Doesn't seem like it would take much time.
Day trading is shit. Utter gambling that you should not go into.
Meanwhile I have +110% profit over the past two weeks.
>>1170285
>Day trading is shit
Popular sentiment around here
>>1166412
>Is day trading a good way to make some extra money?
not for most people, no
>>1170285
In what senpai?
>>1167952
a failed day trader with a failed system has spoken.
notice how it never accepts the failure as its own. the true sign of a loser.
>>1170774
I'm always split on this.
On the one hand, there's far too many woefully unprepared people trying to be traders. The growth of the web, and shit like RobinHood have only exacerbated this.
On the other, there's an equal number of people who wish they could be traders (or as you said, already failed at it). Those types tend to congregate here in order to stew in bitterness while shitting on the next crop of attempts (usually disguised as 'helpful advice')..
Trading in this age is a great thing and you're very lucky to be given so many accessible resources. Don't let them go to waste if you actually have a passion or interest in trading or daytrading. Stop what you're doing right now and go download ThinkOrSwim and google how to read candlestick charts. Then watch all the videos you can on the stock market, ThinkOrSwim, and other traders. Go on investopedia and read everything, google everything you don't understand. Start paper trading to get a small understanding of what its like to trade. The possibilities are endless just stop posting on 4chan and go do something faggot.
>>1170800
What do you think about trading apps and websites that let you practice with demo accounts?
I'm currently trying plus500 and it seems pretty straight forward, but I'd love recommendations
dont bother day trading stocks. its a waste to have to put up 30-50k to make a couple hundred $ in a 10-20 minute trade, when you can put up $1500 for a couple contracts for a futures trade and make the same amount in the same out of time and pay less in fees per contract.
>>1170785
i agree.
day trading is like a professional sport. many can play it, very few will become pro.
>>1167152
kek
>thinking you can beat quant's algorithms and turn a profit today
>>1170826
>very few will become pro
Yeah, mainly because few have the situation that would allow the best odds at it.
Namely, tens of thousands of dollars that they don't need, and no major time commitments (like a 9 to 5, or equivalent).
Don't day trade. Find good companies, research them. Find them cheap. If they are company you like isn't cheap now, wait until it is. Don't sell because it's down 2% midday. Make a point to have a price target. And don't get greedy.
The idea of day trading to make some quick money doesn't exist. At least not as a single person. Too many players in the market.
Whats with all the hate here?
If youre young and still have lots of free time while in university use that time to learn all you can.
Buying index funds has always been the popular choice around here but personally I think if youre young and have the time and the ability to save money without having to support a family and shit then go for it. Being a passive investor is for people who already have full time jobs and a family to support/mortgage to pay etc..
Day trading stocks per se is pretty difficult cause you need 25k, but you can trade forex, options, even cryptocoins. Also dont force trades, trade when you see good opportunities, even if its only once or twice a week.
>>1171518
Forgot to add. JUST FUCKING DO IT.
Why would you listen to 4chan? Its your life just do whatever the fuck you want.
You can easily make a shit ton of money, but only after a couple of years of experience and losing several accounts. I lost 2 accounts and took me ~ a year and a half to get a hang of it.
I rebalance my account at the end of every month, start the month with ~30k and take profits out at the end of every month.
Pic/proof attached.
P.S. This doesn't include today's (31st) gains, Interactive Brokers updates their report pretty late.
>>1171518
Wait a second why do you need 25k?
>>1171560
Because if you start acting like a trader (margin account, trading the same thing daily, etc.) and have less than that, the SEC will lock your shit up
>>1171534
but what are you trading lad?
From my short 9 months of trading with Robin hood I make the most successful and safest trades by day trading. I don't day trade every day though. Just the good/bad news days for certain stocks.
If I lose, ill purchase more stock at the lower price and either wait for a turn around or cut losses at a bounce.
I don't invest thousands of dollars, but I do invest enough to make it a profitable hobby that I don't do everyday. I might buy/sell once a week.
I'm talking an extra $25 to $50 a week on average. Some weeks I don't even play.
>>1168171
underrated post
>>1171815
SEC?
>>1171982
Securities and Exchange Commission.
This is assuming a US resident.
"Lock up" meaning account freeze.
>>1171995
Not from the US, I'm from Germanistan.
But what's the reasoning behind that? What's wrong with people trading with small capital and amounts?
>>1171842
NASDAQ stocks, gappers. No penny stocks or pink sheets/
>>1172027
Ah. Well, the logic is that they're protecting you from yourself.
$25K is their threshold for "acceptable capital", regarding what they consider day trading. Anything below that, and their view is that you shouldn't be doing it.
>>1172103
But... what allows them to do that?
It's my own money I should be able to do what I want with it.
What's wrong with buying gold for 100 bucks and turning them into 200, or losing them?
>>1171534
how much do you get charged and taxed?
>>1172079
and you only hold the positions intraday?
any specific method you use to find stocks or do you just see what is gapping/has volume
>>1172108
>It's my own money I should be able to do what I want with it.
Yeah, that point gets argued a lot here (I mean, among people who follow this shit).
Part of it has to do with the margin account provision. Although you could lose all your money via a traditional account, they're not really worried about that.
It's more that having a margin account means you could lose MORE than all of it, and end up on the hook for god knows how much. Then one becomes society's program, with their broke ass.
>>1172132
I'm obviously very new to this, but why not make it so that you instantly auto-close before going below zero?
And people go broke in other ways too.. maybe have people sign something that they are not eligible for welfare if they lost their money trading?
>>1172139
>but why not make it so that you instantly auto-close before going below zero?
That's basically how a traditional account works. The broker won't let you buy more than you can afford (which is why the SEC doesn't include them)..
A margin account, though, means having the ability to buy on credit. Utilizing it will, by definition, put you in the red.
>>1172139
Stay away from trading you're way too dumb
>>1172154
Ok, then make special accounts for low amounts. Someone with 25k can go into debt just as much as someone with 1k, I don't see the difference.
If anything it seems preferable that someone with 1k goes 100 in the red, instead of someone with 25k going 2500 in debt.
I don't understand the technical difference that must be there to justify these actions.
I get the credit thing, but then they could just not allow to buy on credit if you don't have X capital, instead of freezing your shit.
>>1172198
Great input, thanks. I was voting for Trump but I'm totally a Cruz Missile now.
>>1172567
>Someone with 25k can go into debt just as much as someone with 1k
Not really.
They don't just give margin accounts out. You would have to prove you have a certain amount of capital before they would even extend that sort of option.
So people with $100, $1,000, or even $10,000 generally don't have margin accounts, they have traditional accounts, which aren't subject to these rules.
>>1172567
but then they could just not allow to buy on credit if you don't have X capital, instead of freezing your shit
Its two different entities.
The brokerage has given you the ability to buy on credit, that's what your margin account is for. They don't give a fuck how much you lose, as long as they're not on the hook for it.
The SEC, on the other hand, is imposing their own limitations, hoping to stop you (by the freeze) before you go short on a sure thing and get screwed.
>>1172593
Ok I see
Thanks
