Anyone day trade? Every time it gets brought up, someone comes along and says not to do it, but I've been trading for 3 weeks now and I find it pretty fun. Watching your stock tick up while you're at work makes work much more tolerable.
I figure I'll keep at it for another month or so, and if I'm regularly in the positive, I'll look into a margin account. And if that goes well, I'll look into borrowing some more money to trade with. I want to make sure the gains I've made so far weren't just a fluke.
>>1210278
i do it and i don't recommend it. i have a couple of systems that work well enough. but then i get to the point where it's just gambling and i get messed up
good thing i still have a day job
You got a look at it like a job and create rules for yourself.
For instance, you should define how much money you want to make a year.
For instance if you want to make 50k a year in gains, then you should try and realize a return of ~$200 dollars per trading session. This means taking 5-10% on your trades.
You also have to use stop losses and scratch trades that don't go anywhere quick, so you can allocate your capital elsewhere.
I've been doing this so far while at work (I have a ThomsonOne terminal) and I've been pretty successful so far. I just need more capital in my account to day trade full time comfortably.
>>1210603
What's your method?
>>1210278
I just play it in simulator
first time I did 1.5M from 25k, I lost everything trying to learn how to short.
Second time I started again with 25k and did 4M, I lost everything with crashes everywhere.
Maybe is true when they say most of the traders lose money. Sooner or later.
>>1210644
what simulator do you use?
>>1210278
With proper risk management, looking at fundamentals, and technicals, it can be extremely profitable. Unfortunately, many people skip over at least one of these.
Any good programs or recommendations for day trading from a phone?
I have an easy job with lots of idle time and would like to start this sometimes. You know, maybe one day a week while my job isn't too stressful and I have a lot of down time.
How hard is it to get a margin account?
>>1210654
Interactive Brokers app. It's the cheapest brokerage besides Robinhood.
You can start trading on Robin hood and switch to Interactive Brokers once you get good.
>>1210659
I've been trading for a couple years now on Scottstrade now and have hit on about 80% of my trades. I started with 10k and working it up to 15k while the market has been relatively flat during this time span.
I have a new job and a lot of downtime, so I was looking for something that will let me day trade on margin to try and hit it big.
How do you day trade? Do you look at patterns and determine where to put money or do you do research on companies when the market is closed and plan according to what you've read about them?
>>1210644
how the fuck do you lose all 4M with a risk management
>>1210676
>>1210733
And you need to know a stock almost on a personal level. I've been following TSLA stock closely for almost a year now. It'll sound like nonsense, but you need to know how other investors feel just by looking at past patterns.
For example, right now, there's no reason and little chance for TSLA stock to fall too much below 245 and no reason/little chance for it to go over 255. Of course, it won't always hit those numbers, but they can be used as a guideline. Investors/traders of this stock seem to understand this as well. Given the 25% short interest and 4% potential swing per day, that pretty much tells me that a vast amount of people are using tsla for this same purpose, and once it hits the mid 240s, tons of people will hop on board, which will drive stock up.
This will all change if some major new is released, naturally.
I know it won't last forever, so I'm currently looking for other stock that's akin to what tsla is right now.
>>1210278
Sir, you are not day trading. You can't call yourself a day trader until you're on a margin account and have a 25k balance minimum on market open. But you must have the stomach to handle losses/gains accelerated by 4.
>>1210946
If you have under 10,000 there's no reason to get off Robinhood.
>>1210278
can you quantify your strategy past "buy the dip"? probably not. the general market has been a one way street since feb. and holy hell don't trade on borrowed money why would you even do that?
>>1210948
>If you have under 10,000
Shit, even if I only had $10K, I'd want after hours access to my positions.
Screw RH. Fuck getting raped like that.
>>1210946
IB is 10k? I swear it used to be much less, maybe I'm thinking of a different brokerage.
>>1210972
To become successful.
>>1210644
when the market is nonstop bull for 4 years it's hard not to make money if you're all long everywhere. suddenly you get burned.
there's a lot of lucky fucks who know nothing with big brags. that's what's annoying about plebs.
fix it is taking a contrarian position and see if you can still make money for a while
Don't borrow money, that can fuck you over. Invest what you are willing to lose. I tend to keep 80-90% in good dividend stock and put the rest in high risk.
>>1210650
You forgot "media coverage"
>>1210972
Is 'buy the dip' not a good strategy? I'm not looking to hit huge numbers every week. Just a semi-consistent 1-2% a week is good enough for me.
>>1210946
you shouldn't be day-trading at that level - you should have a real job
I just saw a video of something mentioning a "broker" called porter finance, trying to look up what the hell they actually do. i'm tempted to throw $1k at it, but it's definitely sketchy looking.
then again, ive traded pennies so i dont really care if it's sketchy.
>>1210644
>first time I did 1.5M from 25k
>Second time I started again with 25k and did 4M
for sure man
>>1210764
>It'll sound like nonsense
and you're absolutely right. what you're saying is total nonsense.
>>1210487
Same with me.
Getting better at it though.
>>1211077
I think its 5k if youre under a certain age
>>1210603
>This means taking 5-10% on your trades.
OP doesn't even mention his account size.
I don't trade because it's "fun". I trade because it pays the bills.
any1 can recommend me good simulator for day trading??
>>1212111
Ninjatrader.
>>1212070
OP here. I only have 5500 3 weeks ago, or 5790 now. I know I can't day trade as a full time job right now, so I'm doing it on the side of my regular job.
