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Offtopic: DayTrading

Zarati

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Anyone here day trades? A true day trader, someone who has 25k+ in their account.

Any success stories? Worth it?
 

ljp

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I started with 200k and now have 27k, do I count?



Kidding aside, what are you going to trade? Stocks, FX, metals? Do you understand how those markets work? Participants, market structure etc etc

I am sure there are many success stories e.g. in FX trading but 99.9% will lose their money. Whatever you'll start trading, start with a demo account and once you can make a consistant profit think about opening a real account.

If you want low risk and don't mind waiting 10-20 years save every month as much as you can and invest in SP500 and maybe some bonds (for now you can skip bonds since interest rates are low). Use compound interest calculator to illustrate returns.
 

goal245

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It's risky, the fees and taxes make it less worth it.

I was lucky enough to buy AMD stock a year ago at $3, it is now at $14, wish I bough more.

Only invest/trade with spare money, there is a greater chance you will lose it, almost like playing the lottery
 

Allday

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I've got two friends that do it. One just does it on the side and makes some decent money doing it but not enough to live off. The other dude is one of the smartest people I know and he does it full time now and makes a very comfortable living off it. It took him like four years of studying and playing around with small variables before he could do it for real. His advice is to stay away unless you find reading about it for 6 hours a day for years before really seeing a big payout.

Both guys are dudes that do it because they love that stuff. Neither were looking at it as an investment or a career.
 

little slice

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it's not nearly as complicated as people will make it sound.



what it really boils down to, is this -


do you have the balls to push the button and put your hard earned money at risk?


do you have the mental fortitude to sell off and take a loss instead of holding on to a losing stock?


do you have the patience required to keep your cool when your stocks are in a down trend while everything else is skyrocketing?




personally, im long precious metals. we will see how that pans out.
 

Matsuo Munefusa

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it's not nearly as complicated as people will make it sound.



what it really boils down to, is this -


do you have the balls to push the button and put your hard earned money at risk?


do you have the mental fortitude to sell off and take a loss instead of holding on to a losing stock?


do you have the patience required to keep your cool when your stocks are in a down trend while everything else is skyrocketing?




personally, im long precious metals. we will see how that pans out.
most day traders set all of those points before they even buy the stock....it doesn't have anything to do with pushing a button once the trade is activated :naughty:
 

lntense

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it's not nearly as complicated as people will make it sound.



what it really boils down to, is this -


do you have the balls to push the button and put your hard earned money at risk?


do you have the mental fortitude to sell off and take a loss instead of holding on to a losing stock?


do you have the patience required to keep your cool when your stocks are in a down trend while everything else is skyrocketing?




personally, im long precious metals. we will see how that pans out.


Well, when you put it that way it sounds like a fancy slot machine..
 

get it in ya

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average investors like us will always lose day trading, short term taxes and fees add up. average investors should probably buy ETF's and if you buy stocks think long term, 5-10 years or more. I like buying stocks and holding long term, my roth ira I buy ETF SPY. most of us will not beat the market, maybe for a few years but long term it is very hard to beat the market. your chances of beating the market by day trading will never happen, never
 
Last edited:

Panther51

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Bought amzn 760 post credit 1171 today. Amazon is the stock to invest in if you can afford it the information indicates no end in sight...
 

Pops2302

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Bought amzn 760 post credit 1171 today. Amazon is the stock to invest in if you can afford it the information indicates no end in sight...
Yeah but does it pay divs?
 

upeccmi

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I use to day trade back in the late 90's and early 2000s, I would make $15K in 15 minutes but ended up loosing most of my money trading then when the money got low, I would trade options.....do not do it, you will lose it all. I am a Senior credit analyst by trade so I know how to value a company but getting in when markets are good (like now) and holding is your best bet, you trim profits as the market gets risky and wait for opportunities. Since 2002, I went from virtually nothing in savings to $1.3M in my portfolio. I actually pared some assets a while ago and now sitting on $500K in cash, which I am now buying stock.
DO NOT INVEST IN DIGITAL CURRENCY. I know the lure of the quick buck makes someone with not a lot of money making quick bucks but the gravy train is over (as you most likely already see) I told some to get out a couple months ago in the higher teens but I doubt the greedy ones did, now bitcoin is at 8K and with restrictions the only norm for these trades in the future, your profits will be disappearing (possibly completely).
If you have only a little bit of money, by ETFs like SPY or DIA so you will be diversified and SPY pays a 2.4% dividend so win/win.
 

get it in ya

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I use to day trade back in the late 90's and early 2000s, I would make $15K in 15 minutes but ended up loosing most of my money trading then when the money got low, I would trade options.....do not do it, you will lose it all. I am a Senior credit analyst by trade so I know how to value a company but getting in when markets are good (like now) and holding is your best bet, you trim profits as the market gets risky and wait for opportunities. Since 2002, I went from virtually nothing in savings to $1.3M in my portfolio. I actually pared some assets a while ago and now sitting on $500K in cash, which I am now buying stock.
DO NOT INVEST IN DIGITAL CURRENCY. I know the lure of the quick buck makes someone with not a lot of money making quick bucks but the gravy train is over (as you most likely already see) I told some to get out a couple months ago in the higher teens but I doubt the greedy ones did, now bitcoin is at 8K and with restrictions the only norm for these trades in the future, your profits will be disappearing (possibly completely).
If you have only a little bit of money, by ETFs like SPY or DIA so you will be diversified and SPY pays a 2.4% dividend so win/win.
i agree. your portfolio is impressive:headbang:
 

Kevin666

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I trade all day, everyday the market is open and do this for a living, but I'm not a day trader. Day trading ... where all positions are closed at the bell is too directional and risky for me.

I work entirely with option contracts.

I started trading heavily in 2010, but didn't leave my full time job until 2014. You have to have accumulated cash to work with.

The more money you have, the less risk you have to take for a healthy return. If you start with relatively little cash you have to take on more risk and have less ability to hedge off risk and make adjustments.

It's definately not something you just decide to do, but as suggested above start with a fake account or "paper trading". Then practice, learn, learn, then learn some more.

Learn and see just how bad things can go very quickly and if you love doing it and learning, then put your money on the line.

Aside from dumb luck, trading is not a get rich quick plan. In fact, if you're first few trades go very well ... it's probably one of the worst things that can happen bc then you will think you know it all ... you probably don't lol
 

Krus8r

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I enjoy trading more of a swing trader than a day trader. I have been focusing mainly on the major indexes (SPY, QQQ, IWM, XLE, etc.) and mapping out their relative rotations (via RRG graphs) as they move from lagging to leading positions. I know a lot of the paper derivatives for metals are manipulated (e.g. London-Gold fix), which is frustrating but you have to play the game as it exists. I am happy to just collect 1/2 percent every few days and keep plugging along.
 

Kevin666

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I enjoy trading more of a swing trader than a day trader. I have been focusing mainly on the major indexes (SPY, QQQ, IWM, XLE, etc.) and mapping out their relative rotations (via RRG graphs) as they move from lagging to leading positions. I know a lot of the paper derivatives for metals are manipulated (e.g. London-Gold fix), which is frustrating but you have to play the game as it exists. I am happy to just collect 1/2 percent every few days and keep plugging along.
Smart ... slow and steady gains.

I spend most of my time in the major market ETFs as well. Then you can avoid single company news. The nice thing is the option spreads are tight in these ETFs and you're not giving up a lot getting in or out ... well except DIA usually has a wider spread. SPY, QQQ, and IWM are usually a penny wide for the options spreads.
 

Krus8r

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I also spend a lot of time watching the bond market for signals (given its magnitude). I ended up moving entirely to the sidelines back on Feb 2 because I was worried that the governmental intervention we all know and love :rolleyes: was no longer going to be enough to prop things up. Glad I did because there was some massive volatility and downward movement. I got back in this morning hoping things have stabilized a bit.

Take a look at the massive intervention we had on Feb 5 (attached).
 

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