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: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.
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.
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...
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 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.