Anybody here day trade?
- Thread starter Tall_Mike
- Start date
Tall_Mike
Regular Member
- May 24, 2020
- 201
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its all about your edge.
Are there some people that play poker professionally? Yes, they are not gamblers. they have a thought out statistical edge that they do not deviate from, the same thing with ANY form of trading.
There are also people that play poker and just "wing" it, those are the gamblers.
So gambling really comes down to your mindset and how you approach the craft; are you treating it like a business or for the thrill?
Just my 2 cents.
charmtolucky
Regular Member
- Jul 29, 2012
- 332
- 127
I do trade in currencies. Here are some screenshots of my trading result.
charmtolucky
Regular Member
- Jul 29, 2012
- 332
- 127
I usually trade in Binary options, currency trading basically. What about you?
Mr. Meeseeks
Regular Member
- Mar 25, 2020
- 291
- 246
I might have the unpopular opinion but its from experience.
Unless you already have great experience with the stock market and a good amount of starting capital (25k +), do not day trade, you will only quickly lose your ass and have nothing to show for it.
If you try to day trade with low capital, you'll find that you'll be 'chasing' big plays as any "safe" plays would net you a very low return that wouldn't be worth your time/risk. A nice statistic is floating around the internet that states over time 90% of day traders will lose, do you really think you are the lucky 10%?
If you have extra capital invest in stocks, not options, and go for long term plays. Yes, short term your gains won't be as huge but its so much better to have safer long term plays than trying to hit a lotto play.
Unless you already have great experience with the stock market and a good amount of starting capital (25k +), do not day trade, you will only quickly lose your ass and have nothing to show for it.
If you try to day trade with low capital, you'll find that you'll be 'chasing' big plays as any "safe" plays would net you a very low return that wouldn't be worth your time/risk. A nice statistic is floating around the internet that states over time 90% of day traders will lose, do you really think you are the lucky 10%?
If you have extra capital invest in stocks, not options, and go for long term plays. Yes, short term your gains won't be as huge but its so much better to have safer long term plays than trying to hit a lotto play.
Tall_Mike
Regular Member
- May 24, 2020
- 201
- 41
US Equities primarily.
- Apr 20, 2018
- 5,088
- 2,960
I trade 3–6 contracts and at times even more depending on the market and circumstances based on opportunities
Jrim_Software
Senior Member
- Aug 1, 2011
- 915
- 345
It's not for me, I don't have the patience or stomach for it. I choose diverse companies with growth, strong capitalization and good leadership, and play long with ETFs or indexes.
A couple friends of mine have been pretty into day trading lately, though. They use some system called simplertrading. Does anyone here use it? I'm curious what your perspective is as people in the industry. Is this a well known method or just another get-rich-quick scheme?
A couple friends of mine have been pretty into day trading lately, though. They use some system called simplertrading. Does anyone here use it? I'm curious what your perspective is as people in the industry. Is this a well known method or just another get-rich-quick scheme?
charmtolucky
Regular Member
- Jul 29, 2012
- 332
- 127
How does it goes? What platform you use?
Tall_Mike
Regular Member
- May 24, 2020
- 201
- 41
I use think or swim. they have everything i need, as well as access to all the other markets though.
I don't day trade though since after my research there really is no edge in day trading. I focus on more of a longer-term approach.
just2016
Regular Member
- Jun 6, 2016
- 255
- 38
I trade stocks https://paxforex.com/shares
charmtolucky
Regular Member
- Jul 29, 2012
- 332
- 127
That's correct. Longer term can give more benefit if your investment is correct.
I did this as well unfortunately lost. Now i trade in fixed price binary only. Working good so far.
What is your approach. It might help if you can share.
Tall_Mike
Regular Member
- May 24, 2020
- 201
- 41
I look to see where I believe there is a small imbalance of buying/selling which could predict short term where the market is headed due to that imbalance of supply and demand. that the broad approach.
Long term, I know the US isn't going anywhere anytime soon, and my edge lies in Dollar Cost Averaging an ETF Index (SPY). So when the market crashes or sells off, its an opportunity to buy more shares at a lower price. I am focused on the long term so small pullbacks or sell-offs I don't really care about.
Tall_Mike
Regular Member
- May 24, 2020
- 201
- 41
whats your edge in binary options that you can't find in traditional equity options?
Tall_Mike
Regular Member
- May 24, 2020
- 201
- 41
The asset class doesn't matter as much as the more important things such as market liquidity, and finding 'YOUR' edge.
fb3003
Elite Member
- Aug 14, 2015
- 5,035
- 3,500
If you are going to try in the money call options, please only do it on qqq and spy. do not do this on regular stocks, you will lose your shirt. do it when either of these go down more 5% over a time. needless to say i have not had any in the money call options over the last 2 month, since there has not been any declines for more than 5%. Oh last thing, make sure you sell the option back 30 days before expiration day
very sound advice and i can tell it has come from experience. unfortunately, i think most have to go through the mistakes to arrive at the same conclusion.