Anybody have any experience with daytrading?

I'm looking to try my hand at a day trading. I need a reliable broker with cheap commissions and a good platform to trade on. Walk me through. Any help is appreciated.

If you're smart and have really good discipline it can be a good long term thing to do. I dunno about foreign markets though, BILAT used to do that using a good online broker. Be prepared for a life of research and study if you really want to come out on top.

Personally I realized that I sucked at it because I am really an emotional person in everything I do, emotions are really the worst when daytrading.

yeah

im looking at rsh right now, i think there are some players setting up a move so they can get some profit by flooding the streets with "blood"

i missed osgiq at fucking .75 and i wanted to ride it to at least 9, if not 10, and at the most, 20, but alas, things slipped by

i also missed out on the double yen and the aussie trades that happened a year or two ago

im with scotttrade right now, it's okay. 7? for each trade, so 14 in total, unnless you're doing the pennies.

you should also find out which picture you see: the little picture of the big picture? this will greatly guide you to your ideas that you can handle, and if you team up with people. you should try to diversify which pictures you're good at seeing.

whamm! in reality, we all use our emotions, and it's actually a must. i remember watching some documentary about a psych who's clients were traders and equity managers and such, pretty interesting stuff if I can find it again.

being with a network of people just like LP really helps though. I was trying to learn by myself and didn't have an idea where to start but wanted to trade right away haha. did get lucky a couple of times before falling into usual traps eventually and getting greedy and shit didn't help

Have the capacity for independant thinking, it is a prerequisite.
Be very careful with who you take advice from, forums are crowded with a bunch of has-beens and know-it-alls and such.
Apply for a prop. trading job, listing poker in your resume can be a good thing.
Truly have the passion and drive for it, otherwise its not worth it.
Look into stock options trading, they are very flexible and offer a variety of things you can do. Also, they can provide a little bit of leverage.
Stay away from futures, commodities, currencies, other bs.
Read a lot.
Get a credible mentor, or mentors.

On August 23 2014 01:59 cariadon wrote: Have the capacity for independant thinking, it is a prerequisite. Be very careful with who you take advice from, forums are crowded with a bunch of has-beens and know-it-alls and such. Apply for a prop. trading job, listing poker in your resume can be a good thing. Truly have the passion and drive for it, otherwise its not worth it. Look into stock options trading, they are very flexible and offer a variety of things you can do. Also, they can provide a little bit of leverage. Stay away from futures, commodities, currencies, other bs. Read a lot. Get a credible mentor, or mentors.

Good advice. Why stay away from futures, commodities, and currencies? I'm currently trading currencies on a small account, been at it for awhile. How do I go about finding a credible mentor? I think if you take a job in trading, you're not allowed do it on your own?

Please explain why trading currencies is profitable. There is your answer.

Profitable = making money or having an edge?

Since you described options as flexible, having a variety of things you can do, and offers leverage, I'll attempt to do the same with currencies.

Currencies let's you bet with any size account. You can bet a % of your bankroll over any amount of pips so it's very flexible. They charge a spread of 2.5-5 pips and not a flat rate of $5-10 so as long as you're right 50% of the time + the spread, you'll break even. With good analysis achieving over 50% should be doable. It offers a good amount of leverage as well.

Interactive Brokers is the best from what I've heard for active traders (like $1 a trade or something) but you have to have 20k in there I think. One thing that you can do early on with a small amount of money though is similar to poker bonus whoring. There are a lot of major sites who offer sign-up bonuses like "30 days no commissions" "X amount of trades free" "60 days free if you move your money here from another site", etc. So I would start with those to save money on that side of things.

On August 23 2014 11:37 cariadon wrote: Please explain why trading currencies is profitable. There is your answer.

I mean, when looking at the aussie dollar a few years back, I was looking at their gold mining companies, the price of gold, the taxes the gold mining productions have to pay, the price of other metals such as copper, the chinese and japanese markets, etc.. Anyone with a brain knew it was falling below parity, and below parity it fell. Like I said, if you can't see the big picture, you shouldn't be looking at the big picture. Go focus on the little details if that's your game.

Nitewin, where's the edge? Why are you able to beat the 50% plus spread? What's going on? What is the unerlying idea behind taking and exiting positions?

Gnarly, lol. Can we see the research please? I doubt you did any.

ur fine because the market will go up until one day you are doing your "lol im a day trading smartypants" and the next 2007-2008 crash wipes you out incl. every profit you ever thought you made

How very ignorant.

On August 24 2014 09:14 2primenumbers wrote: ur fine because the market will go up until one day you are doing your "lol im a day trading smartypants" and the next 2007-2008 crash wipes you out incl. every profit you ever thought you made

There, I just saved you from your ignorance

>expects me to keep articles and speeches years after the fact

I mean, you could actually look this stuff up yourself if you wanted proof. You can look at the dates when the Aussie fell below parity, look for articles concerning gold, mining, international economic affairs with china, japan, etc., the federal reserve of australia, prices of metals, job data, etc..

You probably have read my posts about OSGIQ, and how the KEYSTONE XL, which I've mentioned numerous times, is one of the reasons why osgiq will never go out of business, plus the expansion of the panama canal, plus the lift on the ban of energy exporting america set on itself, plus what's going on in ukraine (russia lashing out) and iran (pipeline control) plus the oil boom in texas and the fracking boom in canada plus the whole global warming scare, etc.

Surely, I have no idea what I'm talking about, and have done absolutely no research. That's why I connect all these dots, cause I literally imagined them with literally no outside influence.

Lemme guess, you're one of those people that thinks the US eco is destined to fail?

It is easy to find proof after the fact. The idea wasn't your own. I think you are incomprehensible and incapable of the things you claim. You can flip a coin and be right, it doesn't mean your reasoning is solid, which it isn't. In fact you have failed to provide any reasoning whatsoever.
So you almost made money in an instrument you didn't even trade? Awesome. That amounts to absolutely nothing.

What you say, Gnarly, may have influence on what others decide to do. It appears Nitewin is trading currencies. People don't fall into these traps on their own, they get encouragement from people like you. And that's a bad thing.

Well, of course, the idea wasn't my own. If it were, that would be because I literally have the power to physically act on the ideas. (expand the panama canal through financing, own a fucking shipping freight company, own a fucking gold mining company.)

Did I literally not give you reasoning? Why the fuck would America expand the panama canal and then decide not to fully utilize it by completing the keystone XL? Why the fuck would they build the keystone xl without improving the infrastructure of the ports it affects? Why the fuck would the government not make sure certain "assets" are protected so that they can be utilized when their ticket is called?

All you're saying is "Well, I think you don't know what you're talking about." That amounts to nothing. You don't explain why currencies, or commodities, or futures are a bad idea. Probably because you simply got burned by them because you're a fucking idiot.

On August 24 2014 05:43 cariadon wrote: Nitewin, where's the edge? Why are you able to beat the 50% plus spread? What's going on? What is the unerlying idea behind taking and exiting positions? Gnarly, lol. Can we see the research please? I doubt you did any.

I challenge you to answer the same for options.

Gnarly plz.

On August 24 2014 12:22 Nitewin wrote: Show nested quote + On August 24 2014 05:43 cariadon wrote: Nitewin, where's the edge? Why are you able to beat the 50% plus spread? What's going on? What is the unerlying idea behind taking and exiting positions? Gnarly, lol. Can we see the research please? I doubt you did any. I challenge you to answer the same for options.

You should fucking challenge yourself. Let's get this straight. I'm not here to spoonfeed you answers or prove someone wrong. You started the thread to acquire information and learn. By distinguishing the retards from someone who may have a point you can save some time and energy.

You have dodged the question why trading currencies is profitable in the sense of having an edge so we can agree the idea just isn't there. Trading currencies is basically being highly leveraged (to make it even worth the while) in a very volatile instrument that follows little to no logic at all. Technical analysis bs works until it doesn't. You are picking up pennies waiting for the axe to fall. Being able to consistently make money there starting out is highly improbable.

Since you aren't making shit when starting out you want to keep the costs low. This means no real-time data, no advanced trading platforms, no volume in number of trades made. This limits what you are able to do.

Stock options can be better than just stocks because they provide more tools to take advantage of your trading idea, whatever it may be. If you want a track record you can google W.Buffett and read B.Grahams "Intelligent investor" and be beaten into submission. Also trading options almost completely eliminates the timing factor, which is very helpful for beginners. The downside is that it requires a lot of reading and learning.

On August 23 2014 09:30 Nitewin wrote: Show nested quote + On August 23 2014 01:59 cariadon wrote: Have the capacity for independant thinking, it is a prerequisite. Be very careful with who you take advice from, forums are crowded with a bunch of has-beens and know-it-alls and such. Apply for a prop. trading job, listing poker in your resume can be a good thing. Truly have the passion and drive for it, otherwise its not worth it. Look into stock options trading, they are very flexible and offer a variety of things you can do. Also, they can provide a little bit of leverage. Stay away from futures, commodities, currencies, other bs. Read a lot. Get a credible mentor, or mentors. Good advice. Why stay away from futures, commodities, and currencies? I'm currently trading currencies on a small account, been at it for awhile. How do I go about finding a credible mentor? I think if you take a job in trading, you're not allowed do it on your own?

Not neccessarily. And if you can land the right kind of job you wouldn't need to.