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Day Trade Advice for newb
Posted on 2/8/18 at 9:59 am
Posted on 2/8/18 at 9:59 am
Long time lurker looking to do some day trading for a little extra. New to it all so any advice is appreciated...and yes I have come to understand that I shouldn't listen to anything OWS has to say! TIA!
9
Posted on 2/8/18 at 10:02 am to macshot
quote:don't day trade
Day Trade Advice for newb
Posted on 2/8/18 at 10:03 am to macshot
don't day trade
Posted on 2/8/18 at 10:07 am to macshot
quote:
Day Trade Advice for newb
1. Go to casino
2. Put money on Red
3. ???
4. Maybe profit?
You have a better chance to make money this way than day trading.
Posted on 2/8/18 at 10:11 am to macshot
quote:If you want to get to one million dollars by day trading, the best way to do it is to start with two million dollars....
Day Trade Advice for newb
This post was edited on 2/8/18 at 10:15 am
Posted on 2/8/18 at 10:13 am to macshot
quote:
Long time lurker looking to do some day trading for a little extra. New to it all so any advice is appreciated...and yes I have come to understand that I shouldn't listen to anything OWS has to say! TIA!
Just because you day trade doesn't mean you will make a little extra. There is a winner and loser on every trade. Probable best to test your "day trading" on a dummy account with the strategy you want to employ. Once you think you have reasoned and tested your trading strategy then try it it slowly with real capital. Keep in mind a pattern day trader must keep a minimum of $25,000 in his brokerage account.
Posted on 2/8/18 at 10:15 am to Mingo Was His NameO
How is that any different from the crypto game?
Posted on 2/8/18 at 10:16 am to castorinho
quote:
don't day trade
Posted on 2/8/18 at 10:21 am to macshot
If you're set on it, pick up some books and start reading. Read, read, read. Hopefully you have someone/people around you that can mentor you. Once you have a plan, be disciplined, don't chase and don't be greedy.
Start with a dummy account.
And don't quit your day job.
Start with a dummy account.
And don't quit your day job.
Posted on 2/8/18 at 10:44 am to macshot
In such a stable market environment, i really don't see a downside to this. good luck!
eta: the logic that people want to do this to "make a little extra" kills me. If you could reliably make a little, you could reliably make a lot.
eta: the logic that people want to do this to "make a little extra" kills me. If you could reliably make a little, you could reliably make a lot.
This post was edited on 2/8/18 at 10:46 am
Posted on 2/8/18 at 11:00 am to ATLdawg25
I can understand where you are coming from "making a little extra" is me saying that I am not greedy nor am I looking to get rich quick. I am quite happy with my truck and not sure that I would fit into a lambo!
Posted on 2/8/18 at 11:15 am to ATLdawg25
quote:
In such a stable market environment, i really don't see a downside to this. good luck!
I would argue that a volatile market is great for day trading if one is smart and understands the market. It is not great timing for someone just starting out and asking for advice on a sports message board to begin, though.
That being said, I don't know any smart investor that really day trades regularly. My account has been labeled as a day trade account because I hit the minimum threshold of 4 day trades in 5 business days a lot but it's not like I set out to do so. Sometimes I buy calls or puts and they are up 15-30% in hours so I dump them. Did so today with some SNAP puts but I am not actively going in everyday with the intent to do so.
Posted on 2/8/18 at 11:16 am to macshot
You’re competing against multi billion dollar companies with resources you could only dream of having...I’m sure you’re going to do fine 
Posted on 2/8/18 at 11:20 am to stout
quote:indeed. See crypto
I would argue that a volatile market is great for day trading if one is smart and understands the market.
Posted on 2/8/18 at 12:09 pm to macshot
quote:
looking to do some day trading for a little extra. New to it all
Replace day trading with professional poker, and you'll end up the same way. The pros don't talk much. They won't just give away their strategies, and they certainly won't sell them. Why? Because they've found a way to put the odds in their favor, and that's worth millions or billions of dollars.
So if you want to make money trading, go find an edge and refine it and yourself. That takes months or years; most people give up after 3 months.
Posted on 2/8/18 at 12:36 pm to macshot
quote:At least with cryptos you can risk $10 or less on trades while you are learning. Easy to open an account on the exchages.
How is that any different from the crypto game?
Or go play for free on the Spectre binary trading site.
Posted on 2/8/18 at 3:05 pm to macshot
quote:
looking to do some day trading
+
quote:
New to it all
=
Seriously.
Once you're somewhat seasoned, you might consider swing/channel trading... at most.
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