How to Day Trade?

SniperGod
SniperGod

I want to day trade stocks. My problem is that I don't know how to get started. I've been trying to read on how to start, which platform to use, how much to invest, and more yet this hasn't really helped me. Really would appreciate if someone could give me some useful info on how to get started.

All urls found in this thread:
https://mega.nz/#F!1R0QATqZ!Eb1_M5KC9gkxK6w32R2ETw
TalkBomber
TalkBomber

I already have mutual funds and long term stock investments so please don't tell me to look into that. I'm in college and have money I'd rather invest than put in the bank.

SniperWish
SniperWish

@SniperGod
pick a penny stock and dump all your money in it. If it goes up you sell it, if it goes down you contemplate suicide.

WebTool
WebTool

EDUCATE YOURSELF!

LuckyDusty
LuckyDusty

@WebTool
Is the link at the bottom supposed to work?

eGremlin
eGremlin

@SniperGod
have money I'd rather invest
Then why aren't you investing it?
You don't need to learn to day trade in order to invest your money. In fact, you're much more likely to lose most of it that way.
There's no "secret" to investing, and the vast majority of info you would need can be found on the web or in one of the books user posted.
Why it seems confusing is that everyone wants to present their info/strategy/viewpoint as the only one. You'll see a lot of contradictions.

Fuzzy_Logic
Fuzzy_Logic

@LuckyDusty
https://mega.nz/#F!1R0QATqZ!Eb1_M5KC9gkxK6w32R2ETw

Booteefool
Booteefool

@eGremlin
I am investing most in stocks with a long term return in mind, the day trade is more for just trying it out and gaining an understanding; I'm not worried about losing money as I plan to start with small amounts and go from there.

Ahh okay, thanks, I guess that makes sense. Everyone wants to make their mark lol

Boy_vs_Girl
Boy_vs_Girl

@Fuzzy_Logic

Thanks!

MPmaster
MPmaster

@SniperGod
You need a Bloomberg Terminal.

Spamalot
Spamalot

@SniperGod
Have faith :^)

viagrandad
viagrandad

Which broker would you suggest for the european market?
Just want to throw 1-2k€ into it and see if i have any luck

takes2long
takes2long

@Booteefool
Day trading is pretty different from long term investing, but you should read up on technical analysis.

Also, open a paper trading account and don't put any real money on it for the next 6-12 months. Once you have a real strategy for putting top losses and setting objectives, then feel free to try with real money

w8t4u
w8t4u

@Booteefool
I'd stay with your long term return plan.
The problem with trading with "small amounts" is that you'll be stuck with two bad options:
1) Using a brokerage, where the cost of commissions will eat up a large percentage of your capital.
2) Using a free app, where the lack of real time quotes and basic service will cost you even more in errors.

Full time traders operate with a lot of capital, as this allows them to negotiate lower commissions, lower interest rates, qualify for margin (no settlement period) as well as shorting and leverage. Free access to realtime quotes 24 hours a day is standard as well.
It's all about how big the account is.

Bidwell
Bidwell

@MPmaster
Granted that it would give me access to a lot more info, there has to be a way that I can make my TD Ameritrade account work, at least for now. I have access to Bloomberg Terminals at college

Harmless_Venom
Harmless_Venom

@takes2long
but you should read up on technical analysis

80% of it is pure certified bullshit. OP would be better off getting acquainted with algebra, calculus and most important statistics.

kizzmybutt
kizzmybutt

@Harmless_Venom
I use to think this too...until I really took the time to consider that charts were the best way to gauge the philosophy of the people investing in x stock. After thinking aboutit purely from a behavioural POV my day trade picks became for more successful

Poker_Star
Poker_Star

@SniperGod

meme trading is more profitable.

Gigastrength
Gigastrength

@Poker_Star
meme trading? sorry I'm new to Veeky Forums

CodeBuns
CodeBuns

Head on over to Tasty Trade and watch the pro's who's been doing it successfully all their lives. Option traders.

whereismyname
whereismyname

@CodeBuns
I sell OTM options and use that tasty time decay. 4x margin is a significant help, but its hard for me to break 2% monthly.

Risk is about 20% ITM at expiration or less. Time horizon ~60-90 days.

Recommendations for improvement?

Harmless_Venom
Harmless_Venom

@whereismyname

I'm still paper trading about 6 months in so far but just watching them gives me enormous confidence. I'm just saving for now until I can get started for real but I'm definitely up for sure.
Even little trades are still significant amounts of cash and you have to bear in mind that most brokers wont give you full access to what you want unless you can display that you know what the fuck you're doing.

They tend to work on the basis of 45 days to expiration and manage winners at around 50% max profit. Trade small and trade often. That way you won't get hurt. And just build from there.

happy_sad
happy_sad

@Harmless_Venom
nigga, I just told you I have 4x margin. I'm also approved all option trades, including naked calls (which I don't do).

Drop a few thousand and start real trading.

iluvmen
iluvmen

@happy_sad

Believe me, if I was in the states I'd already have started. But over here I need more cash to get started. I have to use brokers that have higher requirements. I'm still looking around at different ones, different software and saving capital to use.

Alternative trading strategies is just a part of my over all investing strategy. I'm not in a hurry and and still learning the trade. This stuff is invaluable though.

FastChef
FastChef

@WebTool
Has anyone actually read all of these? Don't they repeat the same information?

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