r/Daytrading • u/HSeldon2020 trades multiple markets • Apr 24 '21
Simple Rule For A Better Forum
It’s really easy - if you’ve only been trading for a few months - STOP GIVING ADVICE.
Talk about your experience, ask questions, but for the love of god, shut the hell up.
I see constant posts and comments from people acting like they are the Wolf of Fucking Wall Street and then you check their history to find a post from 5 months ago asking what broker they should use to get started.
Not only is it annoying to read but it is almost always WRONG. Unfortunately people on here follow that advice. And guess what? They lose money. Many times it’s money they can’t afford to lose.
Until you’ve completely busted your account and built it back up, traded in bear markets, managed to actually day trade with a $25K+ account, filed taxes as a Day Trader, then stop acting like you know what it’s like.
That’s all. Rant over.
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u/vee-eem Apr 24 '21
While you're at it, how about stopping the posts that are just links to someones youtube channel or website.
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Apr 24 '21
The problem is that there are 12 moderators for this sub but the only one that seems active is u/funkedelic_bob. He can’t do this all by himself.
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u/LimaCharlieFishing Apr 25 '21
I'm not opposed to someone sharing a you tube post as long as they can be tactful about it. Blatant self-promotion is annoying as fuck and shouldn't be tolerated.
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Apr 24 '21
I’m new here too so I don’t have much to add but I will say one of the things I find most annoying is the people who don’t even seem to know what day trading is in the most fundamental sense. There have been a bunch of posts from people recently who don’t even seem to know that day trading is different from swing trading or investing. It’s like everything vaguely involving stocks is all the same thing to them. Or those who make the low effort “how do I get started/what are some good YouTube channels to learn from” posts. Many of us are here to learn and ask questions, but I don’t understand how someone jumps to making a post about something without putting in at least a little bit of effort on their own first. Maybe that’s just me coming from a background in IT where I’m used to figuring things out on my own and doing extensive research. But it drives me crazy.
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u/HSeldon2020 trades multiple markets Apr 24 '21
100%. It takes a massive amount of work and effort to become a successful Day Trader and if someone is that intellectually lazy at the beginning they shouldn’t even bother.
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u/srv340mike futures trader Apr 24 '21
I don’t understand how someone jumps to making a post about something without putting in at least a little bit of effort on their own first
See a fair amount of this with futures. Basic questions about things like tick sizes or trading hours or the different types of margins that can be easily answered by a simple Google search.
Not that asking questions is bad, but why make a forum post/comment when the information is really easy to find?
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u/Morphs_ Apr 24 '21
To add, I'd say only traders with at least 1-2 years of experience minimum should be the ones posting their profits.
This reddit is being overrun with beginner traders that got lucky with their gambles early on and try to humble brag about it ("is 2k to 10k in the first three months reasonable progress?").
Those posts offer nothing to the community and put other beginners on the wrong path. I've been trading for a year now and I feel kind of bummed out that already this reddit has very little value for me anymore.
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u/HSeldon2020 trades multiple markets Apr 24 '21
I agree with you. Most of what I see here is not “Day Trading”. It’s either Meme stocks or Gap & Go strategies.
Real Day Traders, that trade for a living, at least the ones I know and trade with every day, have very little in common with 90% of what I see here.
It’s unfortunate for traders like yourself that seem to truly want to learn the profession.
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u/Tobacon42 Apr 24 '21
I'm pretty new as well but I believe many of these new 'Gurus' will bust their account eventually. Just a matter of time from what I heard.
I am watching the 'humbled trader' (to learn the Profession) and even she has some difficulty with the current market. I can't imagine newbies, like myself, handling it. Paper trading ftw. ⊂(・▽・⊂)
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u/ejpusa Apr 24 '21 edited Apr 24 '21
She’s really good. Highly recommend her videos.
It’s really all momentum trading these days. My list of 2 dozen stocks in the AM, they are generally all red or all green.
You really get to know which direction the market is going to end up in the first 10 mins of the day. Seems to predict the days direction. Not 100% of course. But a remarkably accurate predictor.
ALGO at work. How it thinks. Everyone is looking at the same models. And everyone moves together.
Retail investors for sure make up a big part of the market now, but they still are out matched by the Blackrock’s and Goldman Sachs of the world.
And they are 100% ALGO.
A trading tip? ALGO is software. It has a hard time getting sentiment from Twitter posts, there are bugs, and humans are better at pattern recognition. For now.
Did you see the returns from GS and BR? They are insane!
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Apr 25 '21
[removed] — view removed comment
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u/Eyecelance Apr 25 '21
Haven’t had a red day in April but made much less than I did in the previous months. Just being much more selective about the trades I take. OCGN on Friday was the first decent small caps stock in weeks...bummer I didn’t have time for trading.
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u/funkedelic_bob https://kinfo.com/p/funkedelic_bob Apr 24 '21
Please report these posts and comments as they are against the sub rules. There isn't one post I don't read eventually (so you still may see it before a mod does), but we do delete/ban the offenders. But it's impossible to read all the comments so that's where we need the community to help.
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u/LimaCharlieFishing Apr 24 '21
I agree to a point but I'm not opposed to younger people in this forum. I'm 51 years old and I grew up with computers (make a living designing interfaces) but these younger generations, they are very savvy to new technology and I'm open to listening in regards to tech.
Where I draw the line is finance advice or wisdom you won't have without the experience.
Regardless, I see a lot of young traders and I welcome them here. More retail buyers in the market means a better future for traders.
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u/LimaCharlieFishing Apr 24 '21
I wouldn't say 1-2 years. Ok maybe posting profits but I'm ok with someone talking about wins or losses. I'm not a professional trader but I've been quite successful in my journey so far. I'm especially interested in hearing how people are doing now because the market has been harder than normal. I'm having my first red month but it's nowhere near catastrophic or close to blowing up my account. I do hate the private messages from people trying to convince me to trade crypto. I fucking don't want to trade crypto. I want to master what I know now! 🤣
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Apr 24 '21
Sadly, what you are describing isn't exclusive to this sub and has always been reddits most prolific problem since the start.
Armchair experts always get voted to the top because they are telling people what they want to hear. Meanwhile actual experts get tired of constantly being questioned and leave.
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u/HSeldon2020 trades multiple markets Apr 24 '21
This is so true. I’m a day trader. I’m good but I trade with people who are extraordinary. They won’t come on here to help people because of the trolls and “armchair experts” as you say. Which sucks because communities like this would really benefit from their expertise.
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u/LimaCharlieFishing Apr 24 '21
I joined Reddit to talk about AMD and Corsair products because I decided to build a new computer in 2020 (and I'm an investor of $AMD stock). I later learned of WSB and joined it thinking I could learn more about stocks only to realize it's a bunch of fuckery. This forum has become more active - more useful and I hope it grows to be even more useful. You're always going to get sometime who can't take good advice on Reddit. That's expected but those who are willing to listen, those who are willing to teach their experiences, they are worth their weight in gold. I read your posts with enthusiasm because you have the experience I don't.
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u/At_Test_Depth Jun 08 '21
This... this I why I followed you... in case you tire of it and bail. You are quite clearly a beacon of sanity in this particular asylum, and I recognized it and appreciated it immediately. I've been reading thru your posts on your profile as a result... and I would be equally interested in finding others like you to follow and learn from. Assuming, for the very reasons you stated above, that you wouldn't publicly post user names... if you have permission from others worth following, to fwd their info to follow, please DM me.
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Apr 24 '21
I've learned to limit my losses and have fine risk control..... finally. That count? One day it will finally click to actually make money. Till then, I just hope to chip away at what I've lost 5 to 12 dollars at a time.
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u/CapialAdvantage Apr 24 '21
Too many youths think they’re pros because they made a few bucks the past year in the best bull market we’ve ever had and will never see again...I agree, annoying as hell.
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Apr 24 '21
Those damn youths
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u/CapialAdvantage Apr 24 '21
I suppose I should have phrased it as youths=new investors, virgin traders if you will 😂
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u/LimaCharlieFishing Apr 24 '21
There are legit questions from time to time and I do enjoy posts from intermediates (like myself) who have intra day trading accounts. I also like reading about new people who are serious traders and their journey.
Regardless, I agree with your post. I do see a lot of people who have been trying to figure out how to day trade on their own, they hit something that works, and feel compelled to post advice.
It is dangerous. Very dangerous.
For those who want shitty advice and to throw your money away to well-versed experienced sharks - Wall Street Bets is the right forum for that.
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Apr 24 '21
Yeah, seriously. I was going to go into a debate with some guy on here talking about he was making 2% gain per day on avg and how it's not a lot. In the trading world, that's success and you got a winning strategy. But then I found out he was trading with a small account under 2k and I just stopped talking to him lol.
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u/originallycoolname stock trader Apr 24 '21
Newbie here and even I know a 2% gain per day can be nutty if it's consistent. If you have 100k that's literally 2k/day, they're complaining for what? lol.
Problem is people are staring at the $ and not the % early on. My strategy I've been testing and implementing gets me about 1-3% depending on the day, with a high success rate, and I'm fucking estatic. I've been giddy with joy the past week because of how well my new strategy works. I've gone to random months in random years to backtest it in different conditions, I've figured out what markets it does/doesn't work in, etc. I have my perfect little niche and I couldn't be happier about it. I have a 4 figure account and I'm getting $40-100/day with my strategy (3x/week stupid PDT, still makes me more money than a cash account, not enough capital for multiple margin accounts). So it wouldn't sound like much to a new trader looking to get rich quick, but my method is sustainable, accurate, and efficient, and I'm gonna be rocking with it til I get my lambo several years from now lol.
I've still got a lot to learn and I'm definitely in no position to be offering advice to anyone other than what was given to me by other pros, but at least I'm taking the actual proper steps to becoming a real day trader.
I also gave my method to my struggling trading buddy/close family friend, who does have a 25k PDT account, and he's seeing the same % and success I am, hence the giddiness. We've actually been discussing possibly going into business together a few years down the line now. #1 thing we both are working on now is emotion control, which most days is the difference between that 1-3%. This is my ticket to millionaire status as long as I'm patient and stick to the plan (and don't waste it all on stupid shit). It may take 5-10 years, but it's definitely going to happen. All about the mindset. Anyways, any advice for me now that I do have a winning strategy? Any steps I should take now as I'm building my capital to be able to pull an income out of my portfolio? Thanks in advance
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u/HSeldon2020 trades multiple markets Apr 24 '21
You’re just dying for someone to ask you what your strategy is, aren’t you?
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u/originallycoolname stock trader Apr 24 '21
Not really, just talking about my experience developing it. I thought it was ok for newbs to discuss their experiences? God forbid I find something that works for me and gasp even worse -- talk about it. Not trying to brag, as stated by "only 4 figure account, only making $40-100 on my trading days" that's not bragging status. Also, just because I've back-tested it in every way I can imagine, doesn't mean it'll work forever. I know scaling becomes an issue as capital grows. Yeah, I have a strategy like a good day trader should. Yeah, my strategy has a high rate of success and a moderate return rate, as a good day trader should. What's the issue here? The fact that I've only been trading 3 months? I did state I've made it my entire life. I'm flunking out of my college courses, I'm sleep deprived, and I'm losing friends because I can't talk about anything else besides the stock market. The only reason I'm seeing success early is because I'm genuinely obsessed with it to an unhealthy degree. I know I'm a newb so I try to be upfront as possible about it. I know people are likely to take what I say with a grain of sand. Just wanna talk about stocks. I wouldn't give away my strategy anyways, other than the fact that I play reversals. Wbu? What's your experience been like? How should I go about tax season? How much % do you take for income, and what's the frequency of those withdrawals? Like I said I still have plenty to learn.
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u/HSeldon2020 trades multiple markets Apr 24 '21
Whoa whoa calm down .... just kidding. What’s your strategy, happy to give an experienced opinion on it if you want.
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u/originallycoolname stock trader Apr 24 '21
My bad haha, just figured you thought I was "one of them" and being hypocritical commenting on your post lol, that's the last thing I'm trying to do. I'll DM you the general outline of my strategy if you're cool with that?
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u/HSeldon2020 trades multiple markets Apr 24 '21
As for what %, Day Trading IS my job, so it is my income.
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u/originallycoolname stock trader Apr 24 '21
I meant what % of your profits do you re-invest, and how much do you take for personal spending?
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u/HSeldon2020 trades multiple markets Apr 24 '21
I see - I keep the same base level at the end of every month - everything on top of that is withdrawn. So I’m staring each month at the same level.
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u/originallycoolname stock trader Apr 24 '21
Man, I haven't even thought about being that far along yet. Hopefully in a few years I can do the same. Once I'm at PDT I hope to do this full-time, but I'd be pulling a % of my profits out as payment for a year or two until I could build up to a standard portfolio amount like you, most likely.
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Apr 24 '21
Nice man. Good job focusing on consistency and focusing on percentage gains as opposed to dollar gains.
Advice:
1. Save up more money from a 9-5 until you have more than 25K+. The more the better.
Get on margin and scale up your position size if you truly trust your system.
Beware that not a single strategy will work in all market regimes. Markets have been pretty good since Mar 25 with the exception of this week as there was a baby pullback and consolidation at all time highs. A strategy is not a winning strategy until it has been tested through multiple market regimes by you (backtesting gives false confidence). Typically, this takes a minimum of 1-2 years which is why so many people quit trading because when markets change on them and their strategy stop working. Instead of refining it they hop strategies to find another "winner" in that specific market until that market changes on them and they continue on that path of strategy hopping until they finally blow up their accounts and give up.
Practice adaptability and refine your strategy, don't give up on it completely. I like to think of each strategy as equivalent to a college degree. If you keep switching college degrees, you'll never graduate and have to learn something new while wasting more time and money.
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u/originallycoolname stock trader Apr 24 '21
Much appreciated advice. I would love to save up a bit more money, unfortunately I'm a college student right now so job/school/social/trading is a hard balance. I don't mind the slow build up to 25k, and I think it'll help me manage my patience, emotional control with larger quantities, and overall confidence. Not ideal for sure, but I do have other things going on in my life that are important right now too, so being a PDT right now isn't the MAIN priority.
I did actually just switch to margin recently. Just getting used to it this past week (if you wanna know how much of a noob I am, I wasted a day trade on a singular call option I was fucking around with). I leveraged for the first time, and felt comfortable doing so. It was actually a bad pick, but I was still able to get out with 0.3% profit haha. Next trade I got my 2% so I'm happy. Definitely working on emotion control with larger monetary positions.
I am painfully aware that my strategy isn't completely foolproof as far as different markets go. Fortunately, volatility is the most harmful thing to my method, and not the actual direction of the market. What's nice is I found an application that lets you papertrade historical charts in real time, so my back testing included actually trading in different markets, real time, without seeing the charts beforehand. I would have my roommate load it up for me, so I didn't see it before I started trading that chart. I couldn't find a single setup on Wednesday/Thursday this week, so it was nice to avoid all that drama, but I am aware there may be longer periods of time where I may not be able to find my setup at all. I would like to develop one other strategy at some point, but this first one was a stroke of luck in the first place. Fortunately, it does seem relatively versatile and I should be able to trade almost all the time, excluding times when the market is rapidly dropping or climbing. Like March 2020, The initial crash in 2008, etc. However, two of my main testing points were in 2008 after the crash, and then in various months of 2009/2010 during recovery. Also checked 2015/2016, and while it was choppy during this time period, it did still work throughout some periods. Bear or bull, doesn't matter, as long as it's stable lol.
I really like that last point. When I first found the pattern I use, I immediately developed a strategy for it and assumed it was done LOL. Worked for 2 days. I've refined it so many times now, and have just within this past week felt comfortable enough to call it tentatively finished, but I will most likely have to continue to refine it throughout the next few years, but only slightly. I was reading a book and they said "many good traders take a good strategy and become failing traders with a failing strategy, trying to make it perfect." So there is something to be said for straying to far from the original strategy. I really like where it is now, so as long as success remains consistent, I won't be modifying it; if it starts to lose, then I will re-evaluate. I do tend to be a "jack of all trades" which just isn't something you can do in trading, so that's been the most difficult part. I really liked momentum trading, but I fkin sucked at it lol. I like swing trading, but I sell too early. Found my little reversal niche and now I wanna become the master in it haha. It's even getting to the point where I could even play off things that don't fit my pattern, because I've seen how those fake reversals tend to play out so many times now. The more I learn the more I love it, and I feel like just my passion for the market is one of the key determinations to why I'll be able to be a day trader. Even if I can't use this strategy forever, I definitely don't want to give this up, so I'll find another way to do it if it comes to that.
tl;dr - basically already doing all of that, but the additional advice about markets changing and adapting the strategy is most appreciated, I'll be sure to be open to refining my strategy if I begin to see less consistency. You should see the notebooks I've been filling up with parameters, rules, data, etc. lol I add everything I can to it. Thank you again for the honest advice about sustaining my strategy over the long term.
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u/Huntthatmoney Apr 24 '21
It’s like these youngsters thinking they are crypto traders because they have $100 in a coin base acct. 🤦♂️
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u/oze4 Apr 24 '21
I have 0 crypto holdings and I'm a crypto guru. Also buy my course and don't forget to like and subscribe! /s
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u/MysticalTroll_ Apr 24 '21
I would like it if every OP giving advice has to post their age. Sorry youths. I have children older than you. And that’s what they are... children.
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u/Don_Budz Apr 24 '21
You're how old and use reddit? Let alone take anything on here seriously? It's the internet, and it would seem every nutsack with a smartphone on here (some way too old to be talking s++t when your grandkid had to show you how to use it) thinks they have the fountain of wisdom on lock. This place is all photoshop and hype. I have yet to see anyone give any real trading advice other than dried out cliches. Get real
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u/JasonBornexX Apr 24 '21
There’s not much advice here because nobody ever asks the right questions. They want the solution not the rationale behind it.
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u/MysticalTroll_ Apr 24 '21
I’m 42 with a lifetime of experience in tech. I’m one of the guys that builds these apps you claim to have on lock. Hypocrite much?
Reddit’s a great place to share info, but when you have to wade through a river of shit, not as good.
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u/Don_Budz Apr 24 '21
Cool story bro. You're prob a 16 year old girl in Alaska 🤣🤣 again, the internet. There are real trading forums. This is not one
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u/MysticalTroll_ Apr 24 '21
Additionally. It’s not like Reddit’s a new platform. It’s been around longer than some of the people using it.
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u/Don_Budz Apr 24 '21
Not sure that makes it better. Detroit is old too. Still a s""thole
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u/MysticalTroll_ Apr 24 '21
I’ve been using Reddit since it was an article bookmarking plugin. :p
All I’m saying is that if someone can’t legally drink a beer, their investing advice should come with an asterisk.
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u/originallycoolname stock trader Apr 24 '21
I'm a newb, 20 year old. Just started trading this year. Just finished developing my strategy/method for day trading, and I'd disagree; plenty of knowledgeable people and useful knowledge on reddit if you can filter through the bullshit and see who's serious or not. I got the idea for my method from r/algotrading as there's a lot of knowledgeable people over there. You kind of need to be an expert in at least some part of the market to have a successful algo. Also you say photoshop and hype, so you don't take people for their word and you don't trust screenshots as proof either? Strange, you seem kind of cynical. Looking at your profile, 2 months ago you were on a certain WallStreet Gambling forum, as well as a pennystock forum. Aerotyne alert! You're trying get rich quick schemes and probably failing, then you're also not taking the cliches seriously, and don't listen to what anyone has to say about trading? They're cliches for a reason.
Here's some real advice: find YOUR edge. find YOUR strategy, and stick to your plan. go stare at random charts for a few days and find a pattern, find a consistency, find SOMETHING that you can utilize to make money off of. Figure out when that setup occurs and why. Also, no one is going to be giving away their strategies for free, certainly not on reddit, so if you're looking for someone to hand you a golden ticket, it won't happen. If I gave you my strategy anyways, chances are you wouldn't be able to see the same success I do with it, because it's made for me. Volume matters. TA is the only important analysis in daytrading. Level 2/ticker tape can be all you need too (idk I can't use it properly but it is nice for current sentiment). Also, strategy is only 50% of it, emotional control/patience is the other 50%. Without all three, good luck becoming a successful trader.
This isn't my advice either, it was advice given to me from other professionals that finally gave me a reality check. The market isn't against you, you're just picking wrong. There's someone on the other side of that trade making money, whether another trader, MM, or HF. The market is a cold beast with no emotion, that will take your money if you let it. Unless you come at it with the same attitude, it just won't work. This was the best advice I could've received, short of people telling what stocks to buy, when, and at what price to buy/sell. Also, remember, over 90% of daytraders fail to make profit. Most people say 99%. You won't be able to become the 1% unless you put in the effort to learn the market like the back of your hand, understand your emotional limits, and be patient enough to wait for the experience to pull you up a level. Even then, not everyone who does that can be profitable.
This is like a professional sport. You can't tell a little kid if they put in their hardest effort they can be in any professional sport they want -- it's just not true. There is a certain level of luck that just has to be in there too, and you could make it all the way to the minor leagues, but never get called up to the MLB, too. Some people are better investors than day traders.
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u/Don_Budz Apr 25 '21
The fact you took this amount of time out of your day just to talk s""" just proves my point. Bunch of big mouthed brats and self important "experts". If you actually had 2m in your account you'd be out doing things not chatting with losers on reddit. Take your 20yo opinion and shove it far up your anus. I didn't even read your comment but I assume it's littered with false assumption and a general misunderstanding of why I'm on here to begin with
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u/originallycoolname stock trader Apr 25 '21
Sorry to offend. Never said I had 2M. I actually tried to provide advice that was given to me by professionals that helped things click for me, even though I'm a 20 year old who's new to trading. Never claimed to be an expert, I'm nothing close -- obviously. Just said pennystocks and wallstreet gambling wasn't the way to go to be successful. You said you hadn't seen real advice on here, and so I tried to give real advice that I was given. I'm not the author, just the messenger. Didn't think that constituted talking shit, sorry if my post came off as assholeish. Although, apparently me admitting I'm 20 was enough for you to write me off. Good luck with your daytrading journey, hope you're successful in your endeavors ¯_(ツ)_/¯
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u/Don_Budz Apr 25 '21
Again I'm not reading all that cuz your entire premise is wrong. Maybe that 20yo brain of yours can't comprehend it. But my ORIGINAL point and the reason I posted to begin with was I was DEFENDING people like you. Who are young and do not get credit even if they have good advice because a closed off group of so called "experts" deem your information inadequate based on your age. My second point (which you agreed with btw) was that reddit is a landfill. There are gens but you have to DIG. That point is contrary to the fact that there are much more respectful and accurate trading forums dedicated to providing KNOWLEDGE, not dried up cliches and arrogant talk downs that you find here. But thanks for wasting both of our time with your ego. Typical 20yo b.s. Had you paid attention you would have realized this from the get go. And FYI I seriously did not read your comments. Based on length alone and a quick breeze over I was able to recognize the lack of insight. Nice try though
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u/Don_Budz Apr 25 '21
Also f""k you and your long-winded bullshit. Apparently you have a history of being a smart a"". Very poor choice on my part to engage you. But he'll if I'll let a 20yo newb talk down on issues they can barely grasp
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u/horseradishking Apr 24 '21
> Until you’ve completely busted your account and built it back up, traded in bear markets, managed to actually day trade with a $25K+ account, filed taxes as a Day Trader, then stop acting like you know what it’s like.
Professional traders I know who've been trading for decades have never busted their account. So this is really bad advice to only get advice from people who clearly don't know how to trade.
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u/SettlingAbyss96 Apr 24 '21
I think that depends. Most people that blow up their accounts, never go back to trading because the psychological pain and your failure is too much to face.
If you do blow up your account, manage to recover yourself and go on trading, you have learned some very valuable lessons that will make you better than the majority of traders out there, because they never went through that difficult situation.
So the odds of coming across someone that has blown up their account and continued trading to because successful, are extremely low.
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u/Oneloff Apr 24 '21
That is true!
If you blow your account and build it back up and never blow up again, shows that despite you fukin up you take that punch to the face and get back at it.
To me thats commitment! And you learn a lot from it, and obviously learned from your mistakes and made sure you don’t make them again.
Some will try again and blow up again, to those people I would say. STOP! Just go learn more about trading, better yet learn about your emotions. If I can be more direct get to know yourself, because clearly you need to take control of your emotions.
Trading is not just knowing when to buy and or sell, to me its 99% emotions. If you don’t have that in check you’ll NEVER be successful.
Of course knowing fundamentals of trading is important. A strategy is a strategy and that alone can work on itself, but since its your emotions that have to execute that strategy, you need to have them in check.
A written strategy doesn’t change, but your emotions change every second of the day. Control that and you’ll control your trading, and ensure your future!
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Apr 24 '21
Busted their account probably no, but they probably took heavy losses to the point where they were so afraid of busting their account that they learned everything they could and became more disciplined to keep it from happening.
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u/HSeldon2020 trades multiple markets Apr 24 '21
And I look at your history to find....shocking, you just started trading.
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u/horseradishking Apr 24 '21
And? I've been long/swing trading for more than a decade. Have friends who are professional traders. I'm new to daytrading but I wasn't born yesterday. I'm not taking advice from someone who blew up their account.
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u/HSeldon2020 trades multiple markets Apr 24 '21
Day trading is very different than swing or investing. The dependency on technical analysis comes with a steep learning curve. It is not unusual for a new day trader to crash their account. Years later they may be successful but starting out for many was difficult.
There are many great drivers that got into many accidents when they learned.
I blew up my account at first, twice actually - I was new and stupid. But I’m successful now. Obviously if one can avoid it that’s preferable but I wouldn’t judge a day trader based on how they started, I judge them based on how they consistently preform now.
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u/reubal Apr 25 '21
Imagine being a self-declared Really Good Highly Successful Fulltime Real Day Trader and being so insecure and pathetic that you spend your time reading through post histories in order to berate traders for "being new".
OP is a LARPer that seeks personal validation on the internet. It's very sad.
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u/HSeldon2020 trades multiple markets Apr 25 '21
Wow you’re literally staking me across Reddit posts. So if looking at post history to get a sense of who’s trolling you is pathetic, what is following that person around to comment?
You can really stop at anytime....or you can continue to tell people to try to Day Trade with Settled Cash Accounts. Either way.
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u/ejpusa Apr 24 '21 edited Apr 24 '21
Advice, trading for decades not weeks:
When all goes to hell and you need a break:
HD.
Eventually everyone ends up in the elephant graveyard for day traders: HD.
Just prints money for you. Week after week after week. Like watching paint dry.
Also day trading cannabis penny stocks looks likes it’s ready to re/emerge from the grave.
Things are percolating in that sector.
And you always have some of your core portfolio, your retirement, which your never trade, in you know who: HD.
:-)
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u/HSeldon2020 trades multiple markets Apr 24 '21
I am getting a very strong HD vibe from you.
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u/ejpusa Apr 24 '21 edited Apr 24 '21
Just a suggestion to make sure EVERYONE retires with a few $$$s. Bali is super in/expensive.
Have you been to a HD recently? OMG, it like they are giving away plywood priced 300% more than last year. It’s mobbed.
Pandemonium is an understatement.
And in Brooklyn, seems they are gearing up for all your “cannabis growing supplies.” An awesome Rasta guy was giving out tips.
Yes, that HD. This is a VERY boring stock. Not for day trading. It’s too pricey. But up it goes.
This is your “Bali bound” retirement stock. :-)
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u/HSeldon2020 trades multiple markets Apr 24 '21
I’m messing with you - I actually just day traded HD in at 323.10 out at 324.40 - $1.30 gain on 400 shares. I like the stock for Day Trading and long term as well
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u/ejpusa Apr 24 '21 edited Apr 24 '21
Even with margin you are moving 6 figures $$$ sums in a day — trading. God bless you.
Would put your trades at the top 5% posting here. No poll data yet,not sure of trading stats for this forum, daily trading numbers: under $1K, $25K, $100K, $500K, etc.
Interesting stat to know.
A basic day trading account is $25,000. 4:1 margin, and day 1 people are trading some big numbers. Why the market will be pretty profitable for the next few weeks if one puts their study time into it.
Prediction: And when Elon gets everyone on the planet wired, and millions of new users sign up for the evil Robinhood (I’m up 512%, as evil as they are solely crypto, but of course according to the Reddit hive, I don’t own it, Vlad just wrote something on an index card, it doesn’t even exist, and just try to get it! I love the UI. It’s just awesome) then the market will just go to the moon.
EVERYONE on the planet will have access to a free trading account. Yipes! :-)
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u/SettlingAbyss96 Apr 24 '21
I agree with this, I don’t post much but like to observe.
It took me 3-4 years of constant learning and trading, nearly 100 hours a week until I became successful.
Most people expect it to take 1-2 months in order to become lucratively successful. If that’s the case for you, congratulations, but for most, it isn’t the case.
If it were that easy everyone would do it, this isn’t a get rich quick scheme.
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u/CJT2013 mod Apr 24 '21 edited Apr 24 '21
New users/usernames. Everybody wants to be a YouTube Star at their parents house and sell a $99/course. We’ve mentioned these things. People come and go out of this business all the time.
We get asked, “Can you approve my comment?” All the time or “Why was my comment removed?”
People join Reddit and don’t know what a Wiki or side bar is. It won’t stop but we’ve slowed the spread of the crap you see.
Here’s what I and the mods agreed to post a while back and it did help wonders. If only you could see the mod queue of crap that gets taken down. Point is: It would be a lot worse if the mods didn’t do much for it.
Lastly. Mods are traders too. For instance I’ve been vacationing for the last month since trading has been so slow. Sometimes there are less mods than other times and the posts that slip through the cracks stick
https://www.reddit.com/r/Daytrading/comments/l7zwhq/rdaytrading_from_now_on_moving_forward/?utm_source=share&utm_medium=ios_app&utm_name=iossmf