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re: Any day traders out there?
Posted on 10/7/22 at 12:58 pm to Fat Bastard
Posted on 10/7/22 at 12:58 pm to Fat Bastard
quote:
most people?
so most are good at day trading?
Nope. 95% of people lose money and quit. By "most people" I meant of the 5% who make it, most take years to get there.
quote:
quote:
I'm still not consistently profitable and may not be forever.
FIFY, but good luck.
Don't really give a frick. I enjoy it and I play with such small #'s that it's essentially just playing around with leisure budget money I'd blow on other useless crap every month.
This post was edited on 10/7/22 at 1:02 pm
2
Posted on 10/7/22 at 3:17 pm to SM1010
Main thing is, do you feel like you’re improving and learning? Have you learned your way around the Level 2 screen and developed iron clad buy/sell strategies and resisted going on gut feel?
I wish you well. It’s a difficult game to win long term. But if you’re serious, best of luck.
I wish you well. It’s a difficult game to win long term. But if you’re serious, best of luck.
Posted on 10/7/22 at 5:00 pm to CaliTigerHB
Been day trading / trading since 1994.
Do not be scared to buy late in the trading day and hold overnight.
Concentrate on trading in the direction of longer timeframes that you are looking at.
Market tops and bottoms don not matter, what's important is that your system provides a favorable probability of reaching your target price.
Know your entry price, stop loss, target price, and position size BEFORE you place any trade.
Compound the hell out of 3% to 6% gains.
Do not be scared to buy late in the trading day and hold overnight.
Concentrate on trading in the direction of longer timeframes that you are looking at.
Market tops and bottoms don not matter, what's important is that your system provides a favorable probability of reaching your target price.
Know your entry price, stop loss, target price, and position size BEFORE you place any trade.
Compound the hell out of 3% to 6% gains.
Posted on 10/7/22 at 6:36 pm to CHGAR
The main point of day trading is to not hold overnight in order to avoid risk. So it sounds like you do more of a mix of swing/day trading. I daytrade SPY options, and if you hold overnight there's a huge risk of it gapping against you the next morning and being eviscerated.
Definitely agree with compounding small % gains over time.
Definitely learning, improving, and having fun. There are huge peaks and valleys though. Like I had a great August then got crushed in September. And by crushed I mean lose like $200 since I play with a tiny account.
Never really heard any professional daytraders refer to level 2 as being overly important (although I'm in the options world and not shares). I really try to focus on pure price action w/ my technical analysis. Indicators aren't super reliable imo (can be helpful sometimes though). Like I said in the other daytrading thread I use The Strat which is focuses on trading reversal and inside candles.
Thanks for the well wishes. I'll be doing it for the rest of my life. Maybe it takes me 15 more years to become consistently profitable. Maybe 2 years. Not really concerned either way because it's a passion of mine and I'm essentially only using beer money to play around with.
Definitely agree with compounding small % gains over time.
quote:
Main thing is, do you feel like you’re improving and learning? Have you learned your way around the Level 2 screen and developed iron clad buy/sell strategies and resisted going on gut feel?
I wish you well. It’s a difficult game to win long term. But if you’re serious, best of luck.
Definitely learning, improving, and having fun. There are huge peaks and valleys though. Like I had a great August then got crushed in September. And by crushed I mean lose like $200 since I play with a tiny account.
Never really heard any professional daytraders refer to level 2 as being overly important (although I'm in the options world and not shares). I really try to focus on pure price action w/ my technical analysis. Indicators aren't super reliable imo (can be helpful sometimes though). Like I said in the other daytrading thread I use The Strat which is focuses on trading reversal and inside candles.
Thanks for the well wishes. I'll be doing it for the rest of my life. Maybe it takes me 15 more years to become consistently profitable. Maybe 2 years. Not really concerned either way because it's a passion of mine and I'm essentially only using beer money to play around with.
This post was edited on 10/7/22 at 6:38 pm
Posted on 10/7/22 at 8:03 pm to SM1010
quote:
Nope. 95% of people lose money and quit.
yes i know. I am a trader.
i day traded pork bellies and lean hogs. did ok.
then went to currencies and got hammered.
you are betting peanuts tho man, I wager more on sports gambling in one game than you do on this day trading adventure you are on. if i am not making serious money i wont waste my time.
Posted on 10/8/22 at 1:41 am to Fat Bastard
quote:
you are betting peanuts tho man, I wager more on sports gambling in one game than you do on this day trading adventure you are on. if i am not making serious money i wont waste my time.
That's the attitude that gets the 95% of people who fail in trouble. If you're trying to make serious money daytrading that means you're risking serious money daytrading. If you're risking serious money daytrading without years and years of experience you're almost surely getting your arse handed to you. And then you quit.
Currently I manage risk by playing with small numbers.
Posted on 10/8/22 at 5:32 am to CaliTigerHB
Put your life savings and every dollar you have plus any loans you can take out plus cash advances on all your credit cards into a mostly free trading platform like Webull or Robinhood.
Go all in on every trade on one stock. When it goes up 1%, sell it all. Only trade thirty minutes before the market opens until 30 minutes after it opens. Only trade volatile stocks (with values of $1.50-$10/share). Only trade once per day. If a stock falls after you buy it and never goes up 1%, which is unlikely, hold it until it does. Even if it takes a month. NEVER sell for a loss, I mean, unless you're a pussy.
There are 250 trading days in a year. The most you can make with this method is 250% of your initial investment.
If this sounds crazy, and you don't have the balls to do this, do NOT day trade.
Practice on Webull with paper trading. Start with $25k. Got to the "Markets" tab. Scroll down until you see the "Top Gainers" section. Pick the stock that's at the top of the list 30 minutes before the market opens. Go all in. Set a limit sell for a 1-2% gain and hold until it sells. Just do it on paper trading. It isn't real money. You have nothing to lose.
Do it for a month. Everyday. See how much money you have after a month. Don't look at charts, don't give a frick what the company does. Just pick the Top Gainer at 0800 central time and buy $25k worth. Then set a limit sell for your measly little 1-2% gain and wait. Whatever you do... NEVER sell for a loss. One trade per day. It's so easy to get greedy. Greed kills portfolios.
Go all in on every trade on one stock. When it goes up 1%, sell it all. Only trade thirty minutes before the market opens until 30 minutes after it opens. Only trade volatile stocks (with values of $1.50-$10/share). Only trade once per day. If a stock falls after you buy it and never goes up 1%, which is unlikely, hold it until it does. Even if it takes a month. NEVER sell for a loss, I mean, unless you're a pussy.
There are 250 trading days in a year. The most you can make with this method is 250% of your initial investment.
If this sounds crazy, and you don't have the balls to do this, do NOT day trade.
Practice on Webull with paper trading. Start with $25k. Got to the "Markets" tab. Scroll down until you see the "Top Gainers" section. Pick the stock that's at the top of the list 30 minutes before the market opens. Go all in. Set a limit sell for a 1-2% gain and hold until it sells. Just do it on paper trading. It isn't real money. You have nothing to lose.
Do it for a month. Everyday. See how much money you have after a month. Don't look at charts, don't give a frick what the company does. Just pick the Top Gainer at 0800 central time and buy $25k worth. Then set a limit sell for your measly little 1-2% gain and wait. Whatever you do... NEVER sell for a loss. One trade per day. It's so easy to get greedy. Greed kills portfolios.
This post was edited on 10/8/22 at 5:45 am
Posted on 10/8/22 at 5:46 am to Gideon Swashbuckler
Is that you Joe? If it is,fk your demented arse with a fork
Posted on 10/8/22 at 5:49 am to DTRooster
quote:
Is that you Joe? If it is,fk your demented arse with a fork
There is literally NOTHING stopping you from putting the strategy to the test with paper trading. Come back in a month and tell the class how you did.
Posted on 10/8/22 at 6:02 am to DTRooster
Yesterday the top gainer for premarket trading was the ticker LUCY. At 0900 eastern time it sold for $3.17/share.
$3.24/share would net approx 2.2% return (I always round UP to the nearest penny per share).
If you had bought 7886 (which is approx $25k) shares at 0900 of LUCY at 0900 est, and set a limit sell at $3.24/share, it would've sold at approx 0942 for 2.2% profit. The profit margin is so small that almost every stock moves 2% on a given day during its daily fibrillation. 2.2% profit per day, hell even every third or fourth day, crushes everything else out there. And I've been doing this for almost a year. The longest I've ever had to hold a trade was 12 days. The most days I've made approx 2%/day in a row was 26.
Just try it. Paper trading. Or don't. I don't mind the insults.
I can give you a list of the last 10 days of stocks I've bought and sold for approx 2% gains if you like. I can tell you what time I bought them and what time they sold too. But again, keep listening to Cramer tell you what you SHOULD have done today AFTER the bell. After all, he is on TV.
$3.24/share would net approx 2.2% return (I always round UP to the nearest penny per share).
If you had bought 7886 (which is approx $25k) shares at 0900 of LUCY at 0900 est, and set a limit sell at $3.24/share, it would've sold at approx 0942 for 2.2% profit. The profit margin is so small that almost every stock moves 2% on a given day during its daily fibrillation. 2.2% profit per day, hell even every third or fourth day, crushes everything else out there. And I've been doing this for almost a year. The longest I've ever had to hold a trade was 12 days. The most days I've made approx 2%/day in a row was 26.
Just try it. Paper trading. Or don't. I don't mind the insults.
I can give you a list of the last 10 days of stocks I've bought and sold for approx 2% gains if you like. I can tell you what time I bought them and what time they sold too. But again, keep listening to Cramer tell you what you SHOULD have done today AFTER the bell. After all, he is on TV.
This post was edited on 10/8/22 at 6:05 am
Posted on 10/8/22 at 7:22 am to Gideon Swashbuckler
Lol I have no idea if you're serious but..
I believe your little strategy works quite often. Until it doesn't, and then since you yolo'ed your entire account into 1 stock you're fricked and just blew your account in 1 trade due to awful risk management.
Guaranteed to happen eventually.
I believe your little strategy works quite often. Until it doesn't, and then since you yolo'ed your entire account into 1 stock you're fricked and just blew your account in 1 trade due to awful risk management.
Guaranteed to happen eventually.
Posted on 10/8/22 at 7:48 am to SM1010
quote:
Guaranteed to happen eventually.
Again. Nothing stopping you from paper trading and trying it out.
It just can't be that simple, I know.
And that's not exactly what I do. I withdraw daily profits. I don't trade them.
I've also never sold for a loss. If my 2% price doesn't materialize, I hold until it does. 12 days is the longest I've ever had to hold.
Again, most times in and out in less than 10 minutes. I've been in trades for as little as 30 seconds.
Hell, if you're into "risk mngt", just one 1% trade per week is 52% annual return. You making that??
And obviously I didn't put every dollar I had into it, nor did I take loans or advances on my credit cards. That was a joke.
I like to think of $25k as bricks. I use one brick at a time to invest. When I get $25k from profits, I set it aside in case I need to invest while I'm holding an investment that didn't pay off, or to avg down. I have about 4 bricks that I'm using now. Most of the time (I'd say about 97% of the time), the reserves I have never get used.
I'm almost never in the market more than $25k at any given time. Like now, I bought LUCY at 0800 cst. My limit order went through at 0842. I made approx $550. As of this moment, I'm 100% liquid. I hold nothing long term. Well... except a few long calls on TQQQ for 2024 that I bought when it was $19.32/share. Some things are too good to pass up.
This post was edited on 10/8/22 at 8:09 am
Posted on 10/8/22 at 8:21 am to SM1010
quote:
awful risk management.
I'll tell you what awful risk mngt is. Setting a 7% stop loss and getting your teeth kicked in. That's a sure way to lose everything.
Wonder how many times, when people set stop losses, do they go back and look at the stock they bought high and sold low, was there a rebound that if they had just not been a pussy and had a stop loss and held, could gains been actualized?
When I was paper trading (which I did for over a year) I held a trade for 63 days. Now... was it a good money maker? No. And I lost all of those trading days' potential profit while I was holding. But I didn't lose any actual money either because eventually my price hit, and I took the profit. I refuse to use stop losses. It's a loser mentality.
This post was edited on 10/8/22 at 8:36 am
Posted on 10/8/22 at 8:40 am to Gideon Swashbuckler
quote:
Setting a 7% stop loss and getting your teeth kicked in
If the profit target is 15-20% then a potential 7% loss is fine as long as you have the funds.
The point of the stop loss is to mitigate risk. If you’re trading with 2/1 risk to reward, you can lose 50% of your trades and still be profitable.
Buying and holding indefinitely is very risky. There has to be clear criteria for entering and exiting trades. “Holding until you’re in profit” is basically your strategy and that doesn’t work.
Posted on 10/8/22 at 9:01 am to LordSaintly
quote:
“Holding until you’re in profit” is basically your strategy and that doesn’t work.
Why doesn't it work?
It has and does work.
I don't trade to lose money. Even if it's 7% at a time. I will hold indefinitely. It doesn't matter to me how long it takes for it to pay, because I have another block of money to keep investing if I do have to hold.
My goal is so minimal that inevitably the volatile stocks get a boost at 0800 because of traders entering late premarket trading at that time. They trend "Top Gainers" and buy hoping on the open these stocks will rise based on their premarket action. It is rare that I am even still in the market when the bell rings because I've made mine in premarket trading.
I have clear criteria for entering and exiting. I buy at or before 0800 cst, and sell when I hit 2% profit for that individual trade.
And I'm well aware of what stop losses are for. I'm just saying they're for pussies.
This post was edited on 10/8/22 at 9:06 am
Posted on 10/8/22 at 10:05 am to Gideon Swashbuckler
If your strategy works for you then that's fine. I just don't think it will work for most people.
Posted on 10/8/22 at 10:19 am to Gideon Swashbuckler
quote:
Why doesn't it work?
It has and does work.
Sounds like your strategy does work tbh. What doesn't work is your risk management.
Go all in, hold, and hope it recovers enough to trigger your exit eventually is not sound risk management.
Stocks dump randomly and don't recover for months, and in some cases never, all the time. You nor your strategy is immune to this. No trader or strategy is. Why do you think you are?
You WILL get crushed eventually for going all in and holding indefinitely. Who knows when but it'll happen.
Posted on 10/10/22 at 10:20 am to SM1010
Don’t even try to talk sense with a Gump
Posted on 10/10/22 at 12:18 pm to Gideon Swashbuckler
quote:
Yesterday the top gainer for premarket trading was the ticker LUCY. At 0900 eastern time it sold for $3.17/share.
$3.24/share would net approx 2.2% return (I always round UP to the nearest penny per share).
If you had bought 7886 (which is approx $25k) shares at 0900 of LUCY at 0900 est, and set a limit sell at $3.24/share, it would've sold at approx 0942 for 2.2% profit.
LUCY is currently trading at $2
If you had mistimed your entry by even a small amount, you'd be down 38% on your life savings right now. And there is a good chance a shitco like LUCY is going to zero.
You are going to blow up with this strategy. It's not a question of if, but when.
Posted on 10/10/22 at 3:25 pm to Gideon Swashbuckler
quote:
As of this moment, I'm 100% liquid. I hold nothing long term. Well... except a few long calls on TQQQ for 2024 that I bought when it was $19.32/share. Some things are too good to pass up.
You’re buying calls on a 3x daily leveraged Nasdaq ETF. You seem like you’ve got your risk management in tip top shape.
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