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macshot
LSU Fan
Arkansas
Member since Nov 2013
14 posts

Day Trade Advice for newb
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!


castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
53984 posts
 Online 

re: Day Trade Advice for newb
quote:

Day Trade Advice for newb
don't day trade


Machine
New Orleans Pelicans Fan
Earth
Member since May 2011
5526 posts

re: Day Trade Advice for newb
don't day trade


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70
Mingo Was His NameO
LSU Fan
318
Member since Mar 2016
8356 posts
 Online 

re: Day Trade Advice for newb
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.


LSURussian
LSU Fan
Member since Feb 2005
109822 posts
 Online 

re: Day Trade Advice for newb
quote:

Day Trade Advice for newb
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....
This post was edited on 2/8 at 10:15 am


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220
HYDRebs
Ole Miss Fan
Houston
Member since Sep 2014
946 posts

re: Day Trade Advice for newb
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.


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macshot
LSU Fan
Arkansas
Member since Nov 2013
14 posts

re: Day Trade Advice for newb
How is that any different from the crypto game?


kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
54127 posts

re: Day Trade Advice for newb
quote:

don't day trade


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castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
53984 posts
 Online 

re: Day Trade Advice for newb
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.


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ATLdawg25
Georgia Fan
Atlanta, GA
Member since Oct 2014
4356 posts

re: Day Trade Advice for newb
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.
This post was edited on 2/8 at 10:46 am


macshot
LSU Fan
Arkansas
Member since Nov 2013
14 posts

re: Day Trade Advice for newb
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!


stout
Arizona Fan
Hermosa Beach
Member since Sep 2006
138807 posts

re: Day Trade Advice for newb
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.


iAmBatman
USA Fan
The Batcave
Member since Mar 2011
7966 posts

re: Day Trade Advice for newb
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


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60
castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
53984 posts
 Online 

re: Day Trade Advice for newb
quote:

I would argue that a volatile market is great for day trading if one is smart and understands the market.
indeed. See crypto


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Omada
LSU Fan
Member since Jun 2015
612 posts

re: Day Trade Advice for newb
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.


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Bullfrog
LSU Fan
but I’m still leaving at halftime.
Member since Jul 2010
38344 posts

re: Day Trade Advice for newb
quote:

How is that any different from the crypto game?
At least with cryptos you can risk $10 or less on trades while you are learning. Easy to open an account on the exchages.

Or go play for free on the Spectre binary trading site.


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Jag_Warrior
Virginia Fan
Virginia
Member since May 2015
940 posts

re: Day Trade Advice for newb
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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