However, don't hesitate to tell us about a ticker we should know about! Spam, ads, business solicitation, and self-promotion posts or comments will be removed and you might get banned. Context and effort must be provided; empty posts or empty posts with links will be automatically removed. Posts regarding this topic will be automatically removed. My first year I made 6 figures But yes I'm a day trader and no I don't make 6 figures still.
And my typical day is wake up about am read the news, might sell or buy a few things pre market. I watch CNBC all day. Take a break about 4pm to walk my dog. Eat dinner and then start watching the asian markets, wait for Europe to open and watch squawk box europe and then go to bed and do it all again.
So best part and the reason I watch all the programs was during when all shit was hitting the fan a rep from GM came on TV and said well we are looking for sales from Europe to rely on Then later that night an exec from GM over in Europe can on squawk box Europe and said well we are looking to the US for sales. I've found if you want to do well, information and knowing what's going on all across the world is key.
Also figuring out why short sellers are wrong is a great way to make a killing I recently cleaned up trading deckers People thought Uggs were a dying fad but I found via google trends a very powerful tool for us traders that they weren't. Further people were complaining about margins because of sheepskin prices however sheepskin was falling in price, which analysts failed to take into account. What would you, or any other day trader on here, recommend a minimum amount of money to start day trading with?
But mind you there were a lot more opportunities to do well and my first year But key is to show them you can do this first. I make a full living from trading. Took 2 blown accounts and a year of struggling to make that happen though.
Mental aspects were my main problem. I still have massive doubts on a bad day. It takes alot of work to gain all the skills to do this for a living, and many people just do not have the personality that suits this kind of job.
What path did you take to improve your game and would you say that there are fundamental aspects of your path that would likely benefit others? Did you find that through experience, you were better able to interpret your instincts? Basically, I'm curious as to what you did to educate yourself, what your experiences taught you, and how you balance your "feelings" with technical indicators that either support or oppose your feelings. Thanks for your reply! The one biggest piece of advice i can give is find the niche that suits you and become a complete expert at it.
I have done over trades during these times. Most of the very successful traders i know concentrate on 1 or 2 markets Stock traders, 5 to 10 stocks. Trade small trade often. A small loss is fine, if you are wrong, get out. This is easier said than done. Mental stuff was very difficult for me to get on top of.
I would have a bad day and doubt everything i was doing. Read "trading in the zone". Great book on that kind of stuff. And balancing feelings with technical indicators. I do not use any indicators. Just a chart, volume and depth of market. Most of my trades come from familiar behavior that i recognize. With so much experience in those two markets i have gut feelings about how they move.
However before i grasped this sort of "sixth sense" i would simply identify levels in the market, and trade off them, with tight risk management. Thanks for a detailed response. I like what you mention about sticking to one or two markets. Right now, my major focus is biotech. Thanks for the book recommendation as well, I will look into it shortly! Its a long journey, with plenty of stress and difficulty. Stick with it, its worth it. For example, would you ever see trend days in opposite directions in these two products?
Generally most equity markets follow the spx However trades can be formed as the indexes match up. For example spx is at a support level, dax isn't, but ftse is. You could trade the ftse. What other futures are generally traded at your place during the European morning session? Another guy I trade with strictly trades the bund and nothing else. A bit of a mixed bag really. I have discussed a prop deal with them in the past and have friends that have had deals with them.
They have a good reputation. I'd love to know how much you use in capital and how much you make per year from trading. Also, have you considered joining a hedge fund? This may will mark my first full year as a successful trader. I have friends who know my reddit user name so I would rather not say my exact income but it is much much higher than the norm for my age I'm I had been trading for 6 months with next to no result I've wiped away months of losses in short order and hope to continue in kind.
I know I won't really know for a few more months whether this is really my doing or if the pendulum happened to mercifully swing my way, but either way it's nice to hear that someone else has seen the other side.
Glad you are seeing some good results. Its a battle but its well worth it if you stick at it. And yeah i am quite young, i was lucky to make friends with other traders who gave me a shot and helped me along the way.
Forgot the hedge fund question. I work with a small group of other prop traders. They have been approached a few times, for prop firms and hedge funds. I have considered it, however most are based in London I'm from the UK and I am not willing to move at this point. So discussions have never got past that point. My first attempt lost 15k, and here were the issues: The second attempt was shared with my father, trading his money.
The third attempt, I wanted to go out on my own again. I was starting to believe in my skills. Edges come and go in the market, but in this case it was trading one volatile, high beta stock and becoming an expert in it. The day I decided to try this style of trading I became profitable. Then the stock started trading differently and the edge went away. But, I had done it I knew I could trade profitable when the opportunity presented itself.
So that is the progression of the beginning of my trading career. I've continued to adapt to the market, and enjoy waking up to trade every day. Speaking of which, the opening bell is in two mins I agree about the edge changing over time.
I think being dynamic offsets the likelihood of getting married to a stock or making the same mistakes repeatedly. I've been investing for a living for about 7 years now. I lost money in the beginning until I started learning fundamental analysis, reading SEC filings like crazy, and really getting to the hang of finding undervalued stocks.
I don't think it's for everyone, but I love it. You are probably busy as hell, but chime in more often in We sure need a seasoned guidance. And most of us do not start with a lot. Everything- balance sheets, current ratios, dilution, everything. That's where you get the true picture of a company- not in their press releases.
I hope this isn't too forward, but how much were you making on a daily basis before quitting your day job?More...