Practicing day trading just for fun
Hi everyone. I'm currently a sophomore in college that is very interested in fast paced trading environments. I'm wanting to start practicing day trading with some of these free software just for the sake of learning. My question is, for those of you who started day trading, how long did it take you to somewhat get the hang of it? Essentially, it is me trying to learn something that I will hopefully be good at and could help me with future career possibilities.
Also, what software is best for someone who is just starting? Is there anything specific that I should start out day trading? For example, forex, stocks, etc.
Thanks!
Your chances are slim to none. Discretionary intraday timeframe trading at a consistently profitable level in an institutional environment is already unbelievably difficult today, you're just one guy on a retail platform with no contacts, no models, no experience, etc. You have no shot at making this work for you.
Instead of wasting your time with that, invest that time into reading trading/investing books, learn how to perform an in-depth research on a particular company, understand how to decipher the Ks and Qs, etc. These are all transferable things you can actually apply in your near future, unlike trying to squeeze a penny in intraday trading (which no one will care about).
Thanks for the comment! I understand that I will never make real money, it is just something that I am very curious about and would like to attempt. In all seriousness, I think I would enjoy the thrill of making split second decisions, even if it is with fake money. Is it not even worth it just to experience it?
It's can be a fun game but don't ever get the delusion that it works the same way in real life
I'll start out with a personal anecdote, when I was a sophomore in college I had the exact same idea that you have and began trading all manner commodities futures on a paper platform including ags, energy, metals, etc. Eventually I became consistently profitable on the paper platform to the tune of $750/day and opened a highly leveraged futures brokerage account with $5,000. Within a few hours of trading I went from $5,000 to $250 as my strategy was destroyed by the lack of liquidity I had.
The lesson learned here is that even if you find a strategy that works on a paper platform it likely won't transfer to real life as a profitable strategy for a number of reasons:
1) Your liquidity will be garbage on an e-trade account because a $5,000 account does not get priority for order routing and liquidity is EVERYTHING when trading intraday
2) You will have no access to market making desks which can provide said liquidity and offer better pricing
3) As a one man show you have absolutely zero edge and by the time you receive any material news someone else has likely already acted upon it closing the arbitrage window, -- if somehow you were able to act on something extremely quick the piss poor execution of your retail platform will delay you to the point that your reaction time didn't matter -- this is particularly true in the only products you'll be forced to trade... namely highly liquid securities, given the prominence of HFT algos operating in these markets. (Think of it as if you're driving a semi truck hauling steel and your counter party is riding a 1000cc sport bike... suddenly you both need to fill gas... the sport bike speeds ahead to the next few gas stations and accumulates all of the gasoline available -- when you finally arrive to the first gas station the bike rider offers to sell you the gasoline but at a deep premium)
4) You likely have little background in statistics and programming which is what exploiting intraday market movements is entirely based on... trading based upon "head under armpit with mountains on top" chart patterns will likely cause you to wind up broke within a couple weeks if not within days
The points above should be reason enough to stay very far away from intraday trading as a small retail guy -- you'll get paved. Instead, spend that time networking for relevant internships and learning more about the business it'll pay off in the long run.
this should be stickied every time we get a question from a kid who wants to day trade their inheritance from their grandpappy, thank you sir.
Any tips and tricks for Day trading? (Originally Posted: 07/16/2017)
Do you guys have any advice or tips and tricks for an aspiring day trader? I personally think that investment banking wasn't really for me and enjoyed the trading scene more...
Don't do it!
Why not?
1) Bet money that you are more than willing to lose.
2) Pick some stocks that are in your price range, research them, always keep up with the news to see any thing that will make it go up (patent, acquisitions, contracts, etc) and bet accordingly.
3) Learn how to short but also when to use it properly.
4) Stick to the fundamentals, that's how IBM and Hilton were built. Sometimes, good things take time.
Good luck
Alright, thanks!
Even though I agree with your generic advice once again, I think you should probably be more helpful in their near future.
The only way to learn how to trade is to do it. Something that works for one person may not work for another. Develop a few strategies and paper trade first. Discipline is crucial when it comes to trading. I have had strategies that worked for different scenarios but would burn when I didn't hold my exit points. You tube has some ideas out there, but keep in mind 99% are trying to sell a course.
Would give u a banana but fker wso blocked it. Never let your emotions get in the way of your money.
Your right, I heard forex is a strong market.
I would like to start playing with the stock market. any suggetion about where to start?
Trading tips for short term intra day trading of securities (Originally Posted: 07/09/2012)
Hello this is my first post. You all seem really clever and knowledgeable about trading s maybe I am on the wrong site but I can't find another one for amateurs. I short term trade with Colmex Pro. Do any of you know Colmex ? It is a Cypricot company. I trained with Tradenet a company in London. Their London office recently closed. Do you know how I can find out if the company has gone to the wall ? Is there a site which lists bankrupties ? I used to get a very hlepful daily report from Tradenet which listed recommendations to trade in certain stocks and a low down of the US market. I no longer get this. Does anyone know where I can get similar information ? I got a list which said breakout stocks, momentum stocks, breakdown stocks and this was very useful in deciding what to trade.
Also where can I get an earnings calendar ?
Thank you
R
Earnings.com
Day Trading Software (Originally Posted: 04/02/2007)
I see these guys with dual screens set up on their desks and massive amounts of market data streaming onto their computers and being displayed as graphs, etc...and they do this at home. What software are these day traders using? Is there an industry standard?
bloomberg? lol
Doloremque id molestiae ea fuga. Odit aut sint voluptas officiis. Eaque vel nisi sit temporibus quidem voluptatem itaque. Totam natus dolor alias qui laudantium omnis. Dolores vel sed sint ut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Nemo maiores distinctio veniam voluptatem aliquam. Qui eaque quisquam non et ducimus nemo qui. Ea aut quia sit quia eveniet labore. Modi dignissimos illo quam necessitatibus iusto repellat necessitatibus.
Qui aut veritatis nam voluptatem dolore. Inventore ex earum iusto quam et. Sit voluptatem hic fuga similique et vel odio iusto. Nam voluptatem est non aperiam velit. Ab ipsa autem omnis et.
Hic cupiditate delectus quo sit aut assumenda sit. Quaerat molestiae aut in et velit. Rerum iure amet voluptas officia laboriosam sed error. Vel architecto facere voluptatum quibusdam voluptate ullam.
Aut eum quisquam voluptatem eveniet qui blanditiis deserunt nisi. Provident eos et provident. Sed ut sit dolorem molestias et perspiciatis. Omnis modi beatae rerum consequatur perspiciatis. Quisquam earum deserunt qui.