Should i try day trading?

This is a discussion on Should i try day trading? within the First Steps forums, part of the Reception category; NO!!! do not paper trade whatever you do. It leads to a false sense of security - only when you ...

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Old Jul 17, 2015, 9:50am   #16
 
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NO!!! do not paper trade whatever you do. It leads to a false sense of security - only when you trade real money do the( extra) physiological pressure become factored in. Work out what you want to trade, open an account limit your capital, work out strategy, don't risk too much. Have fun!
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Old Jul 17, 2015, 11:40am   #17
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NO!!! do not paper trade whatever you do. It leads to a false sense of security - only when you trade real money do the( extra) physiological pressure become factored in. Work out what you want to trade, open an account limit your capital, work out strategy, don't risk too much. Have fun!

Hi CityTrader -

Refreshing angle on this problem. First, I assume you mean extra psychological pressure that comes with investment of real money, correct?

Up to a point I would agree. The game does change when you put money in. Its no longer a game.

But then again, how to develop a strategy, learn to manage risk and learn to handle your own psychological pressures without paper practice?
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Old Jul 17, 2015, 12:30pm   #18
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Find a proper educator and trade Futures not Forex.

I have never met a Forex trader who is more profitable than a Futures trader. There is a good reason for that. Now Investigate
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Old Jul 17, 2015, 12:47pm   #19
 
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Hi CityTrader -

Refreshing angle on this problem. First, I assume you mean extra psychological pressure that comes with investment of real money, correct?

Up to a point I would agree. The game does change when you put money in. Its no longer a game.

But then again, how to develop a strategy, learn to manage risk and learn to handle your own psychological pressures without paper practice?

The only problem is when you paper trade, you will NOT make the same decisions that you would make when doing this IRL. I promise you. So paper trade to learn the mechanics, the nuts and bolts of what to do, but please start small, and learn from your real life mistakes, with real money.
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Old Jul 17, 2015, 12:49pm   #20
 
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Find a proper educator and trade Futures not Forex.

I have never met a Forex trader who is more profitable than a Futures trader. There is a good reason for that. Now Investigate

That's a bit of an all encompasing statement. As most forex is tradeable via futures on IMM etc etc - how would you classify those? You could argue that a CFD is effectively an off exchange futures contract ( all be it without a settlement date)
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Old Jul 17, 2015, 1:18pm   #21
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That's a bit of an all encompasing statement. As most forex is tradeable via futures on IMM etc etc - how would you classify those? You could argue that a CFD is effectively an off exchange futures contract ( all be it without a settlement date)
Yes it is better to trade FX Futures, because they are transparent and you can read the volume. The order flow is visible and it is a centralised market place..

I would be interested in hearing your response....You should go and visit some reputable Prop Trading Firms (Futex, XConnect, Tower Trading Group). These guys all trade futures
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Old Jul 20, 2015, 9:17am   #22
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Yes it is better to trade FX Futures, because they are transparent and you can read the volume. The order flow is visible and it is a centralised market place..

I would be interested in hearing your response....You should go and visit some reputable Prop Trading Firms (Futex, XConnect, Tower Trading Group). These guys all trade futures
Indeed.
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Old Sep 16, 2015, 11:55am   #23
 
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demo account are the best for beginners.. at least you can develop a strategy, and you can become familiar with the platform..
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Old Sep 16, 2015, 1:45pm   #24
 
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Demo accounts

The only thing a demo account is good for is learning the difference between being long and short. Oh and maybe as you say the platform. Without having to deal with the phycological issues and money, risk, stress management it may as well be a computer game. Actually, that's exactly what it is.... A computer game!!


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demo account are the best for beginners.. at least you can develop a strategy, and you can become familiar with the platform..
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Old Sep 16, 2015, 2:11pm   #25
 
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Hi,
If you want to trade your money.....and have no idea what you're doing, you will....
1. Lose the money either quickly or slowly
2. It will wake you up
3. You will decide whether You wish to continue or not
4. You will learn a lot
5 you won't learn enough
6. You will never find certainty only probability
7. Are you happy in the grey or black and white....decide
8. You will probably save another 15 k
9 Yu will think you're better and smarter and more confident this next time
9. Yu will repeat 1-9
10. After x number of 1-9 you might actually make some profit but you will be much older than now
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Old Sep 16, 2015, 2:36pm   #26
 
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Day trading success or failure is a personal experience, if you will succeed or fail will depend only on you, if I fail does not mean you will too. If you want to try day trading first educate yourself to develop your own day trading method based on an edge using price and volume analysis, this is all you will need. Create your own risk management system which is easily done with Excel. Test your method with paper money then with real money. The only way to face and learn how to control your emotions is trading real money. Persistence and perseverance is key.

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Hi all, i'm 23, day trading has interested me for a long while... but i still know nothing about it.
here's the deal, right now, i have lots of free time, and about 15k saved up.
i'd really like to give this a shot, right now i have alot of free time, so i want to try and use it

what i'd like to do is practice somehow, that doesnt require any money, and later on i can start small, maybe try working with like $1000, and once i feel comfortable i can try putting more capital into it..

currently reading through all the stickies and stuff, so yeah..
really new to this stuff... what exactly do people use to facilitate day trading? as in, how do you buy / sell stocks, view stock prices/graphs etc

thanks
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Markets are living entities in constant changeľand the key to trading survival is to learn to recognize change and adapt. If you use rigid, systematic trading rules, blindly applied to all market conditions, you will not survive as trader. By: Reza Dilmaghani

Last edited by malaspina; Sep 16, 2015 at 3:23pm.
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Old Sep 16, 2015, 9:48pm   #27
 
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Originally Posted by Ausguy View Post
Hi all, i'm 23, day trading has interested me for a long while... but i still know nothing about it.
here's the deal, right now, i have lots of free time, and about 15k saved up.
i'd really like to give this a shot, right now i have alot of free time, so i want to try and use it

what i'd like to do is practice somehow, that doesnt require any money, and later on i can start small, maybe try working with like $1000, and once i feel comfortable i can try putting more capital into it..

currently reading through all the stickies and stuff, so yeah..
really new to this stuff... what exactly do people use to facilitate day trading? as in, how do you buy / sell stocks, view stock prices/graphs etc

thanks
Hello,

I'd say start looking at futures rather than stocks, as the regulations and margin requirements around futures are far more relaxed. They're also leveraged, which makes it easier to turn a profit (although also easier to return a loss!).

Predicting what prices are going to do intra-day is not, in my experience, really much harder than predicting what they are going to do in longer timeframes. The difficulty is in overcoming commissions and spread.

As others have suggested, it makes sense to start off using a sim account (pretty much every futures broker will offer one). Before jumping in head first you might try trading the e-Micro futures? These have only one tenth the value of the full sized contracts, so they're a good way to start out without risking too much, while at the same time gaining some real-money experience.

Hope that helps!
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Old Sep 17, 2015, 9:39pm   #28
 
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Yes, I like futures. You need volume and volatility.
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Markets are living entities in constant changeľand the key to trading survival is to learn to recognize change and adapt. If you use rigid, systematic trading rules, blindly applied to all market conditions, you will not survive as trader. By: Reza Dilmaghani
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Old Sep 21, 2015, 7:18pm   #29
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Useful posts Malaspina, thank you
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Old Sep 21, 2015, 7:34pm   #30
 
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Useful posts Malaspina, thank you
You are welcome.
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Markets are living entities in constant changeľand the key to trading survival is to learn to recognize change and adapt. If you use rigid, systematic trading rules, blindly applied to all market conditions, you will not survive as trader. By: Reza Dilmaghani
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