Swing Trader thinking of Day Trading

phoenix25140

phoenix25140

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Ok, ive made a decent profit swing trading ! However, i havent got the patiences for it long term.

I want to start day trading instead

I need advice on the best platform to use ?

And what markets to target in this new style ? Oil ? FTSE?

Im a university student so id rather short term trade than watch bloody share movements of a few points everyweek, im sick of it now ha

Any help from experienced members would be greatly apprieciated

Thank you
 
Day trading can be as addictive as any chemical drug I know. Stay in school. Continue making money. After you graduate, give it a try where your education will not be at risk.

Your patience will be rewarded.
 
I won't tell whether to day trade or not - decide what is best for your life right now.

I like trading futures, specifically S&P eminis - it's a great market. Very tradable and I've been very profitable on it, so I'm happy of course.

But don't take my word for it - that's just my input, from my own experience.

Good luck though, with whatever you decide to do.
 
phoenix25140 said:
Ok, ive made a decent profit swing trading ! However, i havent got the patiences for it long term.
I want to start day trading instead

I need advice on the best platform to use ?

And what markets to target in this new style ? Oil ? FTSE?

Im a university student so id rather short term trade than watch bloody share movements of a few points everyweek, im sick of it now ha

Any help from experienced members would be greatly apprieciated

Thank you
Click to expand...

Quite honestly with that kind of approach to trading you are never going to make money.
 
What I mean is that I want to get up every morning reacting to big price moves and trade daily , not small moves everyday over a month or two for 3 or 4 stocks , you see what i mean ?
 
Do you think that you're going to pick every major move every day? Don't you think that there may be an element of grinding out results consistently with smaller moves in a less exciting way?

It sounds like you've romaticised the idea of daytrading and on that basis you should be very careful before embarking on it IMO. Good luck.
 
Ive been looking at oil and S&P and they show good trends and movements everyday, and ive got the time to sit and watch the markets. Im in the UK so the oil market, dow and S&P dont wake up until around 2pm until 7pm.

Any platform recommendations ? s
 
phoenix25140 said:
Ok, ive made a decent profit swing trading ! However, i havent got the patiences for it long term.

I want to start day trading instead

I need advice on the best platform to use ?

And what markets to target in this new style ? Oil ? FTSE?

Im a university student so id rather short term trade than watch bloody share movements of a few points everyweek, im sick of it now ha

Any help from experienced members would be greatly apprieciated

Thank you
Click to expand...

You're making a decent profit swing trading - why not stick to it unless you're actually kidding yourself that you're maing a decent profit.
Day trading - lots of options...forget oil though if you are new to day trading.
 
SanMiguel said:
You're making a decent profit swing trading - why not stick to it unless you're actually kidding yourself that you're maing a decent profit.
Day trading - lots of options...forget oil though if you are new to day trading.
Click to expand...

Exactly, this is what needs to be ascertained.

Phoenix, what is a decent profit to you? How many trades was this over? What % of your account did you risk per trade?
 
phoenix25140 said:
Any platform recommendations ? s
Click to expand...

Picking a platform is largely a matter of personal preference. What matches your personal style.

That said, you want efficient executions and the tools you require to analyse and manage your trades.

I primarily trade options. TOS (ThinkOrSwim) offers great execution, low commissions if you ask for it, and a good tool set including analysis, graphics, and a GUI strategy testing arena. I am not sufficiently versed in other platforms to compare them so others may have alternatives for you to consider.
 
phoenix25140 said:
What I mean is that I want to get up every morning reacting to big price moves and trade daily , not small moves everyday over a month or two for 3 or 4 stocks , you see what i mean ?
Click to expand...

That's exactly how I trade. I trade economic announcements on the S&P eminis. Just traded Consumer Confidence this afternoon. Trading events, rather than trends or time frames lets me know my trade times a week in advance and have them in my diary. So I go about running my usual business as normal and just stop in the day to prepare for and execute my trades. I like this method because the movements are usually a couple of points, up to 10 or more at times. And each point represents a 10% profit (or loss) potential. So it's a lot of movement in a short time, which a good leveraged use of my time. I post all my trades to my blog and record my stats properly as well, which takes a little time.
 
Thanks Market Mover, finally someone who understands me !

I will try the S&P and see what happens
 
phoenix25140 said:
What I mean is that I want to get up every morning reacting to big price moves and trade daily , not small moves everyday over a month or two for 3 or 4 stocks , you see what i mean ?
Click to expand...

that's bizare, I trade medium term and enjoy the "huge" moves I capture in my stocks (like 30+% moves in a stock over a month or so), that's the whole point of trading the longer terms, to capture the "big" moves. If you're only capturing "small" moves then you're not doing something quite right there...
 
I check my swing stocks everday for moves of usually 1-10 points, however I hear about people day trading oil, gold on a daily basis and I want to give that a go instead to see if i can profit quicker thats all , just unsure what company to use
 
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