Best market to daytrade in?

[bth11]

I was wondering what you guys think is the best market to be day trading in...is forex better than NYSE? or some foreign market better? is there a diamond in the rough so to speak? what determines what ones are better...is it how smart the ppl are overall who are in that market? so for the NYSE im guessing there would be the most americans in it...so if i wanted to find an edge..and if i believed that americans were the smartest group then i would want to find another market? is that how it works? thanks.

 

[kbit]

sounds like your brand new to trading...anyway you want to trade the more liqiud instuments generally.
I would suggest the 6E (euro) or CL or some of the indicies..TF, ES, YM, NQ. A lot depends on your account size and experience. Whatever you choose make sure that start off paper/demo trading until you KNOW what your doing and when you can consistantly show sucess go live. Start out small and work your way up...and be skeptical of ANY trading methodology you see until YOU have tried it and can produce profits consistantly on paper or demo

 

[Delta Blues]

Currencies have the advantage of being a 24 hour market, so you can find time to dedicate before, after ( or during ) work if you are lucky.

I personally trade EURUSD and the AUDUSD, as the have a good daily range, great liquidity,tight spreads, and move well especially in Europe and NewYork ( I am based in Australia).

I agree, start with a demo and keep trading small. Avoid expensive trading courses offered by salesmen like the plague!

 

[forefit]

If you are a complete newbie to trading, please reconsider. If you want to get into trading I would recommend you use weekly to begin with, then once you get good move onto daily charts, then once you master that move onto a smaller timeframe. You need to take little baby steps to get there in the end. You can't one day decide you will be a daytrader because you are most likely to fail. It's a gradual thing.

I myself am bit of a newbie (under a years experience) and I'm using weekly and daily charts, it will be a long time before I have the skills, patients and emotions for day trading. This is the path I have chosen, I'm sure there are other ways of getting there. All I can Good Luck cos you will definitely need it.

 

[timsk]

Hi bth11,
Welcome to T2W,
When you registered with the site, you should have received an e-mail with some links to point you in the right direction. I recommend you follow them, as they're written specifically to help aspiring new traders like yourself.

With regard to your question, the answer is no - that's not how it works! The best market to trade (regardless of your style - day, swing or position trader) is the one that you're most comfortable with and suites your personality, interests and skills. No one market is easier or better than another. That said, many newbies flock to currencies thinking they're easy to trade, because lots of broker ads's claim just that in their sales copy. What they mean is that it's easy to open an account and use their trading platform, not that it's easy to make money once you do. Once you've read the links in the e-mail, check out this FAQ: What Should I trade?

If you're looking for loopholes, short cuts to success, cookie cutter solutions or the holy grail etc., etc. - I'm afraid you'll be very disappointed. There are none. Many months - and probably years - of hard graft lie ahead of you if you're to get anywhere in this game. If you're up for it - welcome aboard - there are lots of experienced traders here to help you. If you're not, forget about trading, you'll be wasting your time and, quite possibly, your money.
Tim.

 

[Chartsy]

If you are a complete newbie to trading, please reconsider. If you want to get into trading I would recommend you use weekly to begin with, then once you get good move onto daily charts, then once you master that move onto a smaller timeframe. You need to take little baby steps to get there in the end. You can't one day decide you will be a daytrader because you are most likely to fail. It's a gradual thing.

I myself am bit of a newbie (under a years experience) and I'm using weekly and daily charts, it will be a long time before I have the skills, patients and emotions for day trading. This is the path I have chosen, I'm sure there are other ways of getting there. All I can Good Luck cos you will definitely need it.

Yep . I've long since moved from 5 minute charts to H4 on just EURUSD, did pretty well there but missed the london session so i wanted to move to the dailies and add more markets, this way i catch the swings, and am becoming more and more proficient at trading , i'm not even sure i'll move back down to H4, i quite like it up here .

I think...if you don't have the patience or skill to swing trade, which imo is far easier ( at least on fx) than day trading, you won't be any good at day trading.

Sorry i dragged away from the question; probably indices

 

[Chartsy]

FX definitely. Open 24 hours a day 4 trillion in daily volume much tougher to manipulate, no charting fees and no commissions.

You pay a spread which is pretty much a commission

 

[enragedcow]

i'm a beginner trader and i've found that the eur/usd cross is the best for daytrading. while i was working (i work at home on computer) at about 8pm - 9pm i made 20 pips then lost like 60 pips although it's a net loss if i had've actually done some analysis instead of just getting excited about trading and trading with my gut it shows that the Eur/usd instrament is volatile enough to profit from in a daytrading set up

my first post (yay?)

 

[FX VIP]

You pay a spread which is pretty much a commission

True but you pay a spread in stocks, futures, etc plus commissions....