Can vouch its very difficult be prepared to pay significant amounts of “tuition”. Dont day trade dont play options. My advice from 10 years experience.

This post was edited by diesel1l on Jul 31 2021 05:14pm

Ready for 12 hour days and reading books and studying charts on the weekend? Expect to invest several thousand hours in this before you even attempt to think about profits. Quickest way to becoming profitable for me was following other winning traders, www.twitch.tv/stockjock www.twitch.tv/qullamaggie are a couple reddit.com/r/daytrading and reading the post history of people that are successful gave me the biggest bank for my buck. Good luck mate, hope you don't have a family or responsibilities.

Don’t agree with this at all I started day/swing trading with only $5000 and was instantly profitable… i invest around 4-6 hours per day is all … basic chart knowledge and patience waiting on bigger dips goes a long way

What is the size of your account now? How long have you been profitable?

If you're going to spend 12+ hours at something a day you should also look at what the alternatives are for that time. 99.9999% of the time if wealth accumulation is your goal putting 12+ hours a day into a professional career with a salary and bonus structure or other perks will eclipse your day trading income.

I day traded for a few months starting in February 2021, but I was a very cautious trader. I picked my stocks right, wasn't afraid to just not trade at all for a day if it didn't feel like/couldn't find a good position to get in.

I limited my trades to just a few a day between market open and 10:30AM. I would sometimes do a few in pre-market if it looked good and volume was high.

If I hit 400$ in a day I would stop no matter what. Same thing if I was 200$ in the red. On average I made about 300$ a day. Most days were green because I didn't get greedy.

I was trading with a capital of 25k at the time.


My rules are simple:
1. High volume only.
2. Stocks trading on positive momentum.
3. Trade only in early hours (unless you see some obvious reversal during power hour in the afternoon)
4. Take profits quickly. Even if it's just 50$. Green is green. I usually buy in and cash out within just a few minutes. Sometimes within 2-3 1 min candles.
5. Set stop losses but don't set them too high. Best to keep close attention to the stock and go off of chart behavior in case you get a red candle out of nowhere that pings a stop loss when a reversal was coming.
6. Stop trading if you hit your daily goals or max loss. No matter what.
7. Stop trading if you've done your preset amount of daily trades.
8. Don't trade if there's no obvious entry points.


This has worked out really nicely for me. I've had moments where I specifically didn't respect some of these rules and the result was almost exclusively negative. Greed + day trading = red account.

This post was edited by CMBurns on Aug 2 2021 08:03pm

Get a quant to do that for you. Day trading is like going to casino every day. Sure you might increase your odds with a system or learning some pattern but at the end of the day you gambling

This post was edited by addone on Aug 6 2021 02:20pm

the time value of money will always overwhlem the outliers of profiting on day trading

???

It takes no more than 1 hour a day and maybe a good hour of prep early in the morning.

This is good advice. 1000 small bites beat 1 big bite. Get a little an gtfo.

I took 30k and over the course of the year turned it into 150k. At one point it was 460k. Stock I was in went from a hold till they sell the company to a longer term hold that I've used to make some calls on and day trade a bit. Positive outlook, but not the quick in and out I was hoping for. Thems the breaks.

Been some ups and downs but if I can wake up, pull a fast $500 - $1000 on some hot stock I call it a day. Sometimes I don't do anything because everything looks like kaka. Go ride my motorcycle or whatever.