Day trading

[crockett]

Anybody into day or swing trading? Care to share setup, brokers, commission deals, platforms, features / options / pennies or not, goals, etc?

I'm getting back at it, this time with full force.

[SC Tiger]

I knew a guy who supposedly made a shitload of money doing it but that was (I think) during the era of the Tech bubble.

Not sure what system he used but I would think that making trades that often, the fees would kill you if you aren't moving serious money.

[willie-pete]

More of a swing trader here; Schwab and Ameritrade platforms. Been a Schwab customer since the 80's.

[crockett]

3 hours ago, SC Tiger said:

I knew a guy who supposedly made a shitload of money doing it but that was (I think) during the era of the Tech bubble.

Not sure what system he used but I would think that making trades that often, the fees would kill you if you aren't moving serious money.

A shitload of money as a day trader will need a lot of experiences, dedication and risk management. 92% fall out within a year.

Times have changed. These days you can trade commsion free with the Robinhood app. That being said, their data is delayed and you would still need a platform with real time charts and level 2 data. On a pro level Robinhood is rather annoying because you are limited to your cell phone.

Serious trading usually needs a serious setup or you will miss out.

 

 

3 hours ago, willie-pete said:

More of a swing trader here; Schwab and Ameritrade platforms. Been a Schwab customer since the 80's.

I'm on Ameritrade / Think or Swim and E-Trade. Just called TD and got better commission fees confirmed for transferring some more funds.

CVSI dive bombed today and I tried to get on the bounce but was denied. Made a 50% recovery. Macy's was good for 4%. Didn't get away from the charts the entire day.

[willie-pete]

CNBC is on almost all the time the TV is on during the week.  My last TV had the ticker burned into the bottom of the tube.

 

[crockett]

On 8/20/2018 at 5:57 PM, willie-pete said:

CNBC is on almost all the time the TV is on during the week.  My last TV had the ticker burned into the bottom of the tube.

 

 

Did you ever install Ameritrade's platform Think or Swim on your computer?

https://www.thinkorswim.com/t/index.html#!/trading

It's free, and it includes Ameritrade's own trading TV channel. Much better than the repetitive nonsense from the liberal CNBC.

The charts, tools and resources on the Think or Swim platform are great, got it spread out on 3 monitors, sometimes 4.

 

Edited January 26, 2019 by crockett

[willie-pete]

Yep, I use it,

 

 

but not to the extent you do evidently.  

 

 

[jame]

Wow.  Impressive, guys.

But the farm thing is all the risk I can stand, I'm afraid.  

Nonetheless, I tip my hat to you guys.  You have skills and knowledge I've always wanted to attain, but never took the time to learn.

[Airmotive]

Here’s a question...

Os there a decent day trading simulator?

IE, a program where I can take $20K imaginary dollars  and simulate investing it on various platforms with real time data? Kinda like an Ameritrade Flight Simulator. 

I know I could sit down with a bunch of spreadsheets and do the math myself for a year or two, but that sounds as interesting as DIY dentistry.

Just want to see how bad of an investor I would be in real life, without actually losing my ass.

 

[SC Tiger]

16 hours ago, crockett said:

A ****load of money as a day trader will need a lot of experiences, dedication and risk management. 92% fall out within a year.

Times have changed. These days you can trade commsion free with the Robinhood app. That being said, their data is delayed and you would still need a platform with real time charts and level 2 data. On a pro level Robinhood is rather annoying because you are limited to your cell phone.

Serious trading usually needs a serious setup or you will miss out.

 

 

I'm on Ameritrade / Think or Swim and E-Trade. Just called TD and got better commission fees confirmed for transferring some more funds.

CVSI dive bombed today and I tried to get on the bounce but was denied. Made a 50% recovery. Macy's was good for 4%. Didn't get away from the charts the entire day.

By "Shitload of money" I'm thinking 5-6 figure range.  Probably not in the range of some of the major players.  I didn't ask exactly how much either of them made.

Considering they did this while working other day jobs that seems pretty good.  But it's risky.  

Edited August 21, 2018 by SC Tiger

[crockett]

On 8/21/2018 at 7:58 AM, SC Tiger said:

By "Shitload of money" I'm thinking 5-6 figure range.  Probably not in the range of some of the major players.  I didn't ask exactly how much either of them made.

 

A good stock day / swing trader can walk away with $500 to $1,500 a day. More with a higher investment or being glued to the charts for 8 hours straight, but good deals often don't have the volume. Options / futures are another story, in both directions. Getting into the 6 figures with day trading is a nice goal.

I had some serious issues with my local Credit Union. Their home banking is offline all the time and I hate not being able to check or move my funds at any time. Complained for a year, they didn't get it fixed, so I moved all the funds from my savings account into my broker account. Instead of moving more into the stock market - it's getting kinda choppy lately - I decided to use my time and get back into day trading. Since I'm wasting so much time sitting on my ass reading and posting nonsense online, I'll better do something productive.

Edited November 13, 2018 by crockett

[crockett]

49 minutes ago, Airmotive said:

Here’s a question...

Os there a decent day trading simulator?

IE, a program where I can take $20K imaginary dollars  and simulate investing it on various platforms with real time data? Kinda like an Ameritrade Flight Simulator. 

I know I could sit down with a bunch of spreadsheets and do the math myself for a year or two, but that sounds as interesting as DIY dentistry.

Just want to see how bad of an investor I would be in real life, without actually losing my ass.

 

Yes. You can sign up with Ameritrade, install said Think or Swim platform on your computer, and turn on real time data / charts in your account settings.

Every time you start the Think or Swim program it will ask you if you want to trade with your funds or "paper", hence only imaginary cash.

Paper trading is a great tool to learn until one makes consistent profits. That being said, paper trading does not teach you properly how to deal with the emotional aspect of trading, because their is no risk of loosing real money. Trading with your hard earned money feels totally different in the beginning, and causes most to react differently.

The best way to learn day trading IMO would be:

1.) Watch one of many YouTuber channels. There are many who will teach you for free.

2.) Open an Ameritrade account, it only takes 5 minutes, and try paper trading.

3.) Transfer $3,000 to you broker account and keep learning with small amounts. You will get 60 days of commission free trading with Ameritrade after your initial transfer. Keep in mind that you will be limited to 3 day trades a week if your broker net accounts holds less than $25k. This is the law.

4.) If you need more time to learn with small amounts, open a Robinhood account, move your funds to them, they will offer commission free trading, but only through their phone app. Meanwhile you can keep using the charts and real time data at Ameritrade. Go back to Ameritrade as soon as your profits are consistent.

5.) Invest at least $30,000 into your broker account in order to be able to trade more than 3 day trades a week.

6.) Always set a stop-loss at 1 to 1.5%. Reading charts properly, proper risk management and keeping your emotions out of the game are the 3 main factors for success.

 

8 hours ago, jame said:

Wow.  Impressive, guys.

But the farm thing is all the risk I can stand, I'm afraid.  

Nonetheless, I tip my hat to you guys.  You have skills and knowledge I've always wanted to attain, but never took the time to learn.

I wouldn't be getting back into it if I would finally find me some land. Been searching in my neck for 2 years now. I'd love to have a backyard range and start my own organic garden and have some chickens. I really need to get out more frequently.

[willie-pete]

+1 on Think or Swim.

 

One other bit of unrequested advice.

" Never fall in love with a stock "

 

Can't tell you how much money it cost me to learn that lesson; but it was a bit.

Try to look up Batteries Technology or MolyCorp on the stock exchange.  That's right; you can't, they no longer exist.

[crockett]

10%, what a trip! No scalping needed.

 

[Peng]

I mostly trade options.  Swing trader, not day.  Low capital risk and high return possibility (though not probability).  I do it as a living and have for 5-6 years now.  Head is above water, Ally financial is my broker.

Very difficult to get the IRS to believe you are a day trader without hundreds of trades annually, at which point you are making your broker rich and are likely margined.  You do not need this trouble in your life.  When it's good, it's good.  When it's bad, it's over.

I'm usually 50-60% stocks, 20% options, 20% cash.  No stocks currently, hard to find bargains at Tiffany's.

It's hard to beat a beaten down stock position that you buy and hold, like my AMD position at $1.50.

Patience is one key, discipline the other.   Lots of free screeners can help, I use Zacks (paid), and FINVIZ (free).

[crockett]

16 minutes ago, Peng said:

I mostly trade options.  Swing trader, not day.  Low capital risk and high return possibility (though not probability).  I do it as a living and have for 5-6 years now.  Head is above water, Ally financial is my broker.

Very difficult to get the IRS to believe you are a day trader without hundreds of trades annually, at which point you are making your broker rich and are likely margined.  You do not need this trouble in your life.  When it's good, it's good.  When it's bad, it's over.

I'm usually 50-60% stocks, 20% options, 20% cash.  No stocks currently, hard to find bargains at Tiffany's.

It's hard to beat a beaten down stock position that you buy and hold, like my AMD position at $1.50.

Patience is one key, discipline the other.   Lots of free screeners can help, I use Zacks (paid), and FINVIZ (free).

I use FINVIZ as well, but only as a backup. Thinkorswim is plenty for me, the rest is intuition. Joined a private chat and stream group, and they call out good deals throughout the day. In this very specific market I ignore the Tiffany's pricing, the percentages are available. That being said it's somewhat choppy lately. I'll look into options once the bear gets rolling.

AMD took a dive after the 10% day. I bet there will be even more dumb money on its way after all the good news they pumped out. I'll be in first thing in the morning, should be good for another 4+% ride.

Regarding the commission fees, I called my broker last week and told them about JP going zero fees (which is not entirely true unless you keep $250k with them). My broker fell for it and cut my fees in half, also offered 300 free trades. With Robinhood and Webull at zero fees, fees will come down soon. Obviously RH is useless. Love the proper L2 data from Ameritrade.

[Peng]

Good luck with the day trading.  Make sure if you are doing it that you can be recognized by the IRS that way (it is not easy).  There are tax benefits for day traders that others cannot get.  You can technically day trade without margin but reg T makes it difficult unless you have a large amount of capital.  Settlement for equities is down to 2 days now, used to be 3.  Options is still 1 day.  They should both be hours in this day and age but we are dealing with the Federal government so...

 

 

[crockett]

DOW down again, 2.3% today. I think we are leaving the consolidation phase. I assume a 20 plus percent correction early 2019.

 

 

[MtnBiker]

There are brokers with lower transaction fees.  Also, transaction fees can usually be negotiated with most brokers who want to keep your business.

Two of the cheapest I know of:  Tastyworks & Interactive Brokers.

Almost as cheap and by far the one that offers the most:  TD Ameritrade

Edited November 12, 2018 by MtnBiker
Additional info

[crockett]

2 minutes ago, MtnBiker said:

There are brokers with lower transaction fees.  Also, transaction fees can usually be negotiated with most brokers who want to keep your business.

Two of the cheapest I know of:  Tastyworks & Interactive Brokers.

My fees are down, and I got 600 free trades as well. I negotiated with TD before I moved my cash in. I need Thinkorswim for my charting / trading style with proper level 2. My scalps often only last a minute or 2. I need one click  for in / out.