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  #21  
Old 17.04.2020, 16:27
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Re: Day Trading - Advice's for a beginner?

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A margin account is so much more convenient to trade with than a cash account. How can you even properly trade when you constantly have to wait 3 days for cash to settle?
Most good brokerages settle T1, and will let you trade immediately you have closed a position.
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  #22  
Old 17.04.2020, 16:45
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Re: Day Trading - Advice's for a beginner?

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A margin account is so much more convenient to trade with than a cash account. How can you even properly trade when you constantly have to wait 3 days for cash to settle?
You trade with lots of cash. There is no other way. Margin helps sometimes but you really need to be educated regarding finance & risk management to be able to manage the risk and still you can get destroyed from time to time.
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  #23  
Old 17.04.2020, 17:03
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Re: Day Trading - Advice's for a beginner?

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Hello fellow Traders!

I'm starting with day Trading as a side hustle - a mix between bored, having time, coronavirus quarantine, a fail-safe additional income - for those of you that are day traders, what tips, suggestions, advice's would you give for those who are starting on it?

Thanks in advance!
Do paper trades for at least a month. When you enter a position note the reasons why you opened it, and the criteria that will have you close it.

Be honest with yourself and note the fees as well; the people who profited most from the gold rush were the people selling the shovels and other equipment.
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  #24  
Old 20.04.2020, 07:32
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Re: Day Trading - Advice's for a beginner?

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Do paper trades for at least a month. When you enter a position note the reasons why you opened it, and the criteria that will have you close it.

Be honest with yourself and note the fees as well; the people who profited most from the gold rush were the people selling the shovels and other equipment.
Fantastic quote.

The House allways wins. Thats simply true...

The good thing is that usually with IB and DeGiro since the fees are so low - for NYSE and NASDAQ stocks at least - that if you are not trading with penny stocks nor really low volumes, if you have a positive trade this will cover the expenses... In my case always go from 1 to 1.5 usd, almost unoticeable.

What I find it extremely annoying is the fact that you have to pay per month for a specific exchange to get the live feed of the stock price, where you could go to Yahoo Finance - for example - and get the live view there... for free.
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  #25  
Old 20.04.2020, 09:00
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Re: Day Trading - Advice's for a beginner?

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Fantastic quote.

The House allways wins. Thats simply true...

The good thing is that usually with IB and DeGiro since the fees are so low - for NYSE and NASDAQ stocks at least - that if you are not trading with penny stocks nor really low volumes, if you have a positive trade this will cover the expenses... In my case always go from 1 to 1.5 usd, almost unoticeable.
Every time commissions are low or free, the difference is made up from trade flow....

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What I find it extremely annoying is the fact that you have to pay per month for a specific exchange to get the live feed of the stock price, where you could go to Yahoo Finance - for example - and get the live view there... for free.
You have already been told - that is how to make money in trading.

Everyone gets their slice out of you and you seem to know this... but you continue to expect to win in a game where that odds are stacked against you....
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  #26  
Old 20.04.2020, 09:24
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Re: Day Trading - Advice's for a beginner?

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Fantastic quote.

The House allways wins. Thats simply true...

The good thing is that usually with IB and DeGiro since the fees are so low - for NYSE and NASDAQ stocks at least - that if you are not trading with penny stocks nor really low volumes, if you have a positive trade this will cover the expenses... In my case always go from 1 to 1.5 usd, almost unoticeable.

What I find it extremely annoying is the fact that you have to pay per month for a specific exchange to get the live feed of the stock price, where you could go to Yahoo Finance - for example - and get the live view there... for free.
Yahoo feed is delayed, Terry Smith of Fundsmith does not bother with a live feed as you can see the spread with Schwab, but then he is not day trading.
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Old 20.04.2020, 09:57
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Re: Day Trading - Advice's for a beginner?

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but you continue to expect to win in a game where that odds are stacked against you....
Then why people do Day Trading? If they are going to loose anyways?
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  #28  
Old 20.04.2020, 09:57
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Re: Day Trading - Advice's for a beginner?

YOLO everything on SPY puts

See here: https://www.reddit.com/r/wallstreetbets/
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  #29  
Old 20.04.2020, 10:28
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Re: Day Trading - Advice's for a beginner?

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Then why people do Day Trading? If they are going to loose anyways?
Because they think they are the ones who can win the lottery.
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  #30  
Old 20.04.2020, 11:21
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Re: Day Trading - Advice's for a beginner?

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Then why people do Day Trading? If they are going to loose anyways?
Greed & belief they are better than everyone else
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  #31  
Old 20.04.2020, 12:53
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Re: Day Trading - Advice's for a beginner?

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Then why people do Day Trading? If they are going to loose anyways?
It is like betting or lottery. People like to try it.

Daytrading is not bad at certain times but you need to have a good idea what is moving the markets. On certain days the direction is clear.
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  #32  
Old 20.04.2020, 12:55
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Re: Day Trading - Advice's for a beginner?

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Yahoo feed is delayed, Terry Smith of Fundsmith does not bother with a live feed as you can see the spread with Schwab, but then he is not day trading.
It doesn't say delayed, not live either. It seems it is live but not sure.

It is good to have live feed but from a 3rd party source like Reuters. That's what they usually have at banks/hedge funds.

Small investors do not need it.
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  #33  
Old 20.04.2020, 12:58
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Re: Day Trading - Advice's for a beginner?

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Small investors do not need it.
Large investors don't need it either as Terry Smith proves, he manages 16.7 Billion pounds plus 3.8 billion Euros in his Fundsmith Equity Fund.

It's for speculators.....
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  #34  
Old 20.04.2020, 13:06
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Re: Day Trading - Advice's for a beginner?

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Large investors don't need it either as Terry Smith proves, he manages 16.7 Billion pounds plus 3.8 billion Euros in his Fundsmith Equity Fund.

It's for speculators.....
Not really. I know other small money (way smaller) managers that have Reuters. If you are trading stocks only unless a very volatile day (I needed it a couple of times recently) you don't need it.

It is good to see live data from the derivatives markets though since they affect the cash markets as well.
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  #35  
Old 20.04.2020, 13:16
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Re: Day Trading - Advice's for a beginner?

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Not really. I know other small money (way smaller) managers that have Reuters. If you are trading stocks only unless a very volatile day (I needed it a couple of times recently) you don't need it.

It is good to see live data from the derivatives markets though since they affect the cash markets as well.
I suspect their performance is less than his, looking at screens is not profitable use of time Trading has a terrible negative effect on performance, bid/offer spreads plus fees & sometimes stamp duty.

Last edited by fatmanfilms; 20.04.2020 at 13:26.
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Old 20.04.2020, 13:43
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Re: Day Trading - Advice's for a beginner?

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Then why people do Day Trading? If they are going to loose anyways?
The exact same reasons people gamble - the thrill, the blind believe that they, unlike everyone else will some how beat the odds and do well... But they never do, there is no list of famous traders who did well over the long run, there are famous traders who are known for writing books, training courses, tools etc...

If trading was a way to make money, why do you think financial institutions dont trade on their own account? They only trade in support of financial products they sell and when the do trade, they hire teams of risk managers to supervise them...

Right now you have probably the best opportunity you are likely to have in your lifetime to acquire great companies at reasonable prices, companies that will do very well for you over the next 20 years and instead of grabbing that opportunity, you are trying to figure out how to win a loosing game...
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  #37  
Old 20.04.2020, 14:00
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Re: Day Trading - Advice's for a beginner?

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If trading was a way to make money, why do you think financial institutions dont trade on their own account? They only trade in support of financial products they sell and when the do trade, they hire teams of risk managers to supervise them...
Goldman Sachs certainly trade on their own account as do many investment Banks.
UBS managed to loose 2 billion with currency trading. https://en.wikipedia.org/wiki/2011_U...trader_scandal
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Old 20.04.2020, 14:06
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Re: Day Trading - Advice's for a beginner?

Iv got 20 bucks and some loose change I found in the couch.
Can anybody tell me how to make a million in a week or two with investing..?
I hear its a case of simply buying low and selling high but amma not too hot on the details.
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Old 20.04.2020, 15:36
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Re: Day Trading - Advice's for a beginner?

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I suspect their performance is less than his, looking at screens is not profitable use of time Trading has a terrible negative effect on performance, bid/offer spreads plus fees & sometimes stamp duty.
You will be surprised how many small money managers there are. Mainly US based. The guy I have in mind has his own business (maybe with a partner only, not sure), he only buys stocks, ETFs, Bonds etc. and he has Reuters for prices. I don't know his exact performance. He doesn't do day trading. Btw I know 2 US based money managers that live in Europe and commute (just in my city).
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Old 20.04.2020, 15:38
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Re: Day Trading - Advice's for a beginner?

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You will be surprised how many small money managers there are. Mainly US based. The guy I have in mind has his own business (maybe with a partner only, not sure), he only buys stocks, ETFs, Bonds etc. and he has Reuters for prices. I don't know his exact performance. He doesn't do day trading. Btw I know 2 US based money managers that live in Europe and commute (just in my city).
I am not surprised how many there are, just on how many under perform the S&P 500 year after year after year net of fees.
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