Best way to ease into day trading?

Page 1 of 2 1 2 LastLast
Results 1 to 10 of 14
Like Tree21Likes

Thread: Best way to ease into day trading?

          
   
  1. #1
    Markeh's Avatar
    Markeh is offline Member
    Join Date
    Sep 2011
    Location
    Fort Lee, NJ
    Posts
    492

    Default Best way to ease into day trading?

    Been looking to get into day trading for a while now.

    I've heard people tell me that books are shit and other people tell me saying read as much as you can and learn and start with demo accounts.
    I've learned about forex through reading reading reading and practicing, however I'm sure day trading is different.

    What do you guys suggest?

    2013 BMW 650xi Gran Coupe
    2012 ML63 AMG
    2011 BMW 328xi GONE
    2010 BMW X6 5.0 GONE

  2. #2
    Redx's Avatar
    Redx is offline Senior Member
    Join Date
    Oct 2012
    Location
    The West Coast
    Posts
    2,085

    Default

    Take your money and go to a casino.

  3. #3
    op487062 is offline Senior Member
    Join Date
    Jun 2009
    Location
    L.A.
    Posts
    1,264

    Default

    best way to make a small fortune is to start with a large one.

  4. Remove Advertisements
    Luxury4Play.com
    Advertisements
     

  5. #4
    A.D
    A.D is offline Senior Member
    Join Date
    Sep 2011
    Location
    Sydney, Australia
    Posts
    647

    Default

    Day trading is a very broad term these days. If you're learning FOREX and using demo accounts, I say continue down that path for now. Books will only teach you so much though. The big lessons come in the form of losses. If I had to speak from a strategic standpoint, I would say keep it as simple as possible, the more indicators you're using the less effective you'll be. It's like any good business, expect a 3+ year journey before you start turning real profits. It's probably the most difficult and emotional rollercoaster you'll ever go on (if you have enough in you to see it through). Probably more rewarding than anything else you'll do career wise also... Freedom is a valuable thing.

    My best advice though would be to ignore the 2 guys above me...

    Disclosure: Trader, investor and fund manager.
    Lodi, Pushn'lbs, McLaren and 6 others like this.

  6. #5
    op487062 is offline Senior Member
    Join Date
    Jun 2009
    Location
    L.A.
    Posts
    1,264

    Default

    I would also ignore the 2 guys above me.
    Pushn'lbs and A.D like this.

  7. #6
    Stance's Avatar
    Stance is offline Senior Member
    Join Date
    May 2011
    Location
    Alabama
    Posts
    3,180

    Default

    I was never able to make any money at it, and I've tried every kind of trading there is.

    I wish you luck though. If I had a head for math, i'd go into the options game.
    "HEY Panda, we don't take too kindly to your types around here!" "Now skeeter, they ain't hurtin no body"
    “Jessie, you asked me if I was in the meth business or the money business. Neither. I'm in the empire business.” –Walter White
    "Act as if... " - The boiler room

  8. #7
    A.D
    A.D is offline Senior Member
    Join Date
    Sep 2011
    Location
    Sydney, Australia
    Posts
    647

    Default

    Quote Originally Posted by Stance View Post
    I was never able to make any money at it, and I've tried every kind of trading there is.
    That's likely your problem. From experience, I refuse to take into account opinions or results from traders that haven't been in the game religiously for at least a 3 year period. The markets aren't a get rich quick scheme, it's not about chopping and changing different financial instruments to see what works. They all behave similarly and are driven by human interaction and psychology. If you master one market, there's a 100% chance you'll do well in others (allowing for some time in transition).

    Could you set up a major reputable construction, mining or retail company in less than 3 years? Hell no. But I am certain once you've built your first high rise and mined your first 100 million tons of coal you'll be able to do it in any place and under any circumstances. If you want to be successful in the markets, you put the work in just like you would any other business. Just because you sit in front of a computer in an office all day doesn't mean it requires less work. Quite the opposite.

  9. #8
    anonymoose's Avatar
    anonymoose is offline Senior Member
    Join Date
    Jan 2013
    Location
    CA
    Posts
    1,139

    Default

    I've been practicing forex day trading for about 4-5 months now, and I haven't really read much since I learned the basics of it. In my opinion, jumping into it head first is the best way to ease in. In other words, there is no easing in. Looking at historical data and reading has been next to useless. You try to apply that "knowledge" and it blows up in your face. You just have to start getting a feel for the market and how it moves. I started off making trades pretty much daily. Now I make one a week, maybe two if something really tempts me. This week I didn't even make a trade because I was really unsure of what the market was going to do, so I elected to just sit back and see where the market goes. That's something you really only learn by trading and making mistakes.
    slik560 likes this.

  10. #9
    slik560's Avatar
    slik560 is offline Senior Member
    Join Date
    Jul 2010
    Location
    Overland Park, KS, USA
    Posts
    790

    Default

    What anonymoose said ^^^ Start slow, gain experience, fundamentals, etc. etc. and use one aspect of poker: never use money that you are afraid to lose. Good luck!!!
    eliminat0r85 likes this.
    Kevin
    1987 MB 560SL - SOLD 5/30/18
    1999 Porsche 911 Carrera
    2003 MB ML320 - just passed 206K and still chugging!!
    2006 Cooper-S

    If you are going to put words in my mouth, at least try to be more articulate.

  11. #10
    ganeshm's Avatar
    ganeshm is offline Senior Member
    Join Date
    Apr 2011
    Location
    Central NJ
    Posts
    1,028

    Default

    I''ve been trading for about a year now and have gotten serious into day trading in the past 6 months. There's so many free resources now that you can find to help you. What i'd recommend after you get down the basics is to go on twitter, there's plenty of great traders there that post their trades and you can then go back and see why they took the trades that they did, this isn't to copy them, just to see how and why they are taking certain trades. This helped me a lot and then you can get the hang of certain patterns to watch for. I have a bunch of videos, PM me and I can send you some stuff over to help you out.
    sicknote64 and Mr Yaz like this.

Page 1 of 2 1 2 LastLast

Quick Reply Quick Reply

Register Now

Please enter the name by which you would like to log-in and be known on this site.

Please enter a password for your user account. Note that passwords are case-sensitive.

Please enter a valid email address for yourself.

You MUST be 18 years or OLDER to Register for Luxury4Play. By selecting "Yes", you are performing a legal acknowledgment that you are 18 years of age or older.

Please select your insurance company (Optional)

Log-in

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Powered by scoobie.com.