/biz/ - Business & Finance

dont day trade

>>24201543
what if im in college, and have fucking nothing better to do, and don't want to be a wagie at wendys

>>24201525
>what signals do you look for to indicate buy or sells
Posts like these are a huge sell signal

>>24201636
Then you don't have enough cash. You need thousands to make decent cash trading: 50% gains on $250 VS 50% gains on $10,000.

>>24201742
I understand that, I used to trade it pretty frequently. The way I see it though, 50% on 500 is better than 50% on 0. money is still money.

Leave day trading to the bots. You are going to lose money.

>>24201815
so how do you trade for cash then?

I use Elliot Wave theory. I have background in electrical engineering so this feels right at home 4 me.

If you only got $500 I'd go 10x margin trade. Turn that 10% gain into 100%

>>24201903
hey thanks for the tip man. Do you use 1h charts? longer? any tips for spotting it forming?

>>24201927
is there an exchange that allows margin trading? I currently use coinbase pro (used to use gdax) and it wont let me margin trade. every time i try to set it up it gives me an error and says try again later.

It varies anon. I use time frames for clarity. For example, some wave may not be easily identifiable in the 1H frame, but if you zoom in to 30 or 15 min you'll get a better picture. Like a microscope, you know?

>>24202158
thanks mate

>>24201958
>is there an exchange that allows margin trading?

fren, you are in for a ride. Most major exchanges allow margin trading with settlement in stablecoins (binance, ftx, okex, kraken, bitfinex, bybit). Good luck.

Day trading is a scam, built by the exchanges and brokerages who enable it. The only people making money off of day trading and Forex are the people who built the platforms retards use to throw away their money.

>>24202500
what the fuck happened to poloniex? i used to use that and gdax but both are gone :c. should i switch to bitfinex or kraken?

>>24201525
Don't daytrade crypto. It's difficult. I daytrade stocks and I don't like crypto (pic related one of my trades today, circle is my buy and squares are sells)

>>24202679
wow 50% margin in awesome anon! gratz

>>24202816
You control how much you make. I risk $200 per trade, my gains are random but vary between 1x and 3x what im risking (assuming I get at least 1 profit target. Sometimes I get only 1, or 2, or I'm totally wrong and lose 200 bucks). This was one from last week

>>24201525
What people don't understand about trading=
Take the gain% you want/time period (you won't make this much, but whatever). Multiply your % by your principal. You'll probably make more working at Wendy's for 4h/day than you will by hitting your target. Now remember that SPY (the market) annualizes 10%/year. Now remember 9x% traders don't beat the market (in stocks, I'd guess even more if you get into options/futures/crypto).
Here is my tip, you will probably not make money as a day trader. If you do, you will probably not make more money trading than you will by working your normal job. You want to make money? Work. Swing trade at most.

>>24202920
so, if you're risking 200 dollars you're earning how much per trade? I'm kinda confused on what you mean here.

>>24203117
At the same time i guess it depends how much capital you're playing with. I've got 500 dollars in right now, and ive been making about 3% a day which isn't anything to live on no, but given more capital it would be plenty. at 10k capital, if i could snag 3% a day, i'd be making more than 30/hr. Though, it is more or less swing trading instead of true day trading.

All in all i just want to slowly build up capital through it.

>>24203150
Like I said, I make between 1x and 3x of my risk. So if I'm risking 200 I make btwn 200 and 600, every trade.

Do some more googling about day trading, you'll find that everyone talks about something called a risk/reward ratio. What this means is that I'm always making more money on 1 successful trade that I'm losing on 1 losing trade. So this allows me to be green even if I have only 1 good trade and let's say 1 or 2 bad ones. Today I took 4 trades and only this FCEL I posted was green, yet I still ended basically breakeven on the day. Wrong 3 times, right just 1 time, and I'm not losing money. This is extremely important. It let's you be profitable even if you're right only 50% (or even less) of the time

Once you start day trading as a career, you have to understand that you will never have one trade which turns you a millionaire. It's a system and you have to treat it like a computer program. Im in a trade to make more than what I risk, that's it. I literally do math and if my stop loss is 50 cents away, I have to aim to hold it until I hit a dollar profit. No idea how high the stock will go, but once I make my money according to my profit targets, I'm out.

>>24203276
This is what I was trying to warn against. Yes, if you have 10k and you get 3% daily, you'd make $300/day. You'd also end the year at $485,000,000. 3% per anything shorter than a month is destined to fail (in my opinion). You just won't consistently hit it. You're -3% days will eat away at your principal due to greed, even if you go 50/50 on your wins and losses. If you just want to slowly build up capital, nothing wrong with that, just be realistic that you'll make more money actually working than trading, so look at it as more of a learning experience than actually making money. But that's just my opinion ofc. I'd def recommend trying a paper account, throw the $500 into some blue chip (or smaller cap if you want) and just don't touch it, and get a job.

>>24201671
Are you kidding me? We're literally watching dumb money come into the market. I fucking live fore these bull runs

>>24203521
Thats what im doing currently. Just have 500 bucks and I'm trading it more or less for fun. At best hoping to build some capital, or just get a few wins so i can buy some beer on a night out.

I'm a college student and I don't really want to work a minimum wage job (came from military making decent cash, working min wage part time feels like an insult)

I started to read Technical Analysis of Stock Trends, so far it's pretty neat. I've been doing doin' some paper trading as well and the most profitible thing has been drawing and adjusting horizontal lines and only going short or long if my EMA's are up or down. I always put a stop in as well. To be clear that is just what's been helping me and it's only on demo so discalimer there. I also watch Krown's Crypto Cave regularly

>>24203521
>>24203471
I really appreciate the advice anons.

if i were to google one thing to learn more about this, what should I google..?

>>24203658
Babypips used to have a fantastic beginners guide years ago when I first started but I see they've taken it down.

There's a guy on YouTube i really like, search "True Trading Group" his name is Michael Edwards. Then just start watching his oldest videos from like 4 years ago (his newer stuff is shilling his chatroom, but the older stuff is a treasure trove of info). Check the Playlist and Particularly watch videos regarding volume as it's super important and applicable to trading all asset classed

>>24203642
Also your psychology plays a bigger role than most occupations. Meaning the temptation to deviate from your plan is very strong which is why you'll likely lose some money in the beginning. Emotions around fear and loss come out and it's something that can't be quite explained but has to be experienced.

>>24203658
I know a lot more about stocks/options than crypto, but I'd recommend Investopedia. Any questions you have about crypto, see if it's there. If not, try and phrase it in terms of stock and look again. If that doesn't work, ask on Reddit or 4chan (multiple times to look for different answers if you plan on trading on the idea).
Other than that, it's just trial and error until you find something that works for you, and even then it only works til it doesn't. For a single thing to look up, I'd probably say what a market cap is and how it's not really the share (token) price that moves, but the entire valuation of the company (token).

>>24204032
great tips again anon. thank you so much.