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18953635 No.18953635 [Reply] [Original]

I'm looking to get into day trading. Anybody have any recommendations for how to get started and doing research?

>> No.18953657

>>18953635
If you did the research you'd realize this is a horrible idea

>> No.18953684

Good investing is boring long-term investing

>> No.18953731

Download Robinhood, take a few thousand and give it a shot.

90% chance you'll lose your money and learn your lesson

10% chance you're good at it and grow that account into a foundation for day trading

>> No.18953784
File: 8 KB, 200x200, images.jpg [View same] [iqdb] [saucenao] [google]
18953784

>>18953731
>daytrading on a phone app
ISHYGDDT

>> No.18954201

>>18953784
Well I clearly have no idea what I'm getting myself into. Back to the drawing board.

>> No.18954227

>>18953635
Yeah don't do it

>> No.18954237

I daytrade profitably. The profits are small but consistent like a $100 bucks a day. My biggest gains come from swing trading but I'm getting more and more into short term trading and futures. My decisions are 100% driven by price action. I watch lvl 2 and time and sales to spot areas of congestion. Usually they're at short to intermediate term price extremes. I don't really use indicators. If I do, I use them to confirm what I already thought. To me price action is everything.

1. Set your price levels (support/resistance) using longer time frames like the 1h, 4h and 1d charts. Be extremely picky with the levels you choose. They should be high quality and obvious. Do this for the /es, the spx and whatever stock you're trading.
2. Look for areas of congestion (that's why I use t&s, lvl 2 and deep book). Learn to spot larger volumes AS the orders are coming through, while the volume bar is formed instead of after it's done.
3. Look for correlations between big, hot stocks and the S&P. The stocks are either ahead or behind the snp. If the /es is taking a nosedive but the stock you're looking at stays up? Probably not for long. You need to be able to know if the /es is at important levels without having to look at the chart. Know the numbers.
4. Decide where you'll exit if the stock goes against you before entering the trade. Eliminate the "what if's".
5. Be extremely picky when entering a position and be decisive when to exit. Like one of those fish that waits and waits for an opportunity to attack it's prey. When it does attack it's over in a matter of seconds. Be like that. Like a patient predator.

The most important thing is by far learning to be patient and to only take the big shots. You need to be completely calm when entering and closing. You need to be able to comfortably ingest every single tick of the stock you're trading and the /es. That comes from knowing your shit and experience.

There's more to it but these are some of the essentials imo

>> No.18954281

>>18954237
Thanks for the info! Seems like a good starting point.

>> No.18954291

>>18954237
nice larp

>> No.18954366

>>18954291
I have copied a message from the anon of the other tread..it may be useful

>> No.18954469

>>18954237
join @ChadLounge on telegram

>> No.18954491

>>18954237
thanks for copying my comment dipshit

>> No.18954608

learn how to code a strategy with pine script. make sure the strategy works for 30+ alts WITHOUT changing parameters.
stick to it.
make sure it has a profitability rate of at least 50 percent. (helps a lot but not 100 percent necessary, just makes things more solid.)
bet 10 percent per signal or less.

>> No.18954666

also, go with daily candles if youre trading crypto

>> No.18954971

>>18953635
The average career of a day trader is 6 months. Don’t do it. Buy and hold.

>> No.18955097

>>18954971
avoid being average. it was never supposed to be easy.

>> No.18955187

>>18954469
>join @ChadLounge
no need for pump and dumps thanks

>> No.18955210

>>18954666
>also, go with daily candles if youre trading crypto
why?

>> No.18955889

Listen I'm a programmer and I have written some 50+ Metatrader robots for day trading futures. Some highly nontrivial, like using data from the order book, detecting trades with large volumes in a frequency of <1 second, feeding technical indicators into neural networks and several other things.

Everything ends up with the same 50% chance. You profit some days and think you are a genius, then you lose everything and more the next day. The backtest shows amazing results, but then it's an overfit that degenerates in a different time window.

Don't waste your money, even though your chances are 50% on each trade you will lose everything because of poor risk management and emotions. If you want to waste some money, go buy some food or hardware or whatever. If you want to make big money at home, learn some programming and web development, read stuff on indie hackers for inspiration and try to start a business.

>> No.18955963

>>18955889
Also don't be tricked into thinking that a pattern you saw in a chart will repeat in the future. The only way to tell if a strategy is good is to backtest it, and the backtest will crush your dreams, unless you relentlessly optimize using a genetic algorithm or something like that, in which case you will end up overfitting and creating something illusory.

Read "fooled by randomness" by Taleb, I never read it but the title sounds good and related to this

>> No.18955991

>>18955210
better noise to signal ratio.

>> No.18956048

>>18955963
doomer detected.

>> No.18956082

>>18956048
Nope, I'm a very optimistic guy, just don't want other people to waste as much time and money as I did trying to get rich day trading.

>> No.18956453
File: 801 KB, 1920x2670, chad-algo.png [View same] [iqdb] [saucenao] [google]
18956453

>>18956082
youre right.

BUT
here is my algo backtesting results since beginning of 2018.

all those results use exactly the same algo with the same settings. (strictly no wanking about with parameters).

keep in mind about 20 backtesting results I did not show in the image.

but yeah, people should avoid trading real money until they have something useful to trade against.

>> No.18956504

>>18953731
i started fucking around like this with UAVS and MVIS. I didn't lose any money but had i been more confident i could have made as much as I needed to on both.
All in all i came out like $300 ahead on both cuz i USE STOP LIMITS

>> No.18956720

>>18953635
Buy low, sell high

>> No.18956724

>>18956504
rule 1: DONT PLACE MARKET ORDERS, you WILL get rekt if you chase
rule 2: set stop loss on your shit or you WILL get rekt
if possible set buy limit orders to recoup from a stop hunting whale
set sell limit orders if you are going to be gone and cant watch your shit
making 20% instead of 35% is good if the alternative is losing your whole fucking cap

>> No.18956764

>>18953635
Start with 100$ don't add more till you get that to 200$, also use stop loss.

>> No.18956809

its amazing how many people say to use stop loss considering one should do the opposite of what biz says....
hmmmm.....
just make sure to hedge and never bet more than 10% per trade. if you hedge and limit position size you dont need a stop loss.
honestly I have been stopped out in vain more than enough in crypto to consider stop losses to be a crutch.

>> No.18956818

>>18953657
This

>> No.18956854

>>18956453
Swing trading is another story, it's easier. I also have trend following strategies that work just fine with crypto on a 1D timescale. The problem is trying to do leveraged trades on very short timescales (minutes or hours)

>> No.18956891

>>18956854
thats why my tip was to stay away from shorter time frames.
Daily is king.

>> No.18956898

>>18954237
>an entire days work of stress for $100
lmao literally go work cleaning pools. at least then you can get some physical work done make more money and be stress free

>> No.18956938

if I take this strategy and apply it to 4h time frame,
(multiplying every length parameter by 6)

it is still working in most but a few cases but the profitability probability goes down by 10 to 20 percent which sucks.

>> No.18957365

>>18955187
it's just a chat for like-minded traders to grow by sharing ideas and knowledge

>> No.18958033

>>18956809
can you please give a concrete example of what an hedge would consist of in the context of a specific (even if made up) trade? Specify it in what you would actually buy or sell to accomplish the hedge.

>> No.18959081

>>18956809
>>18958033
bump

>> No.18959231

>>18958033
(new id).
I would consider any other bet with a positive probability to be a hedge wether it comes from another algo, same algo but different currency or something else. only thing is you need probability on your side so it makes sense.
other thing is in crypto everything is pretty tightly correlated which makes for hedging more difficult inside crypto only. there are coins like link which have lower correlation than the other coins though.

as far as i know, a hedge is also considered differently in the case of a "long short equity" style in stocks. there are multiple ways to consider a hedge and often that is related to the level of correlation between one and another asset. if you know that one thing dumps and often another pumps at the same time there is a negative correlation and you can bet on that but I dont know that kind of stuff since I do crypto only and everything is correlated since 2018 or more.

>> No.18959262

I would love for crypto to be less correlated intra-market.

>> No.18959287

my theory is that there are quite a few operations running statistical arbitrage on crypto which combined with its low liquidity makes a correlated market but I am not sure of this.

>> No.18959488

>>18953657
This

Daytraded 3 years burned out made 1.2 mil first 2.5 years lost 600 k in last m of trading on vacation since early 2020

Thing is you are poor and only motivation is easy money idea if I told you you have to put amount of time in it equal to finishing college you would say "no thank you".

Well I just told you

>> No.18959491

>>18956809
This, stop losses are a great way of losing your money even when you're right about a trade.

>>18953635
The best answer (other than don't do it) is to avoid leverage and never short. If a trade goes against you, go away for a few days or weeks or months or however long it takes, and exit your trade once the price has returned to your entry. You won't make a ton, but you won't lose your shit either.

>> No.18959591
File: 63 KB, 845x403, b412496ce87ec34a81a828071631e4de8f92018074fd2cc3ff53f292743c2a36.jpg [View same] [iqdb] [saucenao] [google]
18959591

>>18953635
Just start by trading erc-20 tokens on a DEX like saturn. If you start with just an airdrop and trade the margins, your only risk is the transaction costs. You should be able to take profit on the first or second trade, which will cover all the transaction costs though.
I suggest trading the margins until you can not manage to buy back in lower (be willing to wait a few days before calling the quits) and then moving onto the next altcoin.

Post your eth wallet address and I'll send you some coin to get started. You need to provide your own eth. I suggest using metamask (metamask.io ) since it works well with every DEX I've used. Also, you must disavow communism.

>> No.18959658

>>18954491
why are you getting into futures?
Why don't you simply trade stocks on a Robinhood?

>> No.18959698

>>18956854
>work just fine with crypto on a 1D timescale
why 1D time scale?

>> No.18959723

>>18956938
>if I take this strategy and apply it to 4h time frame,
>(multiplying every length parameter by 6)
why by 6?

>> No.18959745

>>18953635
If you can't make roi with 100 you cant make it with 100k don't risk your money, learn in live enviroment but with small risk. Risk management is most important thing you can learn (AKA StopLoss).

>> No.18959752

>>18953635
95% fail so why bother?
anyways go on CT and start following traders there. don't search for info here, this place is retarded. when you find good traders copy them, reverse-engineer them, absorb every piece of information like a sponge. eventually in a few months through trial and error you'll find traders that suit your style. this is a very long way

also whatever your final system will be, learn price action trading first. it's essential. risk management is also essential

start here: https://twitter.com/CryptoCred/status/1195354637706178560

>> No.18959755

>>18959723
becase 4H*6 = 24H = 1D

>> No.18959781

>>18953635
Leave your TG name and I will introduce you to a free group

>> No.18959817

>>18959723
since the strat was working on daily before this, one candle is 24h.
since 4H timeframe is 4 hours per candle you will get 6 candles per 1D. your length parameters need to be changed. it is a very crude way of doing it and you will miss out a lot of opportunities though. for some noise are opportunities, for some its just noise.

>> No.18959828

I have slowly come to the terrible revelation that none of you know what the fuck you are doing. I have a Master's in Accountancy with a minor in Finance. I work for a fortune 100 as a corporate accountant with a CMA and CPA. I used to have some faith in anon. None of you know how to actually value a company. You have no fucking clue how taxes work. You can't read financial statements. For fuck's sake you think TA works and the entire field of decision science churns out dissertations every other day highlighting their absolute dismay at the fact that brainlets ever consider using it. You have no idea what Dunning-Kruger is. You don't know what survivorship bias is. You are too fucking uneducated and stupid to comprehend how fucked you are.
Idk why I'm even posting this, fucking good luck kids.
>>18954291

>> No.18959835

>>18953635
>any recommendations
Yes, get a real job

>> No.18959895

>>18954237
>Learn to spot larger volumes AS the orders are coming through, while the volume bar is formed instead of after it's done.

I'm stuck here

>> No.18959961

>>18959781
Will check the thread again tomorrow. Basically it's a trading group where the admin does crypto fulltime and gives tips/advice/set-ups. Your call, but he has helped me a lot

>> No.18959966

>>18953635
Go for it anon. You’ll lose money at first guaranteed. But you might learn by doing that and end up making some.

>> No.18960133

>>18955889
>metatrader
It has no order book no real volume either. Wtf are you talking about?

>> No.18960224

>>18956724
Unironically actual good advice

>> No.18960290

the order book is old, it might have been of any relevance in the 1950s when there was an actual fucking book but with algos these days it costs literally nothing to manipulate the order book.

>> No.18960365

>>18959231
I see, never thought of hedging from a probabilistic viewpoint. Hedging to me was just something like longing a stock then buying a put on that. Thanks for the perspective.

Still learning, but from what I've been reading about trading and my own experience with crypto it just seems harder to fuck up just holding low cap shitcoins that are getting shilled then dumping them a few days later.

>> No.18960431

>>18960290
>the orderbook is old
Yet some designated trader made 30 million spoofing that shit
https://en.wikipedia.org/wiki/2010_flash_crash

>> No.18960523

>>18960365
Long term trading isn't real trading, its investing.

People buying shitcoins hoping they'll gain value are not traders

>> No.18960544

>>18960365
>Hedging to me was just something like longing a stock then buying a put on that.
This kind of "hedging" is entirely pointless is basically an idiot's idea of hedging. No "trader" here has ever entered a non useless hedge.

>> No.18960613

>>18960133
Metatrader 5 has it, idiot. I am not making anything up

>> No.18960633

>>18959698
Empirical finding

>> No.18960654
File: 176 KB, 988x1851, alg0.png [View same] [iqdb] [saucenao] [google]
18960654

this is the backtest for another coin with the same algo as above, same settings.

>> No.18960978

>>18953635
not op but I literally lost 85 euros margin trading over the course of two weeks and gained nothing, I want to get better :(

>> No.18961349

>>18960613
Metatrader is garbage, both of them and broker using them are trash, i don't thing their L2 is legit

>> No.18962159

>>18953635
No one is paying their bills with day trading. All of the educators, all of the prop firms, all the guys on StockTwits, all the guys on YouTube, they're all scams. I have never once, ever, seen a verified track record of a person in the past 5 years who makes the majority of their income from day trading consistently. This should be like a cold splash of water on your face. Look around at the sheer number of supposed day traders and recognize they're all lying. Every single last one of them. It's always the same song and dance too:
>I make a ton of money day trading, listen to everything I say!
>awesome show me some of your live trading and/or a track record
>heh...heh...welllllllllllllllllllllllllllllllllllllllllllllllllllll
Trading and finance is among the most potentially transparent activities you can engage in and all of the people who try to claim how successful they are couldn't be any more vague and indirect with regards to their performance if they tried. They all puke out stupid platitudes like:
>"Heh...even if someone knew my strategy, they could never replicate it...it's too personal to me."
>"that's great, I don't want to know your strategy anyway, lets just see a broker statement with your prints so I can verify them on the Time and Sales."
>"Heh...but you might steal my strategy."
The entire industry is retard tier. They all say the same shit and run the same sort of scam. Anyone who falls for that shit is the same sort of person who falls for MLM nonsense or goes to a strip club and thinks the strippers are really into them. I welcome anyone here who claims to be a consistently profitable day trader paying their bills with their trading to post their track record, their 1099, something that verifies their claim.

>> No.18962846
File: 216 KB, 1818x726, Aantekening 2020-05-09 010108.png [View same] [iqdb] [saucenao] [google]
18962846

>>18959658
Because of the leverage without the spread, high commissions, lack of liquidity, vol and time sensitivity of options.
>>18956898
Usually just the first and last hour. It's not a routine. I've been trading for five years, losing for the first three. The last two have been somewhat successful.
I have to study too and since I live in the eu I don't always have time to trade during market hours. Also note that I do this besides my swingtrading where most of my gains come from. Most recently amd, ayx, eurobanks, aapl, an hft shop and index etf's. I also got long silver today because of recent central bank intervening, the disconnect between physical delivery prices and paper and because my brother who is much smarter than me has been nagging me about it for months.
>>18959895
wym? t&s moves much faster, orders get bigger, bid/ask gets wider, bigger jumps in prices. It really isn't rocket science.

As for placing orders, yesterday I was trading apple and saw that it wouldn't stay above 304.40 or something. Next time it got close I placed a sell order at 304.38 or something like that. Maybe I'll get into it another time. Pic related. I'm with IB but tradingview is easier to use.

>> No.18962886

>>18962159
>>18962159
I second that. It is worth saying that I have seen people legitimately get rich in the stock market, but by swing trading without leverage of the course of 5-10 years.

>> No.18963007

You really need a lot of capital already to live off of trading. I've been investing/trading for almost a year now and I'm up 38% in stocks and 20% in crypto. My total portfolio is only $7,700~ though so it's not like I can live off it. So you could totally generate enough gains to live but you would need like a year's living expenses already saved up to use as capital.

>> No.18963469

>>18962846
Me from my phone.
>18956898 on second thought this guy is right. Too much risk (and time) for too little reward. Don’t waste your savings because a bunch of strangers on the internet got lucky a bunch of times. Do the things for which you have a strong reason to believe you’re right. swing trade don’t daytrade

>> No.18963678
File: 44 KB, 710x577, 1554758358212.png [View same] [iqdb] [saucenao] [google]
18963678

>>18959828
>looking at fundamentals in currentyear

>> No.18963795

>>18962159
this guy shows his records and stats
https://www.youtube.com/watch?v=xTPcI7HHu5w

>> No.18963928

I highly recommend these podcast. They often include daytraders too:
https://chatwithtraders.com/
https://futuresradioshow.com/

Also this guy is a daytrader and has a good active youtube channel:
https://m.youtube.com/channel/UCV00elXN8Z0vrFIAZu3rIKw

>> No.18963975

>>18953635
>normie
do it, i extremely recomend day trading

>> No.18964020

>>18953684
>Good investing is boring long-term investing


This. Day trading is a massive meme.the only way to make.momey from day trading is by selling courses about how to do it

>> No.18964368

>>18959591
>erc-20
>DEX
not even really sure what this is unless its just a crypto ive never heard of
only reason I haven't traded around my crypto is because it seems like transaction fees will bum me every time
then again my shits on coinbase, apparently this is a big pile of shit I need to vacate

>> No.18964444

>>18953635
Nononsenseforex. Contrarian type of system that will teach you why all the typical youtubers and mainstream fuck boys are wasting your time and teaching you how to waste your money.

>> No.18964483

>>18963795
>buy my book!

>> No.18964533

>>18954491
>>18962846
>>18954237
How much capital do you trade with to earn $100 a day? And how much leverage do you trade with?

Also, in your opinion, can this be done trading only crypto/altcoins? And is it doable if I don't trade with leverage?

>> No.18964603

Better go to random casino retard at least it's fun and it doesn't pretend to be anything else than a lottery.

>> No.18964928

>>18960523
It's still trading, just on a longer time frame. The risk is the same.

>> No.18965030

>>18953635
Buy CNAT.