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Starting Day trading.
 
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    Starting Day trading.
    After a lot of research and countless conversations with experienced day-traders, I have decided to finally start day trading. Most of the people I talked to were of the opinion that you cannot time the markets. They also said that being a beginner I would need luck to be on my side to make any kind of money. But a few people said that if you start identifying patterns and trade on fundamentals, I could succeed. So basically, I am looking for strategies you guys use for intra-day trading.


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    I really wouldn't start day trading without any experience or thorough research. Like your friends said, you MIGHT make some money if luck is on your side. So there basically is a chance that you have a chance of getting some money. That doesn't sound like a good investment if you ask me...


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    For day trading I highly recommend starting with a demo account. Use the demo account to test strategies and decide which stock you want to do this on, also remember to calculate a realistic commission!


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    Quote Originally Posted by crimsonghost747 View Post
    For day trading I highly recommend starting with a demo account. Use the demo account to test strategies and decide which stock you want to do this on, also remember to calculate a realistic commission!
    I agree with a lot of your posts crimson but personally I think it's best to start live trading from the get go. It may not suit everyone but I always felt demo trading was a waste of time because once you transition the emotions are totally different, and you have to be emotionless if you want to make money.

    OP, I'm not sure if you're trading forex or stocks. But reading babypips.com should give you a good foundation. Be prepared to lose money if you decide to trade live, be prepared to lose all of it. Also stick to longer time frames


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    Quote Originally Posted by jubvman View Post
    I agree with a lot of your posts crimson but personally I think it's best to start live trading from the get go. It may not suit everyone but I always felt demo trading was a waste of time because once you transition the emotions are totally different, and you have to be emotionless if you want to make money.

    OP, I'm not sure if you're trading forex or stocks. But reading babypips.com should give you a good foundation. Be prepared to lose money if you decide to trade live, be prepared to lose all of it. Also stick to longer time frames
    It certainly has a very different feel if you trade with a demo account. But I proposed it so that one can find some sort of a pattern, something which usually ends in a profit. That way, all that is required is to do the same with real money... which is obviously different because of said emotions but at least this way he will have some kind of a guide to follow.

    In the end nothing teaches you as well as doing the real thing. But with zero experience, I would say that it's more than likely that someone will come home empty handed.


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    You should start small. It's not really easy to do trading at an initial stage, but if you get the hang of it. Money can come in very quickly, you just have to know the temperature and mood of when and where to trade.


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    I agree with crimsonghost, using a demo account would at least give you the opportunity to learn more about day-training. I can understand your concern about varying emotions between the free demo and live trading, but then you mentioned that you have to be emotionless when doing trade.. so there you go.. you don't need to feel any emotions regardless if you are doing a demo or a live trading. There is more to learn in demo account without losing at first, once you become familiar, then do it as you please. Good luck!


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    Im not an expert but fundamental strategies arent suited for daytrading. They are a little bit more long term. You should learn technical analysis if you want to day-trade.


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    Quote Originally Posted by jubvman View Post
    I agree with a lot of your posts crimson but personally I think it's best to start live trading from the get go. It may not suit everyone but I always felt demo trading was a waste of time because once you transition the emotions are totally different, and you have to be emotionless if you want to make money.

    OP, I'm not sure if you're trading forex or stocks. But reading babypips.com should give you a good foundation. Be prepared to lose money if you decide to trade live, be prepared to lose all of it. Also stick to longer time frames
    I think the aspect of knowing you're not playing with real money is a big factor. If you really immediately start trading using a real account, the loss of money is real and very possible. But it's better to get a basic understanding from a demo account if you ask me.


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    Quote Originally Posted by delusional View Post
    I think the aspect of knowing you're not playing with real money is a big factor. If you really immediately start trading using a real account, the loss of money is real and very possible. But it's better to get a basic understanding from a demo account if you ask me.
    I agree. Psychology is one part and strategy is the other. You can get the strategy right on the demo. Whats the point i ntrading live if you cant make money on the demo anyways ?


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