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deathfunk

Beginner Day Trading

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I am trying to learn how to day trade. My plan is to paper trade early on then try micro-trading with a £500 bankroll, £50 bets, max 10% stop losses with 1% total risk per bet. I would be microtrading a basic set-up like the early breakout with a view to getting a handle on the whole process rather than to make money.

My problems are:

1. I don't know which platform I should be using. I have heard Robinhood would be ideal but sadly they only deal with Americans. I need a low cost broker that will allow me to micro trade. Currently I am on IG.com but this doesn't seem to offer the same layouts as the ones I see on training videos. I get the feeling from IG that they are more interested in taking cash from mugs than assisting traders to become better, and thus, spend more money with them.

2. A lot is spoken about pre-market research and making game plans. However, as someone new to the whole business and without a senior trader to give me 10 stocks in play and guide me as to how they might play out, I am in the dark. Not knowing how to trade is one thing but not knowing how to trade OR write a cohesive plan is too much for me. Too many variables for me to fuck up, as a rank beginner.

The last thing on Earth I want to do is just gamble blindly and lose money. I am all about the process. But I am struggling to just get started. I am never happy enough with where I am currently to risk real money. It feels too much like a leap of faith to me. In contrast, when i wanted to learn poker I could play on in micro tournaments for £1 or £5 a pop and spend hours whittling down the field - I felt I really got somewhere quickly. I can't find a way in to trading in the shallow end, like Robinhood. Everyone seems to want $500 here, $80 a month there, $2k a year there.

Any advice would be greatly appreciated.

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Avoid Robinhood like the plague, they went down last month for a day or 2 when the markets where going bonkers, lots of 'dead yanks' xD

They're all 'bucket shops' ie crooks but IG are actually one of the better ones.......trade lines, forget about all the indies.......actually I'd forget about 'day trading', it will consume you, wreck your marriage, maybe even leave you broke........this is my DAX chart for today ;)

 

 

Screenshot_2020-04-30_18-01-28.png

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Posted (edited)

Go onto Wallstreetbets on Reddit. Do the opposite to the trades they’re putting on.

Edit: actually go onto Wallstreetbets, see the massive losses some have incurred and quickly nip the whole idea in the bud. Day trading unless you have an edge is a bad idea.

Edited by Castlevania

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I am seeing an uptick in penny stocks. And my broker had a message on the main screen saying they are really busy and some trades may take longer to execute.

I guess people who are furlonged have run out of things to do, and are trying their hand at trading.

The upswing in PLUS markets (a spread bettor) is usually an indicator that they are doing well (and punters are losing money).

Good luck!

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