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Beginner Day Trading


deathfunk

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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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Castlevania

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.

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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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  • 2 months later...
Heart's Ease
On 30/04/2020 at 12:17, deathfunk said:

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.

Are you still interested in this or have you made your millions and now retired?

A (very) distant aquaintance makes a living as a day trader. He is one of the presenters on Darwinex. Can't fathom a word of it tbh. Have you looked at their resources, at all? Lots of stuff on YouTube and the other channels.

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8 hours ago, Heart's Ease said:

Are you still interested in this or have you made your millions and now retired?

A (very) distant aquaintance makes a living as a day trader. He is one of the presenters on Darwinex. Can't fathom a word of it tbh. Have you looked at their resources, at all? Lots of stuff on YouTube and the other channels.

At this stage having dabbled with a few different styles I think I am leaning towards swing trading growth and momentum US small and mid cap companies. Techno fundamentalism focused on cup and handle breakouts predominantly. Minervini and Zanger. I might be able to manage that.

Day trading is too fast for a beginner like me. I might try again in a few years when I am able to process market info quicker.

I have learned to avoid UK shares. The big ones are mostly zombies. The small are mostly run by crooks. I own both Argo Blockchain (London) and Riot Blockchain (US). That's what did it for me. London is a mortuary not a stock market.

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Gloommonger

Know nothing about trading but made me think that instead of wasting money on my kids university education, I should give them £500 per month to learn how to trade.

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  • 3 weeks later...
On 06/07/2020 at 20:08, Gloommonger said:

Know nothing about trading but made me think that instead of wasting money on my kids university education, I should give them £500 per month to learn how to trade.

One thing is for sure, unless they are very talented and hard working there is very little money to be made in working an honest living as a PAYE slave.

As a method of advancing wealth it is completely pointless for the majority of the population. There is simply so little surplus after all the state and rentier extractions.

I intend on making big crypto and gold bets and waiting a few years then learning swing trading then teaching that to my nephews and nieces. Far more valuable than 70% of Uni courses.

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DownwardSpiral
1 hour ago, deathfunk said:

One thing is for sure, unless they are very talented and hard working there is very little money to be made in working an honest living as a PAYE slave.

As a method of advancing wealth it is completely pointless for the majority of the population. There is simply so little surplus after all the state and rentier extractions.

I intend on making big crypto and gold bets and waiting a few years then learning swing trading then teaching that to my nephews and nieces. Far more valuable than 70% of Uni courses.

Agree. PAYE should just be seen as a means to cover your living costs (safety blanket) and generate the initial capital to start accumulating wealth by other means. I think this is likely to become even more strongly the case over the next five to ten years. With just one stock I have accumulated more wealth in a few months than I would in two years saving from work income.

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14 minutes ago, DownwardSpiral said:

Agree. PAYE should just be seen as a means to cover your living costs (safety blanket) and generate the initial capital to start accumulating wealth by other means. I think this is likely to become even more strongly the case over the next five to ten years. With just one stock I have accumulated more wealth in a few months than I would in two years saving from work income.

Any FAANG stock or Tesla plus big enough balls to buy in March with a sizeable stake, presumably? Beats sovietism anyday.

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Green Devil
On 23/07/2020 at 17:31, deathfunk said:

Any FAANG stock or Tesla plus big enough balls to buy in March with a sizeable stake, presumably? Beats sovietism anyday.

Works every time. Buy a week after every crash, stocks, crypto, bonds, currencies, etc and youll be golden. If only id rigidly followed my plan, i'd prolly be on an island somewhere sunny, hey ho.

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It may be tempting to buy signals from instagramers (the ones with flash car pics, ripped bodies, pics of sandy beaches, young fit girls hanging off their shoulders - living the dream at 20 years old lalalala)

This is worth a quick look - let the buyer beware.

 

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  • 3 weeks later...

I've dipped my toe in the water over the last month using www.trading212.com, the zero commision fee is a real game changer and I've been having a ball. Have just opened a stocks and shares ISA on there...fingers and toes crossed.

No way I'd try this (leveraged trading), but it's utterly fascinating to watch Ross Cameron's Warrior Trading channel:

I like how he runs a small account challenge most years to try and get from a starting $580 to $1 million in 12 months - bonkers.

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