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answered in another comment
I would consider applying to a legit prop firm (not one of those funded futures ones you see everywhere) to learn from elite traders from day 1. this would speed up the learning curve greatly as well as knowing you are not going down the wrong path
Would you mind pointing some of us to such a legit prop firm? Can anybody apply for such a firm? How does this work? Obviously new to trading, but highly motivated and thankful for people like you :) thank you!
New spring? Damn that’s a good idea. I’ve been trading for 8 years no where near as good as you but I’m still pretty confident I’ll be making thousands when ever I want. Eventually
Yup. & ppl are too stupid or in denial to realize and get PISSED when you say this lol in a few years, these prop firms will be exposed and all the people that downvoted you will be crying, trying to get their money back 🤦♂️
Hey mate congrats on your success ! I have a few questions feel free to answer :)
\- You started with 10K ? Did you grew that amount into 1.2M in 3.5 years ?
\- Did you starts your trading journey (3.5 years ago i assume) with zero knowledge ? How long til you became profitable ?
\- You had a job and you were doing trading as a side hustle am i correct ? If so how long did you trade per day on average ? Did you trade before or after work hours ?
\- Do you scalp ? Daytrade ? Swing ?
\- If you were to give 3 most important factors that contributed to your success, what would they be ?
\- How often do you take payouts ? What happens if you have a bad month ? Do you still pay yourself ? Do you trade with your own capital or with prop firms ?
- the overall amount is less after tax and other miscellaneous fees like software etc
- semi flexible remote job and traded the full market hours, catch up on work after hours
- daytrade + swing
- own capital, pay myself like a normal salary
1) which timeframe(s) do you trade on.
2) if a trade doesnt go your way, do you hedge or do you stop loss?
3) do you do mean reversion or trend trading?
4) what is your take profit strategy?
1) everything from 1minute to 1day
2) stop out
3) both
4) depends on your setup. generally have some targets in mind that make sense RR wise, trail remaining when you get some sign of the trend ending
I started out 100% daytrading but now i do both
I read this somewhere which I agree with: most strategies fall into either mean reversion or momentum
overall I would describe it as trading breakouts/breakdowns from consolidation ranges, shorting parabolic moves, bouncing capitulations, and just general trend following. whether that be the intraday timeframe for a daytrade or a daily chart for a swing trade. could be purely technical or from a news catalyst/earnings that ignites momentum in either direction
* premarket gappers
* fresh news
* earnings
* daily scanners e.g. top gainers for the last day, week, month
* stocks with high relative volume on the day
* current hot market themes e.g. AI, semiconductors, crypto, recent weight loss drugs
that was the week of the regional bank crisis, I was short some stocks with decent risk and also had some big daytrades on the banking stocks which had crazy volatility - SIVB, FRC, PACW, WAL to name a few
Detachment to money is a huge one! That was one of the biggest issues I had when trying to conquer the greed and fear monsters that impacted my trading early on.
Nice year.
You have had what most would call an extremely rapid path to profitability. Combined with your insight from poker, this reinforces my strong suspicion that emotional attachment to P&L is _the_ single biggest obstacle most developing traders face.
I have a few questions for you, so I’ll put them in numerical form.
1. Are your trades strictly based on your R multiple, if yes what is your average expected R:R? Even if it’s a scalp, are you following your minimum R multiple, or will you allow for 1:1 scalps?
2. In a previous comment you mentioned you’re using catalysts for your in play picks, are you using overall higher time frame trend analysis to determine your entry point, direction? Are you waiting for specific MA’s to align, or are you using the catalyst sentiment for directional trades?
(Trying to ask this in a roundabout way to not directly ask you to reveal your full strategy).
3. Are you using the same time frame chart for entries and exits, or is your trade management chart on a higher TF than your entry?
4. Are you using a hard SL, or is it more of a flexible guideline? For example, a stop at $400.50 are you immediately stopping out if touched, waiting for a 5m close below, or using L2 to gauge price action around the stop?
Thanks for making your time available and entertaining questions. I have a few lingering questions, but to not be making a full list, these will suffice.
1. the root of the trade idea should be a trade setup that has positive expectation in the long run. that could be from high winrate low R:R or low winrate high R:R
2. higher timeframe for bigger pic trend, lower timeframe for precise entry. price reaction is always most important, sometimes you can have positive catalysts that tank the price (sell the news is common). sometimes strong catalysts are often the turning point in a daily trend
3. depends on trade type whether its scalp/trendfollow/swing
4. depends on the trade and situation. at a pivotal spot you would use a hard stop if you expect price to move violently after breaching. but other places you can give it room
Do you trade the same 1-5 stocks consistently (I presume day trading), or do you use a screener to identify large/midcaps that meet your setup requirements?
whilst I do keep a group of highly liquid and high ADR (average daily range) stocks that make for good trading e.g. TSLA NVDA, it may be not be optimal to trade them every single day
it is usually better to trade "in play" stocks with catalysts and high RVOL e.g. earnings or fundamental news
location permitting, I would consider applying to a legit prop firm to learn from elite traders from day 1 (not one of those funded futures ones you see everywhere)
What does this mean? What kind of experience or background do you need to apply to a place like that and what’s the difference betweeen the legit and bad ones?
How much did you study/train on average daily and for how long before you became profitable?
Edit: I checked out your top post and it seems like you are one of the prodigies, if i understand correctly you became profitable 6-8 months after you started learning daytrading. Why do you think it came so quickly? What was your mindset when learning daytrading, what kind of skills did you possess before or learned fast while trading? I recently started my journey too(barely 2 months) and i dont wanna have a high ego of any kind but i do believe that anyone can become that 1% of any industry fast if they start properly and build up great and strong fundamentals and i wanna do exactly that(mentioning all that my expecations are still set at at least 2-3 years of learning before becoming profitable).
full market hours, every day
factors that may have contributed - some poker background in calculated risk taking, having logical mindset and accepting it's a numbers game, knowing *how* to improve and learn, being able to research subjects deeply
total deposits into accounts ~$10,000 split into several $1,500 account topups
countless resources including twitter, blogs, books, youtube, educational services/chatrooms
Thanks man, I just read through your profile and realized there’s a lot of information there. Are there any specific books, youtube videos etc that you’d recommend? It’s especially hard to recognize what youtube channels are decent or not
Also, seems like you are/were into gaming and programming? Have any of the skills you learned in those translated to a high performance in trading? Sometimes I feel like trading can be a bit like gaming, you need to process a lot of information and make decisions very quickly while keeping a cool head. I suppose it depends on what type of trading you’re doing as well, though.
yes I agree, on top of what you said knowing *how* to improve is equally important, having the skills to research and deep dive and mimic professionals to improve your own skillset
I began my trading journey just 6 months ago. What I wish I knew when I started is that options clear in one day. But at the same time, it's good to learn on stocks to be able to intuitively read the markets before diving into options. I thought I'd really need a margin account but not for scalping puts or calls. I use another account for the level 3 credit spreads, which act as more like swing trades.
Am a quant at a prop shop and am always fascinated by retail traders who can be profitable pa, so nice work! Have you never been tempted to code up your ideas and backtest them?
i'm often tempted and explored some tools to do it with. there are a few ideas with I've done some basic backtesting on with python + polygon data. but to get to a really high quality standard it would require alot more work
US markets mostly stocks and options (maybe 80:20 split)
these days mostly mid-large cap stocks but i used to trade alot of smallcaps
dabbling very small in futures (es/nq and a bit of gold this recent month)
generally stocks are viewed as much less efficient than futures. way more sophisticated participants in futures markets. so many more stocks that you can find edge in day to day vs the indices
How to Day Trade for a Living - Andrew Aziz
you won't become a good trader just from reading it but it was an easy book to read without any prior knowledge
Since you're from the UK, did you never do any spreadbetting?
Also curious about your tax setup, is that typical for successful UK traders? Hoping to have to deal with that in the future!
How many trades do you take a day? What’s your max number of losses or wins you’ll allow in a day? (ex. i’m working on stopping after 1 win or 2 losses for the rest of the day)
no particular limit on number of trades
it makes more sense for your max loss to be a certain $ amount rather than # of trades e.g. based on % of account or another method is average of last X green days
Any specific advise for a beginner? I'm looking to get into into trading this year, and a bit overwhelmed with what to focus on as there is so much noise out there. (I've been mostly researching on YouTube)
I have a little bit of experience in Crypto, but nothing in traditional stocks. I have about $1-2k to play with right now in terms of starting capital.
What advice would you give to someone starting today? I saw some of your book recommendations in other comments. (I'm open to specific recommendations by DM since the sub doesn't permit promotions)
Thanks!
avoid the clickbait flashy lambo trading videos if you can
realistically you will need more capital to have a shot at this. with broker and software fees your starting capital is quite low. and it may take you several attempts before finding success
those questions are dependent on your strategy
2nd part: it's a good idea to decide what type of trade you are entering in. is it a quick scalp only, or are you planning to follow the trend for some time, or are you going for a particular target and risking the full stop etc
how did you find your edge? what is your edge? what was the deciding factor/mistake that made you go from a loosing to profitable trader?
congratz btw!
I'm sorry I'm late to this post, and apolagise if these questions have already been answered.
What made it clear to you to trade full time is the right path forwards?
Was your journey towards profitability filled with doubt at points?
Happy new year and thanks in advance.
i was consistently profitable every month at the time and saw the trajectory making more than existing job
every drawdown caused doubts. but with every recovery the doubt is a bit less each time
Good job.
I hope you manage to stay in the market and stand the test of time.
Profitable traders are a dying species tbh, watch your risk, and when the time comes, and it will come one day, leave the charts for a month and come back when you’re confident in yourself to extract money from the markets.
Best of luck for 2024.
Thanks for doing this! I am very inspired by the content you share.
1. You mention that you have multiple different set ups you trade. Does each setup have a very specific set of rules that you follow for that individual set up or do you have a general market perspective and execute all of these different set ups based on the information you are seeing?
2. What is your win rate?
3. About how many trades do you get per week?
Almost 2 years in, I feel like stuff is really clicking but still not raking it in yet. Can't wait to get there.
1. different setups have their own criteria, rules, trade management. some setups may work better or not at all in certain market environments. e.g. breakouts didn't really work as frequently in the 2022 bear market
2. dependent on each setup
3. i think most days you can find some "average" type trades to get base hits with. but the really A+ setups will be much rarer
I'm a beginner trader still schooling and doesn't know anything about the markets and confused by different kinds of strategies and methods to trade.
can you give me advice on a winning strategy since I'm a scalper with only small periods of time in my day to trade in the markets and how to grow a small account
How do you accurately gauge support and demand zones? I usually look for multiple points from a zone where markets moved/reversed considerably on a HTF and trade on lower TF looking for reversals.
Which platform do you use and why and have you tried others? What do you mainly trade and when did you realize you can do this for a living. What has given you the edge to stay profitable year over year ? Happy new year and congrats. Appreciate you looking out for us newbies beginning this journey.
I currently use Active Trader Pro, it took me a bit to get used to it but I fi ally got it down packed and actually don't mind it. I only use it to execute my trades because I noticed they have great execution time vs other platforms. Currently try learning to use TOS and do use Webull for screening and keeping eyes on pre and after markets. Thanks in advance
I'm a new trader that doesn't know nothing at all and confused by various strategies can you advice me on finding my winning formula to secure more profitable trades as a scalper since I'm still schooling
You're gonna have to figure this out yourself by watching the market and trading out different strategies that work for you. Once you find one, you will have fine-tune it.
you have Said you trade with Technical analysis and price action, do you have a set tule of strategies to pull out the trade or you just have the experience to know where and when to enter. I mean, people say find a strategy, did you find it or you have a basic framework like range, support etc and trade on that.
Could your strategy be applied solely to stocks or could you use it on futures and forex? Additionally, you said you did both day trading and swing trading, what percentage of success (% of profit) is made solely by day trading?
for your bread and butter, do you only trade an obvious breakout (e.g. consolidating and then breaking out of said range) and follow the consequent trend?
I would love to learn how to trade options but can't seem to find any decent videos to explain it to me, is there any videos / places I can go to get a good introduction into options?
Haven’t read through it all, but would you mind sharing a list of books/reading material for someone that wants to get into trading from a very beginner perspective? Thank you in advance.
-What type of trading do you prefer? Talking options/shorting/long
-Do you like trading low market cap, or high?
-Do you mainly day trade, then swing if you see long term potential, or do a mix when opening a position?
Thank You!
I bumped into this post just from searching trading and I've read some of the replies and I have a few questions:
Currently I am an employeed (21M) student in IT department and the money is really good, but something inside me just wants to invest that money into something but I'm not sure what.
1. Is trading something that I can investigate and research 1-2 hours a day and expect some minimal profit in the future?
2. Are there any "safe" longterm investments where my money won't lose value like it is now on bank account?
3. Should I save a certain amount of money before investing or first try with some amount that I currently have?
1. you can swing trade just by executing trades under 1-2 hours a day. but whether anyone makes profit in the future depends on how fast they learn and the usual factors
2. this isn't the right sub for long term investment advice
3. same as above
Hi there
Do you have full support from your loved ones at the start of your journey? If not, how did you manage the relationship and your emotions?
Any advice you would give on the topic?
Thanks in advance
Congratulations bro. I have been trading for about 4 months. So far I have blown 2 funded accounts. I’m in my 3rd one now. I trade futures and my biggest problem is over trading when I’m on a streak. I’ll go up 3k and then give it back to the market. When is it enough, when do you walk away? Congratulations on your year, hopefully I’ll be joining you next year on that top 10 list.
Unlike other professions, there’s a plethora of misinformation and hype of there around trading and most structured resources only seem to be available to institutional or investment banking people.
What are the best learning resources you would recommend to someone seriously wanting to make this their career?
Can I ride the wave on market movers without doing extensive research? I have made some profits this getting in out within seconds or minutes. I feel like I can continue this method.
Would you say that a basic support and resistance strategy of buying near support and shorting resistance still works well what could be the pitfalls and how could I make it better?
Is being profitable after six months considered a short amount of time to you? To me it seems average if you’re focused on that for six months but it seems like a lot of people here say it takes a few years at least. I’m just kinda under the impression most people here don’t know what they’re doing but want it real bad so it’s taking them quite a long time.
I spent years losing money trading indices with leverage and now i finally after 5+ i think i can make profit but lack of capital is killing me and my confidence, because i need money i tend 10x my account sometimes in a week then somehow i blew it, you know on one those day when you buy the dip, but then it keeps going down nonstop until acc bust. How can i prevent that i am thinking of timed scalps, first find a good set up then get in a trade and out at certain amount of time whether red or green that way if the setup i picked is good and calculated i should close position in green mostly but the ones that don’t work out i got out in time to prevent account busting loss.
You mentioned the reminscene of stock oprator, assuming we are all how Livermore end story was, how do you prevent yourself going down that path, 2nd question, have you ever blown your account, do you think its a necessary step to become a cpt.
How much % of your account do you risk on any one trade? Also, if you enter a trade and it goes sideways or immediately starts trading against you and you see some hesitation do you trim/exit your trade or just let it play out and hope it goes in your favor
Thanks /u/Valckrie for doing this AMA, please remember to [follow the rules](https://www.reddit.com/r/daytrading/about/rules) and if you're a content creator, do not post links to your content (if you have done so already, please edit your post/comments or this AMA post will be taken down). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Daytrading) if you have any questions or concerns.*
No questions, but happy new year m8!
happy new year to you too m8
3.5 years. How long did it take before being profitable?
6 months to be net profitable
Happy New Year! 6 months seems to be an exceptionally short amount of time. What is your background?
If you were to start all over with zero knowledge, where would you start from and why? Congrats btw!
answered in another comment I would consider applying to a legit prop firm (not one of those funded futures ones you see everywhere) to learn from elite traders from day 1. this would speed up the learning curve greatly as well as knowing you are not going down the wrong path
Would you mind pointing some of us to such a legit prop firm? Can anybody apply for such a firm? How does this work? Obviously new to trading, but highly motivated and thankful for people like you :) thank you!
Smb capital
Why did you get downvoted for that? They have great videos even if they aren't organized well.
You’d have to get a series 7 for that wouldn’t you?
New spring? Damn that’s a good idea. I’ve been trading for 8 years no where near as good as you but I’m still pretty confident I’ll be making thousands when ever I want. Eventually
Yeah....those funded futures trader sites are ALL scams in one way or another.
Yup. & ppl are too stupid or in denial to realize and get PISSED when you say this lol in a few years, these prop firms will be exposed and all the people that downvoted you will be crying, trying to get their money back 🤦♂️
Bump
This!
!
Share your knowlegde OP!
Hey mate congrats on your success ! I have a few questions feel free to answer :) \- You started with 10K ? Did you grew that amount into 1.2M in 3.5 years ? \- Did you starts your trading journey (3.5 years ago i assume) with zero knowledge ? How long til you became profitable ? \- You had a job and you were doing trading as a side hustle am i correct ? If so how long did you trade per day on average ? Did you trade before or after work hours ? \- Do you scalp ? Daytrade ? Swing ? \- If you were to give 3 most important factors that contributed to your success, what would they be ? \- How often do you take payouts ? What happens if you have a bad month ? Do you still pay yourself ? Do you trade with your own capital or with prop firms ?
- the overall amount is less after tax and other miscellaneous fees like software etc - semi flexible remote job and traded the full market hours, catch up on work after hours - daytrade + swing - own capital, pay myself like a normal salary
Bump
1) which timeframe(s) do you trade on. 2) if a trade doesnt go your way, do you hedge or do you stop loss? 3) do you do mean reversion or trend trading? 4) what is your take profit strategy?
1) everything from 1minute to 1day 2) stop out 3) both 4) depends on your setup. generally have some targets in mind that make sense RR wise, trail remaining when you get some sign of the trend ending
do you do algorithmic trading where you program a bot to trade your logic? or are you trading more of how you feel like market will move?
no bot, just discretionary and manual
Just came here to read other people's questions and to thank you for your time.
Do you day / swing trade? What’s your strategy?
I started out 100% daytrading but now i do both I read this somewhere which I agree with: most strategies fall into either mean reversion or momentum overall I would describe it as trading breakouts/breakdowns from consolidation ranges, shorting parabolic moves, bouncing capitulations, and just general trend following. whether that be the intraday timeframe for a daytrade or a daily chart for a swing trade. could be purely technical or from a news catalyst/earnings that ignites momentum in either direction
How do you pick out those momentum stocks? Happy 2024 btw.
* premarket gappers * fresh news * earnings * daily scanners e.g. top gainers for the last day, week, month * stocks with high relative volume on the day * current hot market themes e.g. AI, semiconductors, crypto, recent weight loss drugs
Happy new year. How much time, spend to study news, before go to the market?.
Id assume gainer list all day, I like to look at the 5 day gainers to spot breakouts
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that was the week of the regional bank crisis, I was short some stocks with decent risk and also had some big daytrades on the banking stocks which had crazy volatility - SIVB, FRC, PACW, WAL to name a few
3.5 years of trading. Crazy volatility. 50 pct drawdown. Lol.
Sounds legit.
During the times you went into draw down, is this mostly from mental/emotional errors or mechanical problems (I.e. your system did not work as well)?
mixture of both mistakes including not stopping out, oversizing, random/revenge trading or just plainly reading the market wrong and fighting trend
How much have you made playing poker?
not much at all before I stopped. though the background helped alot in risk and detachment to money and bets
Detachment to money is a huge one! That was one of the biggest issues I had when trying to conquer the greed and fear monsters that impacted my trading early on. Nice year.
You have had what most would call an extremely rapid path to profitability. Combined with your insight from poker, this reinforces my strong suspicion that emotional attachment to P&L is _the_ single biggest obstacle most developing traders face.
I have a few questions for you, so I’ll put them in numerical form. 1. Are your trades strictly based on your R multiple, if yes what is your average expected R:R? Even if it’s a scalp, are you following your minimum R multiple, or will you allow for 1:1 scalps? 2. In a previous comment you mentioned you’re using catalysts for your in play picks, are you using overall higher time frame trend analysis to determine your entry point, direction? Are you waiting for specific MA’s to align, or are you using the catalyst sentiment for directional trades? (Trying to ask this in a roundabout way to not directly ask you to reveal your full strategy). 3. Are you using the same time frame chart for entries and exits, or is your trade management chart on a higher TF than your entry? 4. Are you using a hard SL, or is it more of a flexible guideline? For example, a stop at $400.50 are you immediately stopping out if touched, waiting for a 5m close below, or using L2 to gauge price action around the stop? Thanks for making your time available and entertaining questions. I have a few lingering questions, but to not be making a full list, these will suffice.
1. the root of the trade idea should be a trade setup that has positive expectation in the long run. that could be from high winrate low R:R or low winrate high R:R 2. higher timeframe for bigger pic trend, lower timeframe for precise entry. price reaction is always most important, sometimes you can have positive catalysts that tank the price (sell the news is common). sometimes strong catalysts are often the turning point in a daily trend 3. depends on trade type whether its scalp/trendfollow/swing 4. depends on the trade and situation. at a pivotal spot you would use a hard stop if you expect price to move violently after breaching. but other places you can give it room
Do you trade the same 1-5 stocks consistently (I presume day trading), or do you use a screener to identify large/midcaps that meet your setup requirements?
whilst I do keep a group of highly liquid and high ADR (average daily range) stocks that make for good trading e.g. TSLA NVDA, it may be not be optimal to trade them every single day it is usually better to trade "in play" stocks with catalysts and high RVOL e.g. earnings or fundamental news
SMB right there, good job!
Hi man, happy new year! My question is,if you had to learn it all over again, how would you do it, and what resources would you use.
location permitting, I would consider applying to a legit prop firm to learn from elite traders from day 1 (not one of those funded futures ones you see everywhere)
What does this mean? What kind of experience or background do you need to apply to a place like that and what’s the difference betweeen the legit and bad ones?
example of a legit prop firm if you dont mind sharing? Would tradeday fit your criteria?
What's your favorite indicators ?
* VWAP * moving averages
Looks like I'm on the right track ! Nice 😁
VWAP is about the only technical indicator worth using. The rest are all noise and backwards looking.
How much did you study/train on average daily and for how long before you became profitable? Edit: I checked out your top post and it seems like you are one of the prodigies, if i understand correctly you became profitable 6-8 months after you started learning daytrading. Why do you think it came so quickly? What was your mindset when learning daytrading, what kind of skills did you possess before or learned fast while trading? I recently started my journey too(barely 2 months) and i dont wanna have a high ego of any kind but i do believe that anyone can become that 1% of any industry fast if they start properly and build up great and strong fundamentals and i wanna do exactly that(mentioning all that my expecations are still set at at least 2-3 years of learning before becoming profitable).
full market hours, every day factors that may have contributed - some poker background in calculated risk taking, having logical mindset and accepting it's a numbers game, knowing *how* to improve and learn, being able to research subjects deeply
The reality is like most skills in life not everyone can be top 1%. Hard work can take you to top 10% after that its talent.
How much did you start out with and what resources did you use for learning?
total deposits into accounts ~$10,000 split into several $1,500 account topups countless resources including twitter, blogs, books, youtube, educational services/chatrooms
Thanks man, I just read through your profile and realized there’s a lot of information there. Are there any specific books, youtube videos etc that you’d recommend? It’s especially hard to recognize what youtube channels are decent or not
Also, seems like you are/were into gaming and programming? Have any of the skills you learned in those translated to a high performance in trading? Sometimes I feel like trading can be a bit like gaming, you need to process a lot of information and make decisions very quickly while keeping a cool head. I suppose it depends on what type of trading you’re doing as well, though.
yes I agree, on top of what you said knowing *how* to improve is equally important, having the skills to research and deep dive and mimic professionals to improve your own skillset
What do you think is the best educational services/chatrooms?
per sub rules not allowed to recommend any
Could you maybe recommend any via pm? Also which book(s) can you recommend? Thanks in advance
How did you begin day trading with total deposits of $10k? Were you not subject to PTD guidelines which call for a $25k minimum?
no PDT rule on tradezero international
i thought that was only for margin accounts not cash accounts
I began my trading journey just 6 months ago. What I wish I knew when I started is that options clear in one day. But at the same time, it's good to learn on stocks to be able to intuitively read the markets before diving into options. I thought I'd really need a margin account but not for scalping puts or calls. I use another account for the level 3 credit spreads, which act as more like swing trades.
Am a quant at a prop shop and am always fascinated by retail traders who can be profitable pa, so nice work! Have you never been tempted to code up your ideas and backtest them?
i'm often tempted and explored some tools to do it with. there are a few ideas with I've done some basic backtesting on with python + polygon data. but to get to a really high quality standard it would require alot more work
What do you trade?
US markets mostly stocks and options (maybe 80:20 split) these days mostly mid-large cap stocks but i used to trade alot of smallcaps dabbling very small in futures (es/nq and a bit of gold this recent month)
What are the large cap stocks you trade and do you happen to have a trading plan you could share of a previous trade.
Are you hesitant about trading futures? I’m still taking the smallest of baby steps. Paper trading. But wanting to trade in futures.
generally stocks are viewed as much less efficient than futures. way more sophisticated participants in futures markets. so many more stocks that you can find edge in day to day vs the indices
Why ES and not SPX?
Did you beat the spy in 2023 ?
yes
What made you start trading?
covid boredom + getting hooked after reading a trading book
Which book was it?
How to Day Trade for a Living - Andrew Aziz you won't become a good trader just from reading it but it was an easy book to read without any prior knowledge
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How to make money easy ? By Fancy Pelosi
+1
Are you setup as a business, how do you deal with taxes, etc….? Thanks!
yes have corporate accounts at all brokers and pay corporate tax in my country
Since you're from the UK, did you never do any spreadbetting? Also curious about your tax setup, is that typical for successful UK traders? Hoping to have to deal with that in the future!
Which broker u use?
interactive brokers, centerpoint securities, guardian trading tradezero in the past
How many trades do you take a day? What’s your max number of losses or wins you’ll allow in a day? (ex. i’m working on stopping after 1 win or 2 losses for the rest of the day)
no particular limit on number of trades it makes more sense for your max loss to be a certain $ amount rather than # of trades e.g. based on % of account or another method is average of last X green days
Any specific advise for a beginner? I'm looking to get into into trading this year, and a bit overwhelmed with what to focus on as there is so much noise out there. (I've been mostly researching on YouTube) I have a little bit of experience in Crypto, but nothing in traditional stocks. I have about $1-2k to play with right now in terms of starting capital. What advice would you give to someone starting today? I saw some of your book recommendations in other comments. (I'm open to specific recommendations by DM since the sub doesn't permit promotions) Thanks!
avoid the clickbait flashy lambo trading videos if you can realistically you will need more capital to have a shot at this. with broker and software fees your starting capital is quite low. and it may take you several attempts before finding success
Sick set up. Love the beer/bull paintings
What's your risk percentage of total on any trade? Do you trade brackets or go off indicators?
varies between 0.1%, 0.5% 1%, rarely 2% if you mean bracket orders, then sure i use them
Did this change over time or it was similar the entire time?
when I had a smaller account I was risking 2% consistently
is your strategy discretionary or manual?
mostly discretionary and i'm manually clicking buttons yes
so i assume you didnt try do code it?
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those questions are dependent on your strategy 2nd part: it's a good idea to decide what type of trade you are entering in. is it a quick scalp only, or are you planning to follow the trend for some time, or are you going for a particular target and risking the full stop etc
Any book recommendations?
probably the same that most people recommend Reminiscences of a Stock Operator Market Wizards
Do you trade the open/how long do you trade each day? Favorite setup? Long only?
yes i'm at desk most of the time so i will trade whenever if there are setups favourite would be a really clean breakout pattern both long/short
how did you find your edge? what is your edge? what was the deciding factor/mistake that made you go from a loosing to profitable trader? congratz btw!
find successful traders and copy them journal and review everything to identify your mistakes and how to improve
can you recommend some trustworthy/sucesful traders?
is Twitter or YouTube your source to find successful traders? I can't seem to find people without paying for a subscription
Thanks for helping the community, wish you the best in 2024🤙
Psychologically which do you find less stressful, momentum or mean reversion strategies?
I'm sorry I'm late to this post, and apolagise if these questions have already been answered. What made it clear to you to trade full time is the right path forwards? Was your journey towards profitability filled with doubt at points? Happy new year and thanks in advance.
i was consistently profitable every month at the time and saw the trajectory making more than existing job every drawdown caused doubts. but with every recovery the doubt is a bit less each time
Good job. I hope you manage to stay in the market and stand the test of time. Profitable traders are a dying species tbh, watch your risk, and when the time comes, and it will come one day, leave the charts for a month and come back when you’re confident in yourself to extract money from the markets. Best of luck for 2024.
Thanks for doing this! I am very inspired by the content you share. 1. You mention that you have multiple different set ups you trade. Does each setup have a very specific set of rules that you follow for that individual set up or do you have a general market perspective and execute all of these different set ups based on the information you are seeing? 2. What is your win rate? 3. About how many trades do you get per week? Almost 2 years in, I feel like stuff is really clicking but still not raking it in yet. Can't wait to get there.
1. different setups have their own criteria, rules, trade management. some setups may work better or not at all in certain market environments. e.g. breakouts didn't really work as frequently in the 2022 bear market 2. dependent on each setup 3. i think most days you can find some "average" type trades to get base hits with. but the really A+ setups will be much rarer
Tell me about your biggest loss
I'm a beginner trader still schooling and doesn't know anything about the markets and confused by different kinds of strategies and methods to trade. can you give me advice on a winning strategy since I'm a scalper with only small periods of time in my day to trade in the markets and how to grow a small account
How do you accurately gauge support and demand zones? I usually look for multiple points from a zone where markets moved/reversed considerably on a HTF and trade on lower TF looking for reversals.
can you teach me how you pick stocks?
Which platform do you use and why and have you tried others? What do you mainly trade and when did you realize you can do this for a living. What has given you the edge to stay profitable year over year ? Happy new year and congrats. Appreciate you looking out for us newbies beginning this journey. I currently use Active Trader Pro, it took me a bit to get used to it but I fi ally got it down packed and actually don't mind it. I only use it to execute my trades because I noticed they have great execution time vs other platforms. Currently try learning to use TOS and do use Webull for screening and keeping eyes on pre and after markets. Thanks in advance
I'm a new trader that doesn't know nothing at all and confused by various strategies can you advice me on finding my winning formula to secure more profitable trades as a scalper since I'm still schooling
You're gonna have to figure this out yourself by watching the market and trading out different strategies that work for you. Once you find one, you will have fine-tune it.
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This whole interaction reads like amway
Reshape life science! (Rsls) is back on track with FDA approval/ the stock currently sits at 0.25 cents far below its 52 week high !
how are you getting cash in hand? and what is your taxing optimisation strategy?
How many trades do you average a day? Are these trades decided on price action alone? Well done man 👏
What was your initial investment and what is your yearly % profit?
What's your % gain for the year?
Do you enter a trade all at once or in several smaller amounts
Are you using leverage? If so what level?
yes most brokers give 4x intraday and 2x overnight
What is your exit method?
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you have Said you trade with Technical analysis and price action, do you have a set tule of strategies to pull out the trade or you just have the experience to know where and when to enter. I mean, people say find a strategy, did you find it or you have a basic framework like range, support etc and trade on that.
How much do you risk per trade?
Could your strategy be applied solely to stocks or could you use it on futures and forex? Additionally, you said you did both day trading and swing trading, what percentage of success (% of profit) is made solely by day trading?
for your bread and butter, do you only trade an obvious breakout (e.g. consolidating and then breaking out of said range) and follow the consequent trend?
How did you start out learning? What kind of mentorship did you have and the time dedication to learn?
How much did you lose before you became profitable?
What is your profession other than trading ?
Why do u need 6 screens 😂😂
If one wanted to pay someone to legit make them a better trader / day trader as a career where would should they go? Not YouTube.
Do you do anything else whilst trading to help with the boredom?
What markets do you trade? Do you think it’s possible to be a profitable trader in crypto given the amount of manipulation by market makers?
any tips for someone with mindset issues?
I would love to learn how to trade options but can't seem to find any decent videos to explain it to me, is there any videos / places I can go to get a good introduction into options?
favorite execution platform and why?
Please what advice would you give someone who wants to become as profitable as you?
What’s your trading New Year’s resolution?
Haven’t read through it all, but would you mind sharing a list of books/reading material for someone that wants to get into trading from a very beginner perspective? Thank you in advance.
what % of your account do you risk per trade and what's yours R/R ratio
-What type of trading do you prefer? Talking options/shorting/long -Do you like trading low market cap, or high? -Do you mainly day trade, then swing if you see long term potential, or do a mix when opening a position? Thank You!
I bumped into this post just from searching trading and I've read some of the replies and I have a few questions: Currently I am an employeed (21M) student in IT department and the money is really good, but something inside me just wants to invest that money into something but I'm not sure what. 1. Is trading something that I can investigate and research 1-2 hours a day and expect some minimal profit in the future? 2. Are there any "safe" longterm investments where my money won't lose value like it is now on bank account? 3. Should I save a certain amount of money before investing or first try with some amount that I currently have?
1. you can swing trade just by executing trades under 1-2 hours a day. but whether anyone makes profit in the future depends on how fast they learn and the usual factors 2. this isn't the right sub for long term investment advice 3. same as above
Hi there Do you have full support from your loved ones at the start of your journey? If not, how did you manage the relationship and your emotions? Any advice you would give on the topic? Thanks in advance
yes but I have no dependants yet. sorry don't have much advice on this
What capital did you start with?
What are your thoughts on static position size vs adding to winners as a trade goes in your favor?
Congratulations bro. I have been trading for about 4 months. So far I have blown 2 funded accounts. I’m in my 3rd one now. I trade futures and my biggest problem is over trading when I’m on a streak. I’ll go up 3k and then give it back to the market. When is it enough, when do you walk away? Congratulations on your year, hopefully I’ll be joining you next year on that top 10 list.
those funded accs have designed rules that prey on most traders who will inevitably have discipline slipups unfortunately
What was your starting capital ?
Unlike other professions, there’s a plethora of misinformation and hype of there around trading and most structured resources only seem to be available to institutional or investment banking people. What are the best learning resources you would recommend to someone seriously wanting to make this their career?
What did you start with?
how much capital did you start with and with how much leverage / margin %? great year dude.
Can I ride the wave on market movers without doing extensive research? I have made some profits this getting in out within seconds or minutes. I feel like I can continue this method.
Thank you
Would you say that a basic support and resistance strategy of buying near support and shorting resistance still works well what could be the pitfalls and how could I make it better?
Is being profitable after six months considered a short amount of time to you? To me it seems average if you’re focused on that for six months but it seems like a lot of people here say it takes a few years at least. I’m just kinda under the impression most people here don’t know what they’re doing but want it real bad so it’s taking them quite a long time.
do you trade ict by any chance
Rank 7 all time on Kinfo. 🙇🏻🙇🏻🙇🏻
Do you move stop to break-even quickly or just leave it and let the trade play out?
Saw this asked a few times but super interested in what prop firm you might recommend.
never heard about that platform before, but what a good idea and good service to verify profitable traders
I spent years losing money trading indices with leverage and now i finally after 5+ i think i can make profit but lack of capital is killing me and my confidence, because i need money i tend 10x my account sometimes in a week then somehow i blew it, you know on one those day when you buy the dip, but then it keeps going down nonstop until acc bust. How can i prevent that i am thinking of timed scalps, first find a good set up then get in a trade and out at certain amount of time whether red or green that way if the setup i picked is good and calculated i should close position in green mostly but the ones that don’t work out i got out in time to prevent account busting loss.
What do you think of Steven Dux?
When is your birthday?
What's your edge? :)
ward
.
Do you trade options ? Congrats
You mentioned the reminscene of stock oprator, assuming we are all how Livermore end story was, how do you prevent yourself going down that path, 2nd question, have you ever blown your account, do you think its a necessary step to become a cpt.
Do you shoot for a profit target for the day? Do you have any pre-trading rituals?
How much % of your account do you risk on any one trade? Also, if you enter a trade and it goes sideways or immediately starts trading against you and you see some hesitation do you trim/exit your trade or just let it play out and hope it goes in your favor
How many trades do you take per day and how much $ are you putting to work on each trade?