Has anyone tried their hand at Day trading?

MAJ Private RallyPoint Member — Fri, 09 Jan 2015 02:00:18 -0500

I've started to get a handle on day trading. Thus far I got the free version of NinjaTrader with the CQG NinjaTrader Continuum live data feed. I use it to trade with a simulated account. My primary products are micro FOREX futures specifically M6A, M6B, and M6E. (thats Australian Dollar, British Pound, and Euro)

Are there any experienced traders out there with some help and support, especially good resources to hone trading technique?

Response by SPC David S. made Jan 9 at 2015 2:57 AM

SPC David S. — Fri, 09 Jan 2015 02:57:14 -0500

MAJ Private RallyPoint Member I guess the first thing to ask is your experience in the FOREX market, percentage of FOREX in terms of your portfolio, expected rate of return, and level of risk your willing to take on. Attached are three links that should help you in FOREX trading.

http://www.investopedia.com/articles/forex/07/forex_leverage.asp

http://www.investopedia.com/articles/forex/08/forex-trading-schedule-trading-times.asp

http://www.investopedia.com/articles/forex/08/mini-lot.asp

Forex Leverage: A Double-Edged Sword

Find out how this flexible and customizable tool magnifies both gains and losses.

Response by CDR Michael Goldschmidt made Jun 8 at 2015 5:01 PM

CDR Michael Goldschmidt — Mon, 08 Jun 2015 17:01:26 -0400

The best advice I can give you is to stay out of it. I've wasted 25 years of my life or so developing a philosophy and tools to do this well. Simulations are just that: simulations. Trading is about a combination of world view, technique, and capital. Markets are changing constantly.

If you do stay in, remember this important rule: "amateurs talk about profits, professionals talk about risks". Whenever entering a trade, be sure you know the conditions under which you'll exit or reverse. I'm not a fan of stops, because the markets can see your stops if actually entered, gun them, then take the market back to where it was before. Options can be better, because they limit your risk, but limit it to 100% of the premium, and the spreads are brutal. Don't finance additional contracts internally with margin if your trades go well, because that is a sure way to get blown out of the game.

If you do decide to trade options, use the "free trade" technique whenever possible. Sell half of your position when the options price doubles, then you can hang on for the ride. I, myself, believe you're better off trading something else than futures, but I know they're alluring. The techniques for all instruments and derivatives are, however, the same.

Response by MSG Morgan Fiszel, CPCM, CFCM made Jun 8 at 2015 10:52 PM

MSG Morgan Fiszel, CPCM, CFCM — Mon, 08 Jun 2015 22:52:46 -0400

I previously had my FINRA (NASD) licenses and I have family members who make more than any military officer. That being said, I am qualified to make the following statements. Take all of your money and go to the casino. Your luck will be just as good as attempting to day trade. I would not attempt my own heart surgery nor would I attempt to break down and rebuild my car from scratch. That being said, let the professionals do the right thing for you. They (most but not all of them) have the proper KSAs and experience. Your time and your life savings are worth more than the 1 to 2 points a Good FA might charge...not to mention risk and the gains you will probably miss out on.

Response by Sgt Mark Ramos made Jun 18 at 2015 10:53 AM

Sgt Mark Ramos — Thu, 18 Jun 2015 10:53:00 -0400

MAJ Private RallyPoint Member, How is the trading going? I don't day trade, and I don't trade in FOREX, but I've progressed from funds and long term investing to shorter term speculating. You may find some of the same resources that I've used interesting. I've gone to local investing meetups that are consistent with the trading philosophy that I was interested in at the time. I periodically go to the free seminars that the brokerage houses sponsor. I've read "big picture" books like "Reminiscences of a Stock Operator" and "Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders ". I've paid for coaching in the speculation style that I was interested in, options strategies, through Investools. I have a few friends who trade similar styles and we bounce ideas off each other. I found websites like tastytrade and dough that have a ton of free information.

The important concepts are the same across markets:
don't swing for the fences, concentrate on getting on base
you must develop your own trades, learn strategies but don't copy other people's trades
be mindful of changing markets, what works for you now may not work in the future
continue to learn

Response by Jack Law made Nov 11 at 2021 11:54 PM

Jack Law — Thu, 11 Nov 2021 23:54:53 -0500

When it comes to forex trading, you need to make sure you know what moves the markets and how they react to different news. You need to learn to anticipate the market moves and follow your trading strategies. Forex markets might be a good idea for some but you need to develop your own trading plan, apply your tested strategies, and follow the techniques you've developed through practice.
Here are a few resources to get you started:
https://www.independentinvestor.com/forex/leverage/

What Is Leverage And How To Use It In Forex Trading

Leverage is the force in forex trading that enables traders to take exposure to artificially amplified transaction sizes, in order to make more money from each individual transaction.

Response by SrA Private RallyPoint Member made Apr 21 at 2024 2:47 PM

SrA Private RallyPoint Member — Sun, 21 Apr 2024 14:47:58 -0400

The worldwide best trade demo account https://www.fxpro.com/forex-demo-account market is the largest and most actively traded financial market global, by way of far. When searching out the ‘first-rate’ foreign exchange dealer, both beginners and skilled buyers commonly search for numerous key functions and benefits.

Open a free forex demo account with FxPro and start risk-free online trading. Get your first...

Open demo forex account - try online trading without risk on FxPro

Response by 1SG Dean Mcbride (MPER) (CPHR) made Apr 22 at 2024 10:51 PM

1SG Dean Mcbride (MPER) (CPHR) — Mon, 22 Apr 2024 22:51:11 -0400

Tried it a few years ago... Late 1990s. Almost everyone in the office was doing it. On paper we all made a "Ton" of money. However, one day I noticed that I was "Down" around $80,000! I finally realized that while I had all the knowledge and tools to do the job, I did not have the time to dedicate to being successful. I had work to do that did not include watching the market all day long! My Day Trading ended shortely after that epyphany!