before consider day trading:
do you know stock effect by season? president elect cycle? sun and moon? by seasonal cycle
you need to learn: fundamental analysis, technical analysis, and contrarian approach.
http://www.stockcharts.com
http://www.stockTA.com
Must read material: Traders Almanac by jeff Hirsch
I am nearly 18, and I have a very strong interest in Forex trading. I have a practice account with FX Express and have discovered some interesting things and techniques that I’ve discovered myself on how to make money.
I’ve developed my own strategy that works everytime I trade so far, and I’m making 10% compounded everyday I place a trade. in fact I want it to be my career. I will open up a live account with real money as soon as I turn aged 18 with maybe a couple of hundred. The only problem is that my mum and step-dad say "You’ll never make a living out of it", or "You’ll lose all your money." What I’d like to know is if its actually possible to make a decent living out of Forex trading and do you or anyone you know currently do this as a day trader. I’d like to prove them wrong.
Yes, it’s possible, but not with a couple of hundred dollars of starting capital. Think about it, for many professional traders, having a 50% profit on the year is considered a good year. If you start of with $200, and make 50% profit, you would have $100 profit. Is $100 enough for you to live off of? Not unless you live in a cave.
However, if you start off with $100,000 capital, and make 50% profit for the year, then you would end up with $50,000. Is that enough to live off of? Probably yes.
Yes, I know $100,000 is a lot of money. But you can start up with $5,000 and work your way up. You are still young. I would get a job and start saving, and on the side, continue to trade and research using a micro account. (Notice how I didn’t say demo account because demo accounts success do not translate to real account success). Anyways, once you know you can be profitable with real money, then you wouldn’t hesitate as much to put in $5000, or $10,000 or whatever you have saved up in your account.
Lots of people make great living as day traders. But it takes time and patience to get there. Hope this helps.
is not to hard to use? I am going to trade maybe 2 or three hours a day, with a couple times all day. This is not going to be my profession, so an easy to use system would be best. I am just trying to practice with not to big of a bankroll to test out my skills! Thanks.
First, to day trade stocks, brokerages will require a minimum account size of at least $25,000. Also, it’s a risky game — very few people succeed at it. Those that do have generally become highly skilled at longer-term trading (position trading over several weeks, months or years or "swing trading" over days or weeks) before attempting day trading. There is no software you can use to make your decisions — that is totally up to you. It requires a great deal of experience (I would say, many years) to become a successful day trader.
I am a novice trader of the futures market. In particular, the e-mini Russell 2000 because of its liquidity, low investment, and high potential gain. I have been trying to achieve a reliable and consistent strategy to pull even just a few points out of the market a week. My results thus far have been weak. I have had some gains, but my losses slowly eat away these gains and then some. Consequently, I see my account slowly decreasing. Does anybody that reads these things trade futures and have any advice or a decent strategy on how to consistently gain a few points a week in the futures market? Thanks in advance.
Wow, a "novice" daytrading futures, that’s like riding a motorcycle ‘flat out’ on the first try. First, find a trend, and as a beginner, find a big trend (oil or corn perhaps) and go with the flow. (never buck the trend, never)
The traders have all the news well before you do, so if you are trying to nickel and dime your way to riches by picking a little spurt to long here or a little sag to short there, don’t–they’ve already done it and moved on by the time you spot it.
Also, be very, very careful of the proportional share you trade with, compared to the larger account value. I was trading potatoes once, um, a while back, and some rich guys tried to steer away from a long-established trend. I got a margin call during one of their ‘force it’ moves and the brokerage confiscated my whole account value and sent me a bill for the rest. Instead of paying off my mortgage, I was paying on my debt for two years. Without the extra traffic, the general trend was right and I would have profited nicely–but I didn’t have enough reserve for when it suddenly went radically against me. I do have one consolation, though, something like 90 millionaires got caught in a still larger default, and several dozen went to jail.
Feel lucky that your account balance is "slowly decreasing"–things could be much worse. Check the charts for agricultural spreads and straddles, many of the patterns I used to rely on don’t work any more, but see if you can find some of your own, then play it safe. If nothing else, go to currencies and short the dollar and go long on almost anything else. Good luck.
ive recently come across some good courses in trading buying selling etc and would like to give it a shot i dont trust online e-trades or investment firms and would like to get started as a DIY project any helpful hints
Anyone with a brokerage account can trade as often as they wish. However, since you "dont trust online e-trades or investment firms", you would need to become licensed,bonded, insured, registered, etc. as a stock brokerage firm. This would involve more than most individuals could afford or have the expertise to accomplish.
Almost all brokerages, including the on-line ones, are licensed, and insured. Having traded for a very long time, I have never had a problem with their service or fairness.
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