Completely New To Day Trading and Would Love Some Honest Advice

Discussion in 'Trading' started by Redsthenewblue, Oct 11, 2023.

  1. schizo

    schizo

    Uhm, he asked and I answered. (By the sound of your writing, you seem to disagree.)

    Anyway, as far as your question goes, I did in fact retire from day trading (for about 6 months) in 2020. But as you might already know, once a gambler always a gambler.

    As to your other comment, so I see you don't like books. Well, I too am equally cynical towards self-anointed gurus and their disinformation, but as a novice trader without anyone holding your hand, how would you even know? Plus, the bigger problem is there are way more gullible folks out there who want to be duped and conned and duped again.
     
    #31     Oct 13, 2023
    murray t turtle likes this.
  2. Allright.

    To be clear, I wasn't taking a stab at you. Just genuinely curious, because I seem to recall you said you threw in the towel and even said life was better afterwards (another retired day trader I know said the same thing).

    So, if someone with 30 years of experience threw in the towel at some point I think that's what the OP needs to hear instead of being encouraged to give it a go.

    I'm just trying to bring some realism to the table I suppose.

    I'm not against books. I love books. But I prefer literary fiction, biographies or history instead of trading books as most trading books are garbage written by failed traders. I know this first hand. Believe me on this. A few years ago a trader who's been posting losses for 2 consecutive years wrote one. I know this because he's been posting his results publicly. It's the sellers of shovels who's getting rich in this industry - not the customers. Same as it's always been.

    And even if it's a good book it's not going to help the OP get anywhere meaningful on his own unless he have a 10 year timeline with slim chances of success at the end of the road.

    Day trading is a very marginal business where success is possible, but it's reserved for the few. So, the OP should really consider if he's interested in even trying knowing this.

    I sincerely believe that the chances of making modest returns as a swing trader / investor is far greater than getting anywhere as a day trader. Modest returns compound over time. Compare that to losing money year after year trying to make it as a day trader. Another benefit is that it requires far less screen time.
     
    #32     Oct 14, 2023
    ironchef likes this.
  3. padutrader

    padutrader

    you tube is a good place to start

    i would advice you to take a cheap basic general and beginner course on technical analysis.

    i took one 25 years ago so the same one will not help you.

    find something in your locality so you have someone who can answer questions. and perhaps guide you.

    be warned of quick fixes and be prepared for 10-15 year of learning. the education field in technical trading is a veritable mine field.

    i think you can check out ROSS Trading Educators

    in the beginning go in for some paid courses it will save you money and heart ache in the long run........

    i did not have much option or choice but i still picked up what was the bible of technical analysis at that time in 1990 a book by Martin Pring.....i strongly recommend him for a start:
    Buy Technical Analysis Explained, Fifth Edition: The Successful Investor's Guide to Spotting Investment Trends and Turning Points Book Online at Low Prices in India | Technical Analysis Explained, Fifth Edition: The Successful Investor's Guide to Spotting Investment Trends and Turning Points Reviews & Ratings - Amazon.in


    another icon is Bollinger and any beginner will love him John Bollinger's Official Bollinger Band Website (bollingerbands.com)

    another wonderful resource the best on patterns is ThePatternSite.com

    and do not forget to have fun

    these are a good starting point so that you can then customize the knowledge .... important to keep an open mind

    this should form a starting point in to the wonderland of TA
     
    Last edited: Oct 14, 2023
    #33     Oct 14, 2023
  4. padutrader

    padutrader

    i believe, rather be shy, it is better to absorb all the rubbish out there, as much as you can afford to and if you cant afford anything, then go for the free stuff.

    this will not make you a master obviously but it will make you knowledgeable of what does not work .

    and then you can apply your own brains and use basic logic to try out some stuff.

    it is a painfully slow but HEY!!!! you are looking for a treasure so be prepared for the long haul

    it took me 2 decades and now i think i may be getting some where.

    IMPORTANT and do not forget to have fun and be optimistic about the learning and the journey to paradise.

    TRADING IS A VERY PERSONAL AND INDIVUDUAL AND yOU CAN ONLY FIND WHAT FITS BY TRIAL ANSD ERROR . nowadays with sim and demo at least you lose only time rather than hard earned USD
     
    Last edited: Oct 14, 2023
    #34     Oct 14, 2023
  5. padutrader

    padutrader

    yes so you know what does NOT work

    do not knock that knowledge
     
    #35     Oct 14, 2023
  6. rb7

    rb7

    Take any advice with a grain of salt (including mine!).
    Taking advice from anonymous strangers is always risky.
    In trading forums, most of the participants don't trade with real money, and/or never did.
    And the ones who do, most are not profitable and will never be.
    The list of whom had given you advices so far is the best example.
     
    #36     Oct 14, 2023
    murray t turtle and ironchef like this.
  7. ironchef

    ironchef

    Great insights.

    OP should read this carefully.
     
    #37     Oct 14, 2023
  8. ironchef

    ironchef

    ROTFL.

    I am one of them, a good example. :D:D:D:p:p:p
     
    #38     Oct 14, 2023
  9. ironchef

    ironchef

    %%
    :D:D:D:banghead::banghead::banghead:
     
    #39     Oct 14, 2023
    murray t turtle likes this.
  10. 777

    777

    Don't day trade.
     
    #40     Oct 14, 2023
    murray t turtle likes this.