I think stocks should trade 24/7. I'm sure in another decade they might . .like cryptocurrency.....right now the ability to trade a handful of stocks is beneficial especially now with news breaking and you feel you have an opportunity instead of waiting say 7 or 10 hrs later to make the trade at the open.
If a friend said they wanted to trade and was looking for advice. I would tell them the following: 1. do some research and see where people seem to be making money. 2. Research to see how those people are making their money. 3. Go to a forum like this and find people who seem to be doing #2 and start asking questions and be a sponge for information and humility. 4. take what you learn and adapt it to a strategy that works for you. 5. Be relentless is improving your process. 6. Always be on the lookout for a new #1 and #2
What's stressful is drawing down. You can draw down a thousand ways. Therefore you can be stressful a thousand ways. If you can't stand the heat ... Stay out of risk.
I think that's good advice. But he will still need to confine his trading within the limits of his own psychology, as I think we all do. Some people deal better with uncertainty than others. Other people may feel compelled to micromanage their trades, simply because that kind of outlook is ingrained in their nature. So while what you propose provides a good base, I think he will have to muddle his way to an approach that allows him to focus on his own innate strengths.
OP, buddy, It is way more difficult to make it as a daytrader than as a swing trader. There are many that switch to swing trading after failing miserably at day trading. Look at the statistics of day traders, and compare them to swing traders.
I would add watch youtube videos of people trading to that list, it’s helpful to see trades happen in real life.
Hello Jdesey, You are doing GREAT @Jdesey. Keep trading the way YOU feel like trading. If you like day trading, DO IT. Whatever you like doing in trading, do it. You know why? Every body posting to you not going to help you make any money or put food on your table to show you EXACTLY how to do it. So do it your way, and win or lose, be PROUD of it. Just do not lose too much money, it take you out the trading game forever. Keep going, cause the only one responsible for putting money on your bank is you. And you can only count on you. Every other trader, have no proof of nothing, just talking about books and theory trading, which is a scam.