What killed a lot of daytraders was the internetstock boom and bust in 2001.
I have been Daytrading the Nasdaq, Amex, Nyse, BB and PK stocks using Etrades level 2 software. I have had success trading news stories, earnings Good/bad, Share Buybacks, gaps up and down, buyouts and FDA news approvals and non approved.
I have read dozens of books and been on courses regarding day Trading but the best trades I have made I have figured out myself. I Am Looking for more specific Individual ideas that others may have found successful.
For instance I watch the news feeds all day looking for key words in news that will trigger a price move or I'll spot a loser and follow it for 2-3 days till it's almost dead and then buy it as it bounces back, another good one is following the top 10 risers of the day till 10.10 am and then buy one that carries on it's rise. So anybody got any Good Individual ideas I will appreciate it.
The website below has software that scans the news feeds for you specifically for day traders. It is programmed to look for the key words that causes big moves in stock prices. If there is any advice you could give me before I get started I would love to hear it.
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.
-MACD histogram
-RSI Index
-bollinger bands
-AROON Oscilator is a good one too
- the intraday Chaikin Oscilator is ur best bet tho
For more information on a wide number of Technical Indicators visit http://stockcharts.com/education/IndicatorAnalysis/
Happy Trading
-Paul
Good Luck and Happy Trading!
You can not day trade without a broker.
Check the following links for information.
http://www.tradejuice.com/
http://daytrading.about.com/
http://www.investopedia.com/articles/trading/05/011705.asp
Im About To Take The Plunge And Day Trade From Home Full Time. Does Anyone Have Any Advice To Share?
Are there any day traders out there that have comments? Please share your experiences and tips
according to the insurance agent that responded you don't think that i can qualify as a 1099er self employed health care plan? i've seen a few out there on the web and their rates didn't seem that crazy
also $30,000 is the balance i maintain in my account i withdraw 2/3s of my earnings in the form a of a check after everyday i trade.
Also, the surest way to pile up losses is to expect your trading to pay the bills.
thanks!
Swing trading is less demanding and as (if not more) profitable.
I do not know the laws in Canadian Stocks. You should consult a lawyer before you daytrade in Canada.
If you daytrade in the United States of America by Law you will get a Credit Line of at least $100,000.00 (This is called a margin account)
However, if you don't have assets of at least $75,000.00 (For example, a $25,000 car and a $50,000 property) that you can sell in case things go wrong I strongly suggest you NOT TO DAYTRADE ON MARGIN WITHOUT LIMITING YOUR LOSSES TO A MAXIMUM OF 25% (This means you will only lose your original $25,000)
If you want I can email the Daytrading Laws.
Do not listen to cgimwei.
You need at least $500 to open a brokerage account in Scottrade.com
Example 1:
You cannot invest all your money in just one company. Therefore we are going to invest $225 in each company.
You buy 10 shares for $225 in Wal-Mart
You buy 10 shares for $225 in Target
Let's say you got lucky and both stocks actually went up 5% that day.
Your stocks are now worth $236.25 ($11.25 Profit)
However, you already paid $7 when you bought them and you need to pay another $7 when you sell them
Therefore in this example you actualy lose money.
You also need to consider you have to pay taxes on your capital gains. (Consult your Accountant before you start daytrading)
If you need more detailed advice about daytrading drop me a line.