If, as you say, you make it a hobby it means you intend to become good at it. I.e. read and learn all you can about it, make contacts, buy good programs. In that case you should make money, because the odds are in your favor. The stock market goes up much more often than it goes down.
I am 16 years old and i have heard about it and freinds that have done this if you know any websites please leave them thank you
I used OptionsXpress. Great site for virtual tading.
You will see day trading systems all over the net promising you huge gains but consider this key question before you buy one:
If the system makes such great gains, why does the vendor sell it for a few hundred dollars?
Of course, the answer is:
Because it doesn’t make money and the vendor is not stupid enough to trade it, when he can sell it to novice traders who are taken in by hyped up sales copy.
Day trading systems DONT work longer term and its one of the stupidest ways to trade online forex markets.
Don’t believe me?
Then ask any vendor selling a day trading system for a real time track record and see if you get one (let me know if you do)
What you will get is a hypothetical track record of great gains, but what use is this?
Hypothetical means it was done by the vendor knowing the closing prices, not risking real money!
Now if we al know tomorrows closing price today we would all be millionaires, but that’s not the reality of trading.
So why doesn’t day trading work?
1. Volatility in any daily or hourly period is random.
The period is to short and support and resistance levels are meaningless, so you cant trade of them – You may as well flip a coin.
So what happens?
Day traders constantly get stopped out and accumulate small losses as volatility can take prices anywhere in a daily period.
Do day traders ever win?
Occasionally they get lucky and win.
When they do they get obsessed with scalping a few points profit, or getting out at the end of the day, so they can never run profits to cover their huge amount of losses.
What happens – they get wiped out longer term.
There is no better way to lose your money than day trading!
Most day trading system vendors are:
Failed brokers, writers or salesmen and make their money from selling systems.
Of course they don’t trade themselves, as they don’t trust their systems to make money and would rather have the guaranteed income from selling the system it’s a lot less risky than trading it!
Day trading is a mugs game don’t fall for the hype look at the facts.
Sacha Tarkovsky
http://www.articlesbase.com/investing-articles/you-will-see-day-trading-systems-all-over-the-net-promising-you-huge-gains-but-consider-this-key-question-before-you-buy-one-123948.html
Hey, I know this question depends on opinions, and even though I tried searching online for articles about it, I can’t seem to find an answer.
If I plan to start day trading, what’s the minimum amount of equity should I have? I mean by day trading, in my case, doing 3 to 5 orders per day.
if you know any articles discussing this, it would be great!
It’s totally depends on U. If you have small amount of money, then, try to find the trading company which require minimum deposit whatever amount ask for. In my personal experiences, they require minimum $500 for starting.
So how does it work? Why should you make any money by holding a bond for even a few seconds and then trading it? What is the process…im just confused how you own a bond, and why anyone would buy it from you through day trading and how/why you are making (or losing) money?
Its virtually impossible to day trade bonds, its not a very liquid market, and the volume for individual issues is very very low. You just don’t day trade bonds.
I have been doing alot of research and I see you need to have a minimum of 25,000$ to day trace but do I need that much to trade penny stocks? If not how much do I need? I have about 500$ I would like to start with and just day trade some small stocks. Any advice? Also, point me in the direction of a good brokerage website to get started?
Most brokers require $500 to start trading. If you’re planning to sell short stocks, you need at least $2000. Call your broker.
Day trading is popular and you will find more vendors selling day trading systems than any other method.
People buy them yet they don’t work and guarantee you will lose longer term. Why?
Let’s find out.
Successful trading is all about trading the odds and you must have data that’s reliable that enables you to do this.
In day trading you simply don’t have any reliable data to work with and therefore cannot get the odds in your favor and may as well flip a coin.
Trillions of dollars are traded daily by countless millions of traders and daily volatility is random.
Therefore, using support and resistance areas in a day session is useless.
The only people who take any notice of daily support and resistance levels are day traders and their small losing minority.
The net result is:
Day traders place stops behind meaningless levels and are then surprised when they get stopped out.
Of course, even if their lucky enough to get a profit in day trading, they break one of the fundamental rules of investing:
Run your profits
Day traders are normally glad to scalp a few points or want to close out at the end of the day.
They therefore have huge amount of losing trades and their winners are tiny ensuring that their account equity is wiped out quickly.
Still not convinced?
Then try this simple test:
Ask any day trader for a real time track record of profits over the longer term and you simply won’t get one.
Of course, they can produce hypothetical track records (but their done knowing the closing prices!) so they are no use at all.
People selling day trading systems make their money selling a good story and collecting money from greedy or in experienced traders, so they are guaranteed to make money while the trader loses.
Day trading sounds great in theory but although it looks low risk it is not.
You are working with data that is simply unreliable and all day traders eventually end up losing their money.
If you want to make money in online forex trading then avoid day trading.
Sacha Tarkovsky
http://www.articlesbase.com/investing-articles/day-trading-why-you-are-guaranteed-to-lose-126528.html
Keeping it simple! After, DROPPING SERIOUS MONEY daytrading I developed an awesome and powerful daytrading method. Our 8 hour video course will teach you step-by-step how to daytrade any stock you like ( I like AAPL and RIMM) you will understand our method and know how to use only 3 indicators on the 1 minute chart and make about 200 dollars a day per stock.
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Duration : 0:4:49
Hey,
Are there people in the world who day trade forex for a living? I’ve read so many articles bashing day trading as gambling and impossible to make money, but I also read some forex trader interview who just trade a few hours a day and make a good living. Is it true?
Anyone has experience?
I trade FX as well as stocks and I used to be a professional trader.
Succesful trading really has to do with emotional control and dscipline because its based on odds. The odds are usually not higher than 55:45 in your favor so expect to lose fairly often. It is extremely nerve wracking and it takes lots of money you can AFFORD to lose to do succesfully as a professional. Most likely at least 25K. It also takes years to learn and often with huge losses. You make the big money in usually only 20% of the time, the rest try not to get torn up in the markets. Its a good job for adrenaline junkies but its not for everyone.
Yes people say 90% of people fail to make it, however so do 90% of doctors and lawyers. Its about how much you want it and how hard you wanna work at it. But it most definitely IS possible.
I know that this question is dumb, but as most people know:day trading is not profitable. But I have been trading for the last seven years and I keep making money; some years I make a little (2K to 3K) , some years I make more (this year 48K so far). But Why? day trading shouldn’t be profitable? Right?
Yes, I know that it may seem that I’m lying; For that reason my wife never talks about it. By the way, whenever I recomend an investment strategy to my friends, I always mention my experience but I strongly discourage any of my friends to day trade (because it is risky).
i have been trading for 5 years and i made 5 grand the first year lost 5 grand the next year lost 12 grand the next year made 32 grand last year and this year im up 28 grand so far.It takes a lot of practice but you can do it,anyone that thinks otherwise has never even tried it.GOOD LUCK DUDE AND KEEP UP THE GOOD WORK
