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Day trading- 3 months later, my experience

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Thank you very much for your post.

I have been trading since the end of June and I thought that I was just being an idiot. When I am day trading, I keep looking at the screen and then I panic as soon as the trade goes the wrong way and I lose money.

I am analysing the charts and drawing channels and trend lines but I am still making losses.

To be honest I don't know how people can make a living out of this trading. I keep losing what I make.

I will take your advice and keep a copy of the charts - daily/hourly and 15 min. I do usually use daily/hourly and 30 min charts. I can't get my head around the 1 minute charts; they just make me panic more and when I have used them, I have made the wrong decisions and traded.

 

 

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I have been following with great interest the various comments re your ‘baptism of fire’ over the last few months.
From my own personal experience and testing the advice of others, a comment made on another platform that sticks with me very forcefully is: “the only aspiration of the market is to persuade you to pay more for your shares than they are worth and then to buy them back from you at a much lower price”.

Whatever the ‘news management’ or any other marketing stratagems used, these are exclusively for the sole purpose of making money for the market at your/my expense. 
Call me a cynic, but nothing I have seen over the last 4 years convinces me otherwise.
True value has its place but it is hard to find and the ‘retail’ (that is us) usually arrives on the scene after the profit bus has already left.

 

 

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Posted (edited)
On 30/07/2020 at 11:58, DavyJones said:

I have come to the preliminary conclusion that only fast moving stocks or big news you can make money DTing. I did ok on EasyJet recently and FTSE is absolutely tanking today (i got in late) but for the majority  of stocks  is just not worth trying .

I think I will start looking more towards swing trading in the next month and easy off DT. The overnight risk is a concern but as you say you can always use  Share dealing but with UK stocks you have the charges. US I find much better 

 

 
 

I believe you are correct and also, active trading won't make big money in the short-term but it will beat the 2% or less that savings accounts will net you.  As to whether it beats buying an S&P 500 ETF and doing nothing, that remains to be seen :)

Edited by dmedin

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For day trading you need a broker who does not eat your profits in the name of conversion and commission. IG is the worst.

with falling USD there is no point in dealing with shares for IG. Example 

1) Bought SPOT 50 shares at $253

1) 2 hours later sold SPOT at $256.

Return -£25 (yes negative)

They say they don't charge commissions but their conversion rates are so different for buy and sell that you are just donating them your research, hardwork and profit.

Did the same experiment with DEGIRO ended up with £100+.

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Swing trade shares FTW.

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21 hours ago, yosoh said:

For day trading you need a broker who does not eat your profits in the name of conversion and commission. IG is the worst.

with falling USD there is no point in dealing with shares for IG. Example 

1) Bought SPOT 50 shares at $253

1) 2 hours later sold SPOT at $256.

Return -£25 (yes negative)

They say they don't charge commissions but their conversion rates are so different for buy and sell that you are just donating them your research, hardwork and profit.

Did the same experiment with DEGIRO ended up with £100+.

 

Cheers, I made a post about the exact same thing , up $87, profit -£52 in 2 mins! Will check out Degiro. 

On 07/08/2020 at 05:44, FranticFred said:

I have been following with great interest the various comments re your ‘baptism of fire’ over the last few months.
From my own personal experience and testing the advice of others, a comment made on another platform that sticks with me very forcefully is: “the only aspiration of the market is to persuade you to pay more for your shares than they are worth and then to buy them back from you at a much lower price”.

Whatever the ‘news management’ or any other marketing stratagems used, these are exclusively for the sole purpose of making money for the market at your/my expense. 
Call me a cynic, but nothing I have seen over the last 4 years convinces me otherwise.
True value has its place but it is hard to find and the ‘retail’ (that is us) usually arrives on the scene after the profit bus has already left.

 

One personality trait I noticed, I turn on my IG account , check the markets, news and usually with 15minutes I make a trade. That makes no sense, Its like I am just looking for an excuse to trade  . A good trade didn't happen to coincide with the moment I randomly decide to open IG 

 

22 hours ago, dmedin said:

I believe you are correct and also, active trading won't make big money in the short-term but it will beat the 2% or less that savings accounts will net you.  As to whether it beats buying an S&P 500 ETF and doing nothing, that remains to be seen :)

 

I am still leaning towards there are profits to be made if you put in the hard work and further that you need to focus on particular assets. I trade silver more that anything and have about 70% hit rate now, however my one trade yesterday wiped out twice anything I made on silver since I started! Dumb mistake, I could have sworn I put on a stop with PRT but on the IG platform it did not registered , I should have checked! Was £250 up, went to supermarket came back £1400 down! Same with Gold, was 350 up, swing trade running last few days, stop moved up to swing low within 30 mins it dropped and stopped me out at £5 up,  I didn't sleep well last night, turning over in my mind what thinking about how reckless I was! That could be the half bottle of whisky I drank though to drown my sorrows. haha

 Again it's these these foolish mistakes are costing me badly. However I suppose the positive side is they that are fixable mistakes, 

 

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53 minutes ago, DavyJones said:

 

Cheers, I made a post about the exact same thing , up $87, profit -£52 in 2 mins! Will check out Degiro. 

 

One personality trait I noticed, I turn on my IG account , check the markets, news and usually with 15minutes I make a trade. That makes no sense, Its like I am just looking for an excuse to trade  . A good trade didn't happen to coincide with the moment I randomly decide to open IG 

 

 

I am still leaning towards there are profits to be made if you put in the hard work and further that you need to focus on particular assets. I trade silver more that anything and have about 70% hit rate now, however my one trade yesterday wiped out twice anything I made on silver since I started! Dumb mistake, I could have sworn I put on a stop with PRT but on the IG platform it did not registered , I should have checked! Was £250 up, went to supermarket came back £1400 down! Same with Gold, was 350 up, swing trade running last few days, stop moved up to swing low within 30 mins it dropped and stopped me out at £5 up,  I didn't sleep well last night, turning over in my mind what thinking about how reckless I was! That could be the half bottle of whisky I drank though to drown my sorrows. haha

 Again it's these these foolish mistakes are costing me badly. However I suppose the positive side is they that are fixable mistakes, 

 

Maybe options?

 

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9 hours ago, Kodiak said:

Maybe options?

 

 

 

One needs to have a special kind of autism to be able to understand charts like that.

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On 08/08/2020 at 09:00, Kodiak said:

Maybe options?

 

John is one of the nicest people I have ever met - Best thing I ever did was buy him a coffee at the London Traders expo in 2011 (ish) and get him to sign a copy of his book, as the 10 min conversation that followed for the price of a coffee before he took to the floor was enlightening.  

 

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On 07/08/2020 at 10:02, dmedin said:

Swing trade shares FTW.

a platform should not dictate what strategy to use for gaining maximum profits. In the end it depends on the setup of the trade you are doing which one to go for.

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Posted (edited)
11 hours ago, yosoh said:

a platform should not dictate what strategy to use for gaining maximum profits. In the end it depends on the setup of the trade you are doing which one to go for.

It's not the platform that's 'dictating' how one ought to trade, it's the structure of the fees and commissions.

A common complaint against day trading in the academic community is that after fees and commissions, most 'day traders' fail to outperform an S&P 500 tracking ETF.

Edited by dmedin

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To my mind there are two basic strategies plus money management.

1. Focus on just one or two shares that have a logical relationship, indices or currency pairs. Not all at once, but just two from the same genre so that you have something to compare with.

2. Discover by observation (not by chucking money at them) what time frame works well with the Guppy Moving Average + Ichimoku (with only the two colour fills; Senkou span A & B in play). If using IG platform, then you can switch out the Tenkan, Kijun and Chikou San).
Some indices will lead you a wild goose chase except on very short timeframes 30s or 1minute or the longer time frames, 2 or 3 hrs but you need to observe, observe and observe.
SMA 50 and 200 SMA can be useful to get a sense of trend.

Think of it like planning a fishing trip. If you do not plan, usually you do not catch, unless you take a young grandchild with you who disobeys all the rules and out-catches you.
BUT he is gambling with your fishing gear so he has nothing to lose.

Sorry if I started to get wordy.

 

 

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