Australian (ASX) Stock Market Forum

I want to start day trading (where to get started?)

Jump to new
K

KingB00ZeR

Joined
25 March 2014
Posts
14
Reactions
0
Hi I am planning on saving some money to begin day trading. I have asked about brokers to use and was told interactive brokers is the best one to go with, however when I tried to sign up I found they only let you use their brokerage if you have a certain amount of wealth to begin with. This mean I will not be able to start trading for at least 5 years and that's too long to wait (in the damn hospitality industry) for the opportunity to trade real shares (have been using fake money and real time shares and doing quite well.) What would be the next best brokerage? I should have about $13,000 AUD in 12 months at the rate I can afford to save at. Should also add that I need to be able to trade the american markets. Thank you.
 
Out of curiosity regarding stock trading, would you consider yourself more fearful or fearless?
 
IB
You need about $10 k at today's rates.

I lent son $ 10 k so he could sim trade IB's platform them he transferred back $8k so he still can trade sim.
Best to get used to the platform you'll use.
In 12 mths they should hav the margin issue sorted as well so double bonus.

Learn how to maximize your return for risk ---- the most important skill you can learn as a day trader.
Run sims on finding really tight micro patterns which have very close stops and most of all identify when momentum is likely to swing strongly in your direction OR continue strongly in your direction.

Ultimately if you wish to day trade you should be looking at futures.
Here you can trade both long and short with the click of a mouse.

Best of trading ---- it's fun/challenging/profitable and you'll have it for life once you " get it "
 
tech/a said:
IB
You need about $10 k at today's rates.

I lent son $ 10 k so he could sim trade IB's platform them he transferred back $8k so he still can trade sim.
Best to get used to the platform you'll use.
In 12 mths they should hav the margin issue sorted as well so double bonus.

Learn how to maximize your return for risk ---- the most important skill you can learn as a day trader.
Run sims on finding really tight micro patterns which have very close stops and most of all identify when momentum is likely to swing strongly in your direction OR continue strongly in your direction.

Ultimately if you wish to day trade you should be looking at futures.
Here you can trade both long and short with the click of a mouse.

Best of trading ---- it's fun/challenging/profitable and you'll have it for life once you " get it "
Click to expand...

So when I sign up and I get to the part where it asks me how much I have in assets and I know I am well below the minimum, should I just lie? Same when they ask if have performed 100 trades? Can I get I trouble for fudging my details when signing up? I hope the answers are yes, yes, no hehe I really can't wait to start doing this.
 
Fudge

Your going to start with minimum balance and your not going to be trading
Squillions.
They are not providing margin at the moment so I don't think they are going to knock you back.
Have you made a hundred trades in your own mind?

If your over 18 and have a job-----
 
KingB00ZeR said:
So when I sign up and I get to the part where it asks me how much I have in assets and I know I am well below the minimum, should I just lie? Same when they ask if have performed 100 trades? Can I get I trouble for fudging my details when signing up? I hope the answers are yes, yes, no hehe I really can't wait to start doing this.
Click to expand...

It's not lying. You have made 100+ demo trades. It dosn't say real money trades. Your future projected "inheritance" can be factored into your assets. A bit like writing a resume..you are boasting and leaving out the finer details..

Although I'd be careful of futures for a $13k account. Trading the emini with a 2 point stop will lose you about $100, close to 1% of your account. Too much for intraday trading IMO.
 
Awesome! Thank you guys for your responses, you have revived my faith in my ability to reach the goal of having enough money to day trade. When taking the assets and 100 trades etc into account it looked like such a long and extremely boring journey. But I can afford to put away enough each week to get to 13k in a year (minus the bali trip = the end of next year.) I know it isnt much but I am $400 into the savings, cant wait til then. In the meantime I guess ill work on perfecting the fine art. Is there any threads about day trading that you guys think I should take a look at that might help gain perfection?
 
KingB00ZeR said:
Awesome! Thank you guys for your responses, you have revived my faith in my ability to reach the goal of having enough money to day trade. When taking the assets and 100 trades etc into account it looked like such a long and extremely boring journey. But I can afford to put away enough each week to get to 13k in a year (minus the bali trip = the end of next year.) I know it isnt much but I am $400 into the savings, cant wait til then. In the meantime I guess ill work on perfecting the fine art. Is there any threads about day trading that you guys think I should take a look at that might help gain perfection?
Click to expand...

Be interesting to see how you fared on your saving plan in a years time. Good luck keep at it.

There's no perfection in trading, especially day trading. Study and research enough until you realise there is no perfection before you trade otherwise you will be in for a big dissapointment.
 
minwa said:
Be interesting to see how you fared on your saving plan in a years time. Good luck keep at it.

There's no perfection in trading, especially day trading. Study and research enough until you realise there is no perfection before you trade otherwise you will be in for a big dissapointment.
Click to expand...

You know I kind of expected a response informing me there is no perfection. I know its only fake money but I have found that when trying to take too much into account (based on tutorials etc..) when watching for my next move I find that I'm processing too much information to actually make the move. Keeping it simple has worked best me in the past, perhaps that is all I need to take into account when trading.
 
hey im just wondering what the best free trading platform would be, howthemarketworks.com is claiming 10 minute old info as "real time" and it is really breaking my balls and giving me incorrect data.
 
skc said:
Thanks. A great read. Still picking up my jaw from the floor reading some of his numbers.

I seriously never imagined private day trader to trade that big. That's really Jesse Livermore stuff.
Click to expand...

He has a nett worth of 160 million
He made 1.4 million.
That's a little under 1%
So it would be like a trader with 10000
Picking up $100

Same if he copped a loss.
Law of big numbers.
Really impressive to us not so much to him.

Money makes money.

Like Kerry Packer winning or losing $3 million in a sitting at the black jack table
2000/TH of his nett worth.
Would a win or loss of 2000/TH of our nett worth be as impressive?

We wouldn't blink either
Nor would anyone else!
 
tech/a said:
He has a nett worth of 160 million
He made 1.4 million.
That's a little under 1%
So it would be like a trader with 10000
Picking up $100

Same if he copped a loss.
Law of big numbers.
Really impressive to us not so much to him.

Money makes money.

Like Kerry Packer winning or losing $3 million in a sitting at the black jack table
2000/TH of his nett worth.
Would a win or loss of 2000/TH of our nett worth be as impressive?

We wouldn't blink either
Nor would anyone else!
Click to expand...

I think SKC probably meant this part: "The 35-year-old day trader says he made 6 billion yen (close to $63 million), after taxes, betting on Japanese stocks last year."

So last year he made 63m, his net worth is now 160m, that means he only had 100m last year. That's 60%+ on his account if he his whole net worth was in his account, which it probably isn't so the return is even higher.
 
minwa said:
I think SKC probably meant this part: "The 35-year-old day trader says he made 6 billion yen (close to $63 million), after taxes, betting on Japanese stocks last year."

So last year he made 63m, his net worth is now 160m, that means he only had 100m last year. That's 60%+ on his account if he his whole net worth was in his account, which it probably isn't so the return is even higher.
Click to expand...

To increase your nett worth by 50% in a year that's impressive.
 
skc said:
Some interesting numbers here... not sure what methodology they employ and the validity of the numbers though.

http://work.chron.com/average-salary-wall-street-day-traders-28326.html
Click to expand...

I think they don't include the people who made 0 or negative "salary", where non profitable ones do not get to be surveyed. I beleive in zero sum theory (negative after brokerage) so I don't think a salary can be measured for "self employed" category. The "average" should be negative or near zero if they polled a distributed random large sample of day traders.
 

Similar threads

Fiona96
Charting Platform Advice
Replies
5
Views
1K
DaveTrade
DaveTrade
D
Adventures in AI
2 3
Replies
43
Views
6K
mullokintyre
mullokintyre
B
BMW's trading journal
Replies
15
Views
3K
BMW
B
basilio
Ozempic: Magic Pill or Devils Bargain?
Replies
10
Views
1K
sptrawler
sptrawler
bigdog
Russian stock market opens March 24 2022 first time since start of war
28 29 30
Replies
587
Views
72K
bigdog
bigdog
Top