Day Trading Newbie

[wellborn]

Would be interested to see your R:R stats, MM and frequency.

really loved what you said ,

I am very new to day trading , and I started to day trading as a full time job , but after watching the stock market and also saw how huge is the brokerage with these low volatility and low liquidity stocks , I got really disappointed

can you please let me know how can I day trade futures and FX and which broker do you recommend ?

regards

 

[tech/a]

really loved what you said ,

I am very new to day trading , and I started to day trading as a full time job , but after watching the stock market and also saw how huge is the brokerage with these low volatility and low liquidity stocks , I got really disappointed

can you please let me know how can I day trade futures and FX and which broker do you recommend ?

regards

Drop your eyes 50mm

 

[SmellyTerror]

For folk looking at forex, and very new to it all, I recommend the Babypips school: http://www.babypips.com/school/

Not perfect, but a good grounding, and free.

In my (very limited) experience, Interactive Brokers (IB) is an excellent broker all-round. Get comfortable with the platform, set up some hotkeys, and you can hop in and out of trades very quickly and with a lot of control.

...but there are lots out there, so set up some demo accounts and go play.

 

[wellborn]

thanks for your patience to answer me ,
I started with IGM to trading cfd commodities like oil and gold but after a while I will try IB too

regards

 

[bullet21]

How much initial capital do you need to start day trading Index Futures? I know IB only require 10 g's but isn't that a bit low to cover variation margin.

 

[Market Depth]

I've day traded asx stocks for years. It can be done and you can earn a living from it. You need to be well capitalized to start though. 100K would be good for the 'Thick' stocks on the ASX, your banks, big miners and such. You first need to learn how to read the Market depth, or the tape, watch the spreads and wait and see which side the gaps are filled by. Practice this over and over and see if you pick the direction correctly. 'Live Charts' can be a little lagging, I tend to follow the tape,I never look at a chart, during the day. if you have limited funds the mids and smalls may offer some practice training, but they need to be liquid. You'll also need some stock filtering software to put you where the 'Crowd' is each and everyday. You need the crowd to make money. Volume is your friend.

As far as the FX goes, it's a good place too, but it moves fast, sometimes too fast, and if your slow merging onto a super highway, you'll get run over pretty quick. I tend to just short the FX, but you need to be patient, let all the speedsters run out of road and that's where I come in and go short, an entry to short is much easier, well for me anyway. It does take practice though, and you'll lose plenty, before you find the right side of the trade to be on, before it races away.

It's a funny experience to try, and learn, because you have to do the opposite of what you think you should do. When a stock starts to run up, you don't want to be trying to buy it. You want to be selling it to someone else who wants it. In other words you need to be in the trade before it runs, so when everyone rushing to buy, your standing at the top of the stairs holding yours out to sell. Understanding 'Market Depth' will give you that edge.