Which stock/CFD to start trading?

[top_underdog]

G'day,

I am looking to start day trading. Ideally, I would like to do it in the ASX.

Can you tell me what are some convenient ASX stocks to day-trade with? (in terms of volatility, volume, etc).

How do CFDs compare to shares from a day trading perspective in the context of ASX for a beginner?

Thanks

 

[tech/a]

Day trading for a beginner—-hmmm

open a trial trading account and paper trade.
if your going to day trade you’ll need live data
with lower timeframes.
youll need a sound knowledge of technical
analysis

good luck

 

[top_underdog]

Thank you for your reply @tech/a.

Are there any stocks in the ASX that are generally considered better than others for this purpose?

 

[tech/a]

If your going to day trade you’ll need volume
liquidity if trading size.
if you’ve got a big enough capital base you can trade
any Stock.

No one including a black duck is going to suggest
a stock or commodity to trade.
thats for you to determine.

The real market for short term trading is for me Futures.

A trial account will teach you a great deal.
probably more about yourself than any trading style.

 

[top_underdog]

I am only starting with day trading, but I am not completely new to the stock market in general. I have a demo account too.

Still interested in reading anyone's comments about my original question.

 

[Dona Ferentes]

I am only starting with day trading, but I am not completely new to the stock market in general. I have a demo account too.

Still interested in reading anyone's comments about my original question.

No-one is going to answer. You are asking for specific advice.

 

[top_underdog]

Ok, I see my question asked for advice.

Thanks.

 

[Dona Ferentes]

Ok, I see my question asked for advice.

Thanks.

you asked for specific advice.

Do a bit of investigation, put a tip in the forthcoming November competition, get a feel for things.

 

[Joe Blow]

I still think there's a little confusion about this financial advice issue. Obviously ASIC don't want people on here (or any other online community) handing out the sort of financial advice that a licensed financial adviser would provide.

However, I think it's OK for people to talk about the stocks they trade without that being financial advice. People can explain what stocks they trade and why without it being some kind of recommendation for others to do the same.

It's OK to provide food for thought, just not to tell others how to invest their capital.

 

[tech/a]

Ok Ill try to help.

If your Day trading you really need the Toys to make it easier.
For nightly analysis Amibroker.
Trading Platform Id use IB purely because it has
everything .All timeframes all markets and analytic tools.

Here is one which is in valuable and you can run the scan every 5 mins if you like.
From your phone.
Ill post a screen shot shortly.

 

[top_underdog]

I understand I worded the question wrongly, as I asked 'which stocks'. I should have perhaps asked what characteristics people tend to look for in a stock to consider it a good day trading instrument.

I wasn't really after something like 'buy this one' or 'sell that one'.

Still happy to know about other people's thoughts about this. Not that I will consider it advice in any way.

 

[tech/a]

So running this scan shows me the current movers
I’m looking for those stocks that match my watch list or others that just pop up and I can pull up a chart quickly —make a decision—trade or discard
APT shows up here
You just have to find stock with momentum
Then know how to hop on it and know when it stops and GET OFF. If your day trading

if your serious invest in your future!

 

[top_underdog]

Ok Ill try to help.

If your Day trading you really need the Toys to make it easier.
For nightly analysis Amibroker.
Trading Platform Id use IB purely because it has
everything .All timeframes all markets and analytic tools.

Thanks!

I use IB's TWS and subscribed to ASX market depth data.

 

[tech/a]

For characteristics have a look at my Charts of Interest thread.
Lots of charts and comments.
Not specific to day trading but you can get the drift.
I look for momentum

 

[peter2]

Current sentiment and greed tends to create a hot sector of the moment. It could be BNPL companies, nickel producers, gold producers or fintech. I'd suggest that you collect a batch of stocks that represent the main sectors and monitor them for your trading setups. You'll need to be able to go long or short so you'll need access to CFDS for shorting.

Another way to gather stocks to trade is to scour the morning news announcements before the open. Select a few companies with very good news and very bad news and get ready to trade one or a few of these. You've got to follow the volume on the day or anticipate where it might be.

You've got to respect the longer term trend, short term trend and the daily sentiment. Your setups need to be simple, yes no, not maybe. You've got to be able to consistently create a batch of results that are profitable.

 

[ducati916]

Day-trading is all about finding a catalyst that will create enough daily volatility to allow a trade: https://www.morningstar.com.au/Stocks/CorpCalendar

The link will let you plan in advance and assess whether any stocks trading that day meet your criteria.

jog on
duc

 

[Joe90]

Andrew Aziz has written a couple of reasonable books on day trading. Have a look on Amazon.

 

[top_underdog]

For characteristics have a look at my Charts of Interest thread.
Lots of charts and comments.
Not specific to day trading but you can get the drift.
I look for momentum

That is a most interesting thread, tech/a. ?

I'll definitely be having a look later today when I can enjoy some free time.

 

[top_underdog]

Day-trading is all about finding a catalyst that will create enough daily volatility to allow a trade: https://www.morningstar.com.au/Stocks/CorpCalendar

The link will let you plan in advance and assess whether any stocks trading that day meet your criteria.

Very interesting link, Duc. I'm bookmarking it. Thanks for sharing.

 

[top_underdog]

Andrew Aziz has written a couple of reasonable books on day trading. Have a look on Amazon.

Yes! I have one of his books: 'How to Day Trade for a Living'... and still I'm here asking you guys questions!

In fact, to some extent, my original question arises from one of Andrew's comments. He says that some big company stocks (I think I remember he mentions Coca Cola among others) are not the best choices for day trading.

So being new to the Australian share market, I wanted to know what other members thought about this remark, but in the context of ASX.