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  1. #1
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    Default daytrading northcoast

    im 28 years old, and im interested to learn about day trading, anyone on the northcoast that could give me some advise, i would appreciate it a lot.

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    Quote Originally Posted by dom View Post
    im 28 years old, and im interested to learn about day trading, anyone on the northcoast that could give me some advise, i would appreciate it a lot.
    Trade on a demo account for @ least three months until you are net profitable.
    Unless you have a pile of pesos to play with and can afford to lose, you are better off selling platanos.
    Trust me, unless you have an edge, you will lose your money.

    Jesse Livermore

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    i really dont want to be told not to do it, thats why i want to learn from someone with experience

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    Quote Originally Posted by dom View Post
    im 28 years old, and im interested to learn about day trading, anyone on the northcoast that could give me some advise, i would appreciate it a lot.
    Hey Don "PM" me. I am a day trader. I have an account at Scottrade and they have an excellent platform, tutorial and support for this.

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    Quote Originally Posted by dom View Post
    i really dont want to be told not to do it, thats why i want to learn from someone with experience
    Ok then, at least take Tambo's advice about learning.

    While a very small number of people are successful at it, it is however possible to day trade and make money consistently. Since it appears you are new to daytrading, do yourself one huge favor and develop a trading strategy and never ever deviate from it. To many traders (day and otherwise) get cocky and deviate from their strategy....that's just about the time when Mr. Market humbles you.

    Good luck....but remember luck plays only a small part.

    Respectfully,
    Playacaribe2

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    Quote Originally Posted by playacaribe2 View Post
    Ok then, at least take Tambo's advice about learning.

    While a very small number of people are successful at it, it is however possible to day trade and make money consistently. Since it appears you are new to daytrading, do yourself one huge favor and develop a trading strategy and never ever deviate from it. To many traders (day and otherwise) get cocky and deviate from their strategy....that's just about the time when Mr. Market humbles you.

    Good luck....but remember luck plays only a small part.

    Respectfully,
    Playacaribe2
    What are the traits and characteristics of a good day trader?

    1. Methodical
    2. Patient...Wait for the trade to come to you...Don't trade just to trade
    3. Cutthroat
    4. Know when to take a loss
    5. Disciplined
    6. Good money manager
    7. Decisive
    8. Adaptable
    9. Somewhat arrogant...or we could say confident
    10. Persistent
    11. Nerves of steel
    12. Focused
    13. Good humor
    14. Perceptive
    15. Thinks w/ their brain...Not their heart
    16. Good looking...optional

    Finally, $25,000 to start operations!

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    Quote Originally Posted by Island Treats View Post
    Finally, $25,000 to start operations!

    You also need a bit more than $25K as a cushion to trade equities.....or learn to trade futures!

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    thanks for all your responses so far.

    why would i need 25k to start with, why cant i start small with lets say 1000 us and work my way up ?

    i have been looking at Suncor Energy Inc. (SU) for example, was 2 days ago at 31.44 US, right now we are at 32.20, if i bought 1000 us and i choose to sell right now, i would be making 24 US minus 7 US fee roundtrip, im making 18 US, is my math off or what im a missing, are there restrictions of money i need to deposit somewhere before i can start trading, wheres the catch ?

  9. #9
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    Quote Originally Posted by dom View Post
    thanks for all your responses so far.

    why would i need 25k to start with, why cant i start small with lets say 1000 us and work my way up ?

    i have been looking at Suncor Energy Inc. (SU) for example, was 2 days ago at 31.44 US, right now we are at 32.20, if i bought 1000 us and i choose to sell right now, i would be making 24 US minus 7 US fee roundtrip, im making 18 US, is my math off or what im a missing, are there restrictions of money i need to deposit somewhere before i can start trading, wheres the catch ?
    Why don't you goggle a lot of the free info. It will give you an over view.
    I copied and pasted a preview of some of the stuff you will find if you avail yourself.
    Day TradingOverview
    When you continuously buy and sell investments within a very short time, perhaps a few minutes or hours, and rarely hold them overnight, you're considered a day trader. The strategy is to take advantage of rapid price changes to make money quickly. The risk is that as a day trader, you can lose substantial amounts of money because no one can predict how or when prices will change.
    Requirements for Accounts that Actively Day Trade

    FINRA has implemented account requirements for accounts that actively day trade. The amendment updates FINRA Rule 2520. This rule sets the guidelines for investment accounts that use the trading strategy commonly known as day trading.
    The amendment establishes new requirements for customers who actively day trade (known as pattern day traders).
    The rules only affect customers who are classified as pattern day traders. The FINRA definition, under rule 2520, defines a pattern day trader as "any customer who executes four or more day trades within five business days, provided the number of day trades is more than 6% of the total trades in the account during that period". Scottrade defines a pattern day trader as any customer who executes four or more day trades within five business days.

    In addition to this new definition of a pattern day trader, the following amendments went into effect on Friday, Sept. 28, 2001:
    Higher equity requirement. The minimum equity requirement for pattern day traders is $25,000.
    Clarification on the term "day trade". Redefines the term "day trade" to treat the sale of an existing position held from the previous day as a liquidation, and the subsequent repurchase of that position as the establishment of a new position not subject to the day trading margin requirements.
    Day trading buying power. Day trading buying power is calculated based on the customer's account position as of the close of business on the previous day. The amendments limit day trading buying power to four times the day trader's maintenance margin excess.
    Margin account requirement. All patterned day trades must be placed in a margin account. Trading in a cash account is limited to available settlement date balances in accordance with Regulation T and FINRA Rule 2520.

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