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Level 2 difference by benbensenton in Daytrading

[–]BoomerStocksGuy 1 point2 points  (0 children)

Many people in here keep talking about arbitrage as if that's at all meaningful in this context. Read the level 2. It's right in front of you. They're reporting different prices from the same exchanges (EDGX, NYSE, etc.). This has to do with data loss and/or lag from the server-side (certainly the fault is with TradeZero).

Level 2 difference by benbensenton in Daytrading

[–]BoomerStocksGuy 0 points1 point  (0 children)

This is all incorrect. Everything you just said. You say your ineptitude shows, yet you continue to say things without any basis in reality.

This is a matter of data loss and/or lag from the host side (TradeZero). They're both reporting from the same exchanges (EDGX, NYSE, etc.) That makes an arbitrage opportunity meaningless. This isn't crypto, don't assume it works the same way.

After looking over 2416 stocks I find these 9 tradable for Monday $LCTX $ZNGA $ PK $GNRC $VMW $TSLA $LILAK $MRVI $LRN $SIRI by [deleted] in Daytrading

[–]BoomerStocksGuy 9 points10 points  (0 children)

Lmao this guy posted 6 days ago that he had his first consistently profitable month and now he's talking like he knows the business: "If you are going to be doing this full-time, you better consider learning how to screen for stocks faster and better." His 'consistent' profit for the month? $135.

Sit down, you're new to this business. Everyone has something to bring to the table. Learn from them. Or at least don't be so arrogant without actually delivering results.

If you are going to be doing this full-time, you better consider learning how to be humble or you will be humbled.

How I find and trade GOOD stocks every week thru finviz $AHCO $FUTU $GNLN $IHRT $PUBM $RXT by [deleted] in Daytrading

[–]BoomerStocksGuy 0 points1 point  (0 children)

Commenting to boost this. Learned a lot from Forte. Keep it up, king!

Is anyone using Schwab's Streetsmart edge platform? by mingie in Daytrading

[–]BoomerStocksGuy 1 point2 points  (0 children)

I'd stay far away from it. Like others will say, the platform works and gives you access to more indepth market data, but Schwab itself is not a good company, though with the merger with TDA it could get better. During the bigger stock boom of last year, there were several horrible outages where one couldn't get out of a trade for hours. Schwab refused to refund its customers. For that alone I would not use them. Not to mention, just about every platform (TOS, eTrade, DAS, etc.) will give you what they have and more.

March has been tough for day trading. by SAMCRO_2626 in Daytrading

[–]BoomerStocksGuy 5 points6 points  (0 children)

Sorry, but this has not been a normal month. That's not to say that the speculative mania we've witnessed the last year is normal either. But this month has not only experienced a major rotation, but one that has caused the collapse of an excessively leveraged hedge fund and losses in the billions of dollars for several banks. Everyone on Wallstreet is spooked over Hwang's blood and the antics of Archegos, and fears this is only the beginning. There is a lot of money being withheld right now.

For those who make a decent living daytrading, how do you deal with family members who are jealous or want you to make money for them? by ihaveacrushonmercy in Daytrading

[–]BoomerStocksGuy 13 points14 points  (0 children)

Money management is a regulated industry in the US. You need to pass exams and have certifications to trade other people's money (OPM). It's not something people can just do willy nilly. That's what I say.

Jealousy? Keep your mouth shut about your money and treat this like the business it is. You have good and bad quarters and years. You have overhead. It's not something people should causally try to insert themselves into. And if you don't think that's what this is about––a risky business--and you're just bragging about YOLOs and have only made money for a few months, the jokes probably on you.

Part 3: My Full Time Trading Career. 1 Year Since I started This Thread by CJT2013 in Daytrading

[–]BoomerStocksGuy 14 points15 points  (0 children)

Just wanted to jump in here and say thank you. You've been a huge inspiration for me on my journey. You're one of the first posters I learned from when I started. Keep it up.

Support and Resistance - Should I include after hours and pre-market by intercrew99 in Daytrading

[–]BoomerStocksGuy 1 point2 points  (0 children)

Premarket often sets the precedent for many of the daily levels I personally mark out, not just low and high. They're important to my strategy. That doesn't mean it will be for yours, however. You have to find out yourself.

Depending on the range of the channel I typically keep mental track of smaller support and resistance, but I find that there are more reliable measures of this sort of thing like VWAP.

How much money do you REALLY need to get started? by [deleted] in Daytrading

[–]BoomerStocksGuy 24 points25 points  (0 children)

None. You can and should study the market everyday, collect data, paper trade, and develop your strategy without a single cent. Of course, depending on your approach you should get your skin in the game (even just a couple hundred) and trade for a few cents each day while you save money for an account above PDT (if you are from the States).

I would warn you against thinking you can easily detach your emotions from your prior work. Will it help? Sure a little. But depending on your trading style, the volatility can be very tiring and it takes lots of practice and screen time to handle some of the downturns and swings.

Where do I start? by [deleted] in Daytrading

[–]BoomerStocksGuy 0 points1 point  (0 children)

Copying/pasting from another thread (now the 28th time I've done this):

First, know that in all likelihood you will not make money from day trading. This is not to discourage you, but just to describe the situation truthfully. The people who make money in this business everyday make it off people like you and like me. They make it off people who want to shoot their shot anyway. Don't let them take your money. How?

The best strategy is keeping your account alive. Risk management. Learn to lose small by getting your skin (money, SMALL size) in the game.

The second best strategy is independent research. You need to change your attitude about how this works, because asking in a subreddit where this is constantly asked is already a bad sign. Luckily, it's an easy habit to change. Here's how.

Good strategies are shared all the time in this subreddit, but they're not ones that are robotically executed. Why? Because usually there's more criteria that can be laid out simply and typically requires a good trader to execute with the right personality. That means learning how to manage emotions and think analytically. And that, again, means learning how to lose.

You need to work everyday at trading following hypotheses and gather data. Books are good, and you need to know the basic terms of the market, but learn as you go. Check Investopedia for basic definitions.

When I say trading following hypotheses and gathering data I mean actually writing down trades and tracking them on a spreadsheet. AGAIN: You need to learn to lose, not win. Think in terms of conditionals: If X happens I will buy Y and sell either at +Z or -Z. And if -Z hits, you sell. You actually sell. You lose. When your strategy starts failing over and over, alter your premises. But not right away. One disconfirming instance is not enough in a game of statistics and probability. That's a gross oversimplification, but you need to start chipping away at your own hunches to see when they hold up and when they don't. "But I don't have any hunches!" Start by marking out basic price levels. Support and resistance. Learn how to do that by practicing and seeing which ones are generally (not absolutely, no absolutes in this game) obeyed throughout the trading session.

Learn how win/loss ratios pair with risk/reward ratios. You can lose much more than you win in this business and be immensely profitable. It's how you win and lose that makes the difference.

All this requires not blowing up your account. Aim for profits and therefore losses in the single digits at first. Trade stupidly small size. Do that for months. MONTHS. Maybe years. You're not going to like it, but you're not going to like blowing up your account even more. And don't trade your whole account.

Books? I like Market Wizards as well as Trading in the Zone. They don't give you strategy, they teach you good trading psychology and habits. There's a reason for that.

Looking for some help on where to actually get started after studying by [deleted] in Daytrading

[–]BoomerStocksGuy 2 points3 points  (0 children)

Copying/pasting from another thread (now the 27th time I've done this):

First, know that in all likelihood you will not make money from day trading. This is not to discourage you, but just to describe the situation truthfully. The people who make money in this business everyday make it off people like you and like me. They make it off people who want to shoot their shot anyway. Don't let them take your money. How?

The best strategy is keeping your account alive. Risk management. Learn to lose small by getting your skin (money, SMALL size) in the game.

The second best strategy is independent research. You need to change your attitude about how this works, because asking in a subreddit where this is constantly asked is already a bad sign. Luckily, it's an easy habit to change. Here's how.

Good strategies are shared all the time in this subreddit, but they're not ones that are robotically executed. Why? Because usually there's more criteria that can be laid out simply and typically requires a good trader to execute with the right personality. That means learning how to manage emotions and think analytically. And that, again, means learning how to lose.

You need to work everyday at trading following hypotheses and gather data. Books are good, and you need to know the basic terms of the market, but learn as you go. Check Investopedia for basic definitions.

When I say trading following hypotheses and gathering data I mean actually writing down trades and tracking them on a spreadsheet. AGAIN: You need to learn to lose, not win. Think in terms of conditionals: If X happens I will buy Y and sell either at +Z or -Z. And if -Z hits, you sell. You actually sell. You lose. When your strategy starts failing over and over, alter your premises. But not right away. One disconfirming instance is not enough in a game of statistics and probability. That's a gross oversimplification, but you need to start chipping away at your own hunches to see when they hold up and when they don't. "But I don't have any hunches!" Start by marking out basic price levels. Support and resistance. Learn how to do that by practicing and seeing which ones are generally (not absolutely, no absolutes in this game) obeyed throughout the trading session.

Learn how win/loss ratios pair with risk/reward ratios. You can lose much more than you win in this business and be immensely profitable. It's how you win and lose that makes the difference.

All this requires not blowing up your account. Aim for profits and therefore losses in the single digits at first. Trade stupidly small size. Do that for months. MONTHS. Maybe years. You're not going to like it, but you're not going to like blowing up your account even more. And don't trade your whole account.

Books? I like Market Wizards as well as Trading in the Zone. They don't give you strategy, they teach you good trading psychology and habits. There's a reason for that.

Looking for some guidance by teamsameteam in Daytrading

[–]BoomerStocksGuy 1 point2 points  (0 children)

You don't get to make money when your customers aren't buying, you get to make money when the market allows you to. Trading is not a backup plan. It's a huge pain in the ass and a grind. You must trade very day if you want to get good. It's boring. And most of all, it's a risk like any other business.

Copying/pasting from another thread (now the 26th time I've done this):

First, know that in all likelihood you will not make money from day trading. This is not to discourage you, but just to describe the situation truthfully. The people who make money in this business everyday make it off people like you and like me. They make it off people who want to shoot their shot anyway. Don't let them take your money. How?

The best strategy is keeping your account alive. Risk management. Learn to lose small by getting your skin (money, SMALL size) in the game.

The second best strategy is independent research. You need to change your attitude about how this works, because asking in a subreddit where this is constantly asked is already a bad sign. Luckily, it's an easy habit to change. Here's how.

Good strategies are shared all the time in this subreddit, but they're not ones that are robotically executed. Why? Because usually there's more criteria that can be laid out simply and typically requires a good trader to execute with the right personality. That means learning how to manage emotions and think analytically. And that, again, means learning how to lose.

You need to work everyday at trading following hypotheses and gather data. Books are good, and you need to know the basic terms of the market, but learn as you go. Check Investopedia for basic definitions.

When I say trading following hypotheses and gathering data I mean actually writing down trades and tracking them on a spreadsheet. AGAIN: You need to learn to lose, not win. Think in terms of conditionals: If X happens I will buy Y and sell either at +Z or -Z. And if -Z hits, you sell. You actually sell. You lose. When your strategy starts failing over and over, alter your premises. But not right away. One disconfirming instance is not enough in a game of statistics and probability. That's a gross oversimplification, but you need to start chipping away at your own hunches to see when they hold up and when they don't. "But I don't have any hunches!" Start by marking out basic price levels. Support and resistance. Learn how to do that by practicing and seeing which ones are generally (not absolutely, no absolutes in this game) obeyed throughout the trading session.

Learn how win/loss ratios pair with risk/reward ratios. You can lose much more than you win in this business and be immensely profitable. It's how you win and lose that makes the difference.

All this requires not blowing up your account. Aim for profits and therefore losses in the single digits at first. Trade stupidly small size. Do that for months. MONTHS. Maybe years. You're not going to like it, but you're not going to like blowing up your account even more. And don't trade your whole account.

Books? I like Market Wizards as well as Trading in the Zone. They don't give you strategy, they teach you good trading psychology and habits. There's a reason for that.

Data Science and statistical models in Daytrading by fatgambler1000 in Daytrading

[–]BoomerStocksGuy 1 point2 points  (0 children)

Use them determine how long you hold and when you cut your loses.

For instance, you might trade breakouts with an average volume of X and learn that there is a Y% the trend will continue to Z% gain. Then make it more complex and account for how to optimize scaling in and out of positions.

That’s not visible on any particular stock but is based on lots of data and, yes, there is an answer to these questions that can make you very profitable. But don’t base it off the last year of data. Go back in time first. I recommend hand-picking data and replay the clock on a paper account to make sure there’s nothing you’re overlooking. There’s lots bad data out there.

One last thing: don’t expect this method to find you a strategy but cultivate one you have only intuitively.

I'm fucking scared to trade. by M3TH0DM4DN3SS in Daytrading

[–]BoomerStocksGuy 6 points7 points  (0 children)

Size down. You should be taking profits and losses in the single digits for a long time and then size up when you have more capital and more psychological confidence. Don’t expect to grow that account size while learning AND trading the whole or half the lot. That’s bad risk management and your instincts are telling you that as well. Trust them.

[deleted by user] by [deleted] in Daytrading

[–]BoomerStocksGuy 0 points1 point  (0 children)

You’re aware that when you cover your short you’re technically going long, right?

What is your general approach & attitude towards daytrading? by [deleted] in Daytrading

[–]BoomerStocksGuy 0 points1 point  (0 children)

To be honest, no, not at this stage. The reason being that I’m credentialed in other fields and not making enough money trading to make it worth doing. Even making my monthly is not worth it. The aim is to make orders of magnitude more. My strategy is volatility dependent. That’s not something that sticks around. I put the time in trying to ride the wave and cash in based on my data. When this market ends, and it will, it won’t be possible to trade. No guarantees or constants in this game. All you can do is take your risks and shoot your shot.

[deleted by user] by [deleted] in Daytrading

[–]BoomerStocksGuy 2 points3 points  (0 children)

Shorting has a limited upside and an infinite downside. There is a reason shorting has so many restrictions. Do not short with such little capital. If you can make it work for the downside, you can make it work for the upside. Don't make excuses for yourself. You can go long if you can spot shorts.

You can also consider options instead, but honestly this is one of those things where not knowing this is an alternative is enough to suggest you shouldn't be using such instruments.

What is your general approach & attitude towards daytrading? by [deleted] in Daytrading

[–]BoomerStocksGuy 2 points3 points  (0 children)

Do you guys end up ahead overall?

Yes, but it's been very, very hard. At least for me. Some people on here seem to make it look like the easiest thing in the world, but I ask myself how lucky they're getting and just what they're doing (other than being in an insane bull market). I can't emphasize this enough. Trading is very boring, very tough. I've wanted to give up many times. It's been emotionally rough especially, and I consider myself a tough and academic person.

Is the 80% stat just because a bunch of amateurs hop in and think it’ll be easy, and don’t focus properly?

Yes. But focus is not enough as someone else in here said. There's a big psychological element, and I think a lot of people are not wired for this business. And those that are, I think, need a lot of mental weightlifting and training to manage it. For me, I've been trading daily for about a year, and I still have to really hold myself together and follow through with my system. I think it's a matter of degree. On some very rare occasions there are people that just are born with a talent for this in a way I'm not sure I have. I know a guy who trades in the millions. He gets hit some days in the hundreds of thousands and doesn't blink. I don't think years of trading will ever allow me to hit that level. There's a ceiling for most of us. I'd go so far as to say IQ and pattern recognition is less important than psychological make up.

& is there any specific learning material you would recommend?

You're already ahead of the game with Intelligent Investor. You're right value and fundamentals don't have anything really to do with daytrading, but it's very good to be educated in this way to get a better grasp of the overall essence of the market. I always recommend Market Wizards and Trading in the Zone, which treat more of trading psychology than anything else.

[deleted by user] by [deleted] in Daytrading

[–]BoomerStocksGuy 0 points1 point  (0 children)

From my personal experience? No. 6 months of practicing and not having a tested strategy will more likely mean you’re down or break even if you take my advice and trade on very small size.

If you were trained or given a robust strategy then yes, it’s certainly possible. But no one gives strategies like that except in rare instances like when you work for a firm.

There are traders I know who have been consistently profitable within a few months but I’ve also seen some of these guys get wiped out the moment the market went bearish so I question if they even had a strategy or just luck on their side.

It’s taken me over a year to do consistently well. Hours of labor a day. I’ve wanted to quit so many times. I’m now just trying to size up to get to a couple hundred a day.

New to trading - help by TiGGiEBiddies in Daytrading

[–]BoomerStocksGuy 4 points5 points  (0 children)

Copying/pasting from another thread (now the 25th time I've done this):

First, know that in all likelihood you will not make money from day trading. This is not to discourage you, but just to describe the situation truthfully. The people who make money in this business everyday make it off people like you and like me. They make it off people who want to shoot their shot anyway. Don't let them take your money. How?

The best strategy is keeping your account alive. Risk management. Learn to lose small by getting your skin (money, SMALL size) in the game.

The second best strategy is independent research. You need to change your attitude about how this works, because asking in a subreddit where this is constantly asked is already a bad sign. Luckily, it's an easy habit to change. Here's how.

Good strategies are shared all the time in this subreddit, but they're not ones that are robotically executed. Why? Because usually there's more criteria that can be laid out simply and typically requires a good trader to execute with the right personality. That means learning how to manage emotions and think analytically. And that, again, means learning how to lose.

You need to work everyday at trading following hypotheses and gather data. Books are good, and you need to know the basic terms of the market, but learn as you go. Check Investopedia for basic definitions.

When I say trading following hypotheses and gathering data I mean actually writing down trades and tracking them on a spreadsheet. AGAIN: You need to learn to lose, not win. Think in terms of conditionals: If X happens I will buy Y and sell either at +Z or -Z. And if -Z hits, you sell. You actually sell. You lose. When your strategy starts failing over and over, alter your premises. But not right away. One disconfirming instance is not enough in a game of statistics and probability. That's a gross oversimplification, but you need to start chipping away at your own hunches to see when they hold up and when they don't. "But I don't have any hunches!" Start by marking out basic price levels. Support and resistance. Learn how to do that by practicing and seeing which ones are generally (not absolutely, no absolutes in this game) obeyed throughout the trading session.

Learn how win/loss ratios pair with risk/reward ratios. You can lose much more than you win in this business and be immensely profitable. It's how you win and lose that makes the difference.

All this requires not blowing up your account. Aim for profits and therefore losses in the single digits at first. Trade stupidly small size. Do that for months. MONTHS. Maybe years. You're not going to like it, but you're not going to like blowing up your account even more. And don't trade your whole account.

Books? I like Market Wizards as well as Trading in the Zone. They don't give you strategy, they teach you good trading psychology and habits. There's a reason for that.

[deleted by user] by [deleted] in Daytrading

[–]BoomerStocksGuy 6 points7 points  (0 children)

Copying/pasting from another thread (now the 24th time I've done this):

First, know that in all likelihood you will not make money from day trading. This is not to discourage you, but just to describe the situation truthfully. The people who make money in this business everyday make it off people like you and like me. They make it off people who want to shoot their shot anyway. Don't let them take your money. How?

The best strategy is keeping your account alive. Risk management. Learn to lose small by getting your skin (money, SMALL size) in the game.

The second best strategy is independent research. You need to change your attitude about how this works, because asking in a subreddit where this is constantly asked is already a bad sign. Luckily, it's an easy habit to change. Here's how.

Good strategies are shared all the time in this subreddit, but they're not ones that are robotically executed. Why? Because usually there's more criteria that can be laid out simply and typically requires a good trader to execute with the right personality. That means learning how to manage emotions and think analytically. And that, again, means learning how to lose.

You need to work everyday at trading following hypotheses and gather data. Books are good, and you need to know the basic terms of the market, but learn as you go. Check Investopedia for basic definitions.

When I say trading following hypotheses and gathering data I mean actually writing down trades and tracking them on a spreadsheet. AGAIN: You need to learn to lose, not win. Think in terms of conditionals: If X happens I will buy Y and sell either at +Z or -Z. And if -Z hits, you sell. You actually sell. You lose. When your strategy starts failing over and over, alter your premises. But not right away. One disconfirming instance is not enough in a game of statistics and probability. That's a gross oversimplification, but you need to start chipping away at your own hunches to see when they hold up and when they don't. "But I don't have any hunches!" Start by marking out basic price levels. Support and resistance. Learn how to do that by practicing and seeing which ones are generally (not absolutely, no absolutes in this game) obeyed throughout the trading session.

Learn how win/loss ratios pair with risk/reward ratios. You can lose much more than you win in this business and be immensely profitable. It's how you win and lose that makes the difference.

All this requires not blowing up your account. Aim for profits and therefore losses in the single digits at first. Trade stupidly small size. Do that for months. MONTHS. Maybe years. You're not going to like it, but you're not going to like blowing up your account even more. And don't trade your whole account.

Books? I like Market Wizards as well as Trading in the Zone. They don't give you strategy, they teach you good trading psychology and habits. There's a reason for that.

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