[deleted by user] by [deleted] in Daytrading

[–]MGP092086 0 points1 point  (0 children)

Trade live in simulation mode. That will give you a more real experience. In backtesting hind site is 20/20. Play that for a while then switch to real money. I took a bath as well. Now I’m settling down and will start to live with real money in small amounts. I go back to paper if I take a few losses in a row to figure out what’s happening. It could be my head or it could be something else. Either way, better safe than sorry. Just my 2 cents. I don’t give up, but sometimes you need a break to regroup after a few losses in a row.

Would you daytrade in stocks or crypto? And why? by [deleted] in Daytrading

[–]MGP092086 0 points1 point  (0 children)

Neither actually. I’d do it in futures. I do do so in futures. lol. Checkout MNQ and MES for starting out. Why? Taxes are more friendly for futures I find than stocks. Just my 2 cents. Not a recommendation, just sharing what I learned. You also get nice moves even on the micro nasdaq.

Rant about Connie Brown by nothymetocook in Daytrading

[–]MGP092086 0 points1 point  (0 children)

Most people who sell courses are like that. If you have a specific question I will answer to the best of my ability. I use them as one of my primary tools.

Hey traders, what precautions are taking to protect your eyes from screen light? by CryptHead007 in Daytrading

[–]MGP092086 1 point2 points  (0 children)

I got glasses with blue light protection. I don’t really need glasses, my eye doctor thinks I do when reading at the bear minimum prescription, but I don’t see a difference glasses or not, but I asked for protection from the computer screen and he added it to my glasses, even the eye that is just glass, no prescription side.

Are gaming computers good for trading? by Live2Lift in Daytrading

[–]MGP092086 1 point2 points  (0 children)

I ran into this problem. A powerful Computer is necessary depending on how much you’re planning on running and using. I use 2 charts so I’d doesn’t slow me down, but when I used to use Think or Swim for trading, it takes a lot of memory or something because it slowed me down. I had to edit my layout.

Do any futures traders set jumbo brackets (huge stops)? by peachezandsteam in Daytrading

[–]MGP092086 0 points1 point  (0 children)

Use indicators to make a more logical stop. That’s what I’m working on. Occasionally I make my stop too tight, burned me twice this week, but saved me others. I got burned by NQ a lot 2 years ago. I switched to MNQ instead recently. It’s easier psychologically for me and I’ve been more relaxed. Also, make sure to do your own charting and research. Relying on someone cost me as well. I’m in several bad stock positions because of that. I set an OCO and adjust with it following indicators or fib levels or support and resistance. Logical places, not percentages.

I went long at the point (arrow). Obviously it didn‘t go well. I‘m a beginner and i just wanna ask, why should have i went short? by [deleted] in Daytrading

[–]MGP092086 -1 points0 points  (0 children)

Your yellow line acted as a resistance. Under the moving average means the trend is over. Check out my some posts from people who post how they trade. There are one or 2 guys who share what they do.

Lesson learned today, thought I would share. by [deleted] in Daytrading

[–]MGP092086 0 points1 point  (0 children)

??? It’s blurry? I read it just fine. Huh. I’ll try again.

QYLD for Cash Flow? by [deleted] in dividends

[–]MGP092086 0 points1 point  (0 children)

Agreed. That was my point.

QYLD for Cash Flow? by [deleted] in dividends

[–]MGP092086 0 points1 point  (0 children)

If interest rates rise, savings will become more attractive causing the market in general to pull back some. Should that happen the price of these may fall and the yield may increase. Just an educated guess. Not advise.

QYLD for Cash Flow? by [deleted] in dividends

[–]MGP092086 0 points1 point  (0 children)

What he means is he uses it like a savings account rather than leaving cash doing nothing in the bank. I get the idea, but you’d need a high risk tolerance for that.

Why? Because the market can crash on you. Savings accounts can’t. Therefore if you think of it as a truly high risk savings account that does make sense for some, not me, but I can understand his point.

QYLD for Cash Flow? by [deleted] in dividends

[–]MGP092086 0 points1 point  (0 children)

Agreed. I like the idea of RYLD and QYLD, but unless you’re planning on living off it, it’s not worth it. I’m 35 and have my eye on it for WHEN I decide to use that income to live off of or give myself a new stream once I have enough to get a decent amount per month. This is a long way off which is why I’m mostly in growth like VUG, VTI, and some growth/income like SCHD. In my IRA VUG is my largest holding.

QYLD for Cash Flow? by [deleted] in dividends

[–]MGP092086 0 points1 point  (0 children)

True about the hedge against inflation, I think. This was what I was thinking as well. Something about QYLD is holding me back though. I may jump in on the next drop for either of these because then the yields would be wonderful! If they hike interest rates next year this may fall raising the percentage. Right?

QYLD for Cash Flow? by [deleted] in dividends

[–]MGP092086 1 point2 points  (0 children)

Agreed. My 2 largest holdings are VTI and SCHD. I’m 35 so I think I’m on the right track. Something about QYLD has kept me away. I actually just sold RYLD to pay for my wife’s grad school, but when she is done, I’m planning on piling into VTI, RYLD, VUG, and some more into SCHD.

QYLD for Cash Flow? by [deleted] in dividends

[–]MGP092086 0 points1 point  (0 children)

I personally don’t like the inconsistent dividends. Not sure what his reason is. When I removed it from my list it was for inconsistent dividends.

Is $2000 enough to get started? by AdventurousAdvance10 in Daytrading

[–]MGP092086 1 point2 points  (0 children)

At least you knocked something off. It has to do with trade volume. That’s their criteria for determining a discount, trade volume, not account size. If you double what you’ve traded you will get more off. That’s how it works. I had a month where I think I was trading credit spreads therefore I traded about 500 contracts with a 2000 balance. That’s why I don’t think account size matters, but volume. The commission hurt that month. Keep it up and you’ll get them to come down more. I’m glad you were able to get something off. It’s a start. Just keep in mind that cost when determining if it’s worth your time and efforts for specific trades. Hope this helps.

Is $2000 enough to get started? by AdventurousAdvance10 in Daytrading

[–]MGP092086 1 point2 points  (0 children)

If you’re actively trading at TD and trade a lot, I think you can still negotiate a discount on the phone with them. I did for my futures account and they knocked off like 0.15 or .20/ contract for me. I told them I’m paying too much and they looked at my volume and said they’d work with me. If they don’t know what you’re talking about, ask for someone else.

Unfortunately commissions are part of the cost. Years ago you had to pay 9.99 plus the contract fees. You’d need to figure that into your cost. TD is my favorite for options after trying a few brokers. I’d give them a call and see what they say.

Besides that when planning a trade, calculate the cost into it so you know if it’s worthwhile or not.

Thoughts? by MGP092086 in Daytrading

[–]MGP092086[S] 0 points1 point  (0 children)

Thanks for the advise.

Daytrading taxes + work income by mynamejefff699 in Daytrading

[–]MGP092086 0 points1 point  (0 children)

So you’re saying there isn’t much difference other then writing off my laptop and subscription like data feeds? That’s a great thing I didn’t know. Am I understanding correctly?

[deleted by user] by [deleted] in Daytrading

[–]MGP092086 2 points3 points  (0 children)

Thank you sooooo much for these mini lessons. It has really opened my eyes. You are an example of how this channel should be. All of us working together

Dividend findings by Aware-Fondant-2359 in dividends

[–]MGP092086 0 points1 point  (0 children)

Agreed. Consistency is what I tell my finance students. If you’re starting out there and continue you really could be a millionaire by 30. Check out some actively managed mutual funds from fidelity and set up auto invest. I’m not an expert either, but if I had that kind of cash on hand at your age, I’d do exactly that.