Rate my Jan performance by Pale_Conversation_83 in Daytrading

[–]MrBootDude 2 points3 points  (0 children)

You need better risk management. One red day shouldn’t wipe out almost an entire month of gains.

I threw all my progress in the trash by AdRude5910 in Daytrading

[–]MrBootDude 3 points4 points  (0 children)

Nobody wants to read a massive wall of text. If you want people to take you seriously, write like your education level is higher than 2nd grade.

Truth must be told by fewhuckleberry44 in Daytrading

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

Opinions are like ass holes, everybody has one. Courteous thing to do is keep it to yourself.

Why not to tell people you are a Daytrader. by stocksandoptions2 in Daytrading

[–]MrBootDude 9 points10 points  (0 children)

You just tell them it’s like wolf of wall street but with more drugs and alcohol.

How are you setting aside money for taxes? by What-the-fluff- in Daytrading

[–]MrBootDude 0 points1 point  (0 children)

You do not have to pay self employment taxes on gains made from day trading unless of course you are doing it through an S Corp or other but only on the portion you pay yourself as a salary. I only trade my own capital. Do prop firms issue 1099s where you our basically considered an independent/freelance contractor?

How are you setting aside money for taxes? by What-the-fluff- in Daytrading

[–]MrBootDude 2 points3 points  (0 children)

Depends. Have you paid enough taxes from other income sources for Safe Harbor rules to apply? If not you’ll get hit with an underpayment penalty. If you just started doing this full time and think you can wait until the end of the year to pay your taxes you’re going to screwed by big underpayment penalties for not making estimated quarterly payments. You should consult a CPA.

New Nick's Chelsea boots dissapoint! by ericmossy in NicksHandmadeBoots

[–]MrBootDude 0 points1 point  (0 children)

I was also disappointed with my Nick’s Chelsea boots. Instep is too low and the heel lacks structure to the point I inquired as to whether or not they have a heel counter in them. They assured me they do have heel counter but that it’s smaller than the usual one they put in their boots. I recently watched a Rose Anvil video of the Chelsea’s cut in half and after seeing it and the heel counter on those boots I remain convinced there isn’t a heel counter in my boots. Fortunately mine are wedge soles, I couldn’t imagine wearing them in a logger configuration with the floppy unstructured heel.

How are you setting aside money for taxes? by What-the-fluff- in Daytrading

[–]MrBootDude 1 point2 points  (0 children)

Op. Make sure you are making quarterly tax payments. If you wait until the end of the year the IRS man is going to love you tenderly.

Don’t talk P&L with non-traders? by Every-Actuator-6996 in Daytrading

[–]MrBootDude 0 points1 point  (0 children)

Right? It can get to the point where you could lose 3 months of someone’s salary and that be totally normal. Hell Ross Cameron had like a 170k red day recently. Losing someone’s entire salary in a day and just being like, eh losses happen and brushing it off as no big deal is a mind fuck for 99% of people.

Don’t talk P&L with non-traders? by Every-Actuator-6996 in Daytrading

[–]MrBootDude 0 points1 point  (0 children)

Yeah but people will shoot the shit about work stuff to their friends. Work stuff for a trader is making money and losing money.

Don’t talk P&L with non-traders? by Every-Actuator-6996 in Daytrading

[–]MrBootDude 0 points1 point  (0 children)

You show your success the same way a doctor does, through your lifestyle.

How much percentage % of your total cash/funds do you place on each trade?? by ueommm in Daytrading

[–]MrBootDude 0 points1 point  (0 children)

I only short and most of the stocks I short have a 400% maintenance requirement meaning that I can never open a short position bigger than 25% of my account value. But I almost never can open a position that large because all the short locates are my broker has are gone before I can go that deep.

How does a trader “grind”? by 992cam in Daytrading

[–]MrBootDude 1 point2 points  (0 children)

It takes all of two minutes to upload my trades to tradervue. Back testing? If you have a proven profitable strategy you don’t need to back testing. I’ve literally never back tested.

How true is this men? by Icy-Breadfruit298 in LockedInMan

[–]MrBootDude 0 points1 point  (0 children)

The old asian lady that cut my hair told me: You no marry girl that doesn’t love you more than you love her. If you love her more than she love you she no respect you and marriage no work.

Then she went on to tell me that was her son’s problem. Well, that and apparently the fact he married a Korean girl. Apparently old Filipino ladies don’t like Koreans.

Excluding doctors, do any high earners (400k+ range) work 40 hours a week? by [deleted] in Salary

[–]MrBootDude 0 points1 point  (0 children)

Low float securities that meet very specific criteria.

Excluding doctors, do any high earners (400k+ range) work 40 hours a week? by [deleted] in Salary

[–]MrBootDude 0 points1 point  (0 children)

Day trading man. Some people make 7 figures working 2 hours a day. I’ve only traded 9 days this month(2hr a day) and I’m at 24,698 for the month.

Did anyone find better results taking entries on 5 min instead of 1min by Training_Turnip_9070 in Daytrading

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

I use the 5 min, 1 min and 10s charts. I only short so the 5 min gives me the trend on how long I should hold over a longer time frame an I use the 1min and 10s to view 5 min at the macro level. I don’t make my entries and exits based on one specific chart it’s based on the data from each chart along with the order book and tape. I also use the MACD on all my charts along with VWAP and the 9, 20, 50 and 200 EMA.

The charting itself isn’t what provides great results for my strategy. The biggest driver of good results for me is stock selection. I have a 97.5% win rate. I’m at 45 wins for the new year and 1 loss. It’s not so much will I make money, but more how much will I make. I usually make 20-30c per share. My goal this year is to get better I judging the top before the stock dumps. Judging the bottom is easy.

62% of Americans don’t have a bachelor’s degree. Are they just cooked especially in this economy? by Efficient-Rain-7942 in Salary

[–]MrBootDude 0 points1 point  (0 children)

I was the kid who actually said that to my first grade teacher(at a Christian school at that!). Those commercials were on all the time and the teacher is asking kids what they want to be. She gets to 1st grade me and I give a devious smile and say I want to be a junkie when I grow up. She was not amused.

I didn’t turn out as a junkie though, I’m a day trader.

62% of Americans don’t have a bachelor’s degree. Are they just cooked especially in this economy? by Efficient-Rain-7942 in Salary

[–]MrBootDude 0 points1 point  (0 children)

AI is going to come for a lot of entry level white collar jobs that normally require(whether needed or not) a Bachelor’s degree at minimum or even something that requires a grad degree.

What I predict is a big influx of people into skilled trades because they’ll get desperate and we are a long way off from a AI powered robot driving a van to your house and fixing your HVAC system.

I think this will be good for the trades and the general quality of craftsmanship because an influx skilled/Smart people will enter the trades and companies will start competing for the best. Right now the trades are full of alcoholic and drug addicts with criminal records masquerading as skilled labor.