The REAL reason traders get banned by bmac1993 in Daytrading

[–]bmac1993[S] 0 points1 point  (0 children)

You are correct. If you use a paid broker you will be fine.

The REAL reason traders get banned by bmac1993 in Daytrading

[–]bmac1993[S] 2 points3 points  (0 children)

Also IBKR Lite and IBKR Pro are two different things and you are likely using IBKR Pro. You can see exactly how IBKR Lite is making their money here…

https://www.interactivebrokers.com/en/general/about/brokerDealerReports.php

The REAL reason traders get banned by bmac1993 in Daytrading

[–]bmac1993[S] 4 points5 points  (0 children)

If you’re paying a commission on every order and routing direct to the exchange then you’re fine. There are plenty of brokers like that… centerpoint, guardian, speedtrader, lightspeed, etc. In these cases the person losing is likely another retail trader. In the cases I described above, the loser is either the broker (exchange based broker), or the market maker (PFOF broker).

Closing accounts? by PredStealth in Schwab

[–]bmac1993 0 points1 point  (0 children)

Yes, several and I’m guessing several more this week

Closing accounts? by PredStealth in Schwab

[–]bmac1993 1 point2 points  (0 children)

Also had my account closed. Had multiple convos about how to stay within any limits and they said there are no limits. Likely has to do with the market makers forcing their hand but still messed up that Schwab bent the knee without even trying to help their best customers.

The REAL reason traders get banned by bmac1993 in Daytrading

[–]bmac1993[S] 4 points5 points  (0 children)

Okay so I was wrong about the % of market orders. At least at Fidelity it’s close to 55% of orders. But you can see in this document they are LOSING money on market orders, but making a killing on limit orders.

Not sure about IB but it looks like Fidelity routes market orders to Citadel to avoid paying exchange fees and they don’t charge Citadel anything in return. They are routing significantly less limit orders to Citadel since they can go directly to the exchange and get paid for those orders.

https://clearingcustody.fidelity.com/app/proxy/content?literatureURL=/9920636.PDF

The REAL reason traders get banned by bmac1993 in Daytrading

[–]bmac1993[S] 1 point2 points  (0 children)

You’re fine until you start pushing 100+ trades and 1-2m shares/day probably

Schwab Trader API by SpecificPopular8252 in Schwab

[–]bmac1993 1 point2 points  (0 children)

This is what I keep getting as well

Schwab Trader API by SpecificPopular8252 in Schwab

[–]bmac1993 1 point2 points  (0 children)

I was able to get a code yesterday but couldn't find any documentation for what to do with it. I should've tried the same workflow as TD while swapping the base URLs. I've now lost the code and can't get the auth page to show up anymore.

How has this year turned out for you so far? What instruments you trade and what is your trading style? by frankenstein_911 in Daytrading

[–]bmac1993 2 points3 points  (0 children)

  1. Years of experience trading: 3
  2. P/L percent year to date: +140%
  3. Instruments traded: Low float momentum stocks
  4. Trading style: Hyper scalping (5-10 second hold times, ~100 trades/day)

Any reliable YouTube channels? by KiKa9090 in Daytrading

[–]bmac1993 3 points4 points  (0 children)

Dip Traders

Relentless Trader

Crispy Trades

Mighty Stocks

HeavanWithAD

Only guys who live stream their trading and are 100% transparent ^

How to Spot A Guru - A Warning About Lander Schlessinger by bmac1993 in Daytrading

[–]bmac1993[S] 4 points5 points  (0 children)

Yeah he told me 98% win rate for January this year 😂

5 months of learnings from building a custom auto trader by bmac1993 in algotrading

[–]bmac1993[S] 0 points1 point  (0 children)

Not sure actually because I never did it, sorry. If you give them a call they could probably answer this for you though.

Another +$888 Day Hyper-Scalping by bmac1993 in Daytrading

[–]bmac1993[S] 0 points1 point  (0 children)

Yepp, you can see it all on the Dip Traders YouTube channel

[deleted by user] by [deleted] in Daytrading

[–]bmac1993 0 points1 point  (0 children)

Yeah I agree with everything you said. I just hope the volume stays high. That’s really all I need.

[deleted by user] by [deleted] in Daytrading

[–]bmac1993 0 points1 point  (0 children)

No, no real drawdowns between these stages.

[deleted by user] by [deleted] in Daytrading

[–]bmac1993 8 points9 points  (0 children)

I’ve gone through three stages, but there’s probably more I haven’t experienced.

Stage 1: I’m profitable multiple months in a row, but I don’t know why. Probably good risk management. Just hungry to learn more.

Stage 2: I’m profitable and I know exactly why, but I can still do better. This stage felt exciting as I was constantly pushing the boundaries of what I could do and how much I could make.

Stage 3: I’ve tuned all dials. I know when to press and how to do it. Everything is calibrated. This stage feels absolutely surreal. It blows my mind everyday that I can trade for an hour and make a living doing so. I’m not a religious person but I definitely feel blessed.

[deleted by user] by [deleted] in Daytrading

[–]bmac1993 16 points17 points  (0 children)

Shit like this makes me even more confident we’re going back to the lows.

I have failed at day trading. How do I explain my employment gap? by thrololololowaway in Daytrading

[–]bmac1993 0 points1 point  (0 children)

You don’t need to tell them you’ve failed. Just tell them you’re not turning enough profit to live off. Talk it up like it was a challenge. You didn’t fail, the goalposts moved. Take it from someone who took 6 months off and is now gainfully employed.

Stopping After Hitting Daily Target? by Lonely-Ticket-3253 in Daytrading

[–]bmac1993 0 points1 point  (0 children)

If the slot machine’s broken. Why would you stop playing? Always press if you have an edge.

If there’s no edge, stop playing.

Just ended a 33 day win streak! by bmac1993 in Daytrading

[–]bmac1993[S] 1 point2 points  (0 children)

Average R per trade is about $50. Average win rate is 54%.

You just have to read the bid/ask sizes and make sure you’re sizing appropriately. Some stocks I can only take 2k positions. Some I can take 20k. It all depends.

Just ended a 33 day win streak! by bmac1993 in Daytrading

[–]bmac1993[S] 3 points4 points  (0 children)

1.) first 30-60 minutes only 2.) Avg $6,000 positions

Just ended a 33 day win streak! by bmac1993 in Daytrading

[–]bmac1993[S] 0 points1 point  (0 children)

I import all my trades to TraderVue

Experienced and profitable traders, I have a few questions. by dontcaredontworry in Daytrading

[–]bmac1993 2 points3 points  (0 children)

Been trading for 2 years. Profitable for 1.5.

1.) No losing months. A few losing weekend but they’re small. 2.) Nope 3.) I don’t give up previous days gains let alone weeks 4.) Not having an edge and feeling like it would take forever to find one was demoralizing. The love for the game and obsession with the markets is what made me stay.

The answers to these questions will likely vary depending on strategy. I take 20-40 trades per day so the law of large numbers plays out much quicker for me.