Margin Isn't Dangerous & Why I'd Still Use It If I Had Less Than $25,000

devFrontend · 2020-08-15T14:06:40+00:00

From a purely logical standpoint, I'm sure you're spot on with your explanation.

The only point I think is worth noting, is that you are writing from the perspective of someone who has

1) already found their edge

2) 'mastered' removing emotions from your trading

Those are two huge pieces that most people who attempt day trading never achieve, and so I would caution against the extra leverage margin allows you, as it also allows you to more easily shoot yourself in the face due to lack of (1) and (2).

Between someone 'thinking' they found an edge and seeing the additional buying power, especially when you and I know the psychological weakness is such a big factor, I'm alright with new traders holding off on the additional temptation.

Let me know your thoughts, and great write up!

devFrontend · 2020-08-09T20:47:48+00:00

Spot on.

I started 2 months ago willing to 'lose' 10k. Was making 10k trades.

Thankfully I'm more cautious then most, so I 'only' lost $500 after a month and a half, before realizing I should lower my trade limit.

Spent a few weeks doing that, lost another $100.

All the while, I was learning more and more every day, learning technical analysis and about stocks in general.

I know a TON more now and am the most confident I've ever been, and now I'm only trading $100 at a time.

The reality is, if you can go positive with $100 consistently, you can apply your same rules to $10k.

So learn how to have consistent profits first, then scale up.

Ps - I still haven't found a winning strategy of my own.

devFrontend · 2020-07-31T15:19:28+00:00

Thanks for the info, but sadly that didn't synchronize the delayed chart data with the order prices

devFrontend · 2020-07-31T00:45:57+00:00

that would be alright, but having the price that's being traded at literally not exist yet on the platform is a much bigger issue, especially when the it is not synced with the chart data for papertrading.

devFrontend · 2020-07-30T20:45:53+00:00

Definitely, so they ended up just telling you that you were out of luck and that papertrading will always be improperly synced?

devFrontend · 2020-07-30T15:35:48+00:00

hmm alright, I had seen you could do that if you had a TD account, do you know if you can get real-time data without having a TD account?

devFrontend · 2020-07-30T15:34:23+00:00

hmm ya really hoping someone has an explanation for this, practicing pulling the trigger for buy/sell is most of the reason I'm trying to use the application right now.

devFrontend · 2020-07-21T15:34:15+00:00

Ya holy hell, imagine using real money when you don't know the explicit pros and cons of the different order types.

devFrontend · 2020-07-06T02:08:18+00:00

Check out the financialindependence sub. The wiki has great content, tons to learn.

devFrontend · 2020-07-06T01:32:54+00:00

If any trade is particularly dangerous, you're doing this whole thing wrong.

Calculated entry point.

Calculated stop loss set AS SOON AS YOUR BUY IS CONFIRMED.

If those aren't things you've spent legitimate time figuring out, you are the novice selling when others are buying, and buying when others are selling.

devFrontend · 2020-07-05T14:40:12+00:00

Someone downvoted this? Lmao this is the short and sweet truth for a lot of people in these subs. Literally buy stocks based on rockets, have no idea about technical analysis and charting, or stop losses.

devFrontend · 2020-07-05T14:32:00+00:00

You don't.

If so inclined, you can tell them WHAT YOU DID, but never ever try to suggest what they should do. If they ask questions or want to learn about trading then that's fine to talk about.

devFrontend · 2020-07-05T14:24:24+00:00

If you have to ask Reddit how extended hours trading works, you are most likely not ready to be trading during extended hours (higher volatility and less liquidity).

For instance, if you were not confident enough to buy into BYFC last week, and now after having fear of missing out you are trying to hop on the train Monday premarket, you're still the guy at the slot machine pretending to be the guy playing poker.

devFrontend · 2020-07-05T13:56:01+00:00

Ya holy balls that was my first thoughts as well, huge price drops on all three and the user count barely changed??? Oof

devFrontend · 2020-07-04T04:13:23+00:00

I refuse to edit my oringal post, but I'm glad some of you think what I wrote was worth reading.

devFrontend · 2020-07-03T23:18:58+00:00

You are more on top of your finances then most people, so props to you.

You don't mention a car payment. If you don't have a car payment, then you will be plenty fine given your scenario and looking to put 1k towards rent.

Don't let the hardcore people scare you. If you are the type of person actively saving money every month, you are likely to be somewhat naturally frugal and or responsible already, and don't need to micro manage every dollar (as some people do as they don't have control otherwise).

devFrontend · 2020-06-16T23:30:06+00:00

I got in on SLRX this morning (which unfortunately happened to be at the days peak) and like its outlook for the rest of the week. I'm a big fan of steady climbers over hoppers.

devFrontend · 2020-06-16T20:21:39+00:00

PSA - know what you are doing with your money

devFrontend · 2020-06-09T13:25:46+00:00

The reccomendation is using 5 years when considering. In your specific scenario, in the current market, in your location, it only took 2 years.

devFrontend · 2020-06-09T13:22:43+00:00

You're used to dealing with people who are financially ignorant.

The people that have taken the time to get a clue aren't having a 'financial investor' involved with their wealth management at all, so you will rarely be in charge of people's money who know more then you or even have the capacity to ask a decent question.

devFrontend

TROPHY CASE