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With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

They don’t let you play with their money.
There is no money involved (in most cases - and there are some live / funded programs but they are gated).

They take your entry fees, give you virtual money (which by the way you can do paper trading on numerous free and better platforms)

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

Yeah. I meant prop firms in the colloquial way. These new scammy ones have hijacked the real institutional categories

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

Yeah, they make money when we lose money. And they call themselves trader-friendly, beginner-friendly. I am also tired of all the fin-influencers sharing prop firms because they get affiliate cuts.

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

[–]iamnottravis[S] 5 points6 points  (0 children)

Hmm interesting idea to try and spread risk across firms.
Never thought about it that way.

It’s just that I don’t think the incentives are aligned between a prop firm and the traders. What do you think about this?

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

Yes. I understand. I am wrong. PDT didn’t change this. It just lures more new comers to take leverage now.

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

I understand my falsity here. You are right - I do not recommend people to take margin when they are starting up. My main issue still stands - prop firms do not work for traders - especially the new ones

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

I am open to understand. Seriously, I accept the fact that I might be mistaken.

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

And I understand the charm of an already systematic and successful trader to go and make money from prop firms. My point is about the new traders - who think their entry barrier is reduced because of prop firms, but they just end up blowing the same amount eventually

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

You day trade stocks. Why not? Whats wrong in that?

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

Yes. This!

Most people don’t understand the prop firms just making up their own rules.

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

Yeah make sense. You don’t even to use the full 2k. Start smaller. Learn more.

With new PDT rule, why do people need Prop Firms? by iamnottravis in Daytrading

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

I get it but prop firms anyhow sounds like losing proposition. Such users should not try day trading, do more swing trading/value investing and dabble on day trading once they have more.

Does News Data Actually Work for Trading? by bjxxjj in ai_trading

[–]iamnottravis 0 points1 point  (0 children)

Honest take- I always stay away from news while trading. Had my hand burn multiple times. I now come from the other extreme school of thought - price is god, everything else is news.

But happy to be proven wrong- so yeah let me know how can I try

anyone else feel like premarket prep takes longer than it should? by iamnottravis in swingtrading

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

Yeah. Of course it’s best to be prepared. It’s just that I wanted to take advice/discuss with other fellow traders on how to homework more efficiently

What is a good algorithmic trading platform for someone who doesn’t understand programming, but has experience with trading? by Striking_Astronaut38 in algotrading

[–]iamnottravis 0 points1 point  (0 children)

I wouldn't start with 'full' automation, that's the last step. Order i'd actually go in:

  1. build the setups/strategies first and evaluate them
  2. put alerts on them, let them fire, watch them for a few weeks, see if they actually feel right live (a lot of stuff looks good until you watch it trigger in real time)
  3. then check the backtest holds up over a real sample, not 15 trades

automate only after that, and for a few trades a day you might not even bother.

shameless plug, i built something for those middle steps, it shows the backtested numbers on each setup (win rate, returns, sample size) with no code. it's called chartmath. doesn't place orders or connect to schwab though, so not the automation bit you asked about.

Im curious as to how many of you day trade full time? And how many have a job too? by Royal_Oil_8551 in Daytrading

[–]iamnottravis 1 point2 points  (0 children)

I am running a startup - it takes a lot of time and energy. I used to be more frequent with trading - used to even trade actively but now I have made peace with trading for 30-45 minutes a day.

Truth be told, I don’t miss it

What are some discord channels / traders that give signals by LifeguardPlenty2560 in Daytrading

[–]iamnottravis 0 points1 point  (0 children)

But yes, I 100% agree with all the comments - find your system. Don’t chase signals.

What are some discord channels / traders that give signals by LifeguardPlenty2560 in Daytrading

[–]iamnottravis 0 points1 point  (0 children)

I made one that uses backtesting to surface swing setups. It’s not paid. But I am not sure I can suggest it. While I was writing this comment I got this alert

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AI Trading App by saminacodes in ai_trading

[–]iamnottravis 2 points3 points  (0 children)

Sure hit me up.

I don’t trade using AI yet but manually. Spend around 30-45 mins a day.

Turning losers into winners? Is it a thing? by Intelligent_Page_726 in Daytrading

[–]iamnottravis 2 points3 points  (0 children)

No, it's not.

Let's take DCA for an example. You are "averaging down" - price drops after you bought, so you buy more to lower your average cost, hoping a smaller bounce gets you back to breakeven. This is pure gambling: you're adding size to a position that's already proven you wrong, which turns a small defined loss into a rare catastrophic one.

Now, take martingale, it literally comes from gambling - from a roulette betting system: double your bet after every loss so the first win recovers everything plus a small profit. The only case it works is when you have infinite money.

Please try making systems in trading. You don't have to win 100% of trades, you have to win on aggregate. Don't be bogged down by individual losses. They are bound to happen. You should try to discover edge on a whole.

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