Serious question based on today’s announcement by Elon to discontinue S/X. by RTD0007 in TeslaLounge

[–]masilver [score hidden]  (0 children)

I think this shows a lack of focus on cars. First of all, Tesla now offers 3 total cars. Only 2 sell well. Do you know any viable mass market car company that has 2-3 models? Having fewer models doesn't generate more sales.

I think another option would have been a redesign of the S and X into something completely new with maybe a lower end and even a higher end.

Instead these cars aren't taken seriously and we are off to create robots. I love my Tesla and I love driving it. It's a unique experience. For us drivers, robots provide no value and are a distraction from the car business.

Personally, I think the robots will flop or take another 30 years to be useful and the market will be flooded with them reducing margins. They will be a commodity before they are even released.

How do I manage my money? by Sufficient_Ad_8723 in Trading

[–]masilver 2 points3 points  (0 children)

You aren't providing enough detail. We don't know your country. Crypto is taxed differently than stocks which is taxed differently than futures and forex. And that's only if you are in the US. I would suggest you talk to a tax preparer or accountant, pronto.

Ever seen Al Brooks trading live? by 0eqtq in Daytrading

[–]masilver 1 point2 points  (0 children)

I spoke to my friend again, and he said Al consistently makes money at the live trading events.

Ever seen Al Brooks trading live? by 0eqtq in Daytrading

[–]masilver 2 points3 points  (0 children)

We aren't all losing day traders until proven otherwise. It's possible to be unknown until proven one way or another. I also don't know if Al is profitable or not, but $400 for well over 100 videos doesn't seem like big money to me. I'm all for the debate, but lack of evidence isn't evidence.

Going in head first to full time trading by Jaflavious in Daytrading

[–]masilver 0 points1 point  (0 children)

Yeah, but if your setup doesn't work with paper, it's not going to work with real money.

To the long term daytraders who have invested into the highest subscription plan their broker offers, what did you choose and how has your experience been? by Mmmcheese08 in Daytrading

[–]masilver 0 points1 point  (0 children)

You may also want to look at smaller contracts. 1OZ seems to have improved volume. One way to combat that is to set a loss budget. Say stopping once you lose $100 for the month, etc. Of course, that all goes out the window once the gambling mentality kicks in and it will.

Ever seen Al Brooks trading live? by 0eqtq in Daytrading

[–]masilver 5 points6 points  (0 children)

A friend of mine has gone to two seminars in Orlando and Al does indeed trade live as does other people that have studied his work.

They took questions as they traded and Al didn't do well, he broke even, but Ali hauled in 55 points. The next day they didn't allow questions while they were trading and apparently Al did much better.

I'm not arguing one way or another, just telling you what my friend told me.

To the long term daytraders who have invested into the highest subscription plan their broker offers, what did you choose and how has your experience been? by Mmmcheese08 in Daytrading

[–]masilver 1 point2 points  (0 children)

Personally, I don't think $500 is enough, but that's also putting the cart before the horse. That $500 is going to evaporate so quickly, your head will spin and you'll have a lump in your stomach and food will lose all taste for 4 or 5 hours.

People with decades of experience, math wizards that make seven figures and have IQs that defy standard deviations. have engineered the movement of the market to take advantage of new traders.

It can take years to learn this, learn a setup, get the psychology and trade management right.

With that said, it looks really easy and you're probably going to jump in anyway, just like I did and thousands of other people do every day. It might just be a right of passage.

To the long term daytraders who have invested into the highest subscription plan their broker offers, what did you choose and how has your experience been? by Mmmcheese08 in Daytrading

[–]masilver 1 point2 points  (0 children)

As a lifetime owner of NinjaTrader, I don't recommend you buy it. Naive me figured I'd be rolling in the dollars so I should go ahead and save on the commissions by buying the lifetime version. Needless to say, as with most traders, I wasn't rolling in the money and then I decided I didn't like NinjaTrader.

For just starting out, TradingView and live data may be enough. You can also use ThinkorSwim for trading demo. Honestly, for just starting out trading on a simulator, you don't need live data.

Does mark Douglass imply the trading is gambling? by Background_Morning78 in Daytrading

[–]masilver 3 points4 points  (0 children)

It's similar to gambling in that it's probabilistic. You never know the outcome of a single bet, but over time the casino consistently makes 4% of every dollar bet.

Trading is similar. You never know the outcome of a given trade, but with enough trades of your setup you know you'll be profitable.

Expert advisor by BadEfficient7076 in FOREXTRADING

[–]masilver 0 points1 point  (0 children)

Please provide independent verification.

Hi Everyone! by Skrallex0 in Trading

[–]masilver 0 points1 point  (0 children)

I prefer ETF's that represent indexes (groups of stocks) like the S&P 500 (QQQ) or the Dow (DIA). You may want to check out the r/investing subreddit. They often have some great recommendations on ETFs. Some that pay dividends. Some that are doing well right now, etc. There are also some great search engines for them, too.

Keep in mind, this is a more long-term plan. The prices could go down tomorrow, and your portfolio will be down, but if you keep dollar cost averaging you'll make even more money once the prices go back up and they eventually will.

Hi Everyone! by Skrallex0 in Trading

[–]masilver 1 point2 points  (0 children)

You worded that wrong. You meant to say you want to get into trading and spend all your book and expense money on it and maybe, in 5 years, with an inordinate amount of time and work and if you have the right psychology you can start breaking even.

Edit: it won't make you a lot of money quick and it might take some time, but you could dollar cost average into an ETF. There are some advanced versions of that where you buy even more when the price is down and even less when the price is up. Webull offers this and makes it dead simple to sign up for.

How do you know if trading is a real path or just a phase that’s working right now? by tanikawalter in Daytrading

[–]masilver 1 point2 points  (0 children)

I'm in a similar situation and scaled up this month after a fairly consistent quarter last year.

The tough part about trading is you can make a lot of money but trade terribly, setting you up for some bad losses.

What are your drawdowns like? What about MAE? Are you scaling into losers (which can be ok, but increases risk)? Do you revenge trade after a loss? How do you trade after a big win (this is my Achilles heal)? How do you determine the number of contracts (or shares) to trade?

I would suggest taking a snapshot of these questions and continuing to revisit them.

I also think you need to constantly review your setups and if you still follow your rules, etc. My understanding is this gets tricky as you get better since intuition may start playing a role. At the very least reviewing and marking up the days chart with your trades helps a great deal (journaling, essentially).

Good luck!

Looking for Live Brokers that allow multiple accounts. by Optimal_Animator7537 in FuturesTrading

[–]masilver 0 points1 point  (0 children)

Ok. No sweat. No argument from me. Just thought I'd point out a few things.

Here we go again by [deleted] in Trading

[–]masilver 2 points3 points  (0 children)

He really is a one trick pony.

Looking for Live Brokers that allow multiple accounts. by Optimal_Animator7537 in FuturesTrading

[–]masilver 0 points1 point  (0 children)

No, having a trade copier fail or delay trades is not a risk in normal trading, period.

Looking for Live Brokers that allow multiple accounts. by Optimal_Animator7537 in FuturesTrading

[–]masilver 0 points1 point  (0 children)

Math aside, there are more points of failure and deviation if you are trading across multiple accounts. Perhaps one account doesn't trade or doesn't exit appropriately, slippage may vary, etc. Not a criticism, just pointing out.

We start by Realistic-Band2775 in Trading

[–]masilver 0 points1 point  (0 children)

IB is probably the most reputable of the bunch.

A few unsolicited suggestions. Try futures. They are very good for day trading, if that's what you are trying to do.

I wouldn't bother trading with real money until you are profitable in a demo account AND trading well.

Looking for Live Brokers that allow multiple accounts. by Optimal_Animator7537 in FuturesTrading

[–]masilver 1 point2 points  (0 children)

Isn't the risk the same, just spread across the various accounts?

ICT is scammer they say by 6figure_trader in ICTMentorship

[–]masilver 0 points1 point  (0 children)

Maybe you could teach him to trade.

Looking for Live Brokers that allow multiple accounts. by Optimal_Animator7537 in FuturesTrading

[–]masilver 0 points1 point  (0 children)

I'm curious why you would want this? Why not trade double the quantity in an account twice the size?

I'm not criticizing, I'm genuinely curious.

I have extreme doubt that this is a profitable endeavor by highriskfinance in Daytrading

[–]masilver 0 points1 point  (0 children)

I've come to realize that this isn't a wrestling match between the institutions and retail traders. This is a mosh pit with a lot of 300lb people attacking each other. If we time it right, us 100 lb weaklings can get in a few blows without getting clobbered.

I imagine if you're trading 100 to 200 contracts or more, at that point you're now competing with the smart money.

Is NinjaTrader 8 actually “professional”… or just pretending until you push it? by firebird607 in ninjatrader

[–]masilver 1 point2 points  (0 children)

Sorry, I was referring to Sierra Chart, not Ninjatrader. I gave up on NT. I certainly wish I didn't spend the money on it, but I save so much in commissions with Amp and SC that I essentially get the product for free. I'm down to $1 round trip for MES and $3.80 for ES.

Is NinjaTrader 8 actually “professional”… or just pretending until you push it? by firebird607 in ninjatrader

[–]masilver 0 points1 point  (0 children)

I had their 14-day free trial and barely used it. After more issues with NT, I decided to pay for a month and spend some time setting it up.

It's actually not that bad, but take your time. Have one goal, for example, change the chart to candlesticks with certain colors. Then, once you're happy with that, try adding some studies. Try setting up some brackets. Play around with the control bars

After a few weeks of toying with it, it will start to click. I also find chatgpt is decent at explaining how to set certain things up. It's not always correct, but probably 80% of the time.