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Day trading

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Comments

  • #52
    damir1908
    Registered Users Posts: 20 ✭damir1908


    Jim2007 wrote: »
    What do you want to achieve and how much time are you willing to put in?

    Financial freedom so i dont need 9 to 5, what ever it takes life is to short to work for someone else . :)


  • #53
    phantom_lord
    Registered Users, Registered Users 2 Posts: 10,894 ✭✭✭✭phantom_lord


    Traders tend to work a lot more hours than a 9 to 5 worker.


  • #54
    Nemeses2050
    Registered Users Posts: 1,569 ✭✭✭Nemeses2050


    DankeyKang wrote: »
    Absolutely agree with you about real money vs demo. My plan is to always trade with stop losses at 1% and never let a loss build up or hold one overnight in the hopes it will correct itself. From what I've seen so far I would actually say it's easier to make money day trading than to not lose it. The best "loser" would be profitable.

    1% stop loss is too tight, considering the volatility at the moment, it would hit in no time. Normally 5% would be a good SL.


  • #55
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,438 Mod ✭✭✭✭Jim2007


    damir1908 wrote: »
    Financial freedom so i dont need 9 to 5, what ever it takes life is to short to work for someone else . :)

    Well this is not going to get you there.... all you'll do is work longer in a high pressure environment and if you are look come out with the money you put in after say 30 years.

    Many moons ago I happened to take a meeting with one of founding partners at big four in Dublin and at one point someone started trying to butter him up by commenting on how hard he must have worked to build up the firm.... in a very factual manner he pointed out that he had only worked hard for a few years, then he hired other people to work hard.

    Start a business, you're more likely to achieve your objective that way....

    Alternatively learn to invest and expect to retire at around say 55.


  • #56
    dartboardio
    Registered Users, Registered Users 2 Posts: 2,436 ✭✭✭dartboardio


    I've started forex trading around six weeks ago, and have spent every minute learning, learning and learning!

    I started with real money which in hindsight was silly, although I could afford to lose it, a few hundred.

    However it was now taught me great lessons since I have the experience of real time trading.

    I want to focus on short term day trading.

    I've tried so many indicators and strategies already but have found combining technical and fundamental analysis to be my own 'holy grail' ha.

    Its definitely time consuming but I find it all extremely interesting, learning about not only charts but economic indicators and different markets.

    I've become a bit obsessed with it definitely but hoping to turn it into a career.

    You definitely need time to be a day trader. I've often spent 12 hours sucked up in the charts and courses online.


  • #57
    codrulz
    Registered Users Posts: 369 ✭✭codrulz


    dartboardio wrote: »
    I've started forex trading around six weeks ago, and have spent every minute learning, learning and learning!

    I started with real money which in hindsight was silly, although I could afford to lose it, a few hundred.

    However it was now taught me great lessons since I have the experience of real time trading.

    I want to focus on short term day trading.

    I've tried so many indicators and strategies already but have found combining technical and fundamental analysis to be my own 'holy grail' ha.

    Its definitely time consuming but I find it all extremely interesting, learning about not only charts but economic indicators and different markets.

    I've become a bit obsessed with it definitely but hoping to turn it into a career.

    You definitely need time to be a day trader. I've often spent 12 hours sucked up in the charts and courses online.

    Don't waste your time looking at charts all day. Use charts to help set your parameters (SL, TP) and check levels, kidding yourself if you think you'll get much more than that from TA.


  • #58
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,438 Mod ✭✭✭✭Jim2007


    dartboardio wrote: »
    I've become a bit obsessed with it definitely but hoping to turn it into a career.

    You definitely need time to be a day trader. I've often spent 12 hours sucked up in the charts and courses online.

    So many hours working to loose money.... spend a couple of hours researching what actually works and dig up a list of all the day traders who have been successful over the long run.

    The reality is that anyone dollar cost averaging on common ETFs and spending a few hours a year managing their asset allocation is likely to out perform you by several factors...


  • #59
    iAcesHigh
    Registered Users, Registered Users 2 Posts: 447 ✭✭iAcesHigh


    Jim2007 wrote: »
    So many hours working to loose money.... spend a couple of hours researching what actually works and dig up a list of all the day traders who have been successful over the long run.

    The reality is that anyone dollar cost averaging on common ETFs and spending a few hours a year managing their asset allocation is likely to out perform you by several factors...

    Yep, (sad?) truth. Although with IE tax on RTFs this is slightly less efficient compared to many other countries (and regular buying makes Revenue paperwork slightly more complicated then buying once/twice per year)


  • #60
    jams100
    Registered Users Posts: 808 ✭✭✭jams100


    Hi, I'm relatively new to trading, I'm using the Degiro platform, just really testing it out at the minute. I've bought 2 Aviva shares @£;247.20 which should = £494.40 but in the Aviva1 picture it says it's value is -€5.68

    What does that mean? should the value not be the £494.40 just converted into euro?
    Has this something to do with the money market funds?
    Thanks in advance for any help :)


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  • #61
    iAcesHigh
    Registered Users, Registered Users 2 Posts: 447 ✭✭iAcesHigh


    jams100 wrote: »
    Hi, I'm relatively new to trading, I'm using the Degiro platform, just really testing it out at the minute. I've bought 2 Aviva shares @£;247.20 which should = £494.40 but in the Aviva1 picture it says it's value is -€5.68

    What does that mean? should the value not be the £494.40 just converted into euro?
    Has this something to do with the money market funds?
    Thanks in advance for any help :)

    GBX 494.40 isn't the same as GBP 494.40 - GBX represents pennies hence one share is £4.944

    Total £4.944 x 2 + €4 (Degiro fee)


  • #62
    jams100
    Registered Users Posts: 808 ✭✭✭jams100


    iAcesHigh wrote: »
    GBX 494.40 isn't the same as GBP 494.40 - GBX represents pennies hence one share is £4.944

    Total £4.944 x 2 + €4 (Degiro fee)

    Makes sense, Thanks :)


  • #63
    milhous
    Registered Users Posts: 415 ✭✭milhous


    Hi all,

    I'm just playing about with a bit of day trading on revolut. This is a bit limited and they discourage pattern day trading.

    As a hobby I'm playing about with about 1k on cheap volatile stocks. I'd like to be able to play a bit more. I understand degiro has a pretty low fees, however, when I went to sign up I was added to a waiting list and I'm around 10000 on it. Is there other platforms just as useful? I'm on american markets only and I'm happy enough there.

    Thanks


  • #64
    Jimbobjoeyman
    Registered Users, Registered Users 2 Posts: 807 ✭✭✭Jimbobjoeyman


    milhous wrote: »
    Hi all,

    I'm just playing about with a bit of day trading on revolut. This is a bit limited and they discourage pattern day trading.

    As a hobby I'm playing about with about 1k on cheap volatile stocks. I'd like to be able to play a bit more. I understand degiro has a pretty low fees, however, when I went to sign up I was added to a waiting list and I'm around 10000 on it. Is there other platforms just as useful? I'm on american markets only and I'm happy enough there.

    Thanks

    Plenty around that'll let you trade CFD's which are grand for day trading such as Ava trade and etoro - wouldn't recomend holding CFD's long term due to all the fees though.

    But there's a reason these firms have to disclose the fact 70+% of people lose money with them.
    Realistically daytrading is a myth in this day and age due to how efficient the markets are due to algo trading and the like. There are better ways to blow 1000 euro.
    Medium term holdings over a number of weeks at least are more realistic investment plans rather than betting on the spread which is effectively what day trading is now


  • #65
    phantom_lord
    Registered Users, Registered Users 2 Posts: 10,894 ✭✭✭✭phantom_lord


    Interactive brokers.


  • #66
    codrulz
    Registered Users Posts: 369 ✭✭codrulz


    CMC Markets


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  • #67
    ufo9038
    Registered Users Posts: 3 ✭ufo9038


    Have a question here for the traders. How do you set it up as a business and declare your incomes? I mean like a prop trading firm. If you transfer bits by bits your profits frequently like from degiro wouldn’t that be flagged as potential money laundering?


  • #68
    Captain Bob
    Registered Users, Registered Users 2 Posts: 89 ✭✭Captain Bob


    Hi Folks,
    I gonna do day trading for US stocks, would you please advise any broker with personal good experience
    thanks in advance


  • #69
    Cute Hoor
    Registered Users, Registered Users 2 Posts: 1,788 ✭✭✭Cute Hoor


    Captain Bob wrote: »
    Hi Folks,
    I gonna do day trading for US stocks, would you please advise any broker with personal good experience
    thanks in advance

    If you are going to be trading US stocks only then TDAmeritrade is probably your best bet imo and I think they are still taking Irish customers. There are no commission charges for buying/selling. They are a long established brokerage. Not sure if you have to lodge a minimum amount to open an account.

    Best of luck.


  • #70
    Gerry Hatrick
    Closed Accounts Posts: 552 ✭✭✭Gerry Hatrick


    Captain Bob wrote: »
    Hi Folks,
    I gonna do day trading for US stocks, would you please advise any broker with personal good experience
    thanks in advance

    IG markets. I've used them for the last few years without a hitch.


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