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Day Trading for Beginners

Public • 665 • Free

4 contributions to Day Trading for Beginners
IBKR or TOS?
Ok, I set up Interactive Brokers a couple weeks back, and thought I was going down that road, because I found their education area on the site to be pretty robust, and I saw that you could connect it to TradingView (TV), which is the charting software I want to use. But now I'm not so sure. Sounds like a lot of people don't bother connecting IBKR to TV anyway, and I'm starting to wonder if Thinkorswim (TOS) is a better first choice for those of us living in the states. Trader Workstation for IBKR feels SUPER dated, but they also have the IBKR Desktop, which looked modern, and when I checked out options trading in there (for paper trading of course), it was REALLY intuitive. I really liked it, and it even identified option spreads automatically. Not sure if TOS can do that, but I really like the interface. It felt like a great way to get a hands-on feel for options orders. But then I found people talking about IBKR Desktop and saying that it's buggy and often delayed/laggy, so most people still use Trader Workstation (TWS). If IBKR Desktop isn't that great, I figured I might try TOS instead and see if it's more modern/intuitive than TWS. After all, I am not in a rush to trade, and it sounds like once you're committed to a broker, it's hard to change. Anyway, just wondering what everyone else thought? I'm still planning to use TradingView as my charting software, but I may switch to TOS. I'm hoping its options ordering is very clear though, like I saw in IBKR Desktop.
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New comment 22d ago
1 like • 23d
@Travis Bruce yeah, I watched a couple of paper trading videos for thinkorswim this morning. I think I like it more than TraderWorkstation, but the IBKR Desktop did look a little more intuitive. Still, I think I’ve made up my mind to go with thinkorswim!
0 likes • 22d
@Nathan Hantla Ah ok, that makes sense!
Edge & Doubt
New here and to trading, I’ve been paper trading for about a month now, learning as much as I can. I find taking paper trading seriously helps me get used to the emotional roller coaster of trading…caring about not losing, or being right, or limiting your losses is difficult when you pretend the paper money is real money. I’ve realized that you need to A. Act like it’s real money so you care about losing…then B. Learn how to not care about it after which I can learn C. Not to care about real money. It’s confusing, but it makes sense, I think. once I’ve learned how to trade which patterns with which indicators, not caring about the money and trusting the process is what’s important, from what I understand. My issue is I don’t know whether I understand what i’m following. I’m using RSI, Price Action, volume, MACD and tracking levels, but I always seem to be a behind. Does anyone else have this issue? I think it might be common , but when you’re alone doing this, you start to doubt yourself. I partially feel like I’m trying to apply something to nothing, to avoid missing out. I haven’t been able to consistently be successful, but I feel like it might be not the process but what I’m trading— all of this causes a bit of doubt. Also, anyone able to determine their edge yet?
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New comment 23d ago
Edge & Doubt
1 like • 23d
I'm a complete noob at this too, so take my advice with a grain of salt, but with regard to the indicators you mentioned using (MACD, RSI, etc), do you have a specific strategy to use for them? I was kind of fumbling around as well. I know that many places I have looked they talk about strategies and finding an edge. I think knowing a reliable edge is probably an important starting point. The RealDayTrading subreddit uses relative strength (RS)/relative weakness (RW) as their edge, and it allows them to find confirmation of the big institutional traders making moves. They (institutional traders) have far more resources than we do, and get their information very fast, so the idea is to basically ride in their wake when you can find out that they're making a play I think. My current plan is to continue reading their wiki, and attempt to use indicators that will help me identify those moves by the institutional traders. I haven't gotten very far yet though, so don't ask me how successful it is. 😅
1 like • 23d
Messed around with paper trading some stocks and crypto in TradingView, but I didn’t want to bother journaling until I had a brokerage account set up. I have IBKR, but I’m thinking of swapping to thinkorswim. I did one options trade on IBKR, but just to see how it worked, no strategy whatsoever. 😁
Tradersync
Hi Tyler, I see that you recommend Tradersync, and I was wondering which version you are using? There’s quite a big price difference between the options. What do you think gives the best value for money?
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New comment 23d ago
1 like • 23d
Hey @Runar Hosen, I was wondering the same thing. I looked at TraderVue because it has a free version that doesn't expire. But it's pretty limited. You can only journal 30 trades a month, which definitely isn't enough once you start attempting to consistently report your trades. And their pay for plans are pretty expensive. Edgewonk looks like it just has one package for a pretty low price, but I don't know if I like the interface. TraderSync is probably what I will use once my trading platform is set up. The lowest tier isn't too pricey. I haven't really begun trading consistently yet (not even paper trading) so I was still going back and forth with the different options.
Just joined
Hey all, just glad I can be a part of this! A light went off about a month ago and I realized day trading was something I’m really interested in. Was a bit aimless for a bit looking for learning materials, until stumbled across Tyler’s podcast. Thank you for doing this Tyler, and thank you for introducing me to the RealDayTrading sub as well!
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New comment 25d ago
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Andrew Dorre
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10points to level up
@andrew-dorre-9198
Just here to learn the craft!

Active 1d ago
Joined Oct 26, 2024
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