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Day Trading for Beginners

Public • 665 • Free

10 contributions to Day Trading for Beginners
Famous Trader/Influencers
I came across a trader named HamedTrades. I used to watch him all the time when I first got into this and then he stopped posting so I stopped following him. Now he is back being active but you have to pay for his stuff. Besides TGM and TeslaTracker are there some good traders out there that y'all like to watch trade and offer free advice?
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New comment 20d ago
Checking in
How’s everyone feeling? Learning this stuff can be challenging and frustrating so I wanted to do a check in. I’ve had some “wtf am I doing here” moments when it seems straightforward but nothing is clicking, so if that’s what you’re feeling, you’re not alone!
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New comment 20d ago
1 like • 21d
It's a challenge, for sure. I always feel so confident in what I know, then research a new strategy and come to find out I know nothing, lol. It's hard to set a path of where to go once you've learned something... if that even makes sense. After I finished all the videos and courses through this 'program' I've just been going out to YouTube and other places to learn other candlestick patterns, TA indicators, comparing trading with stocks or futures, and what each would require software-wise and such. It is overwhelming and I think I need to spend more time paper trading a specific strategy and financial instrument to see if I like it. Because people keep saying "This way is best for beginners" then the next video is "That way is way too complicated, THIS way is best for beginners!" But I'm definitely sticking with this, I've only been paper trading and honestly, my losses are just lessons on how I could better my trades in the future and not repeat my mistakes. And wins just pump me up, the most serotonin I've had in a bit. I'm concluding that right now the whole TA is just the tools to get you in the general area of being correct with your trades. Most of what is going to set apart the trade from being a win or a loss seems to come from knowledge of the market, the stock you are trading, and (like Stokes just mentioned) being able to tell the story of the stock. One last thing, I have been looking into automating my trades and wondering if anyone else has. Messed around a bit with the Pine Editor tool(used chatGPT mainly to make the code)in TradingView which allows you to code your strategy and then backtest it to see how it would've performed in the past. I am now stuck at a point though where the strategy I have works well when it is automated, but the computer is the one exercising it so when I try and paper trade off the signals my strategy would send my entries and exits tend to be much not as good and therefore the strategy become less profitable. So now I want to code the strategies I find and make them into automated ones, but I don't even know where to start. There's a lot that goes into it like signing up for your brokers API(IDK what this even means), and the coding language that tradingview uses(Pine) isn't what the API's go off of, instead they use like JAVA or C++, so that's a whole new realm.
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 21d ago
1 like • 23d
I’ve heard good things about TOS. But I’m not using it. I also tried out IBKR and can say I’m not impressed. I’ve switch to WeBull and I’m having no issues. I thought IBKR looked outdated and wasn’t a fan of the layout of it all. The main thing that drove me away from IBKR is that it requires your account to have at least $110,000 USD if you want to trade on margin. Which personally I don’t have. Webull only requires $2,000 USD, has better looking mobile and desktop layouts, and hasn’t had any glitches that I’ve heard of or experienced. When it comes to paper trading I’ve actually just been using the TradingView paper trader. It’s super simple and smooth and bc I’m using the charts to track stocks and such it’s easier to place the trade right there rather than change tabs and such. You can also link WeBull to TradingView and still make trades through the TradingView chart without having to switch tabs to go to the WeBull site and such. You can do this with a lot of brokers ( if you go to TradingView click on any chart and at the very bottom click on the trading panel tab, scroll down).
1 like • 22d
@Andrew Dorre apologies for the confusion! It's $110,000 for portfolio margin, and $25,000 for regular margin.
“Stoked” to be here!🤣
I’m totally new to day trading and have yet to even attempt a paper trade but I’ve been seeing and hearing more and more about this endeavor lately so I took that as a sign to dig deeper into it. I’m excited to be a part of this beginner community as we learn this skill set together. I look forward to building a strategic plan of attack and gaining the knowledge required to be a successful day trader to the point of replacing my current income and living solely on the profits of my day trading strategy. Thank you Tyler for being so willing to share your journey with us and helping us learn along side you. I’m currently working my way through all your podcasts and getting my mindset right and my proverbial ducks in a row.
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New comment 22d ago
1 like • 23d
Welcome mike
Stop Losses and Possible Risk Behind DCA
I have been reading up on your strategies and so far I noticed that in the articles 'This Position Trading Strategy Explained' and 'A Strategy for Beginners to Start With' you didn't mention stop losses, only take profit points. I was wondering how one should go about setting stop losses to manage risk for both the strategies mentioned in the articles. I feel stop losses are important, because you will not always be right, and they can help you limit your losses. When you begin to get into Dollar Cost Averaging(DCA), which can be used to lower the average costs of the stocks/options/financial instrument you are trading, traders should also be aware it makes you put more money into the trade. This means more of your portfolio is now involved in and affected by the potential gains and losses of your strategy. Example: Where you initially calculated and accounted for using 10% of your equity in a single trade and allowing for only a 30% loss of your trade(3% loss on your portfolio). Dollar Cost Averaging could lead you to have more than 10% of your portfolio involved in the trade; let's say you made 2 more buys each another 10% of your portfolio and now you are using 30% of your equity. That 30% loss on your equity could then be a 9% loss on your portfolio.
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New comment 24d ago
1-10 of 10
Nathan Hantla
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2points to level up
@nathan-hantla-3758
Currently an Accountant for the government. Looking to get into trading full-time so I can leave my 9-5 and pursue what I love.

Active 1d ago
Joined Oct 9, 2024
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