Getting started in day trading... (Questions)
 

I'm currently a winning low/mid stakes online poker player. With the games getting worse and the poker future looking bleak I was thinking about getting into day trading. Unfortunately, my knowledge on the subject is currently very inadequate. Fortunately I have no problem doing my homework. I plan to attack the endeavor in the same intellectual way I approached poker when I was learning. The problem here is that I don't really have an idea of where to start.

I'm looking for advice on what site to open an account at, what books I need to be reading currently, any software that will help me along, and how much $$ I will need to get started.

Any help would be appreciated including links from people who know their way around the finance forum better than myself. I'd try to use the search function but I don't really know exactly what I would be searching for.

Thx

Re: Getting started in day trading... (Questions)
 

Day trading thread with some links
The above is a post similar to yours. Generally, to day trade I think you need 25k min per SEC regs. The links have more info.

-Reject

Re: Getting started in day trading... (Questions)
 

I really don't think daytrading is a good idea. I think you would do better in the stock market with longer term plays -- 6 months to a year, or longer. And owning your own home is generally a good long term investment.

But if you do decide to daytrade, keep us posted on your progress and success, long-term.

Re: Getting started in day trading... (Questions)
 

Reject - Thx for the link. Thats what I was looking for.

squiffy - Thx for the tips. My dad was a trader but that was in an age before all the online tools and such. Ive ordered some books and set up a meeting with my dad for now. Ill be sure to post updates if I decide to pursue this route.


Any other advice is still greatly appreciated.

Re: Getting started in day trading... (Questions)
 

There is some good info on this site www.tradermike.net about daytrading and swing trading.. Good Luck

Re: Getting started in day trading... (Questions)
 

My Finance prof made 2 points he wanted us to remember: 1) Don't buy penny Stocks 2) Don't become a day trader

Re: Getting started in day trading... (Questions)
 

[ QUOTE ]
There is some good info on this site www.tradermike.net about daytrading and swing trading.. Good Luck

[/ QUOTE ]

does this guy even trade much? He seems to be more of a writer than a trader.

Re: Getting started in day trading... (Questions)
 

[ QUOTE ]
My Finance prof made 2 points he wanted us to remember: 1) Don't buy penny Stocks 2) Don't become a day trader

[/ QUOTE ]

Those who can, trade. Those who can't, teach.

OP, google day trading and you'll be surfing for months. Or look through all the related threads on siliconinvestor, and you'll be busy for years.

Re: Getting started in day trading... (Questions)
 

[ QUOTE ]
My Finance prof made 2 points he wanted us to remember: 1) Don't buy penny Stocks 2) Don't become a day trader

[/ QUOTE ]

Don't become a day trader unless you have daytraded for at least 2 years and lost a great deal of money learning. This may sound stupid, but if you aren't losing money ... you aren't learning. And no, paper trading doesn't count. You don't know how emotional you will be every time your position ticks against you if you paper trade. Trust me.

Re: Getting started in day trading... (Questions)
 

If you want to day trade, forex is where the action is.

Day trading is all about catching a small piece of a move, few stocks have more than a 3 or 4 point daily range, in forex the 4 majors have much more volatility, EUR-USD is currently averaging 53 pip daily range, USD-JPY is currently averaging 56 pip daily range, GBP-USD is currently averaging 70 pip daily range and USD-CHF is currently averaging 55 pip daily range. (a pip in forex is equivalent to a point in stocks, different lingo)

Do you think it would be easier to catch a piece of a 3 to 4 point move or a 53 to 70 pip move?

All forex brokers have demo accounts so you can practice before you risk any real money, plus you can open a mini account for a couple hundred bucks so you can get in the game cheaply.

Kathy Lien has a good book to get started.

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