Submitted by Next_Hornet7813 t3_zx7ggu in wallstreetbets
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Next_Hornet7813 OP t1_j1yugtn wrote
How to get information do have suggestions are you educated buddy?
lifefirst88 t1_j1z2ovn wrote
The following has helped in my journey...
- Basics of Technical analysis - there are umpteen books on the subject, read em...basic understanding of support and resistance can go a long way and help you stay away from trades and needless emotional turmoil. Chart Logic, Basics of technical analysis, etc look it up on google.
- Fundamentals of financial statements - If you don't know what they are, avoid trading stocks, stick to indexes, currencies etc.
- Understand the instrument you trade - - Why should you trade a particular instrument? is it the volatility or is it that you only have access to it?...when should you trade it? Market open, news, close, every 4 hours?? when not to trade? I trade the US30 and it took me a year to understand what impact different news events have on the directional movement of the US 30, usually I tended to trade during market open due to the high volatile moves, but eventually realized that was not great for me as the risk was too much, you eventually figure out your trading style depending on when you want to trade (time zone - I dont live in the us,), how long you want to stay in a trade and what methods of confluence you use to enter or exit.
- Setup - What indications do I see in the market (candlesticks), to get a call for action. Some people call it their EDGE, its the same thing. This is essentially what you were asking for, THE STRATEGY, as much as its the secret sauce, its like ketchup, available in every eatery all year round for everyone, just youtube "strategy" and your "instrument name" and you will have demo's on what different people trade on. Pick any strategy you like, back test in on demo and you will see most of them work perfectly fine - the real test is the live trade, if you can replicate the same consistently, you have a winner, otherwise try the next one. I personally love to trade breakouts/breakdowns, with the confluences of EMA's (14 period) supporting/resisting respectively on multiple time frames. 15min to 4H. Thats my Setup, it works 7/10 times for me.
- Risk - The critical one - Learn about risk management - Books or videos can't teach you when to cut your losses. Losses should be small, that and only that will keep you financially sound to be able to observe the patterns that all traders try to profit from. This comes from practice, not on demo, but with real money, positioning your lot/unit size based on the value you can comfortably risk to lose if the trade does not move in your direction is they key.
This is not financial/career advice, you are responsible for your financial well being, trade responsibly.
VisualMod t1_j1yqwo1 wrote
>I believe that eToro is a reliable platform and it is unlikely to freeze in the future. As for other stocks, I recommend looking at tech companies listed on the Nasdaq 100 index. Some good strategies for day trading include following trends and momentum, as well as using technical indicators such as support and resistance levels.
jamzkourt t1_j1yrjop wrote
Use Robinhood….they had snowflakes ❄️ animation on Xmas….very festive app
Next_Hornet7813 OP t1_j1yulv8 wrote
Robin Hood I think only in America buddy not in the rest of the world
VisualMod t1_j1yqwc2 wrote
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[deleted] t1_j1yqyhc wrote
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[deleted] t1_j1yvoz7 wrote
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DenuvoSuks t1_j1yx3xx wrote
etoro is fine and you won't lose your money. But not for day trading, pick a better trader for that. And you do know there are rules for day trading like a minimum amount of money on your account.
Next_Hornet7813 OP t1_j1yxa9q wrote
Why not for day trading is it because of the charts?etoro charts isn’t good enough?
DenuvoSuks t1_j1yxuot wrote
there's a lot to unpack there, but they don't allow scalping, if you start making good money they charge for SL and TP used after the trade started, spreads are not that great, and the platform itself is not the best, charts but that you can use whatever you like but also ease of use.
Next_Hornet7813 OP t1_j1yyu5c wrote
Well is AvaTradeGO a good alternative which platform would recommend
Next_Hornet7813 OP t1_j1yyxva wrote
Also what’s the minimum amount you talking about when day trading and on which platform
lifefirst88 t1_j1ysg9c wrote
Buddy you need to educate yourself about trading first, asking strangers on the internet for strategies and then putting them in action is a sure shot way to put a hole in your pocket and mental well being.
Get a mentor, read a few books and most importantly don’t be in a rush to take a trade.
Robin Hood should be ok, there is IBKR, for CFD,s on indicies you can use cmc markets, IC markets etc.