Is it possible to be a legitimate successful daytrader? You always hear statistics like 95% of those who daytrade end up losing money, but a vast majority of them probably never put in any real effort.
What if I study everything about typical strategies (learn how to read charts, technicals, market movements, etc.) and give myself a sufficient time window (e.g. 2 years) to learn/practice through the material? Is it possible to make this into a successful full-time career?
Other urls found in this thread:
Ofc its possible, i plan to be a daytrader too. The problem is i have 0$ now to trade with
Idk if they're still around, but before trading fees became $0 for everything, a lot of exchanges let you do trial trading with fake money. Optionshouse did it before acquisition, I think Investopedia has a tool too. I had a few and tried different styles on each until I found something that worked for me.
You're just giving the medallion fund money.
I feel as if it's all about some form of inside information.
you need insider information
God no. Yes they lose money because they leverage the shit out of themselves or get their funds eaten by trading fees user.
Be a week trader if you want to try it.
wat if u bought eth and just bought and resold it everytime it went up 100$ and down 100$?
test
No
Ok and what if it went below your buy point? And you end up selling at a loss because you thought a trend would never break?
Then you would have a magic mirror
Try it out. If you're in the 5% you'll know it.
>If you're in the 5% you'll know it.
how? just never give up?
you will lose money
just watch this and think about your chances
Daytrading is working for a bank for a salary and daytrading with other people's money. It is not reading meme charts and turning your 100k into millions from home. That's not a thing. Profitable retail daytraders doesn't exist in the stock market.
It is pretty easy to understand why. You don't have an information advantage against whoever you are trading against so even if you could trade completely free of fees you would still lose money on average every trade. In reality you are also paying fees every trade so you are paying to get murdered and the more you transact the worse your performance will be.
there are many strategies that can work. playing earnings. playing news on commodities. things like that. waking up and looking through stock screeners for some TA bullshit or some odd volume is likely to not work. That is what alot of the traders that fail attempt to do they just go into a trade off a company they know nothing about because it showed up in their stock screener. Honestly you are better off day trading 1 instrument like an index fund and basically scalping it playing it like a gambling vidya. To day trade like this it is more important to study gambling and game theory than it is anything else. Profit targets and stops based on probability calculations and winning through risk reward management. Basically trading discretionary like a HFT algo does. It is very doable.
it is possible but unlikely
dont be fooled by all the "Studying" and "research" it's literally all luck and gambling
If you're forced to give up you weren't in the 5%.
It's possible, but its not what you are lead to believe.
TA is bullshit. It can be used to inform larger strategies, but you cannot just trade on candlestick patterns or fitting lines to a chart. The only people who make money on TA are the people who sell courses and books.
To day trade successfully you need edge. I will give you a few examples. Lets say you know a big token unlock is about to happen, and you expect the market to drop. You could use this information to go short.
Or you know a certain stock is going to be added to an index fund, and you can make some comparative evaluation of how that will affect the value of the stock, and the index.
This is how professionals trade, in addition to doing arbitrage and market making, which are beyond the scope of you what can do as an individual.