einok
msg #83756
- Ignore einok |
12/2/2009 5:36:01 PM
How much money should a person have on average to day trade? What are the best vehicles to use? Stock, options?
I was monitoring the Buyzone Techniques today. Do those work on other stocks? How about RSI 2? Does that work intraday very well?
I am mostly swing trade and long term. I look forward to any comments or suggestions for starting day trading
I am having some success with RSI 2 with swing trading. A couple of good 25 plus % profits since yesterday.
Thanks everyone
|
Kevin_in_GA
4,599 posts
msg #83946
- Ignore Kevin_in_GA |
12/7/2009 2:08:04 PM
I'm surprised no one has responded to this yet.
$25,000 is the required minimum account to day trade (a requirement for Pattern Day Traders by the SEC).
There is no best investment - it depends on your trading style and appetite for risk. You might want to look at TRO's MTC (milk the cows) thread - lots of good stuff in there.
I would suggest that you day trade on a practice account for a few weeks to try it out before putting your hard earned monies at rsk. Be smart. All great athletes practice more than they compete.
|
SFMc01
358 posts
msg #83970
- Ignore SFMc01 |
12/7/2009 4:35:59 PM
May I suggest that a critical consideration is the amount you have determined is the maximum dollar amount you will trade at any one time. Much has been written about "amount at risk."
|
chetron
2,817 posts
msg #83971
- Ignore chetron |
12/7/2009 6:49:58 PM
if you are below 25000, you can make 3 day trades a week and not be labled a pattern day trader.
|
Kevin_in_GA
4,599 posts
msg #83972
- Ignore Kevin_in_GA |
12/7/2009 6:55:07 PM
Yes, by splitting your account into three accounts, and trading them sequentially.
|
miketranz
956 posts
msg #83986
- Ignore miketranz |
12/7/2009 11:37:43 PM
With $25,000 you can set up a margin account to day trade.You now have $50,000 of buying power.If you day trade often enough,you'll be classified as a pattern day trader.You now have $100,000 of buying power.Any stock bought and sold the same day on margin,is a free ride on margin percentage costs.You just pay the brokerage commission.Day trading is the most stressful form of trading,requires constant focus,is extremely addictive and is the most difficult place for a beginner to make money.If you want to get your feet wet,start of with very small size,until you find something that works.Good luck.........
|
13th_floor
724 posts
msg #83995
- Ignore 13th_floor |
12/8/2009 8:33:33 AM
You do NOT need $25k to daytrade....
http://www.investorsunderground.com/proprietary-trading/
|
luc1grunt
622 posts
msg #83998
- Ignore luc1grunt |
12/8/2009 8:47:24 AM
Look at trading the ES. Save yourself some acounting and tax pain and avoid chasing every stock coming down the road. My $.02 :)
|
luc1grunt
622 posts
msg #83999
- Ignore luc1grunt |
12/8/2009 8:50:39 AM
Let me caveat that as I do not know your experience level. The above post assumes you understand system development, trade management, and money management. Trade one or just a few stocks until you understand their moves and YOUR system. When one of those begins to change dynamics and your trades become less profitable, be ready to find another "heavy".
ES eliminates this.
|
SFMc01
358 posts
msg #84029
- Ignore SFMc01 |
12/8/2009 1:09:08 PM
luc1grunt
"You said: "Look at trading the ES "
Respectfully, I have no experience with trading the ES and am reluctant to start with no training or mentoring.
Do you have a suggestion as to reading material or training?
Thank You,
Steve
|