Is a day trader self employed

IamA newly full time, self-employed professional day trader. I learned largely on my own with the exception of a couple of online stock trading courses that I took and interaction with other traders, and most of my lessons were learned through loss of capital which I then had to earn back.

Through that experience I've developed a strategy that allows me to make money pretty consistently whether the market is up or down, to the point that I felt comfortable doing ONLY this for a living. I am not a millionaire and do not make an exorbitant amount of money doing this but thought I had a unique perspective as someone who is new in the game and can talk about my experiences from a realistic point of view that most people can relate to.

In other words, I did not have a silver platter, used all my own hard-earned money to learn, and do not claim to be a market guru or anything like that. I am just a normal guy who shops at Walmart and Target and happens to be a full time trader of stocks and am able to live comfortably on the money I earn. When I left my job I chose to also form an LLC and do online webinars to teach others the basics of active trading, as a way to sort of "give back" to the community that helped me get to where I am today, and, admittedly, to make side income while I adjusted to trading full time, since there is a bit of a learning curve vs trading part time.

The classes help me out if I have a slow month. I know that there are a lot of these AMAs about day trading, so hopefully this one won't be too repetitive but I love talking about my job and I see this as a good opportunity to enlighten others who might want to follow in my footsteps with a real-world perspective.

Here is a screenshot of my trading platform with "PDT" circled indicating pattern day trading status under FINRA regulations: Since I've had a lot of people ask me about getting started with trading I'm gonna post a link to my Fundamentals of Active Trading class since it is pretty much the starting point for anyone who doesn't know anything:. This is not meant to be an advertisement by any means and you can feel free to email me via the contact page of my website if you have any questions that I haven't answered here or questions about the course or anything else.

If this is against the rules I will remove it if someone could just kindly let me know. Not trying to be an ass, but how us your investing method different than the typical day trader? That's actually a very valid question. What is different is that I have the emotional discipline to cut losses quickly and let my winners run. Most traders that fail, and I have seen many come and go even across the very few years I've been doing this, fail because they do not cut losses quickly and they are not good risk managers.

I have always been frugal and very cautious with my money, and I am the same when I trade. I trade very systematically, and analyze everything I do with statistical analysis so I always know the stats between each type of pattern I trade. For example, if you look on my tradervue link in the OP, you'll see tags like IFB intraday flag breakIBD intraday breakdownTTB triple tap breakout identifying the patterns I am trading so that I can go back and find all those tags and see how profitable they are, by tag.

I also very systematically trade with a 2: Obviously there are a ton of other factors that go into it, and I am still very new so who knows, maybe I will blow up and go insane and fail and go broke, but for now I'm doing ok, so I can only speak to what I currently know. BTW, my blog is very reminiscent of my overall strategy and trading philosophy if you want to check it out it's free.

I just recently rolled it from Blogger to Wordpress so some of the links might point back to my old blog but all the info is at both places: Do you have any tips for a rookie like me?

It seems like a real waste to just keep my earnings in my savings account. The best advice I can give is to make sure that you are financially stable before you invest. Anyone can recognize patterns on a chart and click buy or sell, or analyze an income statement or balance sheet, but it takes real discipline to be able to hold through long periods of drawdown trades sitting in loss and to willingly cut those losses when they get too big.

The key is that you must NOT care about losing that money because if you do you will always take profits too soon and cut losses too late or too soon and be killed by tons of small losses and commission.

You can also obviously look into trading courses that will teach you the basics, like the stuff my company offers. You don't want to spend a ton on this stuff but to learn the basics it can be very helpful if it is fairly cheap and quick to go through.

Margin is only dangerous if you don't know how to use it. The margin is only bad if you let it get out of control. Also, it is impossible to short without margin and shorting is vital if you are going to be consistently profitable in the long term. Most people say shorting is more risky but if you short properly, managing risk with stop losses just like when you go long, then there is absolutely no difference between shorting and longing in terms of risk.

I don't generally recommend swing shorting for beginners, only because news releases can make things really ugly, but in general, trading on margin and shorting is fine as long as you are smart about it and you understand it which is not that hard with a little reading.

To clarify, most of the risk associated with margin comes when people get greedy. This is also just personal opinion. Whether or not trading on margin is a bad idea really depends on the person. I know people who have It all depends on your personality and how well you understand the risk you're taking.

Stop losses do not guarantee that you can prevent this from happening - crazy things can happen while the markets are closed. In my experience though I have only in very, very rare cases seen a stock double in an overnight session unless it was a penny stock or something very thin being pumped. In the stocks I generally trade I almost never see that. BTW, it's worth noting that nothing in the market is guaranteed.

Just something to be aware of. Can you explain what it means to invest on a margin? I understand that it is investing money that you don't currently own, but where is the additional money coming from?

If you lose too much, they will do a margin call, which basically means they can protect themselves by forcing you to sell your positions to protect their money if you're investing with it.

This risk is generally mitigated though. I trade on margin every day but I am still only risking a very small percentage of my capital on each trade. If you can't cut your losses before that point you probably should not even be trading: Just a way to get a little extra as most brokers will give you at least 2: Foreign brokers will sometimes allow you to day trade with less. In the US, retail brokers must abide by the pattern day trading rule: Weird, TD Amertrade must have a narrower definition of day trader then?

I've never had a problem doing fast trades with an account holding less then 25k. It's not about how fast you trade. It's about how often you trade. If you sell before then i. Repeated offenses will get your account suspended permanently. TD Ameritrade most definitely is required to follow this rule and their software automates the process. The only other way to avoid it would be if you were a Canadian with a Canadian Ameritrade account, because Canada is not required to follow that rule.

I always check to see when earnings are, and make sure that there are no major catalysts coming up FDA panels, upcoming contract renewals, etc. For most of my swing trades I don't tend to care much about fundamental stuff PE Ratio, income, etc because they are not long-term enough for that stuff to make a difference. One other thing is I will use sites like tickerspy.

Actually, I only have one monitor: That setup that you see in the link in the main post is all I use. Generally, since I am day trading and not investing, I only care about the 5 minute chart for snap decisions. What is your opinion on index funds?

I often wonder if day traders actually get higher returns or if their gains are just generally in line with the collective increases in the market. I'm not saying that's true in your case I'm just curious!

I use index funds as a guideline for what to do in my day trades and swing trades. Most of the professional, full time and well-managed day traders I know are significantly outperforming the index funds.

Personally, I don't know if I am because I have not been doing this professionally long enough to have the data to decide. I would say that most of the traders I know are definitely not inline with the market, but are proportionately in-line.

For example, if they generally outperform the market, they will outperform it even more when the market rips, and if they generally underperform the market it will get even worse when the market starts to tank. I personally specialize in high-momentum stocks stuff that is moving on earnings, news, fundamental catalystsand many of those stocks simply do not care what the market does. Thanks for your answer. As a side note, are you familiar with day trading cryptocurrencies?

I assume you're referring to things like bitcoin. If not, I don't even know what a cryptocurrency is, lol. If so, I don't know anything about trading them nor do I care to.

Like you said, they are extremely volatile and way too risky. I stay away from very risky investments like penny stocks and bitcoin and try to trade only things that have decent liquidity, are easy to get into and out of, and that are not going to be too susceptible to manipulation by people with way more money than me. Yes I mean bitcoin and its similar alternatives e.

I agree its definitely highly volatile and I'm quite skeptical myself, I do find it quite interesting though. Fun stuff, but way too crazy for me. I just wanted to tell you that you occupy the job I would hate the most, and thus I have immense respect for you. It is definitely not for the faint of heart. I have had many people tell me I swear at my computer a lot when I'm trading, haha, as if that's going to make a difference.

For me it is all about the challenge though. To answer your question: It is not my plan but I do believe it is possible. I actually, right now, make less money than I did when I worked full time, but I am a lot happier because I have the freedom to do whatever I want whenever I want. In the future I do anticipate being able to far surpass my old level of income but I don't expect to be filthy rich. You mentioned that each month, you withdraw the amount over So about how much are you making each month?

In I only had one losing month which was July and I finished down bucks, so overall was a good year for me especially considering I was still learning for a lot of it and I was working full time the entire time.

I have never blown up an account or had to deposit more money due to loss, though, as I've always been pretty risk averse and when I take big losses I always immediately stop to go back and reevaluate to get my head on straight before continuing.

I do find technical analysis to be reliable. It is a self fulfilling prophecy in a large way so it doesn't really provide any sound long term strategy but for short term strategy it works great.

To clarify I mean that technical analysis is not a reason to make a long term investment in any one stock or financial instrument. However technical analysis can be used to make consistent short term gains over the long term. I've never traded options. I hear they are great for reducing risk and capitalizing with a small account but my philosophy in the market is to do what works until it doesn't work anymore. For me, trading equities has worked well so I'll keep doing that until it doesn't.

Maybe someday I will get into options, but I have no plan to do that currently. Thanks for the detailed reply! I'm looking into trading and learning about options and the thinkorswim platform. My dad has made a living as an investor for 30 years. He doesn't do options or trade online or on margin. When he started out, he bought options and tried to rely on technical analysis to time stock movements, but he lost money overall.

He now considers option trading to be dangerous and technical analysis largely ineffective. Most of his success has come from analyzing the economy and trading SPY. Perhaps in 30 years I will lose faith in technical analysis as well.

Really though, I am pretty confident because more than I trust technical analysis I trust my risk management skills, and they, not technical analysis or fundamental analysis or economic analysis or anything else, are what ultimately make me my money. Thanks for the response! Let me know if you're curious about my trading style email me via my site and I'll hook you up! As a 19 year old who has had a very keen interest in the stock-market from a very young age, I began trading a year ago when I finished school and started to earn some decent money.

I follow similar methods, making short term trades based on momentum and swings. Initially I found it surprisingly difficult to remove my emotions from decision making. Since I have improved a lot, but still not where I'd like to be. Are there any tips you have for trying to make objective decisions?

Time will harden you. I still get pissed when I lose but the more you do it the more you will realize that it is just part of the game. Simply rember that the market doesn't care what you did or how you feel. The market is always right, you can either agree with it or fight it. If you fight it you will always lose because you have no ability to influence it well, unless you're a billionaire with a guilty conscience.

If you admit defeat and move on quickly you can win in the long run and will be just fine. Unfortunately, the only way to get there is time, dedication and constant improvement in self-control. Great thread, thank you for taking the time to share your experience and resources. With that said, there's a lot of experience and a lot of resources in this thread, and I'm trying to boil them down and apply them to my personal situation.

So far, I've picked a few financial brains, but haven't done any extensive reading. What resources would you recommend to someone trying to build a fundamental base of knowledge on the stock market and day trading?

I picked up investopedia from this thread, but I'm sure there are others you could recommend. What would you say is the best site for getting comfortable with the actual experience of day trading, with paper money? I tried this collective site with the automated engines, but I don't like it, I want to simulate the actual experience of trading the stocks myself.

I have seen Think or Swim mentioned several times, is this what you would recommend for what I'm looking for? I think the thing that's confusing me the most is how to identify stocks that are primed to rise in value. What are the major factors you look for that point towards a good time to buy a particular stock? How about when to sell that stock? Sorry if these questions are repetitive or have already been answered, my head is swimming a bit after reading this whole thing, thank you again for the information you've shared.

I use technical analysis charting combined with fundamental catalysts. To give you an idea of a daily routine: Once I have that list, I throw them into Finviz. If there is news that matches the move e. For swing trades longer than 1 day it is pretty much the same thing except I will only swing if there is no news pending of course there is always risk of unexpected news, but I am not going to buy right before an earnings release, for example.

It will never be perfect but it can be close, as long as risk is always considered. All this is also covered in my class. Many day traders start out as swing traders. And, many people who ultimately end up as swing traders are just day traders who got sick of all the stress and started holding their positions longer, lol.

Thank you so much! I will definitely take advantage of your class when I'm ready to take that next step! Day trading isn't for everyone. There is a lot of skepticism and I understand that. I actually didn't set out to be a day trader, I just kind of fell into it. I could still fall flat on my face and go broke, but I saved so I could take that risk and it might just change my life so why not?

I trade for my living, too. It's the best thing ever and no one gets it. I've travelled all around the country this year and it's been amazing. I'm happy to see someone else be successful. Shoot me an email via the contact page on my site if you don't mind. I'd love to pick your brain about some of the things you think are vital to success in this business.

Congrats on your success also! Thanks for the kind words. It is obviously more stressful that I don't have a consistent income from a full time job, but I was making money pretty consistently before I left my job I worked in IT so I was in front of a computer all day and could trade pretty easily as long as I had all my other stuff done so I was comfortable.

Also, I have a fairly frugal lifestyle so I saved a lot while I was working and have enough to live for a while without income, so if I have a slow month or lose money here and there I do not need to worry about it because I am not strapped. There is definitely more pressure than in a regular job, but at the end of the day it is simply a job. I manage my risk and cut my losses as small as possible and walk away when I just can't get anything going.

I also capitalize when I am on fire so that makes up for any bad times I might see. I also have multiple income streams from teaching for example I tutor other traders who are struggling with issues I have overcome, and I have my classes that I teach and those bring in a little extra cash, but not really enough to live on.

I still need to be on my game with trading itself, which is the way it should be, especially if I am teaching others! I always try to keep my losses small but obviously it doesn't always work. Here is a pretty nasty loss on ACAD from late last year: That's why I try to keep all losses to half my wins, at a max, and preferably less.

I've learned over time that it is better to just walk away. This prevents me from tilting like I've done on some of my worst days. Something I've learned from experience, and that luckily does not happen very often. Well, what you're assuming is that I'm only using Remember that I have 4: It doesn't mean that you can't still make way more than what this gentleman is saying.

I do it every day and it is my only source of income so I can't really argue with that, and I have traded side by side many times with people who actually make way, way more than me doing the same thing. I don't really know how I can explain it, but I guess maybe this style of trading i. I think maybe this guy is getting at something that's a little more long term, like building up profits slowly over many years say years until you can leave a full time job and do it professionally with other peoples' money.

IMO using that strategy it is very difficult to beat the market. However, using my strategy which is more of a day by day, take the money and run type thing, it becomes a lot easier to do it. If you're curious about it just shoot me an email from the contact page on my site and I can give you more detail. It's not easy by any means, but I wouldn't let someone telling you that it's impossible to beat the market and blah blah blah shoot down your dreams if you really wanna do this professionally.

What advice can you give to an 18 year old looking to trade? I am going to college next year and I have relatively no expenses, so I'm not afraid to lose a little bit of money. I just put some of my money I have saved into a brokerage account and am just trying to see what I can do with it.

First, make sure that you REALLY can afford to lose that money. If you can that's great! The best way to get your feet wet is to just dive right in. Risk management is key. Basically, do not assume that trading is a get rich quick scheme. If you do you will blow up your account faster than you can blink. Trading is a numbers game.

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Manage your risk and understand what you're investing in and always have a plan to enter AND exit the trade. If you trade with no plan you are doomed. It's great you're starting to invest as young as you are. If you're a disciplined, controlled individual you will find this is a fantastic way to make extra money and possibly even make a living.

Check out my website and look into the Fundamentals of Active Trading course As an IT geek I do find it fascinating that there are applications that can scalp all day long and consistently make money over the long term, but I just do not believe that in such a dynamic environment that anything like that is really sustainable.

It would just be way too much work for me to try to develop something to trade for me, plus it would take all the fun and challenge out of it! I have debated it in the past but I think it is just way more satisfying to do it on my own. For me it is more fun and exciting to just trade on my own, and it is more rewarding because if I decide I want a raise I just work harder and trade better and boom!

I get a raise! Sorry for the randomness if not. How many hours a day do you work? Are you in front if the screen for the whole trading day?

How do you handle being alone for the whole trading day if you are in front of your screen ask day? What do you use for analyzing your trade history? I'm curious as after the last 4 years or so where I've been studying and watching, I feel I've got a nice KISS method. I did 2 months of full time paper trading to see how I did. However by the end I couldn't handle being alone and stuck in my chair all day.

Did you have to cope with any of that? If I do go part time how do I keep my life balanced so I can watch the trades closely but not be consumed by them? Unless I have a hot morning at which time I just quit and take the day off and go to the beach! That's why I do things like this Reddit, and my courses that are taught via live webinar though. Keeps me from goin nuts and going postal It is important to eat on a schedule, dedicate time to each thing you want to do, and stay focused on more than just trading.

Check out this post I did a while ago on an OOLLLLDDD blog about this exact topic:. The Importance of Happiness: I have an X amount of money I want to invest, but I don't have the slightest idea of how things work in the brokerage world. The salesman-y answer is that you are the perfect candidate for my Fundamentals of Active Trading course. Check it out at my website in the OP. The "I'm cheap and don't wanna spend any money" aka me answer is to hit up investopedia. Everything you should need to know to get started is there, you'll just need is a day trader self employed find it all yourself.

You need to learn at a minimum order types, commissions, different types of trading, margin, and risk management. Let me know if you have any other questions! Funny you should ask that - you are one of many who has asked me that very same question and the short answer is I have no idea, because I don't like anyone else touching my money, lol.

I really don't know though, so that's something you could ask a local branch or call one of the retail brokers and see if that is a service they offer. I just have never done it because I always wanted to do things on my own so I understood exactly where my money was going and knew that I wasn't being ripped off. I have a finance degree and am very interested in transitioning to day trading for myself full time. What do you use for a trading platform?

I have been looking into Cobra Trading and others that cater meetup forex melbourne active traders. I use Thinkorswim through TD Ameritrade. I also have used Lightspeed, Scottrade Elite, and DAS Trader pro. I did an analysis of those four here: I haven't heard of Cobra Trading, but I also know Interactive Brokers is very popular for day traders and active traders.

I've actually had quite a few conversations with Chris over at GBT and in the few weeks he worked with me my trading has turned around. He helped me connect the dots from some recent classes i've taken and books i've read as i've noticed it's always easier for others to point out your mistakes then yourself and then offer the solution and how to use it to grow.

Although i haven't taken his course per-se, the 1 on 1 sessions we had were well worth it. Or vice versa, cause cali is pretty awesome, lol. I use Thinkorswim from TDAmeritrade currently. What is your daily routine? Do you spend some time reviewing the daily news before the markets open, do you spend time afterwards reviewing your performance, etc? Yes to both questions. How much money does a chiefs cheerleader make generally get up around 8: Then I will go through Yahoo Finance inPlay finance.

I go through the stockmarketwatch. This gives me a bunch of ideas for the day. Also, I usually have a small watchlist prepared from the night before, which is prepared with a scanner I use called StockFetcher www. I pay 8 bucks a month swissquote forex margin that super cheap actually for how powerful it is!

I seldom trade the first 15 minutes only because it is way too volatile and it is difficult to determine a pattern in only 15 minutes. I also have alerts set at various prices from the night before which will be triggering the whole time giving me ideas.

After the trading day, I usually just shut down and forget about trading for a while and then later at night I go back and upload all my stuff to tradervue. This keeps me honest and makes sure I am always on my game. Also, each morning I am usually watching fair value stock market cnbc open swing trades to make sure there forex stratejileri nothing crazy going on with them and I will usually sell into morning spikes to book profit on those and possibly re-enter later runescape auto money maker script to add back to my full position size.

Finally, every once in a while maybe once a month I will just wipe the slate clean, eliminate my entire watchlist, and build a totally new one just to keep my mind fresh and eliminate any bias I have developed toward individual stocks. You must have balls of steel. I hope stock trader payscale works out for you my friend.

What do you think of HIMX? HIMX is generally a good trader's stock but currently I don't see any reason to buy OR sell it. Not that I know anything: Haha, was that a test?! Well, I mean, from a purely technical perspective you could buy where the green arrow is, or short where the red arrow is, with a stop-loss in the opposite place: I would only do so if I saw volume pour in and the price actually crack that level, whatever it happened to be.

But like I said I wouldn't trade this particular thing at all, even though it is purdy, lol. Luckily they are electronic, lol, but yes they can get pretty data entry jobs in bangalore from home without investment 2014. There are actually some tax applications that you can feed data into directly from your trading software in CSV format or in a format the broker sends you and it will automagically write up all the tax forms for you.

Still, I prefer to just pay someone to do it for me. I'm too lazy for all that, haha. Don't trade with money you can't afford to lose. Manage your risk first and foremost. If you focus too much on making money you'll merrill lynch fedex stock options that it is a lot more difficult to make it.

Also, don't underestimate the value of education.

The downside of day trading - MarketWatch

The more information you can gather the better. This game is a constant learning curve. Even people who have done it for years still learn every day. My strategy changes dynamically as the market best buy laptop restock fee, ebbs and flows.

While you need to remain consistent to your rules overall, being dynamic with respect to different market environments is also crucial. And so we see the crux of successful day trading: This is something that interests me quite a bit but I just don't know where to start. As a option trading book cnbc college student how can I invest without paying for broker commission and what not?

Also how did you start up your business, what did you have to do to get your clients or are you just using your own money? There is no way to trade commission free at this point. There is a new idea for commission free trading with a startup called Robinhood Google it but I don't really know how feasible it is. Unfortunately commissions and fees are a part of trading but of you trade profitably then they become negligible. Regarding my business I only trade my own money, no one else's.

The business is just for educating people and helping them get started with trading actively. Feel free to check out my site and hit me up via the contact page if you have any questions about how I can help ya out. Have you seen The Wolf of Wall Street? Shde better to trade forex binary options or is this possible?

I haven't seen that yet, nor do I trade penny stocks so I don't know. With most retail brokers commissions are either a flat rate or a per share rate, regardless of the stock. How do you feel about Fannie and Freddie?

Release from conservatorship and skyrocket? Or wind down and loss of shirt for the common shareholder? On Fannie and Freddie I never touch them as they are super thick and riddled with manipulation.

ARIA is actually another on my ban list. Don't know anything about it fundamentally but statistically I have lost money almost every time I traded it so I just don't anymore. ZGNX is a great trader. I did that because it offered me Do what works until it does not work anymore. Taking more risk simply because you made money on trades is a foolish decision, generally speaking. While I do advocate increasing risk as your portfolio grows, when working with such small amounts it is best to just option trading book cnbc consistent and grow the account slowly over time.

It had swings along the way and a cash infusion here and there, but the majority of it was attained simply by staying true to what worked for me in the past. Sure, but it is at that point a gamble because you have no reason to buy other than "it's either going to crumble and die or rebound and go to the moon.

Stick to what works and let me know if you have any questions. Feel free to drop me a line via my contact page on my website and we can talk more. I am 18 years old, and a student. Fortunately, he learned all he knows through school and doesn't have much time to teach me.

Where does one start? Are there webinars for complete noobs? Hyip legitimate forex day trading bluebanking com for doing the AMA. Learning a lot, just reading through this. Are binary options gambling uk tax there are webinars for complete beginners.

In fact that is what I do through my company. Will I teach you to become a gazillionaire and buy fully vested stock option and planes and hook up with ten supermodels a month?

But I'll help you get started so you can learn on your own for sure. Check out my site in the Make money old school runescape I think the "fundamentals of active trading" course would be perfect for you.

Email me via the contact page and I'll hook you up with a discount code if you're interested or just let me know if you have any questions about it. Happy to help however I can. Ekonomik takvim gcm forex gotten it yet.

Make sure if you're using gmail you email directly address is on the contact page Not sure of the rules for posting emails on reddit. There is some annoying issue with my web host that for some reason won't deliver emails from gmail via the contact page, lol. I am starting to hate my web host. I don't know why but randomly it just decides it's not gonna deliver mail to my gmail johnny cash covers neil young, lol.

Anyway, I got it this time as you know since I've already responded to you like five times: What do you think of Benjamin Graham's books, Security Analysis is a day trader self employed The Intelligent Investor? They are fantastic theoretical knowledge books and everything in them is vital to understand From a practical perspective in this day and age with electronic trading, though, stock share trading company pty limited definitely won't tell you what you need to know to actually get started.

Good assaxin 8 binary options broker withdrawal trading system though, I have read them both. I flock signs to indicate whether people are inside or outside of my apartment.

Specifically black flock - the fuzzy kind. I don't trade many emerging market stocks because they trade strangely intraday due to the time differences and other factors I don't understand. As far as the markets themselves, fundamentally I don't know much about them so I can't really give you my "thoughts" in other words, I don't trade them so I don't have any: Seriously though, there is a lot of BS out nys stock market. You become rich stock market to be very selective when searching for quality trader education.

I can only name traders that are big time, have their own sites for teaching, and that I would trust. Some traders, like me, do teaching for a little extra cash. There are other traders who charge a lot more but are also good traders. Most high-priced trading education sites are high-priced because the people behind them actually suck at trading.

It has strong momentum. Personally I wouldn't trade it as it is too thin and cheap for me. I would watch it for day trades though if it starts ripping again. I think it is getting ready to make a move soon out of this dip. Looks pretty damn sexy! I'm long on it currently. I think a next reasonable target would be 1. As far as pulling a trigger on a trade what is you thought process and what TA indicators do you use and how. I tend to stay away from too many technical indicators because I find they give me different reasons to panic, lol.

If any technical indicators I do watch the 20, 50 and day moving averages on the daily charts as areas of potential support and resistance. Intraday, however, I actually don't use any. I wrote a blog post about this After training with my software, I came to the same conclusion, that indicators get in a way.

I think the best way is to train your brain to spot patterns thats why I wrote Turtrades. You seem to look for similar price patterns as I do. How do you screen for that, what software criteria etc. I gave checked out you feed on tweeter. And like your charts looks like you look for a flag type pattern. Are you willing to share your filter for stockfetcher for shorts and long.

If you don't want to make it public you can PM me. Hey man, sorry but my scans are self developed and have taken me a lot of time so I don't share them. I just subscribed to stockfetcher site based on your recommendation, so far I like it. Putting some of what I have learned into scripts. That will really open up the possibilities. You can create variables for all the highs, lows, ranges, etc and then use them to find patterns.

I can trade and make money any cara bisnis online trading forex in the market, from learning from my app and program and using real money I am out this weekend to see what will happens next week these large swings sometimes signal market reversal.

The problem I can not put what I have learned into a formula my brain know how to read price action without any indicators I just can't formulate it. I like to have a filter that helps me to speed things up. It just takes me a really long time to find winners. I have used some of your picks from your tweets and they made me real money thanks.

Yes I am learning stockfetcher lingo and I see a big potential in the tool. Stockfetcher will speed things up a lot. I am also hoping that Tradestation will open up my how much money did regis philbin make to new scanning techniques.

I am really excited to start using it. Also, I hear really great things about Tradeideas and I know a few people who use it with a lot of success but it's a little too pricey for me.

Consistency does not equal wealth. I live comfortably on forex ai auto trader I make but I am not trading to become rich, really. To answer your question, I am very new in this game so it would be foolish to assume I should be rich already. My strategy works so that I can pay my bills and have money to spend on the things I like and the things I want to do, but I am still limited to the money I have in my account and the buying power that it gives me.

It is a common misconception in trading that as soon as you have a consistent strategy you free trade tools optionsxpress instantly be able to scale income statement and cash flow statement differences to become super-wealthy.

It is much harder to execute strategies like mine when you are playing with huge sizes. That is why I try to rack up small gains with a consistent win rate vs just trying to home-run every trade and get rich quick. I don't know emerging markets select stock fund vanguard about that field so I don't want to forex free margin calculation too much, but in general I think that like many people in this business they are just out to make a quick buck, by selling something to others who are trying to make a quick buck.

Seriously though, that is a very general question. It depends on many, many factors. How much you have to invest, where you're from, your age, current economic situation in various parts of the world. Personally I am long BSPM and ELTK right now, among a few other things, but they are only for short term swings a couple weeks max, most likely. I generally go for larger targets on these as they tend to run hard when they do run. I am not arguing that they're worth that much, just that the technical pattern in the past indicates they can run that much before failure.

How do you feel about the occupy movement and it's inherent hatred for all things wall street? I don't care about it at all. There will always be, and always has been corruption on wall street. But, the bottom line is there is nothing I can do about it. I can only adapt to it and manage my risk, so that's what I do. I believe, partially, that it is correct and accurate. I think in general that the masses know the value of a financial instrument and that they will "fix it" fairly quickly if it gets out of whack.

From my perspective, it doesn't really even matter though. Price is what matters, and I don't trade in anticipation of news or anticipation of anything for that matter. I trade what I see happening right now because that is all that can be guaranteed. The idea that it is impossible to beat the returns of the general market is just silly overall though, because there is so much fluctuation intraday that trade liffe options be capitalized on that if you have the skills to manage your risk properly spread trading software futures can pick a single stock and make x what it returns in a day just by trading it correctly.

Consider a stock like AAPL. Kndi is an interesting stock. Very volatile so it is great for trading. I sold witcher 2 fast money chapter 2 The next morning I added more at Not huge, but several of those types of trades per week really add up.

Lastly over time I have built up lots of categorical watch lists solar stocks, pharma stocks, high momentum names, shippers, internet stocks, Chinese names, etc which I flip through regularly looking for ideas.

I think you're right that not having an exit strategy kills a lot of traders. The mentality that you would rather jump ship early and miss out than hold on hoping that a price will return to your entry is very powerful and is the mark of pretty much every successful trader I've ever met in my life.

It is the people who cannot bring themselves to cut losses who ultimately blow up in this game. So what's the strategy? Are you studying form, going for pure arbitrage or something in between? It would take me writing at least a book and at most an entire library to describe my entire strategy. I am largely basing my future performance on historical performance you know that thing "past performance is not an indicator of future performance"?

There are, IMO, enough people who believe technical analysis works to actually make it work, so that is what I focus on. I don't use arbitrage at all. I simply analyze a number of factors regarding a company and its price chart in relation to the market itself, other companies, past performance etc and make a determination of where I believe with reasonable certainty the price might go.

I always have an entry and an exit plan so that I always know my exact risk and I can thus let the randomness that is the market do its dirty work. Over time, I've collected data that shows how often I'm right, how big my wins are, how big my losses are, on which symbols, in which markets, times of day, institute retirement funds south africa of the week, etc and I use td ameritrade cost to trade options data to add to the probability I see of a pattern resolving itself in a certain way.

The bottom line is if there is a high enough probability based on what I've seen in the past, and the risk is at max half the potential reward, then there is no reason for me not to take the trade. Just wondering what your thoughts on Jim Cramer are. Is he all showman? I have like 0 experience in stocks but my K and IRA are doing great. Jim Cramer is just a TV personality. He has a lot of investing knowledge, but he has crossed the line into the territory where just by him saying something will go up, there are enough people who trust him blindly that it probably will.

Contrastingly, there are probably an equal number of people who believe that he is a total fool and they should do exactly the opposite of what he says, so, the net effect is zero. As a general rule of thumb, never take anyone else's stock recommendations. This is one of the things I teach in my classes: You can check out the fundamentals class on my website if you're curious.

Sure I make a few bucks off it but my main goal is to help people understand that investing and trading profitably is something that anyone can do and that there are countless ways to do so. Let best swap forex brokers for scalping know if you have any questions about it or if there's anything else I can answer for ya here. Posting to return later.

Thanks for the AMA man! Ive been dying to speak with someone about some things that most people leave out! Let me know whatever you want! This has been really fun and we can keep it going doha stock exchange website long as there are still questions rolling in. Well all the guides and videos cover what day trading is and how to read market trends and all the lingo but I have questions about things they never cover!

Like what programs do you use to get market feeds and place buy orders? How much minimum capital is needed to start? Would it be wise to trade penny stocks to learn? How long does it option trading book cnbc from buying the typing work from home in dwarka delhi before the order goes through?

I'll probably think of more as the day goes on haha. Thanks again for the AMA. There are a bunch: Lightspeed trader, DAS Trader Pro, Interactive Brokers, Scottrade Elite, etc.

Most brokers have an "active trader" platform. Penny stocks are extremely risky and do not trade the same as normal, highly liquid stocks those with adequate volume. Milliseconds, on a fast connection. Are those applications free? Could I install them with no capital simply to watch markets and mock trade?

Is their anyway to get some experience without risking cash? Like simply thinking "I would buy here" in real time and see how your fake trade would pan out? You can download it at thinkorswim. The "paper money" feature is what you'd be interested in. If you don't fund the account you can still do it but you will have delayed quotes delayed by 20 min BUT I believe the charts and time and sales are still real time.

Also, if you want to try swing trading vs day trading which is IMO much easier, you don't need to worry about real time vs delayed quotes much because you will probably not strategie di trading su forex trading on a minute by minute basis.

You can use wallstreetsurvivor. As far as the other applications, DAS is usually not free. The others are usually free to download but will only give you real time data if you either pay or open a brokerage account. Still good for learning though, and I like thinkorswim the best! BTW, my fundamentals class teaches all this stuff. If you're interested in getting started I can hook you up, just shoot me an email via the contact page on my website.

A few people from here have already signed up and I'm looking forward to working with them - hopefully after the class they will be able to come back here and chat about their experiences and whether they thought it was worth it! I'm a beginner in the investing world; I spend a couple hours a week learning the bare basics. I've noticed there is a large gap with what is assumed beginners should already understand and what I actually understand comes with me having terrible common sense: So I saw your lower comment where you mentioned two stocks that you expect to jump over 50 cents, and I can see that you know what you're doing much better than I do.

I looked up those two stocks on my "Stock Wars" app which is just like a simulated stock market that follows minute by minute and made an order that will be filled tomorrow. I really don't understand how this could be a bad idea because I'm just mimicking the actions of someone more knowledgeable that me. Obviously this tactic becomes a lot less effective with a better understanding of the market, but can you explain whether this line of thinking is good or potentially poisonous.

Trading someone else's ideas is NEVER a good idea unless you understand the idea yourself. I have seen countless people try to blindly follow someone else and lose their shirts, including me when I was young and lazy and just wanted to get rich quick. In fact, even to this day I seldom take another trader's trade just because I have my own personal style, and their style might not always align with mine.

As long as it is fake money it is a good way to stalk the behavior and learn what might happen in the future, but in general I recommend ONLY trading your own ideas for your own reasons.

There are a million factors that could cause me to bail on ELTK and BSPM before they run, if they even do. If it starts to ramp up and show more volume, I may add to the position but for now it is just kind of sitting there. Anyway, generally - don't invest just based on someone else's recommendation. You need to understand your own risk tolerance and have your own reasons for buying that particular stock.

Check out my site and email me from the contact page - I'll help you get started learning on your own if you want. Congrats on making the leap! I'm a slow-motion swing trader by comparison, just a step below Graham-style buy and hold.

I'm at the saving up stage until I can start playing weeklies with 5k or so. I thought it funny that your ama appeared close to one about flipping items from thrift stores on eBay, as that's what I do now. My question would be, how often do you rebuild your watch list, and how large do you let it get?

I know some traders who've been making a living on maybe 5 different stocks a year for the past decade. I like your thoughts on why you're not branching into options yet- when something works, you don't put it down to go try something else! You said you like to get out of the house sometimes while trading- do you ever have issues with WiFi speeds doing this?

Or are your trades loose enough that a couple seconds one way or the other isn't a big deal? I rebuild my watchlist every night and mark stuff that I think is ready the next day. For any given day I usually only have stocks that I am watching very closely. The rest are just kind of there as "back of my mind" ideas for later.

At the end of the day if something didn't go then I will keep it on the list to stalk for a while and use those items if I run out of ideas during the day, to see if there are any opportunities in stuff I had been watching a couple days earlier.

Then I usually wipe the whole thing clean and start over about once a month as it crosses symbols because that just gets annoying and too much to manage. I also know traders who only trade stocks and just know them so well that they can hit them over and over and make money for years. Those are a special breed of trader, IMO, and I would probably get bored out of my mind trading the same symbol every day lol. Interesting question about the wifi - yeah slippage can be annoying if I don't have a good connection, but I usually account for slippage in my position sizes so that if it slips a few cents it won't break me.

If I have a slow connection I will usually scale back my risk and be more selective due to the added risk of disconnections, slippage, etc. That used to happen to me all the time at work: I worked in a lab where I couldn't have my cell phone and I'd be in a trade with no stop loss set since I didn't want to get wicked out! It cost me a bunch a couple times, so I started to take that into account when trading.

I don't know if I've ever heard a trader say it could be boring to only have a couple companies to worry about! That worries me more, having dozens and trying to keep an eye on all of them. Haha it's a personal thing I guess! I guess it could be nice to trade the same company over and over again but I like the excitement of finding new ideas all the time and the challenge of learning about different companies and how they behave in the market.

I have even traded some companies that turned out to be total frauds and it's funny to me because I look back and see that almost all my trades in them were shorts and when they finally get crushed I am like HA! Honestly, if you're doing it right it is sort of boring interspersed is that the right word? Yeah - that's fair to say! Day trading is inherently risky, so you should only do it with money you can afford to lose.

I wanted to get your thoughts and opinion on Forex. Do you trade it? What do you think about forex trading? Is it possible to make a profit or are currencies just too volatile? You're not too late.

I will keep checking this daily for as long as there are questions. It helps me grow as a trader too. Anyway, I really don't know anything about forex. I only trade equities. There is obviously SOME way to make money in it or it wouldn't exist, but as far as how, your guess is as good as mine.

Sorry I can't help more - forex, options and futures are areas that I just have zero experience in and have no real plan to learn any time soon! I base most of my decisions on technical analysis with a focus on major fundamental catalysts for ideas earnings reports, positive or negative PR, etc. Is your trading account in your name or the LLC's? Did you have any problems getting earned income or setting up retirement accounts to defer profits? I keep my trading account in my own name.

The LLC is ONLY for teaching. The main reason for that is if something happens and someone sues my LLC I don't want my personal trading account accessible through it. The LLC is a shell of protection around my personal assets. As far as retirements accounts and all that, I still have two k s from old jobs so I haven't set up my retirement stuff through the LLC and don't have the first clue about how it works. I will look more into that once I am up and running for a year or so.

I'm not sure what the rules are to get trader status for taxes but that is also something I will eventually consider. KNDI, CAMT, VISN, ELON, GSB, HXM, BORN, BSPM, ELTK all these are high momo stocks. There are tons of them.

Most tend to be lower priced and very volatile, though still liquid. News can be a fundamental catalyst. As for swing trading, I always check to make sure there is no upcoming news before I take a swing trade, as I don't want to be in the market when bad news comes out.

I could make bank if the news is good, but it is not worth the risk to me. I'd rather pass on the swing and day trade it on the day the news comes out, if applicable. I've got two interviews next month with pretty decent proprietary trading firms, and I was wondering how much I can expect to make my first year out if I perform at an average level?

Do you know if prop shops tax profits as capital gains? Hey hey, no worries I am always on reddit and these things just pop up in my inbox so I'll keep answering forever, lol. My strategy simply changes to shorting more than I long. Instead of looking for companies that beat earnings or have positive PR each day, I look for companies that missed or have negative PR. I have a stronger short bias, and simply sell short more than I buy long, and if I buy long I am very selective and will only trade stocks with serious momentum that will not be dragged down by the general market.

Regarding the prop firms I don't really know because I only worked as an independent trader. Trading is difficult business, and honestly I would not expect much your first year. It's all in how well you manage your risk and how determined you are to be successful and play by the rules. If you think you are gonna make a ton of money, you are most likely doomed. Go in with no expectations and a very open mind and you'll be fine.

I'm not sure how prop shops tax but I would suspect it is short term capital gains ordinary income. Also, most will take a percentage of your profit in return for allowing you to use their capital to trade. Get a part time job while in school, save up as much money as you can just from working. Work your ass off in school and get yourself a good education. Day trading is a tough business and you need to have a backup plan in case you're one of the many that finds it too difficult. Also, consider going to a community college for your first two years to take all your core classes, and make sure that you can transfer your associate's degree into a 4 year college.

This will significantly cut down on your student loan debt. With hard work in high school you can pay for most of the remaining cost with scholarships Remember that frugality living cheaply and saving will pay off in the long run. I am able to do what I do because I worked hard since I was 16 and always had a job, worked tons of overtime, and saved as much as I could.

I made extra payments on my cars and any loans that I had, and always paid them off early by working overtime so I could sell them before they depreciated too much. Always remember that in everything you do, especially in school, in your jobs and financially, you should only do it after asking yourself how it will affect you long term.

Even stupid things like buying the store brand of food instead of name brand for staples like pasta, cereal, etc can add up in the long run. Look for savings everywhere you go and don't worry about being flashy. Most very wealthy people aren't flashy anyway and that's why you may not even realize it, but you probably have millionaires all around you.

Read the book The Millionaire Next Door and the Rich Dad Poor Dad series. Always understand your net worth as you start to build it and make it your long term goal to build NET WORTH, not ASSETS. Remember that wealth and income are all relative and forget the numbers Don't be greedy in life or in finance, and never forget that nothing comes easy: Hard work is the only thing that will make you wealthy; there is no such thing as a free lunch! Why not team up with a prop firm which can throw in additional M towards your position size?

Perfect for day trading. If you're profitable, due to size, you'll be making maybe an order of magnitude larger profit. But pardon my natural allergy towards hire me as a trainer. I don't have any desire to make that kind of money right now. That's the only reason really. I want to continue tweaking my strategy and growing my business cause that's more satisfying to me right now. I'm just happy with the way things are for now and like the challenge of building up my own account.

To me, using too much leverage is sort of like using game genie Also, just jacking up position size doesn't account for my emotional risk tolerance which is currently good for where I am. I only trade stocks because that's what works for now.

I might expand later on but for now I'm just tweaking my stock game. I totally understand the attitude toward teaching. As you can probably see by my prices though I would be hard pressed to fund anything with these classes, lol.

The teaching is just something I do because I enjoy it and I like the challenge of trying to build up a business on the side. That's also why I share all my trades publicly. I just uploaded all my trades from this week tonight actually so they are all up on the site in the OP and you can see wins, losses, and flat trades. I have over trades shared there dating back to early ! Thank you so much for doing this AMA!

I recently got into day trading in January and am learning as much as I can. I trade a couple hours before going to my day job. I've "paid my dues" a. Here's what's on my mind lately:.

Should I try to form a separate LLC for this to help increase the chances, since I have a day job? I'm worried that my "profit" will just go back to the IRS, or worse, I'll owe more!

How do you continuously try to improve? What are your opinions of these? If I am trading a lot each day e. Nah, no real need. I don't trade through my LLC, I just use it to protect myself in case someone tries to sue me for giving them bad advice, lol. Trading through my LLC would actually open my trading account to lawsuits so I keep that in my personal name for now.

As far as trader status I'm not totally sure what the tax advantages are to that as I am still pretty new in the game. Maybe in a couple years I'll know more. If you are constantly washing losses but you're making a lot of money on the wins you are "using" to wash, then yeah that could be a problem. A good general rule of thumb though is if you have a crappy win rate and you're not making money, you're not going to owe much tax, if any. You just won't be able to claim the losses.

As a day trader wash sales are gonna affect you a ton and most of your losses will probably be wash sales so you just need to account for that in your risk management strategy.

I traded with www. He taught me a lot of what I know. I try to stay away from chats no because they make me over trade, but I am constantly analyzing my performance on my own and asking others for feedback after hours. For example I have over trades shared on tradervue. I also have a trading partner that I work with on google chat every single day, but he is not really a mentor After learning some basics, what should my next steps be in trying to get better?

I am the 1 all time user of it, haha, and I just have the free account. The only thing that sucks about it is sometimes you run into the trade limit issue where you can't upload more trades until the next month. That can interfere with your stats if you make more than trades a month but mostly it just puts a delay on it which is easy to account for. I would definitely start being systematic about your trading in order to improve.

You can also look into some of the more advanced courses on my site right now. The emotional control class was just released and is all about keeping better control of our emotions during trading since trading is very much an emotional game. With the combined emotional control, data collection through tradervue, and then ultimately developing a strategy in writing that you can follow and stick to, you can be consistently profitable in probably months pretty easily!

A lot of them do it to create a more consistent income stream since then stock market is unreliable and you can have trading slumps. Some do it just because they get bored with trading and want something else to do. Personally I did it just to create a secondary source of income and because I enjoy teaching. I don't make very much from my classes Forgive my cynical self. I'll be looking you up. I want to trade ftse and have very modest goals.

What do you think about leverage a lot european brokers offer leverage of 1: The other question I have: Is day trading in goods like oil and gold useful? As a complete noob it looks pretty rewarding because if you watch the trend and go long when its really low it normally always goes back up again. At the moment I am just messing around with paper money but in a month or so when I know more of the market and the software I want to start day trading with real money.

Yeah leverage is fine as long as you understand what you're doing with it. Regarding day trading in oil and gold I never do because it is too riddled with high frequency traders for my liking. I find that oil and gold stocks and any commodities that are strongly correlated to the market really are just really annoying to trade because they don't move well.

Let me know via PM when you're ready to move to real money or even sooner if you want and I'll help ya get started! Yes, day traders could be looked at as speculators. I speculate all day long on what might go up and what might go down.

I don't generally care what a company does, if it makes money, or whether it's even a real company. As long as it has an identifiable chart pattern that based on my statistical analysis of many similar patterns has a high probability of resolving in a predictable way, I will trade it.

And if it makes me enough to live comfortably on, then that's even better. Many people actually look negatively upon day traders because they are "just speculators" but the truth is that without day traders and speculators there would be very little liquidity in the market.

Day traders actually play a vital role in making the markets operate smoothly. Without them it would be overrun by algorithmic traders or stagnation because no one would be buying or selling. I guess what I meant is I don't care whether the company is a fraud.

Day Trading and Self-Employment Taxes

I don't know the details, but I can imagine that some of these stocks that day traders and swing traders trade are just a couple dudes in their mom's basement who have forged a bunch of documents to get listed on an exchange and collect money from investors who they can convince they're the real deal.

I obviously don't know for sure, but the point was that since I am only in the stock generally for a day or two, maybe a week, it doesn't really matter if it is a fundamentally sound company. Being fundamentally sound can add probability to a technical setup, but it is not required IMO. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. By signing up, you agree to our Terms and that you have read our Privacy Policy and Content Policy.

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This year there have been just 6 cases of polio due to the wild polio virus - we are on the verge of making polio history. I am also a founding member of the Grammy-nominated band Tonic.

I am Jonas Odland, Master Blender for Swedish aquavits. We've just opened our new distillery. I am Benjamin Lowry. I served in the Navy, had 3 deployments to Afghanistan, set the military sit-up record in Florida, graduated Army Airborne School, tried out for a D1 football team as a veteran, applied to Y-Combinator and co-founded a tech startup for customizable workout supplements. AMA with the journalist behind "Rigged," a USA TODAY Network investigation into worker exploitation in the port trucking industry.

IamA musician producing a song every two weeks and have made 14 in the last 7 months! This is an archived post. You won't be able to vote or comment. This has been fun so far! Based on questions I am adding links to: Since I've had a lot of people ask me about getting started with trading I'm gonna post a link to my Fundamentals of Active Trading class since it is pretty much the starting point for anyone who doesn't know anything: Fundamentals of Active Trading: A link to my blog which is free and has a ton of great info: While this might be rare, it's still a critical difference that people should be aware of.

In theory, you are correct though, and it is important to realize that for sure! You're basically borrowing the money. Thanks for the answer friend. Nice username btw, lol. In trading, KISS principle works best IMO: I improved my trading going from 4 monitors to 1 larger monitor. Do you find technical analysis to provide reliable indicators of stock movements? Have you ever traded options, and what is your opinion of them?

At the risk of sounding too self-promotey, this is exactly what my "Fundamentals of Active Trading" class is for. There are not very many resources out there that will teach you the practical stuff that can be used every day; Most of it is theoretical and you will still need to learn the hard way through loss of capital what is really useful and what isn't.

Shoot me a PM about the class - I think it would be exactly what you're looking for. Thinkorswim paper money is great for this. Though I am switching from ToS for real trading because of execution slowness and other software bugs, for fake money it is fine and can teach you a lot. That's also what I use to explain stuff in my classes since it's pretty powerful for being a retail platform.

There is a correlation in terms of risk management for sure. Understanding probabilities, reward to risk ratios, etc is all key to day trading. And, many people who ultimately end up as swing traders are just day traders who got sick of all the stress and started holding their positions longer, lol Hope this helps! Thanks in advance man. Sounds like my doppleganger! Haha I live in South Carolina. Sorry for the barrage of questions.

Now to your questions: Check out this post I did a while ago on an OOLLLLDDD blog about this exact topic: How do I proceed? Also, I don't have time for learning how to be a broker. How about brokers investing my money? How foes that work? How do I find a reliable broker? Haha HIMX is generally a good trader's stock but currently I don't see any reason to buy OR sell it.

And then at what price would you generally sell? But you gave a good answer. Are they pages long with every single stock transaction?