Anyone Day trading?

[kim2005]

Is this +ev and how much can u earn? how much u invested? how to learn it?...... etc etc.....

[Reef]

My friend day trades.. He has a more experienced trader helping him. Basically, he researches and wakes up early in the morning to buy. He plays poker, then in the afternoon, he sells.

You need at least a 20k bankroll to make (or lose) any significant amount.

[kim2005]

so how much can your friend earn/lost? Is he just a beginer?

[RollaJ]

If you are in NY, I have a friend who can get you started and even front most of the money. It is a rough job, many ups and downs, but usually the ones who do well (maybe 30%), do VERY well.
Also you wouldnt have to put up close to 20k

[CardMinger]

Death Valley,

Why would your friend help someone start daytrading who has little to no experience...is it something that is that easy to pick up once you have the right resources available to you?

Thanks for the info!

[RollaJ]

[ QUOTE ]
Why would your friend help someone start daytrading who has little to no experience...

[/ QUOTE ]

You dont start with $1,000,000 buying power, you start small and as you gain profficiancy you start trading bigger. Everyone who trades started without experience [img]/images/graemlins/wink.gif[/img]

[joop]

I trade index futures intraday full-time. Don't think this is the path to easy money, it will probably be one of the toughest jobs you've ever done. As a broad answer to your +ev question, the answer would be no. For the majority of people daytrading it's -ev. However, for those that can do it well, they can make good money... and with the power of compounding, they can make an amazing amount of money over the long term.

You could start trading futures with as little as $5,000, though $10,000 would a safer amount; with that you could trade one contract. A good goal would be to take $100 per contract per day from the market, if you can do this without pulling money out of your account it won't be long 'till you're trading 5 contracts. A good trader could take $250 per day per contract.

The best way to learn to trade is sitting in with a succesful trader and having them teach you how it's done. This will still take several months, but it's by far the fastest way to learn. Unfortunately there aren't many people that are willing to do this and the ones that do charge an awful lot. The other way is to buy several books on the subject and start researching. Expect to spend 6-12 months learning and developing your own trading system. Then another 3-6 months trading it live on a simulator until you're comfortable trading your real money account.

Hope this helps, feel free to ask if you have anymore questions.

PS. Be aware that you may spend years developing a system and trading it and still not turn a profit, you may lose all your money, this is very common. What I have mentioned above is pretty much the best case scenario.

[TStoneMBD]

i am a very winning poker player, and under that assumption alone i feel that i could be a +EV day trader. maybe thats a niave statement and if it is id really apprecate the harsh reality before i waste my time. i know nothing about day trading and this contract thing you speak of his out of my understanding. how successful could a successful day trader be? im currently beating 20/40 for over a BB/hr. would day trading surpass that? i assume it depends entirely upon bankroll size. what size bankroll should i have before bothering to learn the ins and outs of day trading in order to make more money than i am at poker? my learning methods would be these forums and reading dozens of books.

could you recommend any books that would be good for someone interested in learning how to day trade, that doesnt understand anything about it, but is able to comprehend sophisticated financial and numerical analysis?

thanks alot

-mike

[joop]

Unfortunately, I don't think that being a +EV poker player is a guarantee that you'll make money trading. However, I think the fact that you are beating the game at such a high level would give you a much better chance of becoming a good trader, due to the similarities between the thought processes/psychology of the two activities. Trading and poker are quite similar in a lot of ways, I think there is a thread in this forum discussing just this at the moment. I haven't read the thread as I already know they're similar... I had never played a single hand of poker in November last year when I bought "Zen And The Art Of Poker"; which I bought to help me with my trading. This sparked an interest in the game and after reading a few more books I have been doing well at the lower limits. I can emphatically say that poker is much more straightforward than trading.

In regards to how much you could make trading, you're best referring to my previous post. If you can trade profitably, $100 per contract per day would be a good goal for a novice. Assuming you need $10,000 in your BR per contract you can trade, well, you can do the math. The great thing about trading is it's much more scalable than poker. There's no reason why you can't trade 10 or 20 contracts at once. Obviously you have to work up to this over time, as you would need 100-200k in your BR to trade this number of contracts safely, but $100 per day on 20 contracts is a lot of money. Once you get to this point you may give up daytrading and start look at holding for a longer term, allowing you more free time during the day. You're in a very good position at the moment, you can play poker 2-3hrs a day and teach yourself to trade, take advantage of the opportunity whilst poker is still booming... set yourself up with a sustainable income and give yourself a challenge.

[siriusradio]

Day Trading and poker are completely different when it comes to how much you can make. You can build a bankroll to 50k playing 20-40 but if you continue to play 20-40, your bankroll has no effect on how much your expected return will be. You will still be makin 1BB an hour. Now say you start with 10k in the market and can make 10% a month day trading. You'll start with 1k a month profit, but as your roll builds you will make larger purchases so your profits are almost unlimited until you get to the amount of money where you start to move the stock yourself if the particular stock isn't that heavy in volume. Im a fairly new "swing" trader.. started with 1k and now have 7k in just over 2 months. I'm looking to take a home equity loan out to get me a real bankroll like $50k+ and you will be reading about me in a couple years... how I turned 1k into 2 million. IT'S A LOCK!