Day trading??

Hey All,
I don't even know if anyone on this forum can answer this question, but...

What is the real deal with day trading? I imagine you need a really big bankroll. I'm wondering what kind of ways these guys make money. Is there a good book I could read, that has real info in it, and isn't just a sales letter?

My interest is because of that stupid infomercial at 3 in the morning. I'm sure that's a bad investment, and am just wondering what it's really about.

Shooby

the stuff on tv is crap.....the people that teach are the ones that can't trade, you can study everything in trading from gann to elliot wave to woodies cci and you still will lose if you don't have proper money management and the emotional stability to make quick decisions.

Your bankroll size needed depends on what your trading and what style of trading you are doing.

[Sniper]

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What is the real deal with day trading?

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The real deal with day trading, is that its a job. If you are prepared to put in the time necessary to do it well, then your chances of success are better than if you are looking for a no-work get rich quick scheme.

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I imagine you need a really big bankroll.

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Assuming you've done your homework before putting any money to work in the market, you can start with a bankroll between 30-100K. Obviously, the bigger your starting bankroll, the easier it is to stay in the game if you are hit with some losers (variance) at the beginning.

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I'm wondering what kind of ways these guys make money.

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There are many different methods used by day traders.

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Is there a good book I could read, that has real info in it, and isn't just a sales letter?

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Several good reading lists have been posted on this forum, do a search. The more you read, the more prepared you will be.

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My interest is because of that stupid infomercial at 3 in the morning. I'm sure that's a bad investment, and am just wondering what it's really about.

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Which of the infomercials are you referring to?

[Sniper]

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the stuff on tv is crap.....the people that teach are the ones that can't trade,

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This isn't true, and I expect you wouldn't say the same about 2+2 and poker [img]/images/graemlins/smile.gif[/img]

Most of the infomercial stuff is at a basic level, but can help people quickly to acquire "some" of the knowledge they need to be successful.

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you can study everything in trading from gann to elliot wave to woodies cci and you still will lose if you don't have proper money management and the emotional stability to make quick decisions.

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This is true, I highly recommend books by Elder, Douglas and Van Tharp; as some of the first books for someone looking to learn how to think about trading.

As in poker, money management and psychology, play a key role in ability to handle variance.

Day Trading to Win, I think that's what it's called.
Shooby

[sammysusar]

The market is not very volitile right now so day trading is quite difficult. when market is volitile can be a good strategy. Problem is only a very small percentage of people have the right mental approach to be good at it. from having some experience is business probably 5 - 10 % of people can make a good living at it. Is kind of like poker in that regard.

the market is very volatile right now, FUEL, BSM, NLST, EDNE, BIDU.........so so much more

If your bankroll is sub-50K, you'll make a lot more multitabling at midlimits than day trading.

[1800GAMBLER]

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If your bankroll is sub-50K, you'll make a lot more multitabling at midlimits than day trading.

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and what is possible in day trading if it is higher?

that is very untrue, now if you not margined and scalping q's then of course yah, first depends on how good you are at poker of course [img]/images/graemlins/wink.gif[/img] and secondly what you are trading, there is no way you could if you are fully margined 100:1 trading forex but i wouldn't recommend it.