Thanks for looking. I am 25 in college for mechanical engineering and also working. I am interested in day trading one day. I hear that people will borrow for their trades leverage I believe, first thing……..I would never gamble loaned money. But I have used freestockcharts.com which provides a live feed of stocks and has many useful indicators. I have used it maybe 10 days where I just sat and paper traded. I profited all but 1. Averaging about 5-6% profit daily. I don’t konw if thats much…….I like technical analysis as my main tool.
I just feel like if I saved up 50,000, I could try and get started. If I were to continue to paper trade and continue to profit daily,
I could make 3 1% trades a with day 10000 for each. walk out with 300 and invest it the next day. If i continued I would be making profit off of profit in no time. It would be compounding interest at 3% daily. with a few bad days i am sure
It sounds to good to be true and I’m sure it is….I just don’t see how I wouldn’t be able to do that. Also what do you think of the site Im using…Is it even legit as far as the "live" charts
Trading indicators are best used along with money management and good risk control, using trading indicators alone will not enable you to be a successful trader, even if you learn everything about Technical Trading Indicators the market is just too random and unless risk is controlled, over time your account will slowly get wiped out, regardless how good a “trader” you think you are.
This question was about Technical Trading Indicators and there have been some pretty good answers that should help in your trading, and especially in relation to Technical Trading Indicators, the answer has been posted in the categories listed below:
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Averaging 5-6% daily is well beyond some of the best traders in the world. 5%-6% a week would be a wonderful achievement. A good day trader is happy getting 50% of their trades correct (using a 2/1 or 3/1 win loss ratio).
Freestockcharts.com is a "legit" web site.
Paper trading is never indicative for predicting future results (for countless reasons I don’t have time to explain). On top of this…. the past few weeks, in this bull market have been wonderful.
You may be one person of so few that can consistency achieve 5% or more on average, daily. But the odds are very much against it. Using Technical Analysis to achieve your goals is a great way to day trade. For many people… it takes years to master. The next skill that’s just as important is trading money management. That can take longer to master than Technical Analysis.
I read a book on trading almost every month (some new… some re-reading). Half of them concentrate on psychology (the trader & the market) as well as trading money management.
Most of the other "day traders" out there are working many hours, everyday, to improve and learn more about trading. So forgive me if I believe that you’ll get yourself in real trouble if you believe you’re some type of genius at trading.
As far as brokers are concerned….. Read this article from Barron’s. I think you’ll find it helpful;
http://webreprints.djreprints.com/2390280139740.pdf#view=fitV,100
10 days tells you nothing whatsoever.
Do you have a trading plan? If not, you have nothing but a dream.
Do you use stops? If not, you will eventually lose it all day trading.
Do you use money management techniques? Risk management? If not, you will lose.
After you have a plan, after you have tested your plan, and after you follow your plan for 100 trades, you will know if you have a good plan, or if the plan needs to be revised.
Only real-time trading with real money will finally tell you if you can implement your plan real time successfully or not. Everything else is just a game; not reality, not even close.
All beginners think they are going to win, but only 10% make it, and less than 5% make it really worthwhile.
What you say is possible, but when you pony up real money the game changes some. Somehow 5-6% daily sounds just a tad overly optimistic. Do not forget your brokerage commission. They will subtract from your profit and add to your loss. Yes, technical analysis would be your main tool. You can actually start with as little as $25,000 but you should actually have somewhat more than that to begin. I am not familiar with freestockcharts. I use stockta.com when I do use it.