Noob to trading that needs a couple nooby questions answered please and thank you.
So I am determined to get good at daytrading stocks.These are the things I know so far. I am well aware that It will take me a while before I actually learn the skill and make consistent profits. I am aware that I have to basically consider my capital as gone and thus trade with what i am willing to lose. Am aware that I will lose money over and over again most likely.. I am aware I have to ignore my emotions when it comes to trading and trade as objectively and logically as possible.
I am aware that this is not easy and that theres a whole jungle of bullshit regarding daytrading which I have to weed through. I am aware 90% of traders lose money. I am aware that 60%+ of the market is now dominated by black boxes so trading high competition stocks/stocks black boxes dominate in is pointless.
Here are my noob questions.
Realistically how long and how difficult is it to get to a level where you are making a consistent 70-120$ a day. Obviously this depends on how much money you have to fuck around with.
Super noob question #2
I'm able to invest on the side of daytrading right? But does it depend on which platform I buy? For example if I want to buy some oil stocks and hold on to them for as long as I want.
It takes 2-4 years of daily practice to become good at trading. Just like anything else, if you stick with it long enough eventually you'll stop sucking at it.
As for holding long term positions while still day trading, yes that's entirely possible if you've got the capital to do so.
You should pickup a general intro to trading book, you've got a lot to learn.
I literally threw a hundred dollars in a penny stock about medical marijuana two years ago and took it out days later for a ten grand. Haven't been back since.
There's nothing to this shit op, just do some research and go in on something.
yeah some anon said some shit about buying medical mj stock because legalization was on the table.
I was like that makes sense. I bought some shares of a couple but mostly in a company named fusion farm. Except I think they spelled it with a p.
Then it went from cents to dollars quick as fuck and I sold it.
I still got the history on Scott trade to prove that shit when fagets tell me I don't know what I'm talking about. (I mean granted I don't, I just got lucky and medical mj made sense)
But yeah man its that easy.
like, i dont even understand that.
You see, I too want to invest in marijuana stocks.. But where do I even start? Where are the medical marijuana stocks?
How do I buy oil stocks? Please bare with me if you can clean up my confusion I would be so thankful.
as you can see im a huge fucking noob.
So let me get the basic shit STRAIGHT.
Theres different stock exchanges. Theres NASDAQ, london stock exchange etc.. These are where PUBLIC stocks are held. Like a bookshelf holding books. And they all open/close at different times of the day obviously.
Penny stocks has its own stock exchange right? Where stocks that are not big enough/serious yet are.
Can a companies shares be in more than one stock exchange? For example, are apple stocks only held in NASDAQ? If apple wanted to could they have shares available in all stock exchanges?
If I want to buy ONE share in apple how would I go about that? Would I need to get a third party program that lets me connect with NASDAQ , meaning I create an account and put in money. Now that I have an account I can buy an apple stock whenever I want as long as NASDAQ is open?
I don't no anything about the shit you're talking about bro and I'm sure you don't need to.
Using scott trade or robin hood for meme day trading. I just downloaded robin hood myself and I'm probably gonna speculate on some meme stocks posted in another thread on here.
Mj stocks are over bro, I'd try to find the next thing. Maybe an mj stock in a company based in a state about to legalize but even then everyone is ready so its a toss up if it'll work for you.
But regardless using any popular stock trading site is easy. Just watch out that the fees don't over shadow your profit especially when trading small stocks.
Please keep in mind all my advice is for very short term trading. I am treating it as gambling.
ok ok.. fair points but ok.. Isn't MJ stocks not technically over since only a few states have it legal so far.. I mean what happens when the rest of USA does the same and when fucking CANADA (It will happen here.. eventually) does it. wont they skyrocket?
The next thing I was told is gna be oil since they plummeted recently and they will inevitably go back up. but idk thats just what I was told.
To clarify, I mean over as in no big unforseen upsets. The stocks will continue to rise steadily. Probably.
Yes. It's a website not a download but sure.
Look around the other threads for stock suggestions but do at least a bit of research on any tip you get. You'll notice alot of people ask why on any speculation. You should too.
Good luck to both of us anon.
No, their at minimum deposits and commissions. Look man, day trading is not something you jump into. If you want to start trading, first invest in some long term stocks. Put some money into renewable energy like SUNE or maybe AMSC and let it sit. Next just watch fluctuations of the market and how news affects the rise and fall of individual stocks, markets, and the entire market in general. There is an online source where you can practice trading with fake money and I suggest you start there. The name of the game here is research, watching patterns, and learning to use tools like candlestick charts.
Since your a newbie, and I'm assuming only planning to invest a couple hundred or so, use Robonhood. Commission free with no minimum deposit. Perfect for practice, but it limits your daily trades and you have about a 3 day waiting period to invest money you've transferred to your account or from stocks you've sold.
Do your research, look up some stocks or prospects, and watch them for a bit.
It's also good to understand how stocks are valued. Don't think of stocks as the worth of the company, but rather the general populations willingness to be a part of the company in hopes of profit, or their opinion on the value of the company. The Marijuana market right now may be very bloated because of the fact that everyone thinks it has potential and thus are sitting on it. So long as there is more demand than supply, prices will go up regardless of the companies success or lack thereof.
Holy fuck, man. The stupid out here.
I can tell you the best way to lose what little you were willing to put in to the market:
Just take advice these two guys, the one who doesn't know what he's talking about and made $10,000, and the one who wants you to wait three days to make trades and uses "Robonhood".
>Realistically how long and how difficult is it to get to a level where you are making a consistent 70-120$ a day.
It's not about the money, but the consistency. Money will be relative to your capital. Never risk more than 2% in a single trade, but the stop loss should be technically placed.
Start with higher time frames. There's no chance you'll be able to react quickly enough to react to an 1min chart, for exemple. Try 5m and higher.
Always close your positions and pending orders.
I suggest you read Al Brooks trilogy (Trends, Ranges and Reversals) and Alexander Elder books. Also Mark Douglas.
Keep in mind that this is not a craft you learn in the course of 3 months.