/biz/ - Business and Finance

Since you're day trading, the general approach I go with is to brainstorm what could happen and eliminate the unlikely situations (e.g an asset is unlikely to shoot up if there's a big sell wall that's larger than the daily trading volume). From then on you can balance your desired profit and risk; thinking of worst case and best case scenarios - people who go all in generally are not accounting well for the worst case.

For example:

>DGB could win or lose the Citibank competition.

>Bitcoin can either chain split (-> likely crash in value) into Bitcoin Unlimited and Segwit2x on August 1st, or avoid a chain split entirely (-> either stability or bull run because smooth upgrade).

From then on, your research would be assessing which outcome is more likely. E.g for the latter it would be the % of the network signaling for Segwit2x, the arguments behind anti-/pro- Segwit, and incentives behind different scalability proposals.

It doesn't sound like much, but its more sane than just trying to predict the future, plain gambling, or the buying the latest hype on the news or 4chan.

>>1699

Don't go into the market blind, unless you have money to lose. Read up, most traders lose money because they are always looking to make a trade, plus emotions but that is generally known. Trading is a game of risk management, generally your trading plays will consists of how likely a stock is to make a move, if it makes the move you profit, if it doesn't you lose money. The biggest thing is to set stop limits and don't HODL a losing stock because of 'muh dip', its okay to lose a few bucks on a trade every now and then, as long as you manage your winners correctly. Only get into situations that you're comparable with. A day of trading for me is spend an hour or so researching companies before I go to bed. The next day I wake up 1.5-2 hours before the market opens, get dressed, shower, coffee,etc(this helps you with discipline if you do this as a living. An hour before the market opens I then check the stocks from yesterday to look for any opening moves, as well if the after hours trading has tarnished my strategies from yesterday. Generally I will have a few stocks I look to make moves on every day. Buy into stocks at the APPROPRIATE prices(don't buy into a stock that you don't feel comfortable with, there is literally thousands of stocks out there). After that is auto-pilot while you let the stocks act out your plan, unless you have stocks that need some oversight. I prefer month long(3-14 days) stocks since they have greater returns and don't require much attention. You will lose money when you start, this is normal and is incentive as well to not lose money. Remember, when you make money, someone on the other side is losing money - you can't do this if morals are a concern-, you must be a cold hard machine outplaying the other traders(as a newbie that is you). Good luck anon, just remember DON'T TRADE JUST TO TRADE, ONLY MAKE TRADES YOU FEEL COMFORTABLE WITH.

>>1707

>comparable with

comfortable with

>>1699

experience with a demo account first

day trading is a meme, in a micro level, stock prices are inpredictible

likely you'll have mostly loses just because of the transaction fees