First Day daytrading!!!! Today was my first time for actual "daytrading". I set up QCharts this week, along with TC2000 and Daily Graphs. I still use ETRADE which presents challenges for getting orders entered. But I bought and sold IQIQ 3 times today for a net + $985. I'm quite enthused. Maybe daytrading IS possible! LOL ~ Cloudless
That's GREAT! Congratulations! => Of course daytrading IS possible, it's just not as easy as most people think it is.
I'd like to repeat most of Cormac's excellent comments. You now have a ~$900 cushion with which to work with (sounds like a tongue twister <smile>). Please remain cautious and don't get over confident. The final results from a daytraders first day is likely to be relatively random and not especially indicative of future results. Keep trading cautiously and focus on LEARNING everything you possibly can from both your winners and your losers.
Your biggest challenge in the 2-4 months ahead is survival. Don't try to get rich, it's a certain way to go broke. Take things slow and easy and try to gain experience and knowledge from each new trading day. Also, recognize that you can learn without having to enter every opportunity you see. Often, you will be much better served by NOT taken the trade and simply monitoring the subsequent price movement in the stock (i.e. paper trading). While not perfect, paper trading IS cheap, and can provide valuable opportunities to improve your trading abilities.
Once again, congrats! Keep up the good work and enjoy your weekend. Also, keep us posted next week on how you do, and what you have learned. Maybe you can save money for the new daytraders following in your footsteps => to ensure they don't make the same mistakes that you have learned from. That's what this thread is all about. Traders helping traders.
Good luck,
-Eric
ericpatterson@home.com
P.S. I you haven't already, please check out the thread summary thread at #Subject-28776. It is filled with excellent information contributed by our threads participants. Excellent stuff. Beats any book I've read on daytrading. |
