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timeundone111 | Is day trading this easy? |
I have been paper trading and I have consistently been making between 12% to 25% profit everyday trading stocks usually priced below 1$. Is there any reason to believe I wont be as successful when and if I try to use an online broker and trade.
Additional Details
I have been paper trading with stocks priced below 1$ in the NYSE Nasdaq and others with a definite set of rules and watching live charts over the internet |
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khanfar22
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Paper trading and actual trading are way different, in paper trading you would not worry if the price movement goes against you, but in actual trading people tend to cover up even when there is slight movement in the other direction, thought eventually it might become favorable.. Its all about nerves. Its a very risky thing and i don't believe in charts since those are based on historical data while the stock market is all about the future. |
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Nick Z
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Your consistency can happen by chance, when you do your trading for a relatively short period of time. Because the stock market often stays within a trading range for a few days or even a month or two. And you can consistently make money by betting that the stock market will continue to stay within that range.
But sooner or later the stock market breaks out of its trading range quite often in a big way. And you can loose a lot of money if you've bet that the stock market will stay within its range just like before.
Also, when you trade with real money. Then your fear of loosing money usually influences your decisions in such a way that your trading becomes different from your paper trading. |
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Fraser
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If it was that easy everyone would be doing it.
Personally unless you're experienced in the industry day trading is the fastest way to lose your shirt. |
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Joe P
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In the real world, there is a spread between the bid and the ask. In small penny stocks like you have been using, the spread between the bid and ask can run 10 to 15%. Most of the time you pay the ask when buying and receive the bid when selling. On larger stocks traded on the New York or American Exchanges the spreads are smaller and you can sometimes get your oder filled between the bid and ask. So, with your paper trading, do not consider an execution at the last price, use the ask when buying and bid when selling. My guess is your track record comes back to reality. But, keep thinking and trying. That is how you learn. |
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JohnGalt
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The only way to know is to try it for real. The biggest gotcha may be the bid/ask spread as already mentioned. But if you can do it when real money is on the line, good for you. |
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Michael G
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The answer is yes and no. The most important part about being a successful trader (long term or short term) is have a trade plan. You need to have rules/criteria for entering and exited your trades. If that's how you have been successful paper-trading, following rules, then you have a good change to repeat your performance.
The second factor to becoming a successful and consistent trader is mastering your emotions. This is another reason why the best traders have trade plans. By having rules for entering and exiting trades, you take the emotions out of the volatility of the market.
If you have no rules for trading and cannot control your emotions, please save time and just mail me a check. At least one of us will be happy :) |
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Ted
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You may not be able to get your orders filled at the prices you see on the screen. Just because something trades at x doesn't mean a member of the public could have gotten that price.
Example: A price is bid 0.75 ask 0.85. That's the specialist or market maker. A trade crosses the tape at 0.75 on the open. The b/a stays the same. a trade at the close is 0.85. The price didn't go up 10 cents. The first trade was a member of the public selling to the specialist. The last trade was a member of the public buying from the specialist. You couldn't have traded that day.
When you did your paper trading were you using "last trade" prices or bid and ask? If you used last trade, those were past prices and you need to throw away your paper trading results and start over. |
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Annie M
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How have you been "paper trading"? If you say I want to buy a certain stock at the beginning of the day and then check at the end of the day to see if it had gone up during the day, then you have learned nothing.
This is what I would do to practice:
Watch the stock you are interested in real time. Decide the exact moment that you would theoretically buy the stock. Keep watching the real time stock prices. Decide at the exact moment when you should sell the stock. That is the way you can see if you made a good decision as to when to buy the stock and when it was best to get out of the stock. You don't know the exact future when you are day trading. You can only make guesses based on certain indicators. |
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Mark S IV
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No, it's not that easy. But you probably won't believe that until you try it yourself, so go ahead and give it a shot. But trust me, what works on paper, will almost certainly fail in the real market.
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Timeundone111, if you could give us an example of a typical trade that you would make, somebody here could tell you if it would work in reality.
If you could give us the ticker symbol, the number of shares, and your strategy, I'm sure we could tell you whether it will actually work.
Don't worry, I'm not trying to steal your brilliant trading idea. I just figured that now that this question has faded into the YA! basement, you wouldn't mind giving us this info. It will help us give you a better answer. |
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Derek (Steelers, SB champs)
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Day trading is too risky. You'll get slammed with short term taxes. |
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