A few questions..

[tthurlow2287]

Hey, i'm new to the scene and looking at starting day trading over the next few months.

Background: I'm 17, doing the HSC and hold about $5000 in Citigold (CTO) shares at the moment. I'm a a good learner and good with numbers, charting etc. I know about technical & fundamental analysis, trading plans and the psychology needed to be a successful trader. Yes, I no only about 10% of traders actually gain, but I feel the earlier I start the better I will be in the long run (providing I play my cards right).

Anyways, I have done a lot of research but have not been able to work out if it is possible to make more than one trade per day, with the same funds (due to the t+3 rule). Eg. I have $10k in an account. I buy $9,000 worth of shares, leaving $970 in the account (factoring brokerage). Can I then sell them 1 hour later? And can I also use a remaining $500 in the account to buy more shares in the same day?

I was also wondering if anyone can recommend any particular software that provides live data feeds for the ASX.

It would be great if someone could explain these to me. Thanks!

 

[Wysiwyg]

Hey, i'm new to the scene and looking at starting day trading over the next few months.

Are you seriously ready??Day trading requires market knowledge and most of all experience.It is a double edged sword.

Can I then sell them 1 hour later?

Yes, as long as the shares are open for trading.

And can I also use a remaining $500 in the account to buy more shares in the same day?

There is a $500 minimum traded parcel of shares, so yes.

I was also wondering if anyone can recommend any particular software that provides live data feeds for the ASX.

Commsec and E*Trade have trading platforms on them that have live data, course of trades, company announcements etc. You can watch each trade execution live and can trade within the platform.
These platforms are about $80 per month or free if you trade more than (10 i think) times in the month.

You can lose alot of money if you have no knowledge of `how to handle loss`.
Learn all you can on types of loss control.This is most important.
The bookshop on ASF has really good books to learn from.

 

[tthurlow2287]

Ahh thankyou. Good to have those finally answered.

I havn't looked into loss control much but will now. I'm not going to start trading until I have learnt all I can and need to know. I also want to do a few paper trades before I commit any money.

Another question: If I have $10,000 in an account, instead of buying shares, can you sell them without having bought any previously? Is this referred to as going 'short'?

Cheers! =)

 

[Wysiwyg]

This website has a description of exit strategy.Read it and read it until you understand it.






.

 

[tthurlow2287]

Thanks heaps.

Is it possible to sell shares that you havn't bought? Is this called going 'short'?

 

[Wysiwyg]

Thanks heaps.

Is it possible to sell shares that you havn't bought? Is this called going 'short'?

Yes

 

[>Apocalypto<]

Hey, i'm new to the scene and looking at starting day trading over the next few months.

Background: I'm 17, doing the HSC and hold about $5000 in Citigold (CTO) shares at the moment. I'm a a good learner and good with numbers, charting etc. I know about technical & fundamental analysis, trading plans and the psychology needed to be a successful trader. Yes, I no only about 10% of traders actually gain, but I feel the earlier I start the better I will be in the long run (providing I play my cards right).

Anyways, I have done a lot of research but have not been able to work out if it is possible to make more than one trade per day, with the same funds (due to the t+3 rule). Eg. I have $10k in an account. I buy $9,000 worth of shares, leaving $970 in the account (factoring brokerage). Can I then sell them 1 hour later? And can I also use a remaining $500 in the account to buy more shares in the same day?

I was also wondering if anyone can recommend any particular software that provides live data feeds for the ASX.

It would be great if someone could explain these to me. Thanks!

FANTASTIC!

What a age to start learning this at! mate take your time and look at all the methods out there before you settle into the trading aspect! You have one thing on your side, time!

Really good for u!

Live asx feeds are available from most CFD providers. I advise u not to day trade asx stocks on cfd as the brokerage is a tough. Bourse Bullcharts and Metastock are a couple they are subscription packages. I know that Bourse is $120 a month for live data.

Myself I prefer to intraday trade FX, but that's me.

If you are really serious about day trading I suggest you talk to trembling hand.

From what I know off here he makes a living from it and has great knowledge of the markets, hit him up.

Impressed, at 17 this was the last thing on my mind!

Go for it mate!!

 

[ThingyMajiggy]

Wooo another young one! Im only 19 myself mate, good to have you around!

The most important thing I can say is just to keep reading and learning, I have been reading and practicing with demo accounts for a few months, I too want to be a day trader, the thing is, the more you read and the more you think you learn....the more you realise you have only just scratched the surface, so so much to learn, then to get experience too, just make sure you don't waste your money on any of the so called "3429487239487238942 billion dollars in your first month" systems, read books, get help on here and just practise, lots.

Good thing for us is the time we have to learn, both starting at such a young age, I think is a huge bonus, most people haven't even thought of anything like this at our age.

Good luck dude!

 

[Sean K]

Golly, good luck to you been so keen so young.

I didn't know how to tie my shoes at 17. eeek!

Whatever you do, don't jump in to hard too fast. There's lost of playing to be done in your teens and twenties. Waste some money on girls and beer for a few years perhaps. And, what about an around the world backpacking experience...

Don't lose your youth, you never get it back.

On the other hand, you may be the next YT!

Good luck!!

 

[prawn_86]

Gday Thurlow,

I started when i had just turned 18, so good on you.

My advice would be to take it very slowly. Dont use leverage, and only play with what you can afford to lose.

Obviously situations vary, but why not keep half of your investments for longer term time frames, and use half for your day trading.

I blew up a day trading account quite quickly, as it is easy to do if you do not understand position sizing etc etc.

I can assure you that in 2 - 3 years time you will probably look back and think "why/how the hell did i do that?"

Just surviving as a newbie in these markets is a fair challenge, let alone doing it daytrading.

All the best and welcome to ASF

Prawn

 

[SGB]

Thanks heaps.

Is it possible to sell shares that you havn't bought? Is this called going 'short'?

Hi Champ

If you didn't know this you really have a long way to go before becoming a Day Trader.

Not meaning to be cruel, just realistic.

But one thing I can advise and that is you never ever give up, use adversity as a learning curve and just keep going.

Good luck,
SGB

 

[tthurlow2287]

Thanks for all the warm welcomes. I'll be hanging round the forum from now on and learning all I can. I'm not going to make any trades until I turn 18 (saves my parent being trustee of the acc.)

Thanks again! =)