Totally new to trading

[Mr_D]

Hi guys, I’ve been wanting to get into serious trading for a while and now finally ready to start.
I plan to do day trading on the asx and eventually make a good living from it.
Is there anyone on here that does day trading, lives in Perth and could offer some help and mentoring ?

 

[noirua]

If you need help and mentoring then you are not ready to start trading my friend - investing maybe. You have to be able to accept losses in a similar way to making profits. Easy always to take profits but taking losses very soon after buying takes some getting used to. If you don't, you end up with a portfolio of losers that hamper trading. That means having to tip in more and more cash - not good news in the long run.

 

[tech/a]

Day trading ASX stock will be a complete waste of time and energy.
I suggest trading Index Futs.
In Perth you can trade HSI (Honkers)
FTSE (London) and DAX.(German)
Russell (US) You could also consider Mini's.


You'll need both a technical (For entry exit) and fundamental grounding
(Understanding how economics and policy affect markets).

This is where Id be going.

I think there are a few real-time traders on You Tube that you maybe able to watch
or look at some recorded sessions.
Take your time the Markets aren't going anywhere but would love to take your $$s
The big benefits of course with FUTS is you can trade long and short, are liquid
and move enough in small timeframes to make a quid even on 1 lots or small 3-5 lots
if trading minis.

Open a demo account with someone like Interactive Brokers. (Can trade anything in the world)

Let the journey begin!

 

[tech/a]

always to take profits but taking losses very soon after buying takes some getting used to

By the way this is very true in Day trading --ANYTHING.
True day trading is closing out every session.

I often trade the DAX for an hr or so around open.

 

[CanOz]

If you live in Perth, are young with no kids and seriously want to make a living from trading then walk into Cygnet Trading and apply...

 

[RW_loon]

If you live in Perth, are young with no kids and seriously want to make a living from trading then walk into Cygnet Trading and apply...

what do most young guys no kids type background applying have as an educational type background out of interest?

 

[CanOz]

If the question is regarding education, an interest in financial markets coupled with an aptitude for it would be sufficient in most cases

 

[aWrongun]

Suggest reading some books such as Mark Douglas trading in the zone (psychology) and How To Make a Living Trading by A. Elder

 

[3lliot]

I often trade the DAX for an hr or so around open.

tech/a - do you mean the index future or stocks?

I'm keen to start day trading after work (I finish around 4pm) so Dax / Stoxx seems to be the go, but undecided about stocks vs futures. I should have about $10k to play with when I decide to go live, but I'll sim for a while to get used to the activity.

 

[CanOz]

Fdxm is the dax mini, 5 euro a tick...eurostoxx is very thick

 

[3lliot]

What do you reckon, Can? stocks or futures?

Opinion seems to be divided...

 

[CanOz]

$10k is tuition in futures. It might allow you to get setup and get a track record eventually...

The transaction costs aren't really worth doing anything in stocks.

Tough call.

Depends more on what time you have available to devote to trading.

 

[3lliot]

Depends more on what time you have available to devote to trading.

my social life is usually pretty uninspiring, so I can afford 2 or 3 hrs / day...

 

[CanOz]

From what times?

 

[avidiskota0015]

For day trading you should be updated with latest market trends. I would suggest you to read company reports before investing into any stock.
You can read these reports from many online sources like:
Kalkine Media
Motley Fool
Morning Star
Afr
Financial Times

 

[3lliot]

From what times?

4pm onwards

 

[tech/a]

Agree with Can he’s been there done that
DAX minis ideal in my view
You’ll find each has a life of its own
4 perfect.
Read Trembling Hands posts from the past

Enjoy

 

[3lliot]

copy that, thanks guys

 

[Wysiwyg]

4pm onwards

Your real time data provider if you don't mind me asking? IB

 

[3lliot]

Interactive Brokers