Best products from r/Daytrading

We found 42 comments on r/Daytrading discussing the most recommended products. We ran sentiment analysis on each of these comments to determine how redditors feel about different products. We found 36 products and ranked them based on the amount of positive reactions they received. Here are the top 20.

Top comments mentioning products on r/Daytrading:

u/Robswc · 12 pointsr/Daytrading

oh hey! have I got the tool for you!

https://github.com/Robswc/tradingview-trainer

and its totally not because its something I made specifically to simulate historical data and practice ;)

But seriously, you may find it useful! Its really simple, lets you buy, sell and close. Lightweight etc etc.

Anyways:

>I'm a grad student in physics and I decided to try to get into trading because I've heard that a lot of people with my background have ended up very successful at it. I also have some research background in stochastic processes, which I think might help me.

I've also heard this. Now, I admit I know nothing of physics, I'm going to take a stab and say this is because physics students are great at challenges... and trading is a challenge. I feel anyone in a difficult studies has more laden potential to be a great trader. Not that everyone will be. I've found trading involves a lot of emotional and mental challenges, those with a great background have a potential to tackle those easier. It involves a lot of paradoxical and straightforward thinking. Concepts etc etc.

One great think I learned and truly embrace sometimes is being confident in your trade, despite knowing full well the chances of its success are not guaranteed. If you don't take the trade, you don't win either way but just putting on trades can be a huge mental battle and god forbid when you hit your first big loser ;)

>Anyway, I've heard the stories about people who dove in without knowing enough and lost all their money and I'd prefer to avoid that if at all possible

So, this happens when you don't go about it with a solid plan of action. Trading isn't magic, its all finite and math. So, you'll want to follow the great beginner rule of "don't risk 2% of your account on any trade." This allows for you to take several losses without doing substantial harm. Before you start losing too much though, you're going to need to reevaluate whats going wrong. At the very least you should be getting close to 50/50. As long as you stick to the 2% rule and cut losses the market won't magically take all your money :) You will have at that point, decided to continue with a strategy you know has proven to not work several times over.

>Can I please get some advice on how to practice most effectively?

So back to shill my little app ;) jk, so I actually made it to do exactly that. I found paper trading to be a great tool (which I'll also talk on) but there was something about packing in lots of scenarios and months of price movement into 15 minutes or so of practice. Its not some magic solution though, you'll still need to paper trade and eventually trade small amounts as each experience is a bit different... but IF you're looking to practice you're trading over historical data, the link at the top will help you with that :) Otherwise stuff like TOS or tradingview paper trading will be real time, which is great... except when markets are closed lol

I would recommend studying past data, see how your strategy would fair. Then take it to paper trading, then start with like $500 dollars on robinhood to get a feel for actual money. I can tell you when you're using a tiny amount, a tiny loss or a tiny win will still feel about the same.

I also have a list of books I've found really helpful.

Trading in the Zone, By Mark Douglas - https://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447

Fooled by Randomness, by Nassim Taleb - https://www.amazon.com/Fooled-Randomness-Hidden-Markets-Incerto/dp/0812975219/ref=sr_1_1?crid=13LH3VBFX62OH

Skin in the Game, by Nassim Taleb - https://www.amazon.com/Skin-Game-Hidden-Asymmetries-Daily/dp/042528462X/

Algos to Live By, by Brian Christian - https://www.amazon.com/Algorithms-Live-Computer-Science-Decisions/dp/1250118360/

A Short History of Financial Euphoria, by John Galbraith - https://www.amazon.com/History-Financial-Euphoria-Penguin-Business/dp/0140238565/


And finally, this is my progress on a few strategies as of late.

https://twitter.com/robswc/status/1093328001243189248
https://twitter.com/robswc/status/1082782861869109253

So I can personally attest to the fact that if you try, really dedicate time to it, its possible to be profitable. Hope this helps!

u/EminiEdge-Trading · 1 pointr/Daytrading

"...how did you get started programming and back/forwardtesting?"

All of the programming and WFO (Walk Forward Optimization) is self-taught. I simply started with the programming interface of TradeStation, EasyLanguage, and pulled apart existing simple indicators trying to understand the basics. Kept playing with simple indicators, adding more sections and conditions, increasing the complexity. (...And to be clear, I have no affiliation with TradeStation and am not trying to promote them over someone else, simply relaying the path I took. On my site you'll see that I used many, many different platforms throughout the years and why I settled on TS.) Also then did more research on the data available from the exchanges and what it means. This is very vague to the general public IMHO and understanding the data a bit better allowed me to try to display this data in a different way that "clicked" with my brain that I could recognize when something unique was happening. Might have been a dot on a chart, a colored bar, a graph plot, histogram, whatever. I simply continued to poke, prod and play with the programming and learned how it works. Once I started to see patterns emerge that I could try to create setups from I actually created an outline of trade parameters and a plan to follow. Following this plan, or "discretionary" trading worked for me but it is intensive and keeps me focused on the chart every second. I started researching WFO theory and how it works from TradeStation and again, followed the same process of self discovery and kept honing things until I learned the process. An outline of the WFO process itself from Tradestation is outlined here: https://www.youtube.com/watch?v=XWx35mfLlDs . This WFO simply helps me refine my plan objectively. If you want to know the guts of the process itself, it is my understanding that Tradestation modeled the WFO and Genetic optimizer on a book "Evaluation and Optimization of Trading Strategies" by Robert Pardo which you can find here: https://www.amazon.com/Evaluation-Optimization-Trading-Strategies/dp/0470128011
. This type of process is not conducive for many people, I understand those that want to "learn" this from someone else teaching it as this is the way the world works for many. If you're looking for a book or manual to follow, I tried and was never able to find anything that seemed comprehensive. I was able to take bits and pieces from many places and apply them in a way that I think is unique and "clicks". I'd like to think I'm more open minded than to psychologically require that any solution is my own and not from someone else, but we are humans after all. In full disclosure, I do have multiple engineering degrees and come from an engineering background so it is in my nature to deconstruct things and reconstruct them to learn for myself. It works for me, even though it is possibly the hard way. I have heard from other traders that I am a terrible student because I think too much, but it is not personal, engineers make crappy traders. I probably made this harder on myself because it is in my nature apparently as an engineering "type". You need to approach things the way that work for you and truly understand them, not try to emulate something you've seen. If the process or result doesn't "click" for you, you'll never really accelerate as the depth won't be there when you need it... If you are truly committed and want nothing more than to trade it IS possible, but be honest with yourself that you will need to put in the time, and by this I mean years, not weeks or months, and plan to spend at least $30K in "education" along the way. I realize that most people don't want to hear this and will probably down vote this post because of what I'm about to say, but... in my experience most "would be" traders are lazy. Not saying this to be mean but I've been doing this a while and some people get mad that I don't simply say "wait for the moving average to cross the %R line and buy, opposite that for down moves. Do this and you'll be a millionaire in 6 weeks." Nobody wants to hear it takes a lot of time and a truckload of money to do this profession, but this has been my experience. A doctor doesn't read someones post and run into an operating room that afternoon to remove someone's appendix. It takes years of learning, practice, mistakes and successes as well as $100K in education for them to get there, trading is the same. Anything worth doing for a profession that has the possibility of paying more than average isn't quick, easy or cheap and requires dedication. Trading is no exception. If it were that easy everyone would do it, right? Once you put in the time and effort you will be able to kick the markets ass. Be aware, sometimes the market kicks you back, but that's okay, it's all in a days work. As long as you can come out on top more that the bottom it's all good! Again, if you have any specific or general questions just contact me and I'll help if I can.

Hope this helps, Joe

u/NicksIdeaEngine · 20 pointsr/Daytrading

Yes, you should be cautious of direct messages, especially if they're trying to sell you a course, coaching, or "use this platform, it's the best, here's my affiliate link".

Some great, free resources for learning day trading:

u/bfreis · 1 pointr/Daytrading

Good luck!

If I may add — and please note that I have no idea where you are in your learning curve, so please disregard if this isn't useful suggestion —, there's a book a like a lot and recommend to every trader relatively new to the commodity markets (and more specifically futures, due to the mind-blowing amount of new possibilities compared to commodity ETFs, and the book goes over many of these amazing possibilities).

Mastering the Grain Markets: How Profits Are Really Made, by Elaine Kub: https://www.amazon.com/Mastering-Grain-Markets-Profits-Really/dp/1477582967

The author, Elaine Kub, has a great writing style, mixing some very technical stuff with some very nice personal stories of her childhood — she grew up on a family farm (that she still operates!), and has extensive experience as a grain merchandiser and futures broker.

u/championq45 · 1 pointr/Daytrading

SAVE YOUR MONEY. If I were you I would only use about $1000 to $2000 because there is a high probability you will lose it all. You need to practice your trading strategies a lot.
I recommend reading this book.

https://www.amazon.com/How-Day-Trade-Living-Management/dp/1535585951

Also beware of people selling you trading course and how to get rich quick daytrading or any of that BS. It takes consistency and good trading psychology to be a profitable trader.

And also you are 18yrs old. You need to start saving money in the long term. Look at high interest savings accounts, high growth stock mutual funds, index funds, etc...

Good luck.

u/[deleted] · 1 pointr/Daytrading

It's not too late at all. Best to have some income saved and a steady career position then to gamble it all in one's early 20's, imo. I think it's best to learn it part time. If you're practicing daytrading, now you can trade a few hours or as short as an hour, or in replay sim mode on some platforms. For investing, taking an "econ104" kind of intro investing class helps or this free ebook: ( https://www.palmislandtraders.com/books/finance/introfinbook.html )

more books I'd recommend: site ,
trading basics,
position ,
daytrading ,
chart patterns

u/stloft · 1 pointr/Daytrading

Get acquainted soon with Emmett's tradingschools site. Find a good reputable broker also with a decent sim platform. There are a few decent "intro to trading" books out there. One example I'd recommend is "The ultimate trading guide" by George Pruitt. If you're going to spend some money on "trading education", there are a bunch of cheap kindle books out there. Which while hit-or-miss, is still better imo, than splurging $300 for a trading room, or hundreds or > 1k for a scammer "trading course". An example of a primer on something like "volume profile" could be a cheap kindle book like this one.

u/feedmebrie · 10 pointsr/Daytrading

Andrew Aziz's book is great. Covers the basics, strategies, and psychology. Good pacing, and easy to follow.

How to Day Trade for a Living: A Beginners Guide to Trading Tools and Tactics, Money Management, Di https://www.amazon.com/dp/1535585951/ref=cm_sw_r_cp_apa_zcHWBbA3Q1DWP

u/CryptoKujira · 4 pointsr/Daytrading

Book 1: https://www.amazon.com/Japanese-Candlestick-Charting-Techniques-Second/dp/0735201811

Book 2: https://www.amazon.com/Technical-Analysis-Financial-Markets-Comprehensive/dp/0735200661

Read through every page, twice. Then start putting things into practice. Once you think you're comfortable in your strategy, write down your plan of attack and strategy/rules for trading. Seriously, write it down in MS Word, print it out in huge font, and pin on the wall next to your trading computer.

YouTubers...eh, there are only a few that I like although I'm sure there are more out there I just haven't found. This guy explains things pretty well and knows how to actually use indicators, unless like most of the shills on Yt. https://www.youtube.com/channel/UC9yk_6ks1g1ipJJsxtLKLcA He doesn't show trades but the basic underlying concepts are all you need. The rest is up to you on how to employ those techniques into your owns strategy.

Only other thing you need is patience, which is where I believe most traders fail. You need to have patience to wait for those ideal trading setups to materialize. Sometimes this can days or even weeks before you find one, when you're first starting out. Then you get in impatient and trade off some half-ass setup that doesn't quite mark all the check boxes for your ideal 'buy signal' and then you get burned.

Watching someone else make trades hasn't ever taught me anything, because every single trader is different. Different lifestyle, time available for trading, risk tolerance, and 10+ other factors means what works for them is probably NOT going to work for you/me.

u/battlethroat · 2 pointsr/Daytrading

I’m currently reading this book by John Carter. I’ve found it to be very good, even if repetitive at points.

Mastering the Trade, Second Edition: Proven Techniques for Profiting from Intraday and Swing Trading Setups https://www.amazon.com/dp/0071775145?ref=yo_pop_ma_swf


I’ve also read Trading in the Zone (Douglas) and How To Day Trade for a Living (Aziz) which are also good.

u/squarehead18 · 1 pointr/Daytrading

I would think twice about ANF because fashion is so crazy. I bought 100 shares of LB for $90, watch it go to $110 then drop to $80... I couldn't take it and accepted my loss. Athleisure was taking over and instagram influencers destroyed the super model. Now LB is trading in the 30's. Luckily my shares of Nike kept going up, hedging my loss. After this experience, it put me on a quest to study companies much more in depth. I would highly recommend reading Warren Buffet and the Interpretation of Financial Statements if you have the time.

https://www.amazon.com/Warren-Buffett-Interpretation-Financial-Statements/dp/1416573186

​

But who knows. Maybe some instagram social influencer will blow up ANF and put it back on the map. Maybe Kanye will do a collab. You never know. Good Luck!

u/Fengji8868 · 1 pointr/Daytrading

idk what youre trying to do with the liquid cooling and others lol. Are you gaming. https://www.amazon.com/CYBERPOWERPC-Master-Gaming-GeForce-GMA8880CPG/dp/B07PKXGC33/ref=sr_1_6?keywords=ryzen+2700x+pc&qid=1572633884&sr=8-6

Something like this is good for stock trading apps and a bit of 1080p gaming...

u/chesterburger · 3 pointsr/Daytrading

No. But if you do decide to try a paid one I really like BearBullTraders and Andrew Aziz’s book is good, How to Day Trade for a Living: A Beginner’s Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology https://www.amazon.com/dp/1535585951/ref=cm_sw_r_cp_api_wEuZAbW9M6DXN

u/bakwaastrading · 1 pointr/Daytrading

Lot's of resources on the net. Just google it up.
I can suggest