“Averaging down losing positions is perhaps the most common mistake a beginner will make and that will almost certainly lead to the end of their short trading career.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/dtJDa8D

“My trade size depends on the price of the stock and on my account size and risk management rule (Chapter 3), but 800 shares is my usual size if I am trading in the $ 10-$ 50 price range. I buy 400 shares. If the trade goes in my favor, I add another 400 shares (note that I add into my winning position, not into a losing one). I sell 400 shares in the first target, bringing my stop loss to break-even (my entry point). I sell another 200 shares in the next target point. I usually keep the last 200 shares until I am stopped out. I always retain some shares in case the prices keep moving in my favor.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/ey3P2Wz

“When you plan for the trade and enter a position, you have a minimum of information regarding the market and the validity of your idea. As the market moves after your entry, you will receive new price action and data about your initial trade idea: the price action of the stock is either supporting or not supporting your reasons for being in that trade. Therefore, you need to manage your open position.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/cyzWZ9t

“And please, remember, my philosophy of trading is that you must master only a few solid setups to be consistently profitable. In fact, having a simple trading method will work to reduce confusion and stress and allow you to concentrate more on the psychological aspect of trading, which is what separates the winners from the losers.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/buk0stB

“Another point to remember is that in the market right now, over 60% of the volume is algorithmic high frequency trading. That means you are trading against computers. If you’ve ever played chess against a computer, you know that you’re eventually going to lose.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/5CQKLkm

“If you cannot recognize who is winning the battle stand aside. Let the bulls and the bears fight with each other and then enter trades only when you are reasonably certain which side is likely to win.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/eHoAq4y

“take a look at the educational programs run by Jim Dalton and Terry Liberman (www.marketsinprofile.com) as another possible place for connecting with like-minded traders. Another two well-known trading forums are Elite Trader (www.elitetrader.com) and Trade2Win (www.trade2win.com). Indeed, if you have a favorite trading platform or application, connecting with traders who are using the same tools can be quite valuable. Market Delta (www.marketdelta.com) and Trade Ideas (www.trade-ideas.com) run educational programs and online chatrooms for their users that I’ve found useful.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/fcGL8or

“Two long-standing trading rooms are Linda Bradford Raschke’s trading room, which emphasizes technical trading across multiple markets (www.lbrgroup.com), and the trading room run by author John Carter and Hubert Senters (www.tradethemarkets.com).”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/hfaYIcC

You Weren’t Meant to Have a Boss

It’s the same with work. The average MIT graduate wants to work at Google or Microsoft, because it’s a recognized brand, it’s safe, and they’ll get paid a good salary right away. It’s the job equivalent of the pizza they had for lunch. The drawbacks will only become apparent later, and then only in a vague sense of malaise.And founders and early employees of startups, meanwhile, are like the Birkenstock-wearing weirdos of Berkeley: though a tiny minority of the population, they’re the ones living as humans are meant to. In an artificial world, only extremists live naturally.

Source: You Weren’t Meant to Have a Boss

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “Most day traders, including me, use a buying power of around $100,000.” Start reading this book for free: https://a.co/gKfpu2s

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “In the U.S., some of the most well-known direct-access brokers are TD Ameritrade, Lightspeed Trading, Interactive Brokers and CenterPoint Securities.” Start reading this book for free: https://a.co/9Y16J6i

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “A high short interest indicates traders or investors think a stock’s price is likely to fall. But the challenge with high short interest is that these stocks are more prone to a short squeeze by bullish investors and traders.” Start reading this book for free: https://a.co/1CTEYFo

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “Stocks that in the pre-market gapped up or down at least 2% Stocks that have traded at least 50,000 shares in the pre-market Stocks that have an average daily volume of over 500,000 shares Stocks that have Average True Range of at least 50 cents (how large of a range a stock has on average every day) There is a fundamental catalyst for the stock As a rule, I do not trade stocks with an enormous short interest higher than 30% (the short interest is the quantity of stock shares that investors or traders have sold short but not yet covered or closed out)” Start reading this book for free: https://a.co/2n6BiYZ

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “The table below summarizes these categories: Float Price Range My Favorite Strategy (Chapter 7) Low float (less than 10 million) Under $10 Only Momentum (Long) Medium float (10-500 million) $10-$100 All, mostly VWAP and Support or Resistance Large float (+500 million) Any (usually +$20) All, mostly Moving Average and Reversal” Start reading this book for free: https://a.co/31U3Ko7

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “The second category is medium float stocks in the range of $10-$100. These stocks have medium floats of around 10 million to 500 million shares. Many of my strategies explained in this book work well on these stocks, especially the VWAP and Support or Resistance Strategies.” Start reading this book for free: https://a.co/9fm0AXu

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “When it comes to low float stocks, the Bull Flag Momentum Strategy — which I detail in Chapter 7 —works best. The other strategies in this book are not suitable for low float sub-$10 stocks.” Start reading this book for free: https://a.co/8vCuzsF

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “Low float stocks under $10 are often highly manipulated and difficult to trade, and therefore only very experienced and highly equipped retail traders should trade these stocks.” Start reading this book for free: https://a.co/f0jIA6F

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “The first category consists of low float stocks that are priced under $10. These stocks are extremely volatile, moving 10%, 20%, 100% or even 1,000% each day.” Start reading this book for free: https://a.co/flbloS8

“Rule 7: Retail traders trade only Stocks in Play, high relative volume stocks that have fundamental catalysts and are being traded regardless of the overall market.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/hDEhNoZ

“If you examine the work of most successful traders, they all take many small losses. Their results are littered with numerous small losses of 7c (cents), 5c, 3c, and even 1c per share. Most good day traders have few losses that are more than 30c per share. Most winning trades should work for you right away.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/apYRpJL

“There have been times when I’ve been in the trade, had an $ 80,000 position, and all I needed to do was to sell. But as I was looking at my keyboard, I found myself frozen like the proverbial deer in the headlights. I couldn’t even figure out which keys to punch. This sort of paralysis is not unusual when you’re overwhelmed.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/6jUCqga

“Keep a daily record of both your trading results and your physical condition and you will see these relationships for yourself. Begin preventive maintenance by keeping your body, and thus your mind,”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/fWQODmM

“One of the key contributors to traders’ self-discipline is their physical and mental health. People who eat well-balanced nutritional meals, exercise regularly, maintain proper body weight and fitness levels, and get adequate rest are likely to have the levels of energy and alertness that are required to make them effective traders.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/8ddPx9I

Ask HN: Consulting in tech. How to start? | Hacker News

So, I’ve been thinking about starting consulting (not freelancing).I am working on my own company that sells a news API. We’ve launched a month ago, it’s fully bootstrapped. I have money for a few more months but at some time might search for a “job”.Does anyone here works as a “self-employed” consultant?How do you find your clients?

Source: Ask HN: Consulting in tech. How to start? | Hacker News

“I am holding around $ 25,000 in my trading account and I usually choose 800 shares to trade. My daily goal is $ 500 or $ 120,000/ year. That is sufficient for my lifestyle. What is your trading goal?”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/2ZfSrKe

I thought of you when I read this quote from “How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology” by Andrew Aziz – “Rule 5: Success in day trading comes from risk management – finding low-risk entries with a high potential reward. The minimum win:lose ratio for me is 2:1.” Start reading this book for free: https://a.co/9Xee8Ge

“One of my favorite trading expressions is “live to play another day”. This simple saying says so much about the mindset of a professional trader. If you survive the learning curve, then the good times will come and you can become a consistently profitable trader.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/2uuvrPW

“From when the market opens at 9: 30 a.m. until around 11: 30 a.m. New York time, is when the market will have the most trading volume and also the most volatility. This is the best time to trade and to especially focus on momentum trading”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/79m0OoM

“The majority of day traders don’t trade penny stocks or on the over-the-counter (OTC) market. Penny stocks are extremely manipulated and they do not follow any of the rules of the standard strategies. We trade real stocks. Sometimes we may be trading Facebook (ticker: FB) and sometimes we may be trading Apple (ticker: AAPL), but we will always be trading the stocks that are having a big day.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/fJpfgE8

“You just want to ensure you are trading stocks that are moving because they have a fundamental reason to move and are not just moving with the overall market conditions: Stocks in Play.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/6mZch8o

“Of the various HFT programs that are currently operating, one of the least effective is the so-called “Buy the New Low” program. When a stock reaches a new intraday low, many day traders will go short to ride the downside momentum. This program then begins to buy the shorts from those day traders to push the price higher. This causes day traders to panic and to cover their shorts. Because the organizations behind HFT programs have almost limitless buying power, the plan sounds flawless. The plan quickly breaks down, however, when another large institutional seller is behind the trade and decides to dump their large positions.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/dhNBlhx

“It is extremely important to stay away from stocks that are being heavily traded by institutional traders. As an individual retail day trader, you must stick to your retail trading territory.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/ip43QAP

“As a retail day trader, you profit from volatility in the market. If the markets are flat, you are not going to make any money; only high frequency traders make money under these circumstances. Therefore, you need to find stocks that will make quick moves to the upside or to the downside in a relatively predictable manner.”

— How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology by Andrew Aziz
https://a.co/3lxbH0E