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TL;DR

Day trader experiences a volatile day of trading on the ThinkorSwim platform, making a mix of winning and losing trades.

Transcript

we are live here we go folks uh we got some day trading to do today a lot of things happening we'll cover over the we'll look at the markets and we'll look at everything else and hopefully everything will work out well but we'll see I have one day trade in today so far and it could have been a lot more but I gotta tell you I'm a little stressed out... Read More

Key Insights

• 🥳 The trader's day trading experience was volatile, with mixed results on different trades.
• 😀 He faced challenges with a platform change and found the ThinkorSwim platform less user-friendly than expected.
• 🥳 The trader emphasized the importance of risk management in day trading and setting stop-loss levels.
• 😨 He discussed the potential impact of a looming recession on the markets and mentioned the large number of car repos in auctions as a sign of economic stress.
• 😑 The trader expressed interest in using algorithms or similar technologies to assist with trading decisions.

Questions & Answers

Q: What trading platform is the trader using and what issues did he face with the platform change?

The trader is using the ThinkorSwim platform and experienced some difficulty adjusting to its user interface and layout after switching from Merrill Trade to Schwab.

Q: What type of trading strategy is the trader implementing?

The trader is using a strategy called the "bread recipe" which involves observing the crossing of various indicators, such as the 5-day and 13-day EMAs, to determine entry and exit points.

Q: How does the trader manage risk in his day trading?

The trader sets stop-loss levels to limit potential losses and follows a risk management strategy of keeping position sizes small relative to his overall portfolio.

Q: How does the trader determine which stocks or assets to trade?

The trader focuses on trading the PX stock due to its potential tax benefits, but he also mentions trading SPX and looking into other platforms like Mumu.

Summary & Key Takeaways

• The trader experienced a change in account from Merrill Trade to Schwab, allowing for unlimited day trading.

• He made a profitable trade on PX but missed out on a potentially larger profit due to the platform change.

• The trader tested the ThinkorSwim platform and found it less user-friendly than expected.