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Daytrading - Forex vs. Stocks
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Daytrading - Forex vs. Stocks

  #1 (permalink)
Trading Apprentice
Los Angeles
 
Futures Experience: Beginner
Platform: n/a
Favorite Futures: Stocks
 
Posts: 5 since Mar 2012
Thanks: 9 given, 1 received

Daytrading - Forex vs. Stocks

Hey all, I'm new to trading but I've been doing a ton of reading in the past few weeks. I'll skip the introduction and get straight to the question...


I've been doing some reading on Forex lately, and it seems to have some nice advantages over stocks - 24h market, low commissions, greater leverage, etc.

I also heard that the trends are easier to spot on Forex charts and tend to run longer than stocks.

The easy trends along with low commissions and greater leverage makes Forex seem ideal for daytrading.


I'm learning how to swing trade stocks right now, and I eventually want to move into daytrading later on. However, I'd hate to spend years learning stocks only to move to Forex.

Is Forex really more profitable and better-suited for daytrading rather than stocks? Anyone with experience, please let me know your thoughts. Any input is appreciated. :sos:

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  #3 (permalink)
Trading Apprentice
Chicago, IL
 
Futures Experience: Advanced
Platform: Infinity Futures, Thinkorswim
Favorite Futures: ES, 6E
 
TimRacette's Avatar
 
Posts: 2 since Jan 2012
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I started swing trading stocks before moving to day trading. I found a lot of value in swing trading and I still do it. One of the most valuable thing I learned from swing trading was patience. Once I created a simple strategy and I stress SIMPLE. Then I just had to develop the discipline to trade the same way each time and follow my rules. The less rules and simpler the strategy the easier it is I've found.

There's a good book I recommend by Nicolas Darvas called How I Made $2M in the Stock Market. Cheesy title, but the book has a ton of value and it reads more like a story than a non-fiction book.

Once I migrated to day trading I moved to futures and kind of rushed into trading live. I learned a lot my first couple of weeks while losing $. Then once I set specific times to trade, a specific market, and a specific method my day trading turned around. It was a long process, about 3-4 years, but once I hammered out the specifics and set daily, weekly and per trade loss limits I found I was better able to detach myself from the emotions of winning and losing $ and just trade objectively.

I suppose the biggest thing I learned over the years is that Patience Pays.

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  #4 (permalink)
Trading Apprentice
Los Angeles
 
Futures Experience: Beginner
Platform: n/a
Favorite Futures: Stocks
 
Posts: 5 since Mar 2012
Thanks: 9 given, 1 received


TimRacette View Post
I started swing trading stocks before moving to day trading. I found a lot of value in swing trading and I still do it. One of the most valuable thing I learned from swing trading was patience. Once I created a simple strategy and I stress SIMPLE. Then I just had to develop the discipline to trade the same way each time and follow my rules. The less rules and simpler the strategy the easier it is I've found.

There's a good book I recommend by Nicolas Darvas called How I Made $2M in the Stock Market. Cheesy title, but the book has a ton of value and it reads more like a story than a non-fiction book.

Once I migrated to day trading I moved to futures and kind of rushed into trading live. I learned a lot my first couple of weeks while losing $. Then once I set specific times to trade, a specific market, and a specific method my day trading turned around. It was a long process, about 3-4 years, but once I hammered out the specifics and set daily, weekly and per trade loss limits I found I was better able to detach myself from the emotions of winning and losing $ and just trade objectively.

I suppose the biggest thing I learned over the years is that Patience Pays.

Appreciate the input, but it doesn't really answer my question. Thanks for the tips and motivation though, it's great to hear success.

Does anyone have any experience in daytrading stocks vs. Forex?

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  #5 (permalink)
Trading Apprentice
Belfast
 
Futures Experience: Master
Platform: ZLT
Favorite Futures: Eur
 
Posts: 1 since Apr 2011
Thanks: 0 given, 1 received

There are pro's and con's with each of them. I like the control you can have with Fx because it is a a 24 hr market so you don't have gaps (apart from Mon morning). With stocks you have a lot of additional support information like sector activity and relative strength, index signals etc. which is helpful whereas Fx isn't so easy to correlate.

I don't live in the US and I like the ability to trade other timezones and get liquidity. I trade about 12 hrs a day and some times a lot longer so Fx is perfect for that.

When it comes to technicals you can always find stocks that suit your style whereas with FX you have a more limited choice. If anything I find stocks a lot easier to trade even though I mostly trade Fx because of the longer sessions.

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  #6 (permalink)
Trading Apprentice
Los Angeles
 
Futures Experience: Beginner
Platform: n/a
Favorite Futures: Stocks
 
Posts: 5 since Mar 2012
Thanks: 9 given, 1 received


yoohoo View Post
There are pro's and con's with each of them. I like the control you can have with Fx because it is a a 24 hr market so you don't have gaps (apart from Mon morning). With stocks you have a lot of additional support information like sector activity and relative strength, index signals etc. which is helpful whereas Fx isn't so easy to correlate.

I don't live in the US and I like the ability to trade other timezones and get liquidity. I trade about 12 hrs a day and some times a lot longer so Fx is perfect for that.

When it comes to technicals you can always find stocks that suit your style whereas with FX you have a more limited choice. If anything I find stocks a lot easier to trade even though I mostly trade Fx because of the longer sessions.

Thanks for the input. Based on your opinion, I guess stocks would be better traded during market hours and Fx can be traded when equities are closed (if you wanted to trade more, that is). I think stocks would be better suited for now, or at least learn stocks first then Fx if needed.

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