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Day trading

This article is about the practice. For the occupation, see 1.1 Prot and risks
Day trader.
Because of the nature of nancial leverage and the rapid
returns that are possible, day trading results can range
Day trading is speculation in securities, specically buyfrom extremely protable to extremely unprotable, and
ing and selling nancial instruments within the same
high-risk prole traders can generate either huge percenttrading day. Strictly, day trading is trading only within
age returns or huge percentage losses. Because of the
a day, such that all positions are closed before the market
high prots (and losses) that day trading makes possicloses for the trading day. Many traders may not be so
ble, these traders are sometimes portrayed as "bandits"
strict or may have day trading as one component of an
or "gamblers" by other investors.
overall strategy. Traders who participate in day trading
are called day traders. Traders who trade in this capacity Nevertheless, day trading can be risky, especially if any
of the following is present while trading:
with the motive of prot are therefore speculators.
Some of the more commonly day-traded nancial instruments are stocks, options, currencies, and a host of
futures contracts such as equity index futures, interest rate
futures, and commodity futures.

trading a losers game/system rather than a game


thats at least winnable,
trading with poor discipline (ignoring your own day
trading strategy, tactics, rules),

Day trading was once an activity that was exclusive to


nancial rms and professional speculators. Many day
traders are bank or investment rm employees working as specialists in equity investment and fund management. However, with the advent of electronic trading and
margin trading, day trading has become increasingly popular among at-home traders.

inadequate risk capital with the accompanying excess stress of having to survive,
incompetent money management (i.e. executing
trades poorly).[2][3]
The common use of buying on margin (using borrowed
funds) amplies gains and losses, such that substantial
losses or gains can occur in a very short period of time.
In addition, brokers usually allow bigger margins for day
traders. In the USA for example, while the overnight
margins required to hold a stock position are normally
50% of the stocks value, many brokers allow pattern day
trader accounts to use levels as low as 25% for intraday
purchases. This means a day trader with the legal minimum $25,000 in his or her account can buy $100,000 (4x
leverage) worth of stock during the day, as long as half of
those positions are exited before the market close. Because of the high risk of margin use, and of other day
trading practices, a day trader will often have to exit a
losing position very quickly, in order to prevent a greater,
unacceptable loss, or even a disastrous loss, much larger
than his or her original investment, or even larger than his
or her total assets.

Characteristics

Some day traders focus only on price momentum, others


on technical patterns. Some traders choose to focus on a
limited number of strategies they feel can be protable.
Some day traders use an intra-day technique known as
scalping that usually has the trader holding a position for
a few minutes or even seconds.
Most day traders exit positions before the market closes
to avoid unmanageable risksnegative price gaps (differences between the previous days close and the next
days open bull price) at the openovernight price movements against the position held. Other traders believe they
should let the prots run, so it is acceptable to stay with
a position after the market closes.[1]

Day traders sometimes borrow money to trade. This is


called margin trading. Since margin interests are typi- 2 History
cally only charged on overnight balances, the trader pays
no fees for the margin benet, though still running the Originally, the most important U.S. stocks were traded on
risk of a margin call. The margin interest rate is usually the New York Stock Exchange. A trader would contact a
based on the brokers call.
stockbroker, who would relay the order to a specialist on
1

the oor of the NYSE. These specialists would each make


markets in only a handful of stocks. The specialist would
match the purchaser with another brokers seller; write
up physical tickets that, once processed, would eectively
transfer the stock; and relay the information back to both
brokers. Brokerage commissions were xed at 1% of the
amount of the trade, i.e. to purchase $10,000 worth of
stock cost the buyer $100 in commissions and same 1%
to sell. (Meaning that to prot trades had to make over
1% to make any real gain.)
One of the rst steps to make day trading of shares potentially protable was the change in the commission
scheme. In 1975, the United States Securities and Exchange Commission (SEC) made xed commission rates
illegal, giving rise to discount brokers oering much reduced commission rates.

2.1

Financial settlement

Financial settlement periods used to be much longer: Before the early 1990s at the London Stock Exchange, for
example, stock could be paid for up to 10 working days
after it was bought, allowing traders to buy (or sell) shares
at the beginning of a settlement period only to sell (or
buy) them before the end of the period hoping for a rise
in price. This activity was identical to modern day trading, but for the longer duration of the settlement period.
But today, to reduce market risk, the settlement period
is typically three working days. Reducing the settlement
period reduces the likelihood of default, but was impossible before the advent of electronic ownership transfer.

2.2

Electronic communication networks

The systems by which stocks are traded have also evolved,


the second half of the twentieth century having seen the
advent of electronic communication networks (ECNs).
These are essentially large proprietary computer networks on which brokers could list a certain amount of
securities to sell at a certain price (the asking price or
ask) or oer to buy a certain amount of securities at a
certain price (the bid).
ECNs and exchanges are usually known to traders by a
three- or four-letter designators, which identify the ECN
or exchange on Level II stock screens. The rst of these
was Instinet (or inet), which was founded in 1969 as
a way for major institutions to bypass the increasingly
cumbersome and expensive NYSE, also allowing them
to trade during hours when the exchanges were closed.
Early ECNs such as Instinet were very unfriendly to small
investors, because they tended to give large institutions
better prices than were available to the public. This resulted in a fragmented and sometimes illiquid market.

HISTORY

on which orders were transmitted electronically. Moving


from paper share certicates and written share registers to
dematerialized shares, computerized trading and registration required not only extensive changes to legislation
but also the development of the necessary technology:
online and real time systems rather than batch; electronic
communications rather than the postal service, telex or
the physical shipment of computer tapes, and the development of secure cryptographic algorithms.
These developments heralded the appearance of "market
makers": the NASDAQ equivalent of a NYSE specialist.
A market maker has an inventory of stocks to buy and
sell, and simultaneously oers to buy and sell the same
stock. Obviously, it will oer to sell stock at a higher
price than the price at which it oers to buy. This difference is known as the spread. The market maker is
indierent as to whether the stock goes up or down, it
simply tries to constantly buy for less than it sells. A persistent trend in one direction will result in a loss for the
market maker, but the strategy is overall positive (otherwise they would exit the business). Today there are about
500 rms who participate as market-makers on ECNs,
each generally making a market in four to forty dierent stocks. Without any legal obligations, market-makers
were free to oer smaller spreads on ECNs than on the
NASDAQ. A small investor might have to pay a $0.25
spread (e.g. he might have to pay $10.50 to buy a share
of stock but could only get $10.25 for selling it), while
an institution would only pay a $0.05 spread (buying at
$10.40 and selling at $10.35).

2.3 Technology bubble (19972000)


Following the 1987 stock market crash, the SEC adopted
Order Handling Rules which required market-makers
to publish their best bid and ask on the NASDAQ. Another reform made was the "Small Order Execution System", or SOES, which required market makers to buy
or sell, immediately, small orders (up to 1000 shares) at
the market-makers listed bid or ask. The design of the
system gave rise to arbitrage by a small group of traders
known as the SOES bandits, who made sizable prots
buying and selling small orders to market makers by anticipating price moves before they were reected in the
published inside bid/ask prices. The SOES system ultimately led to trading facilitated by software instead of
market makers via electronic communications networks
(ECNs).

In the late 1990s, existing ECNs began to oer their services to small investors. New brokerage rms which specialized in serving online traders who wanted to trade
on the ECNs emerged. New ECNs also arose, most
importantly Archipelago (arca) and Island (isld).
Archipelago eventually became a stock exchange and in
2005 was purchased by the NYSE. (At this time, the
The next important step in facilitating day trading was the NYSE has proposed merging Archipelago with itself, alfounding in 1971 of NASDAQa virtual stock exchange though some resistance has arisen from NYSE members.)

3
Commissions plummeted. To give an extreme example
(trading 1000 shares of Google), an online trader in 2005
might have bought $300,000 of stock at a commission
of about $10, compared to the $3,000 commission the
trader would have paid in 1974. Moreover, the trader
was able in 2005 to buy the stock almost instantly and got
it at a cheaper price.
ECNs are in constant ux. New ones are formed, while
existing ones are bought or merged. As of the end of
2006, the most important ECNs to the individual trader
were:
Instinet (which bought Island in 2002),
Archipelago (although technically it is now an exchange rather than an ECN),
the Brass Utility (brut), and

of the less-experienced traders went broke, although obviously it was possible to have made a fortune during that
time by shorting or playing on volatility.
In parallel to stock trading, starting at the end of the
1990s, a number of new Market Maker rms provide
foreign exchange and derivative day trading through new
electronic trading platforms. These allowed day traders to
have instant access to decentralised markets such as forex
and global markets through derivatives such as contracts
for dierence. Most of these rms were based in the UK
and later in less restrictive jurisdiction, this was in part
due to the regulations in the US prohibiting this type of
over-the-counter trading. These rms typically provide
trading on margin allowing day traders to take large position with relatively small capital, but with the associated
increase in risk. Retail forex trading became a popular
way to day trade due its liquidity and the 24-hour nature
of the market.

the SuperDot electronic system now used by the


NYSE.

3 Techniques
The following are several basic strategies by which day
traders attempt to make prots. Besides these, some
day traders also use contrarian (reverse) strategies (more
commonly seen in algorithmic trading) to trade specifically against irrational behavior from day traders using
these approaches. It is important for a trader to remain
exible and adjust their techniques to match changing
market conditions.[4]

The evolution of average NASDAQ share prices between 1994


and 2004

Some of these approaches require shorting stocks instead


of buying them: the trader borrows stock from his broker
and sells the borrowed stock, hoping that the price will fall
and he will be able to purchase the shares at a lower price.
There are several technical problems with short sales
the broker may not have shares to lend in a specic issue,
some short sales can only be made if the stock price or bid
has just risen (known as an uptick), and the broker can
call for the return of its shares at any time. Some of these
restrictions (in particular the uptick rule) don't apply to
trades of stocks that are actually shares of an exchangetraded fund (ETF).

This combination of factors has made day trading in


stocks and stock derivatives (such as ETFs) possible. The
low commission rates allow an individual or small rm to
make a large number of trades during a single day. The
liquidity and small spreads provided by ECNs allow an
individual to make near-instantaneous trades and to get
favorable pricing. High-volume issues such as Intel or
Microsoft generally have a spread of only $0.01, so the The Securities and Exchange Commission removed the
price only needs to move a few pennies for the trader to uptick requirement for short sales on July 6, 2007.[5]
cover his commission costs and show a prot.
The ability for individuals to day trade coincided with the
extreme bull market in technological issues from 1997 to
early 2000, known as the Dot-com bubble. From 1997 to
2000, the NASDAQ rose from 1200 to 5000. Many naive
investors with little market experience made huge prots
buying these stocks in the morning and selling them in
the afternoon, at 400% margin rates.
In March, 2000, this bubble burst, and a large number of
less-experienced day traders began to lose money as fast,
or faster, than they had made during the buying frenzy.
The NASDAQ crashed from 5000 back to 1200; many

3.1 Trend following


Main article: Trend following
Trend following, a strategy used in all trading timeframes, assumes that nancial instruments which have
been rising steadily will continue to rise, and vice versa
with falling. The trend follower buys an instrument which
has been rising, or short sells a falling one, in the expectation that the trend will continue.

3.2

Contrarian investing

Main article: Contrarian investing


Contrarian investing is a market timing strategy used in
all trading time-frames. It assumes that nancial instruments which have been rising steadily will reverse and
start to fall, and vice versa. The contrarian trader buys an
instrument which has been falling, or short-sells a rising
one, in the expectation that the trend will change.

3.3

Range trading

Main article: Swing trading


Range trading, or range-bound trading, is a trading style
in which stocks are watched that have either been rising
o a support price or falling o a resistance price. That
is, every time the stock hits a high, it falls back to the
low, and vice versa. Such a stock is said to be trading in
a range, which is the opposite of trending.[6] The range
trader therefore buys the stock at or near the low price,
and sells (and possibly short sells) at the high. A related
approach to range trading is looking for moves outside
of an established range, called a breakout (price moves
up) or a breakdown (price moves down), and assume that
once the range has been broken prices will continue in
that direction for some time.

TECHNIQUES

Rebate trading is an equity trading style that uses ECN


rebates as a primary source of prot and revenue. Most
ECNs charge commissions to customers who want to have
their orders lled immediately at the best prices available, but the ECNs pay commissions to buyers or sellers who add liquidity by placing limit orders that create market-making in a security. Rebate traders seek
to make money from these rebates and will usually maximize their returns by trading low priced, high volume
stocks. This enables them to trade more shares and contribute more liquidity with a set amount of capital, while
limiting the risk that they will not be able to exit a position in the stock. Rebate trading was pioneered at Datek
Online and Domestic Securities. Omar Amanat founded
Tradescape and the rebate trading group at Tradescape
helped to contribute to a $280 million buyout from online trading giant E*Trade.

3.6 News playing

The basic strategy of news playing is to buy a stock which


has just announced good news, or short sell on bad news.
Such events provide enormous volatility in a stock and
therefore the greatest chance for quick prots (or losses).
Determining whether news is good or bad must be
determined by the price action of the stock, because the
market reaction may not match the tone of the news itself. This is because rumors or estimates of the event
(like those issued by market and industry analysts) will
3.4 Scalping
already have been circulated before the ocial release,
causing prices to move in ancitipation. The price moveMain article: scalping (trading)
ment caused by the ocial news will therefore be determined by how good the news is relative to the markets
Scalping was originally referred to as spread trading. expectations, not how good it is in absolute terms.
Scalping is a trading style where small price gaps created
by the bid-ask spread are exploited by the speculator. It
normally involves establishing and liquidating a position
quickly, usually within minutes or even seconds.
Scalping highly liquid instruments for o-the-oor day
traders involves taking quick prots while minimizing
risk (loss exposure). It applies technical analysis concepts
such as over/under-bought, support and resistance zones
as well as trendline, trading channel to enter the market
at key points and take quick prots from small moves.
The basic idea of scalping is to exploit the ineciency of
the market when volatility increases and the trading range
expands. Scalpers also use the fade technique. When
stock values suddenly rise, they short sell securities that
seem overvalued.[7]

3.5

Rebate trading

Main article: Rebate trading (trading)

3.7 Price action


Keeping things simple can also be an eective methodology when it comes to trading. There are groups of traders
known as price action traders who are a form of technical
traders that rely on technical analysis but do not rely on
conventional indicators to point them in the direction of a
trade or not. These traders rely on a combination of price
movement, chart patterns, volume, and other raw market data to gauge whether or not they should take a trade.
This is seen as a simplistic and minimalist approach
to trading but is not by any means easier than any other
trading methodology. It requires a sound background in
understanding how markets work and the core principles
within a market, but the good thing about this type of
methodology is it will work in virtually any market that
exists (stocks, foreign exchange, futures, gold, oil, etc.).

4.4

3.8

Spread

Candlestick charts

broker may charge anywhere from $0.01 to $0.0002 per


share traded (from $10 down to $.20 per 1000 shares),
Candlestick charts are used by traders using technical or $0.25 per futures contract. A scalper can cover such
analysis to determine chart patterns. Once a pattern is costs with even a minimal gain.
recognized in the chart, traders use the information to As for the calculation method, some use pro-rata to caltake a position. Some traders consider this method to be culate commissions and charges, where each tier of vola part of price action trading.
umes charges dierent commissions. Other brokers use

3.9

Articial intelligence

a at rate, where all commissions and charges are based


on which volume threshold one reaches.

An estimated one third of stock trades in 2005 in United


States were generated by automatic algorithms, or high- 4.4 Spread
frequency trading. The increased use of algorithms and
quantitative techniques has led to more competition and Main article: Bid-ask spread
smaller prots.[8]

Cost

The numerical dierence between the bid and ask prices


is referred to as the bid-ask spread. Most worldwide markets operate on a bid-ask-based system.

The ask prices are immediate execution (market) prices


for quick buyers (ask takers) while bid prices are for
quick sellers (bid takers). If a trade is executed at quoted
Some day trading strategies (including scalping and prices, closing the trade immediately without queuing
arbitrage) require relatively sophisticated trading systems would always cause a loss because the bid price is always
and software. This software can cost $45,000 or more. less than the ask price at any point in time.
Since laymen have now entered the day trading space,
strategies can now be found for as little as $5,000. Many The bid-ask spread is two sides of the same coin. The
day traders use multiple monitors or even multiple com- spread can be viewed as trading bonuses or costs accordputers to execute their orders. Some use real time ltering ing to dierent parties and dierent strategies. On one
software which is programmed to send stock symbols to hand, traders who do NOT wish to queue their order, ina screen which meet specic criteria during the day, such stead paying the market price, pay the spreads (costs). On
as displaying stocks that are turning from positive to neg- the other hand, traders who wish to queue and wait for exative. Some traders use community based tools including ecution receive the spreads (bonuses). Some day trading
strategies attempt to capture the spread as additional, or
forums and chat rooms.
even the only, prots for successful trades.

4.1

Trading equipment

4.2

Brokerage

Day traders do not usually use market maker brokers


or discount brokers because they are slower to execute
trades, trade against order ow, and charge higher commissions than direct-access brokers, who allow the trader
to send their orders directly to the ECNs. Direct access trading oers substantial improvements in transaction speed and will usually result in better trade execution prices (reducing the costs of trading). Outside the
US, day traders will often use CFD or nancial spread
betting brokers for the same reasons.

4.3

Commission

Commissions for direct-access brokers are calculated


based on volume. The more shares traded, the cheaper
the commission. The average commission per trade is
roughly $5 per round trip (getting in and out of a position). While a retail broker might charge $7 or more per
trade regardless of the trade size, a typical direct-access

4.5 Market data


Market data is necessary for day traders, rather than using the delayed (by anything from 10 to 60 minutes, per
exchange rules[9] ) market data that is available for free.
A real-time data feed requires paying fees to the respective stock exchanges, usually combined with the brokers
charges; these fees are usually very low compared to the
other costs of trading. The fees may be waived for promotional purposes or for customers meeting a minimum
monthly volume of trades. Even a moderately active day
trader can expect to meet these requirements, making the
basic data feed essentially free.
In addition to the raw market data, some traders purchase
more advanced data feeds that include historical data and
features such as scanning large numbers of stocks in the
live market for unusual activity. Complicated analysis
and charting software are other popular additions. These
types of systems can cost from tens to hundreds of dollars
per month to access.

Regulations and restrictions

Day trading is considered a risky trading style, and regulations require brokerage rms to ask whether the clients
understand the risks of day trading and whether they have
prior trading experience before entering the market.

EXTERNAL LINKS

6 See also
Direct access trading
Extended hours trading
Financial instruments
Fundamental analysis

5.1

Pattern day trader

Futures market
Scalping

Main article: Pattern day trader


In addition, in the US the Financial Industry Regulatory
Authority and SEC further restrict the entry by means of
pattern day trader amendments. Pattern day trader is
a term dened by the SEC to describe any trader who
buys and sells a particular security in the same trading
day (day trades), and does this four or more times in any
ve consecutive business day period. A pattern day trader
is subject to special rules, the main rule being that in order to engage in pattern day trading in a margin account,
the trader must maintain an equity balance of at least
$25,000. It is important to note that this requirement is
only for day traders using a margin account.[10]

5.2

Daily Action in Forex

Main article: Foreign Exchange Market


If you plan to make a prot you have to determine to
choose or create a best intra-day trading strategy. Many
investors would prefer high liquidity of the Forex Market
and leverage trading property from taking advantage of
the daily high protable transactions;

Stock market
Technical Analysis
Trader
Trend following
Day trading software
Price discovery

7 Notes and references


[1] Sale, Robert (2001). Trading Strategies for Direct Access
Trading: Making the Most Out of Your Capital
[2] U.S. government warning about the dangers of day trading.
[3] Gomez, Steve; Lindlo, Andy (2011). Change is the only
Constant. IN: Lindzon, Howard; Pearlman, Philip; Ivanho, Ivaylo. The StockTwits Edge: 40 Actionable Trade
Set-Ups from Real Market Pros. Wiley Trading. ISBN
978-1118029053.
[4] Gomez, Steve (October 2009). Adapting To Change.
SFO Magazine (republished on Trader Planet, 2013). Retrieved 2013-10-17.
[5] Investopedia. Uptick Rule.

Intraday candlestick chart by looking at price movements can analyse a raw way.
Trend lines and triangular formations using the instant you can obtain information about the price
movements.
Particularly at what point and at what point are you
going to determine the volume of transactions in ascending or descending order to observe. The candlestick chart formations when used in an appropriate
manner will show you the most reliable entry point.
Scalping is one of the most popular strategy. This
strategy is also a process to become protable is replaced immediately with the direction of the position.
[11]

[6] http://www.forextradingonline.com/
forex-trading-course/range-trading.html
[7] Type of Day Trader. DayTradeTheWorld. Retrieved
11 August 2014.
[8] Charles Duhigg. Articial intelligence applied heavily to
picking stocks - Business - International Herald Tribune.
November 23, 2006.
[9] Exchange Requirements for Delayed Market Data
[10] Website that explains NASD Rule 2520 the Pattern Day
Trader Rule
[11] Daily Action in Forex

8 External links
U.S. Securities and Exchange Commission on day
trading

Text and image sources, contributors, and licenses

9.1

Text

Day trading Source: https://en.wikipedia.org/wiki/Day_trading?oldid=674101064 Contributors: Tarquin, Edward, Michael Hardy, Kwertii, Tregoweth, CatherineMunro, Mydogategodshat, Dysprosia, Taxman, Pakaran, Jni, Bkell, Anthony, Psb777, Matt Gies, DocWatson42, Golbez, Hereticam, Andreas Stockter~enwiki, Tony C, Trid, SURIV, Danny Rathjens, Antandrus, Karol Langner, Heman,
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Truthcommission, Latka, Ewlyahoocom, Wongm, RobSiddall, Chobot, YurikBot, Wavelength, Mikalra, RussBot, Jehoy, Scott5834,
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Materialscientist, John McLaughlin, SC, Vinu02, GrouchoBot, Albrooks223, AlGreen00, Hersfold tool account, FrescoBot, Altratronic,
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Cruzer26 and Anonymous: 327

9.2

Images

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