Day trading

This article is about the practice. For the occupation, seeDay trader.

Day trading is speculation in securities, specifically buy-ing and selling financial instruments within the sametrading day. Strictly, day trading is trading only withina day, such that all positions are closed before the marketcloses for the trading day. Many traders may not be sostrict or may have day trading as one component of anoverall strategy. Traders who participate in day tradingare called day traders. Traders who trade in this capacitywith the motive of profit are therefore speculators.Some of the more commonly day-traded financial in-struments are stocks, options, currencies, and a host offutures contracts such as equity index futures, interest ratefutures, and commodity futures.Day trading was once an activity that was exclusive tofinancial firms and professional speculators. Many daytraders are bank or investment firm employees work-ing as specialists in equity investment and fund manage-ment. However, with the advent of electronic trading andmargin trading, day trading has become increasingly pop-ular among at-home traders.

1 Characteristics

Some day traders focus only on price momentum, otherson technical patterns. Some traders choose to focus on alimited number of strategies they feel can be profitable.Some day traders use an intra-day technique known asscalping that usually has the trader holding a position fora few minutes or even seconds.Most day traders exit positions before the market closesto avoid unmanageable risks—negative price gaps (dif-ferences between the previous day’s close and the nextday’s open bull price) at the open—overnight price move-ments against the position held. Other traders believe theyshould let the profits run, so it is acceptable to stay witha position after the market closes.[1]

Day traders sometimes borrow money to trade. This iscalled margin trading. Since margin interests are typi-cally only charged on overnight balances, the trader paysno fees for the margin benefit, though still running therisk of a margin call. The margin interest rate is usuallybased on the broker’s call.

1.1 Profit and risks

Because of the nature of financial leverage and the rapidreturns that are possible, day trading results can rangefrom extremely profitable to extremely unprofitable, andhigh-risk profile traders can generate either huge percent-age returns or huge percentage losses. Because of thehigh profits (and losses) that day trading makes possi-ble, these traders are sometimes portrayed as "bandits"or "gamblers" by other investors.Nevertheless, day trading can be risky, especially if anyof the following is present while trading:

• trading a loser’s game/system rather than a gamethat’s at least winnable,

• trading with poor discipline (ignoring your own daytrading strategy, tactics, rules),

• inadequate risk capital with the accompanying ex-cess stress of having to “survive”,

• incompetent money management (i.e. executingtrades poorly).[2][3]

The common use of buying on margin (using borrowedfunds) amplifies gains and losses, such that substantiallosses or gains can occur in a very short period of time.In addition, brokers usually allow bigger margins for daytraders. In the USA for example, while the overnightmargins required to hold a stock position are normally50% of the stock’s value, many brokers allow pattern daytrader accounts to use levels as low as 25% for intradaypurchases. This means a day trader with the legal mini-mum $25,000 in his or her account can buy $100,000 (4xleverage) worth of stock during the day, as long as half ofthose positions are exited before the market close. Be-cause of the high risk of margin use, and of other daytrading practices, a day trader will often have to exit alosing position very quickly, in order to prevent a greater,unacceptable loss, or even a disastrous loss, much largerthan his or her original investment, or even larger than hisor her total assets.

2 History

Originally, the most important U.S. stocks were traded onthe New York Stock Exchange. A trader would contact astockbroker, who would relay the order to a specialist on

1

2 2 HISTORY

the floor of the NYSE. These specialists would eachmakemarkets in only a handful of stocks. The specialist wouldmatch the purchaser with another broker’s seller; writeup physical tickets that, once processed, would effectivelytransfer the stock; and relay the information back to bothbrokers. Brokerage commissions were fixed at 1% of theamount of the trade, i.e. to purchase $10,000 worth ofstock cost the buyer $100 in commissions and same 1%to sell. (Meaning that to profit trades had to make over1% to make any real gain.)One of the first steps to make day trading of shares po-tentially profitable was the change in the commissionscheme. In 1975, the United States Securities and Ex-change Commission (SEC) made fixed commission ratesillegal, giving rise to discount brokers offering much re-duced commission rates.

2.1 Financial settlement

Financial settlement periods used to be much longer: Be-fore the early 1990s at the London Stock Exchange, forexample, stock could be paid for up to 10 working daysafter it was bought, allowing traders to buy (or sell) sharesat the beginning of a settlement period only to sell (orbuy) them before the end of the period hoping for a risein price. This activity was identical to modern day trad-ing, but for the longer duration of the settlement period.But today, to reduce market risk, the settlement periodis typically three working days. Reducing the settlementperiod reduces the likelihood of default, but was impos-sible 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 theadvent of electronic communication networks (ECNs).These are essentially large proprietary computer net-works on which brokers could list a certain amount ofsecurities to sell at a certain price (the asking price or“ask”) or offer to buy a certain amount of securities at acertain price (the “bid”).ECNs and exchanges are usually known to traders by athree- or four-letter designators, which identify the ECNor exchange on Level II stock screens. The first of thesewas Instinet (or “inet”), which was founded in 1969 asa way for major institutions to bypass the increasinglycumbersome and expensive NYSE, also allowing themto trade during hours when the exchanges were closed.Early ECNs such as Instinet were very unfriendly to smallinvestors, because they tended to give large institutionsbetter prices than were available to the public. This re-sulted in a fragmented and sometimes illiquid market.The next important step in facilitating day trading was thefounding in 1971 of NASDAQ—a virtual stock exchange

on which orders were transmitted electronically. Movingfrom paper share certificates and written share registers to“dematerialized” shares, computerized trading and regis-tration required not only extensive changes to legislationbut also the development of the necessary technology:online and real time systems rather than batch; electroniccommunications rather than the postal service, telex orthe physical shipment of computer tapes, and the devel-opment of secure cryptographic algorithms.These developments heralded the appearance of "marketmakers": the NASDAQ equivalent of a NYSE specialist.A market maker has an inventory of stocks to buy andsell, and simultaneously offers to buy and sell the samestock. Obviously, it will offer to sell stock at a higherprice than the price at which it offers to buy. This dif-ference is known as the “spread”. The market maker isindifferent as to whether the stock goes up or down, itsimply tries to constantly buy for less than it sells. A per-sistent trend in one direction will result in a loss for themarket maker, but the strategy is overall positive (other-wise they would exit the business). Today there are about500 firms who participate as market-makers on ECNs,each generally making a market in four to forty differ-ent stocks. Without any legal obligations, market-makerswere free to offer smaller spreads on ECNs than on theNASDAQ. A small investor might have to pay a $0.25spread (e.g. he might have to pay $10.50 to buy a shareof stock but could only get $10.25 for selling it), whilean institution would only pay a $0.05 spread (buying at$10.40 and selling at $10.35).

2.3 Technology bubble (1997–2000)

Following the 1987 stock market crash, the SEC adopted“Order Handling Rules” which required market-makersto publish their best bid and ask on the NASDAQ. An-other reform made was the "Small Order Execution Sys-tem", or “SOES”, which required market makers to buyor sell, immediately, small orders (up to 1000 shares) atthe market-makers listed bid or ask. The design of thesystem gave rise to arbitrage by a small group of tradersknown as the “SOES bandits”, who made sizable profitsbuying and selling small orders to market makers by an-ticipating price moves before they were reflected in thepublished inside bid/ask prices. The SOES system ulti-mately led to trading facilitated by software instead ofmarket makers via electronic communications networks(“ECNs”).In the late 1990s, existing ECNs began to offer their ser-vices to small investors. New brokerage firms which spe-cialized in serving online traders who wanted to tradeon the ECNs emerged. New ECNs also arose, mostimportantly Archipelago (“arca”) and Island (“isld”).Archipelago eventually became a stock exchange and in2005 was purchased by the NYSE. (At this time, theNYSE has proposed merging Archipelago with itself, al-though some resistance has arisen fromNYSEmembers.)

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Commissions plummeted. To give an extreme example(trading 1000 shares of Google), an online trader in 2005might have bought $300,000 of stock at a commissionof about $10, compared to the $3,000 commission thetrader would have paid in 1974. Moreover, the traderwas able in 2005 to buy the stock almost instantly and gotit at a cheaper price.ECNs are in constant flux. New ones are formed, whileexisting ones are bought or merged. As of the end of2006, the most important ECNs to the individual traderwere:

• Instinet (which bought Island in 2002),

• Archipelago (although technically it is now an ex-change rather than an ECN),

• the Brass Utility (“brut”), and

• the SuperDot electronic system now used by theNYSE.

The evolution of average NASDAQ share prices between 1994and 2004

This combination of factors has made day trading instocks and stock derivatives (such as ETFs) possible. Thelow commission rates allow an individual or small firm tomake a large number of trades during a single day. Theliquidity and small spreads provided by ECNs allow anindividual to make near-instantaneous trades and to getfavorable pricing. High-volume issues such as Intel orMicrosoft generally have a spread of only $0.01, so theprice only needs to move a few pennies for the trader tocover his commission costs and show a profit.The ability for individuals to day trade coincided with theextreme bull market in technological issues from 1997 toearly 2000, known as the Dot-com bubble. From 1997 to2000, theNASDAQ rose from 1200 to 5000. Many naiveinvestors with little market experience made huge profitsbuying these stocks in the morning and selling them inthe afternoon, at 400% margin rates.In March, 2000, this bubble burst, and a large number ofless-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

of the less-experienced traders went broke, although ob-viously it was possible to have made a fortune during thattime by shorting or playing on volatility.In parallel to stock trading, starting at the end of the1990s, a number of new Market Maker firms provideforeign exchange and derivative day trading through newelectronic trading platforms. These allowed day traders tohave instant access to decentralised markets such as forexand global markets through derivatives such as contractsfor difference. Most of these firms were based in the UKand later in less restrictive jurisdiction, this was in partdue to the regulations in the US prohibiting this type ofover-the-counter trading. These firms typically providetrading on margin allowing day traders to take large posi-tion with relatively small capital, but with the associatedincrease in risk. Retail forex trading became a popularway to day trade due its liquidity and the 24-hour natureof the market.

3 Techniques

The following are several basic strategies by which daytraders attempt to make profits. Besides these, someday traders also use contrarian (reverse) strategies (morecommonly seen in algorithmic trading) to trade specif-ically against irrational behavior from day traders usingthese approaches. It is important for a trader to remainflexible and adjust their techniques to match changingmarket conditions.[4]

Some of these approaches require shorting stocks insteadof buying them: the trader borrows stock from his brokerand sells the borrowed stock, hoping that the price will falland 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 specific issue,some short sales can only be made if the stock price or bidhas just risen (known as an “uptick”), and the broker cancall for the return of its shares at any time. Some of theserestrictions (in particular the uptick rule) don't apply totrades of stocks that are actually shares of an exchange-traded fund (ETF).The Securities and Exchange Commission removed theuptick requirement for short sales on July 6, 2007.[5]

3.1 Trend following

Main article: Trend following

Trend following, a strategy used in all trading time-frames, assumes that financial instruments which havebeen rising steadily will continue to rise, and vice versawith falling. The trend follower buys an instrument whichhas been rising, or short sells a falling one, in the expec-tation that the trend will continue.

4 3 TECHNIQUES

3.2 Contrarian investing

Main article: Contrarian investing

Contrarian investing is a market timing strategy used inall trading time-frames. It assumes that financial instru-ments which have been rising steadily will reverse andstart to fall, and vice versa. The contrarian trader buys aninstrument which has been falling, or short-sells a risingone, 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 stylein which stocks are watched that have either been risingoff a support price or falling off a resistance price. Thatis, every time the stock hits a high, it falls back to thelow, and vice versa. Such a stock is said to be “trading ina range”, which is the opposite of trending.[6] The rangetrader therefore buys the stock at or near the low price,and sells (and possibly short sells) at the high. A relatedapproach to range trading is looking for moves outsideof an established range, called a breakout (price movesup) or a breakdown (price moves down), and assume thatonce the range has been broken prices will continue inthat direction for some time.

3.4 Scalping

Main article: scalping (trading)

Scalping was originally referred to as spread trading.Scalping is a trading style where small price gaps createdby the bid-ask spread are exploited by the speculator. Itnormally involves establishing and liquidating a positionquickly, usually within minutes or even seconds.Scalping highly liquid instruments for off-the-floor daytraders involves taking quick profits while minimizingrisk (loss exposure). It applies technical analysis conceptssuch as over/under-bought, support and resistance zonesas well as trendline, trading channel to enter the marketat key points and take quick profits from small moves.The basic idea of scalping is to exploit the inefficiency ofthe market when volatility increases and the trading rangeexpands. Scalpers also use the “fade” technique. Whenstock values suddenly rise, they short sell securities thatseem overvalued.[7]

3.5 Rebate trading

Main article: Rebate trading (trading)

Rebate trading is an equity trading style that uses ECNrebates as a primary source of profit and revenue. MostECNs charge commissions to customers whowant to havetheir orders filled immediately at the best prices avail-able, but the ECNs pay commissions to buyers or sell-ers who “add liquidity” by placing limit orders that cre-ate “market-making” in a security. Rebate traders seekto make money from these rebates and will usually max-imize their returns by trading low priced, high volumestocks. This enables them to trade more shares and con-tribute more liquidity with a set amount of capital, whilelimiting the risk that they will not be able to exit a posi-tion in the stock. Rebate trading was pioneered at DatekOnline and Domestic Securities. Omar Amanat foundedTradescape and the rebate trading group at Tradescapehelped to contribute to a $280 million buyout from on-line trading giant E*Trade.

3.6 News playing

The basic strategy of news playing is to buy a stock whichhas just announced good news, or short sell on bad news.Such events provide enormous volatility in a stock andtherefore the greatest chance for quick profits (or losses).Determining whether news is “good” or “bad” must bedetermined by the price action of the stock, because themarket reaction may not match the tone of the news it-self. This is because rumors or estimates of the event(like those issued by market and industry analysts) willalready have been circulated before the official release,causing prices to move in ancitipation. The price move-ment caused by the official news will therefore be deter-mined by how good the news is relative to the market’sexpectations, not how good it is in absolute terms.

3.7 Price action

Keeping things simple can also be an effective methodol-ogy when it comes to trading. There are groups of tradersknown as price action traders who are a form of technicaltraders that rely on technical analysis but do not rely onconventional indicators to point them in the direction of atrade or not. These traders rely on a combination of pricemovement, chart patterns, volume, and other raw mar-ket data to gauge whether or not they should take a trade.This is seen as a “simplistic” and “minimalist” approachto trading but is not by any means easier than any othertrading methodology. It requires a sound background inunderstanding how markets work and the core principleswithin a market, but the good thing about this type ofmethodology is it will work in virtually any market thatexists (stocks, foreign exchange, futures, gold, oil, etc.).

4.4 Spread 5

3.8 Candlestick charts

Candlestick charts are used by traders using technicalanalysis to determine chart patterns. Once a pattern isrecognized in the chart, traders use the information totake a position. Some traders consider this method to bea part of price action trading.

3.9 Artificial intelligence

An estimated one third of stock trades in 2005 in UnitedStates were generated by automatic algorithms, or high-frequency trading. The increased use of algorithms andquantitative techniques has led to more competition andsmaller profits.[8]

4 Cost

4.1 Trading equipment

Some day trading strategies (including scalping andarbitrage) require relatively sophisticated trading systemsand software. This software can cost $45,000 or more.Since laymen have now entered the day trading space,strategies can now be found for as little as $5,000. Manyday traders use multiple monitors or even multiple com-puters to execute their orders. Some use real time filteringsoftware which is programmed to send stock symbols toa screen which meet specific criteria during the day, suchas displaying stocks that are turning from positive to neg-ative. Some traders use community based tools includingforums and chat rooms.

4.2 Brokerage

Day traders do not usually use market maker brokersor discount brokers because they are slower to executetrades, trade against order flow, and charge higher com-missions than direct-access brokers, who allow the traderto send their orders directly to the ECNs. Direct ac-cess trading offers substantial improvements in transac-tion speed and will usually result in better trade execu-tion prices (reducing the costs of trading). Outside theUS, day traders will often use CFD or financial spreadbetting brokers for the same reasons.

4.3 Commission

Commissions for direct-access brokers are calculatedbased on volume. The more shares traded, the cheaperthe commission. The average commission per trade isroughly $5 per round trip (getting in and out of a posi-tion). While a retail broker might charge $7 or more pertrade regardless of the trade size, a typical direct-access

broker may charge anywhere from $0.01 to $0.0002 pershare traded (from $10 down to $.20 per 1000 shares),or $0.25 per futures contract. A scalper can cover suchcosts with even a minimal gain.As for the calculation method, some use pro-rata to cal-culate commissions and charges, where each tier of vol-umes charges different commissions. Other brokers usea flat rate, where all commissions and charges are basedon which volume threshold one reaches.

4.4 Spread

Main article: Bid-ask spread

The numerical difference between the bid and ask pricesis referred to as the bid-ask spread. Most worldwide mar-kets operate on a bid-ask-based system.The ask prices are immediate execution (market) pricesfor quick buyers (ask takers) while bid prices are forquick sellers (bid takers). If a trade is executed at quotedprices, closing the trade immediately without queuingwould always cause a loss because the bid price is alwaysless than the ask price at any point in time.The bid-ask spread is two sides of the same coin. Thespread can be viewed as trading bonuses or costs accord-ing to different parties and different strategies. On onehand, traders who do NOT wish to queue their order, in-stead paying the market price, pay the spreads (costs). Onthe other hand, traders who wish to queue and wait for ex-ecution receive the spreads (bonuses). Some day tradingstrategies attempt to capture the spread as additional, oreven the only, profits for successful trades.

4.5 Market data

Market data is necessary for day traders, rather than us-ing the delayed (by anything from 10 to 60 minutes, perexchange rules[9]) market data that is available for free.A real-time data feed requires paying fees to the respec-tive stock exchanges, usually combined with the broker’scharges; these fees are usually very low compared to theother costs of trading. The fees may be waived for pro-motional purposes or for customers meeting a minimummonthly volume of trades. Even a moderately active daytrader can expect to meet these requirements, making thebasic data feed essentially “free”.In addition to the raw market data, some traders purchasemore advanced data feeds that include historical data andfeatures such as scanning large numbers of stocks in thelive market for unusual activity. Complicated analysisand charting software are other popular additions. Thesetypes of systems can cost from tens to hundreds of dollarsper month to access.

6 8 EXTERNAL LINKS

5 Regulations and restrictions

Day trading is considered a risky trading style, and regu-lations require brokerage firms to ask whether the clientsunderstand the risks of day trading and whether they haveprior trading experience before entering the market.

5.1 Pattern day trader

Main article: Pattern day trader

In addition, in the US the Financial Industry RegulatoryAuthority and SEC further restrict the entry by means of“pattern day trader” amendments. Pattern day trader isa term defined by the SEC to describe any trader whobuys and sells a particular security in the same tradingday (day trades), and does this four or more times in anyfive consecutive business day period. A pattern day traderis subject to special rules, the main rule being that in or-der 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 isonly 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 profit you have to determine tochoose or create a best intra-day trading strategy. Manyinvestors would prefer high liquidity of the Forex Marketand leverage – trading property from taking advantage ofthe daily high profitable transactions;

• Intraday candlestick chart by looking at price move-ments can analyse a raw way.

• Trend lines and triangular formations using the in-stant you can obtain information about the pricemovements.

• Particularly at what point and at what point are yougoing to determine the volume of transactions in as-cending or descending order to observe. The candle-stick chart formations when used in an appropriatemanner will show you the most reliable entry point.

• Scalping is one of the most popular strategy. Thisstrategy is also a process to become profitable is re-placed immediately with the direction of the posi-tion.

[11]

6 See also• Direct access trading• Extended hours trading• Financial instruments• Fundamental analysis• Futures market• Scalping• 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 trad-ing”.

[3] Gomez, Steve; Lindloff, Andy (2011). Change is the onlyConstant. IN: Lindzon, Howard; Pearlman, Philip; Ivan-hoff, Ivaylo. The StockTwits Edge: 40 Actionable TradeSet-Ups from Real Market Pros. Wiley Trading. ISBN978-1118029053.

[4] Gomez, Steve (October 2009). “Adapting To Change”.SFO Magazine (republished on Trader Planet, 2013). Re-trieved 2013-10-17.

[5] Investopedia. “Uptick Rule”.

[6] http://www.forextradingonline.com/forex-trading-course/range-trading.html

[7] “Type of Day Trader”. DayTradeTheWorld. Retrieved11 August 2014.

[8] Charles Duhigg. Artificial intelligence applied heavily topicking stocks - Business - International Herald Tribune.November 23, 2006.

[9] “Exchange Requirements for Delayed Market Data”

[10] Website that explains NASD Rule 2520 the Pattern DayTrader Rule

[11] Daily Action in Forex

8 External links• U.S. Securities and Exchange Commission on daytrading

7

9 Text and image sources, contributors, and licenses

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