Are you stuck at home, bored of all the netflix shows, and you cannot workout because you
don’t have weights at home, and ? Well this is the perfect time to learn to trade.
Here are the 4 steps to get started with day trading for beginners.
So I think with all the social distancing and cities in lockdown around the world, many
people are stuck at home. and eventually you run out of things to do and lambos to watch.
in my of my recent videos and DMs on Twitter and instagram, i’ve received tons of questions
asking me how a person brand new to the market should start learning day trading.
So this video is ma de for beginner traders looking to get started. And my recommendations
of how I would personally start again if i can go back in time six years ago. Again,
these are my personal opinions only not financial advice.
The only sound advice I can give you, is to make sure to click that like button in order
to gain immunity from any viruses. That may or may not have been approved by WHO, but
we’ll go with it.
So the first thing to do, is to get a paper trading account. Paper trading means you are
trading fake simulated money in your brokerage account. Like these fake money right here.
I don’t really know what these pink words are printed on there. Probably means something
like “completely legitimate american dollar bills”
And the reason I recommend paper trading first, is obviously if you are brand new to the market,
you don’t know what candle sticks are, technical analysis, reading SEC filings, identifying
float, analyzing news etc etc.
and why would you risk your real hard earned money and dive right into trading with the
money, when you have no idea what you’re doing.
Take a step back and start practicing by paper trading. Some of my recommended brokerage
accounts for paper trading are, first of all, thinkorswim, completely free to sign up for
americans, and for canadians you need a $5k usd maintenance in the account in order to
paper trade with live market data.
Thinkorswim also includes an On demand feature. That allows you to go back in time and backtest
historical price action on almost any stock. So thats an extremely valuable feature for
day trading beginners.
Another good one for paper trading is interactive brokers available for both US and Canadians.
With IB you need to purchase their data subscriptions in order to receive live market data. I believe
the packages are about 20 a month US, which is not bad at all.
A third broker for paper trading to get started with is Webull, a free commission broker platform.
While i do not recommend $0 dollar commision brokers like webull, robinhood and a few other
apps for live day trading. I think for paper trading it’s totally fine. Especially if
you’re brand new and just getting warmed up with learning the ins and outs of day trading.
So what i like about webull, is that it has a very intuitive mobile app interface, and
a desktop PC and MAC version. So you can paper trade to LIVE market data for free on all
those devices. It’s very versatile.
You can trade extended hours premarket or afterhours on Webull, trade options, and even
short stocks. If you sign up for webull using the link in the description. You will receive
2 free stocks. One worth up to $250 upon open, and a second one worth $12-$1400 after you
So thats free money right there for you to get started with paper trading. I alsp have
a video tutorial on using Webull mobile app and desktop PC if you wanna check that out.
Webull paper trading with free live market data is available for both Canadians and US.
But only US citizens can open a live funded account. Sorry about that my fellow canadians.
Now that you have your paper trading account set up, it’s time to start learning. This
is the part where a lot of people will tell you to buy some $5K dvd’s and $200 a month
alerts plan. We’ll talk more about that later. But here’s an unpopular opinion,
and again, just my personal opinion only not advice.
I would start utilizing free resources online first to start learning. Theres literally
so much resources out there on YouTube. I literally have been making short and simplified
videos for over a year now talking about day trading, trading strategies, key things to
look for, how penny stock pumps work, and i have videos each weekend reviewing my trades
for the week.
And the whole point of taking your time paper trading, and using free resources first is
to prepare yourself mentally and financially for the years of journey that is to come soon.
If you really decide to take on this path and start trading seriously.
remember, if you’re brand new to the market, you have no idea all the work, time and effort
thats required of you in order to make it in day trading.
Most people out there buy into the kool aid that trading is easy, you just spend $200
on alerts for one month and you’ll make thousands of dollars of easy, working 1 hour
a day and from anywhere in the world.
Let me reassure you, after trading for 6 years now, the reality is far from that. Trading
is NOT easy, controlling risk, maintaining discipline and focus is a constant battle
on a daily basis. Like i mentioned in this video, even if you are trading part time while
working a full time job, you are essentially running a part time business that requires
full time effort.
Basically what im trying to say is, by being resourceful and watching all these free videos
on trading out there first, you’re essentially giving yourself a free backdoor ticket out
If after watching some of my videos on Youtuve you realize, holy shit, i have to prepare
hours of work before the market even opens? This hard work isnt for me. Thats totally
cool. By this point you’ve only done step 1, paper trading with simulated money and
You havent spend thousands into trading DVDs and programs when you had no idea what
kind of path you’re taking. So essentially, it’s a risk free experience.
Again, nothing wrong with these paid courses and educational DVD’s that actually provides
value, and not just selling the dream. but I’d just recommend complete beginners to
dabble with free resources first before making such costly investments.
Step no 3. After you’ve started paper trading and learning some set ups and strategies with
free resources, the next step is to smash that like button to make it rain lamborghinis.
Actually, I heard toilet paper is now worht more than lambos now. So give me one second
So if you have a lamborghini you want to trade in for this perfectly unopened bag of toilet
papers. Call me
Ok step no 3. It’s time to journal your trades. That means spending 5 to 10 min each
day writing down your entrries, exits, and the set ups from your day trades.
Its only by tracking your trades, that you can start seeing what you are good at as a
trader. Do you have higher probability of success rate by going long or short. Are you
better trading large caps or small cap penny stocks.
How well are you managing risk for each set up? Do you trade using technical indicators
for entries, or are you better at trend following and only buying after a reversal trend has
These are all the important questions you’d need to find out for yourself from your . Remember,
you can see what other people are doing on social media, using vwap ichimoku clouds,
or shorting parabolics blah blah blah etc. But what works for others, are most likely
not going to work for you.
And thats what journaling your trades will do for you, once you figure out a few consistent
qualities that you are good at, maybe it’s dip buying the morning panic, or swinging
overnight. Once you have one or two, then just focus on those setups, and block out
You can get a free trading journal to get started if you sign up to my email list below.
You’ll also receive free weekly watchlist from me sent out every sunday. So thats step
2 and 3 right there. The link to sign up is in the description below.
Now after you’ve spent a few weeks or couple of months doing step 1 to 3, you’ve been
paper trading, learning from free resources, and tracking your trades.
By this point, you should know whether this day trading business is something you really
want to take it even further and start expanding, or for most people 90%, this is the point
where they realize, this is not for them, its too much time and effort, and they give
up. And thats totally fine, like we talked about earlier, it’s risk free.
But for the rest of the 10% of beginner traders who want to start taking trading more seriously,
nows the time to start looking for a premium community of like minded traders to learn
and trade with. No i’m not talking about joining places where they alert you to buy and sell.
That defeats the whole purpose of learning to trade for yourself.
I know it may sound contradicting that I talked about utilizing free resources, and now minutes
later im talking baout joining premium services to learn. But please hear me out.
Utilizing these short and sweet videos on Youtube is a great way to get started and
get your feet in the door. But without live guidance during market hours when you are
trading, you can only go so far by yourself.
In a community with other like minded traders is where you start learning about trading
beyond just the the patterns that so many try to memorize. Personally, its only once
i’ve invested my “market tuition” and found a good group of solid traders that I
started to learn about all the important nuances in trading.
That otherwise would have taken me years to learn going about the DIY style with just
free resources online. And i have absolutely no regret for all the tuition i’ve spent
in the beginning stages, because that sped up my learning curve.
It’s through premium education services that I learned about the nuances in news headline
analysis, how the macro economics start to impact stock movements in the short term.
And all the other nitty gritty detail such as price action, money flow rotation between
strength in large caps and how that affects the small caps.
Yes, I understand why online trading education gets a bad rep. Its always the endless lamborghini
ads and selling the dreams that people think about, because those are the people with millions
of marketing budgets for those ads.
I’ve gotten tons of emails and messages from traders who have bought into the dream
for those lamborghini marketing. And thats extremely unfortunate. I totally fell for
that years ago too. But now, i’ve learned from that experience and know what NOT to
All i can say is, if it sounds too good to be true, it probably is. Do not fall for these
lifestyle marketing and any promotions that tell you making it in trading is fast and
The reality is, trading is not easy, but if you are willing to spend the time to learn,
put into the hard work and effort, it can be done, slowly but surely.
DISCLAIMER: I am not a financial adviser nor a CPA. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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