How to Start Day Trading As a COMPLETE Beginner (Day Trading for Beginners 2020)

How to Start Day Trading As a COMPLETE Beginner (Day Trading for Beginners 2020)

Subtitles:

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Are you stuck at home, bored of all the netflix shows, and you cannot workout because you
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don’t have weights at home, and ? Well this is the perfect time to learn to trade.
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Here are the 4 steps to get started with day trading for beginners.
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So I think with all the social distancing and cities in lockdown around the world, many
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people are stuck at home. and eventually you run out of things to do and lambos to watch.
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in my of my recent videos and DMs on Twitter and instagram, i’ve received tons of questions
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asking me how a person brand new to the market should start learning day trading.
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So this video is ma de for beginner traders looking to get started. And my recommendations
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of how I would personally start again if i can go back in time six years ago. Again,
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these are my personal opinions only not financial advice.
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The only sound advice I can give you, is to make sure to click that like button in order
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to gain immunity from any viruses. That may or may not have been approved by WHO, but
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we’ll go with it.
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So the first thing to do, is to get a paper trading account. Paper trading means you are
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trading fake simulated money in your brokerage account. Like these fake money right here.
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I don’t really know what these pink words are printed on there. Probably means something
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like “completely legitimate american dollar bills”
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And the reason I recommend paper trading first, is obviously if you are brand new to the market,
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you don’t know what candle sticks are, technical analysis, reading SEC filings, identifying
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float, analyzing news etc etc.
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and why would you risk your real hard earned money and dive right into trading with the
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money, when you have no idea what you’re doing.
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Take a step back and start practicing by paper trading. Some of my recommended brokerage
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accounts for paper trading are, first of all, thinkorswim, completely free to sign up for
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americans, and for canadians you need a $5k usd maintenance in the account in order to
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paper trade with live market data.
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Thinkorswim also includes an On demand feature. That allows you to go back in time and backtest
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historical price action on almost any stock. So thats an extremely valuable feature for
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day trading beginners.
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Another good one for paper trading is interactive brokers available for both US and Canadians.
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With IB you need to purchase their data subscriptions in order to receive live market data. I believe
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the packages are about 20 a month US, which is not bad at all.
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A third broker for paper trading to get started with is Webull, a free commission broker platform.
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While i do not recommend $0 dollar commision brokers like webull, robinhood and a few other
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apps for live day trading. I think for paper trading it’s totally fine. Especially if
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you’re brand new and just getting warmed up with learning the ins and outs of day trading.
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So what i like about webull, is that it has a very intuitive mobile app interface, and
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a desktop PC and MAC version. So you can paper trade to LIVE market data for free on all
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those devices. It’s very versatile.
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You can trade extended hours premarket or afterhours on Webull, trade options, and even
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short stocks. If you sign up for webull using the link in the description. You will receive
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2 free stocks. One worth up to $250 upon open, and a second one worth $12-$1400 after you
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deposit.
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So thats free money right there for you to get started with paper trading. I alsp have
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a video tutorial on using Webull mobile app and desktop PC if you wanna check that out.
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Webull paper trading with free live market data is available for both Canadians and US.
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But only US citizens can open a live funded account. Sorry about that my fellow canadians.
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Now that you have your paper trading account set up, it’s time to start learning. This
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is the part where a lot of people will tell you to buy some $5K dvd’s and $200 a month
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alerts plan. We’ll talk more about that later. But here’s an unpopular opinion,
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and again, just my personal opinion only not advice.
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I would start utilizing free resources online first to start learning. Theres literally
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so much resources out there on YouTube. I literally have been making short and simplified
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videos for over a year now talking about day trading, trading strategies, key things to
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look for, how penny stock pumps work, and i have videos each weekend reviewing my trades
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for the week.
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And the whole point of taking your time paper trading, and using free resources first is
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to prepare yourself mentally and financially for the years of journey that is to come soon.
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If you really decide to take on this path and start trading seriously.
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remember, if you’re brand new to the market, you have no idea all the work, time and effort
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thats required of you in order to make it in day trading.
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Most people out there buy into the kool aid that trading is easy, you just spend $200
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on alerts for one month and you’ll make thousands of dollars of easy, working 1 hour
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a day and from anywhere in the world.
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Let me reassure you, after trading for 6 years now, the reality is far from that. Trading
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is NOT easy, controlling risk, maintaining discipline and focus is a constant battle
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on a daily basis. Like i mentioned in this video, even if you are trading part time while
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working a full time job, you are essentially running a part time business that requires
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full time effort.
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Basically what im trying to say is, by being resourceful and watching all these free videos
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on trading out there first, you’re essentially giving yourself a free backdoor ticket out
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of this.
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If after watching some of my videos on Youtuve you realize, holy shit, i have to prepare
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hours of work before the market even opens? This hard work isnt for me. Thats totally
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cool. By this point you’ve only done step 1, paper trading with simulated money and
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You havent spend thousands into trading DVDs and programs when you had no idea what

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kind of path you’re taking. So essentially, it’s a risk free experience.
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Again, nothing wrong with these paid courses and educational DVD’s that actually provides
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value, and not just selling the dream. but I’d just recommend complete beginners to
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dabble with free resources first before making such costly investments.
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Step no 3. After you’ve started paper trading and learning some set ups and strategies with
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free resources, the next step is to smash that like button to make it rain lamborghinis.
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Actually, I heard toilet paper is now worht more than lambos now. So give me one second
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So if you have a lamborghini you want to trade in for this perfectly unopened bag of toilet
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papers. Call me
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Ok step no 3. It’s time to journal your trades. That means spending 5 to 10 min each
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day writing down your entrries, exits, and the set ups from your day trades.
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Its only by tracking your trades, that you can start seeing what you are good at as a
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trader. Do you have higher probability of success rate by going long or short. Are you
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better trading large caps or small cap penny stocks.
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How well are you managing risk for each set up? Do you trade using technical indicators
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for entries, or are you better at trend following and only buying after a reversal trend has
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formed?
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These are all the important questions you’d need to find out for yourself from your . Remember,
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you can see what other people are doing on social media, using vwap ichimoku clouds,
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or shorting parabolics blah blah blah etc. But what works for others, are most likely
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not going to work for you.
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And thats what journaling your trades will do for you, once you figure out a few consistent
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qualities that you are good at, maybe it’s dip buying the morning panic, or swinging
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overnight. Once you have one or two, then just focus on those setups, and block out
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everything else.
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You can get a free trading journal to get started if you sign up to my email list below.
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You’ll also receive free weekly watchlist from me sent out every sunday. So thats step
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2 and 3 right there. The link to sign up is in the description below.
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Now after you’ve spent a few weeks or couple of months doing step 1 to 3, you’ve been
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paper trading, learning from free resources, and tracking your trades.
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By this point, you should know whether this day trading business is something you really
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want to take it even further and start expanding, or for most people 90%, this is the point
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where they realize, this is not for them, its too much time and effort, and they give
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up. And thats totally fine, like we talked about earlier, it’s risk free.
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But for the rest of the 10% of beginner traders who want to start taking trading more seriously,
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nows the time to start looking for a premium community of like minded traders to learn
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and trade with. No i’m not talking about joining places where they alert you to buy and sell.
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That defeats the whole purpose of learning to trade for yourself.
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I know it may sound contradicting that I talked about utilizing free resources, and now minutes
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later im talking baout joining premium services to learn. But please hear me out.
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Utilizing these short and sweet videos on Youtube is a great way to get started and
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get your feet in the door. But without live guidance during market hours when you are
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trading, you can only go so far by yourself.
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In a community with other like minded traders is where you start learning about trading
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beyond just the the patterns that so many try to memorize. Personally, its only once
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i’ve invested my “market tuition” and found a good group of solid traders that I
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started to learn about all the important nuances in trading.
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That otherwise would have taken me years to learn going about the DIY style with just
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free resources online. And i have absolutely no regret for all the tuition i’ve spent
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in the beginning stages, because that sped up my learning curve.
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It’s through premium education services that I learned about the nuances in news headline
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analysis, how the macro economics start to impact stock movements in the short term.
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And all the other nitty gritty detail such as price action, money flow rotation between
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strength in large caps and how that affects the small caps.
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Yes, I understand why online trading education gets a bad rep. Its always the endless lamborghini
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ads and selling the dreams that people think about, because those are the people with millions
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of marketing budgets for those ads.
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I’ve gotten tons of emails and messages from traders who have bought into the dream
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for those lamborghini marketing. And thats extremely unfortunate. I totally fell for
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that years ago too. But now, i’ve learned from that experience and know what NOT to
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do.
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All i can say is, if it sounds too good to be true, it probably is. Do not fall for these
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lifestyle marketing and any promotions that tell you making it in trading is fast and
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easy.
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The reality is, trading is not easy, but if you are willing to spend the time to learn,
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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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