how do you become a day trader where do you learn at how do you do it how do I
start that's the number one question I get I'm gonna answer it in this video so
stay tuned so if you want to learn more about day trading you want to learn more
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longtime subscriber thank you for your support and let's get into it so
obviously the big question that I get a lot of times from people is how do I
become a day trader where do I learn how to day trading how does it even work
it's really hard to sum it up all in one video but I've got all the tools here on
this channel you can go through and watch some of the videos that I've
posted in the past breaking down some of the entries I have a whole playlist
called the day traders crash course if you want check it out it'll literally
breakdown every step to becoming a day trader and the process and then if you
watch the other videos you can combine all that but I'm gonna give you guys
really quickly just kind of a overview ways that I think people should start
day trading how to get into the stock market day trading is not like investing
so investing is you buy a stock today and you hold it for you know a month two
months three beers however long you want to hold it so you buy stuff like Apple
stock with value a company with value a company that's going higher you expect a
company's stock price to go higher and the problem with day trading is we're
not really looking at the value of the company a lot of times we're trading
stocks that have no value in the sense that these stocks our biotech companies
with no real revenue and there's a chance that these stocks to pretty much
go from $10 to zero in a matter of days so one of the things I tell people right
away when you first start date trading do not marry a trade you're not
investing you're not buying the stock today to hold it for tomorrow it's
basically you were buying it now and we're selling it later taking profit
we're riding the momentum it's called momentum day trading for a
reason once the momentum is gone we're out of the trade if it doesn't work out
we're cutting our losses so right then and there
that's the big difference there's day trading there's investing we are not
investing day trading is not investing if that makes sense sometimes a day
trade can turn into a swing trade maybe you really love a company maybe you know
keeps going higher maybe you want to invest in it but overall go into every
single trade with the idea that this company could be worth nothing tomorrow
so basically in and out take profit take profit a product one of the things that
I did when I first started I found companies I was interested companies
I had a little bit of knowledge about GoPros one of those stocks last year
GoPro was really volatile up-down up-down bouncing off the $8 area going
at $10 so there was a lot of wiggle room there and I traded GoPro a lot and kind
of played some of those big swings I had a little bit of an idea about GoPro I
was into cameras I was into action sports so it was easy for me to follow
GoPro I kind of knew what was going on what was coming out next for GoPro
camera wise drone wise whatever was going on with GoPro I already kind of
knew a little bit about it so fine stocks that you have interested fine
stock so you know a little bit about before you start trading them before you
start in the stock market let's say you're really big into technology say
you really love Apple stock so you can kind of look at Apple get an idea figure
out what stocks are trading with app what other stocks kind of bounce around
with Apple maybe there's an Apple supplier that's getting a new chip
that's going into the new phone and that's got really a big upside
possibility and you kind of learn those things kind of read about it figuring
out what's going on there with Apple another thing to start out day trading
you just gotta start following the market figure out what stocks are going
on just kind of look at the market every day I'm not saying you should go and buy
your first thousand shares of a stock tomorrow morning when you first are day
trading but really kind of figure out the market kind of look at the overall
market look at the trends see how stocks move up down you know stocks go up they
pull back stocks go up they pull back stocks go up it's a wave so stocks are
constant going up and down and it give you an idea of what stocks do and how
they move so the longer you kind of look at it the more you study the more you
look at the market you kind of get into tune alright yesterday the market had a
really amazing day they had 3% move and I see today there's more good news so
the stock market's going higher so you kind of see those patterns when you
first get into it you learned about different websites different websites
out there you can look at and kind of get an idea and kind of start putting
that information together and the more and more you kind of look at the market
the more you focus on it you'll get a better idea what stocks are moving what
stocks are hot and what stocks you might want to trade so after you do that you
need to figure out which broke you're gonna use how much money you're gonna
start out with how much money is realistic for you to start out with can
you start out with over $25,000 if you don't have over $25,000 you're gonna
need to find another broker that'll let you trade a trade under $25,000
depending on where you live in the world it really depends so that's kind of
something you need to figure out I have some other videos on the channel talking
about brokers and all that fun stuff so I won't get too in-depth in
this video but really I need to figure out your broker and there's options out
there if you don't want to date raid so you just wanna start buying socks kind
of watching the market I suggest an app called Robin Hood you can buy one stock
no Commission you can buy a stock of Apple one stock of Apple and basically
just kind of see how it's working and see how it goes maybe you want to buy
one sock of Apple I think you've seen a good pattern and Apple and you see Apple
pulling back and you're like okay this looks pretty good on to buy one stalk of
Apple I'm gonna see how it goes and see if I kind of have an idea of what's
going on in the market remember the market is constantly changing what
happens today might not happen tomorrow so if the market goes up today it
doesn't mean the markets gonna go up tomorrow it's constantly up down up down
it really depends on what's going on in the world any kind of effect in the
overall world will affect the US market so you really have to pay attention to
what's going on in the world so after a couple months of watching the market
figuring out how it all works kind of watching videos learning and studying
and there's a lot of information out there on YouTube there's different
courses you could take but overall I think the best thing to do is really
just start looking at the market get an idea of where and what's going on and
how to capitalize on some of those moves and starting out with a small account
starting out you know with Robin Hood and just buying a couple shares here and
there and seeing how it works out and giving yourself a little bit of wiggle
room you don't want to just open up a 50,000 hour account today start day
trading tomorrow and blow up your account right away it really just takes
time you to learn about the overall execution how to get into a trade how to
get out of a trade and figure that out and it just takes time it really just
takes time people don't understand is day trading is not something that you
just start doing it today and you make money tomorrow it's something that takes
a little bit of time you take a year two years to really get to a point where
you're like okay I have an idea of what's going on I kind of know where to
find hot stocks I kind of know where to find stocks to buy and kind of patterns
to look forward I know how to take profit I know how to use my broker
there's a lot of different variables to learn and over time you'll learn those
but you won't be able to master everything right at the beginning so
don't expect a profit right away the big thing when you first start date trading
is you want to just be able to be consistently kind of break even if you
can break even that's amazing think about that so if you can break even
every single day for a month straight that's really really good I mean that's
like really good so if you can do that consistently then you just up your size
I'm only buying 100 stairs and you can buy 300 400 chairs and that's profit on
top of the consistency you had before so if you're breaking even with the hundred
shares every single day for a month now if you buy three chairs that's two or
three hundred dollars a day that you're locking in profit there so remember it's
not a sprint it's more of a marathon you really need to go to survive the market
that's one of the big problems that people have is surviving and lasting and
not blowing - per count right away so focus on just surviving focus on
learning about the market focus on execution and over time you'll figure it
out but you got to make a goal you got to learn about the market you got a
focus you gotta see different stocks or move around and get an idea and over
time you'll learn but don't expect right out of the gate to be making tons of
money and becoming a millionaire off of day trading right away so take a little
bit of time I'll learn about the market see what's going on see what trends are
happening increase your share size increase your broker's account and
figure it all out and kind of take it slow take it slow I think that's kind of
the best way to do it really just take it slow and learn about the stock market