Go up to your boss in the office and stick to him and flip the table.
A few moments later..
It's the new year and you are thinking of a career change you see them lambo ads online
and decided to give this day trading career a try and it's just all downhill from here
2020 and 2021 have definitely been two very interesting years for the stock market because
of what's going on around the world more and more people are drawn into day trading to supplement
their income and looking into day trading as a potential career change to go into full time
I've been day trading for over seven years now and let me tell you starting out this career
is definitely not as easy as... step one download robinhood step two deposit one hundred dollars
and step three click buy buy buy and get ready to bank on the moon i wish it was that easy in
this video i'll be sharing with you the four important steps to start your day trading career
it's definitely a process that takes a lot of planning in advance in order to make this big move
the right way so if you want to see this detailed breakdown of starting a day trading career
the right way and not end up on the street all i ask is that you drop a like at the bottom of the
video for prosperous 2022 alright the first step to starting your day trading career is
to keep your current job what okay i know this may sound counterintuitive but this
is a very important foundation for everything we're building here please don't quit your job
right away to day trade it doesn't matter whether you're working part-time full-time whether you
hate your boss you hate your colleagues or just whatever you're doing keep your job
that's because you'll need this income to sustain yourself for the next six months or the next year
while you start day trading having the stable income source that you can count on will provide
you the mental comfort to take trading slow and allow yourself to actually learn the foundations
of risk management and all the trading strategies many people make the mistake of quitting the job
cold turkey and just bet 100 percent on the fact that they could start living off the day trading
income right away after seeing some get rich quick schemes online unfortunately if you do that as
a new trader you could be putting an end to your day trading career before you even started keep in
mind just because you can download a day trading app like robinhood in two minutes doesn't mean you
can start making money day trading in two weeks or even two months yes i understand it might be a
torture going to that job you hate for another six months i've done the same thing too but believe me
the short-term sacrifice is very much worth the long-term reward now we have step one out of the
way let's move on to step number two which is to actually start learning to day trade i've done
many videos on this topic before on exactly what beginner traders should focus on when learning to
day trade from scratch first make sure you start trading with a paper trading account at brokers
such as thinkorswim interactive brokers or weeble don't risk your hard earned money right away then
while you're practicing on the simulated trading account start learning about charting technical
analysis and all the basics of buying and selling stocks with free resources online such as this
channel you're watching right now and don't forget to track and journal your trading results
in the meantime doesn't matter whether it's paper trading or not it's important for any day traders
to really understand their edge and to understand what kind of trading strategies and risk profile
is best suited for their trading account once you spend a few weeks or a few months paper
trading while learning from free resources online if you decide that day trading is indeed something
you want to start focusing on more seriously then and only then it's time to enroll in a structured
day trading education program such as the humble trader academy you cannot build a roof on your
house until you've had a solid foundation just like you can not start scaling up in trading
unless you've really learned how to implement risk management stock analysis and tracking your data
on various trading strategies now let's move on to the third step of starting your day trading career
and this is perhaps one of the most important steps to transition to day trading full time and
that is to start tracking your personal finances since the goal is to eventually quit your job for
a career change it's important to calculate your monthly expenses and figure out how much money you
need to save up in order to live comfortably for at least one year after you quit your job without
relying on daily trading income do you know how much money you should allocate for rent
food utilities and transportation costs are you tracking all the money you're bringing in each
month from your job and all your expenses paid in cash or credit cards and did you forget to hit the
like button at the bottom of the video when it comes to personal finance i know a lot of people
can geek out about the excel spreadsheets and all those complex charts and graphs and crap like that
but not for me i see an excel spreadsheet and that immediately triggers my headache personally i like
to streamline everything and make it as friction free as possible i use a free personal budget
and expense tracking tool like mint by intuit to track all of my expenses each month i just
create a free account connect the app to all my credit cards and bank accounts then the website
would just automatically update all the spendings and categorize everything for me on a weekly basis
the only form of payments that they cannot track is payment by cash and for that reason
i no longer pay anything in cash there are so many other apps or websites out there
that allow you to track your personal spendings it doesn't matter whether you use mints.com like i do
or use an actual excel spreadsheet because you are much smarter than me as long as you do whatever is
easiest for you to really categorize all of your personal expenses and spending and from there
after you can look at all the categories and really optimize your numbers i remember around
the time i was preparing to quit my job to go full time into day trading this is many many years ago
each month i was spending 800 on rent 200 i'm going out to restaurants 150 on groceries
100 on gas 200 on the parties 100 on student loan payment and i allocated around 200
extra per month for miscellaneous expenses that may come up by surprise this adds up to about 1750
per month of living expenses keep in mind that this is more than six years ago that's
why all the figures here sound a little bit too cheap to be true taking consideration of
inflation each and every single year so that 1750 is probably around 2 000 per month in 2022 and of
course it definitely helped that i was single and in my early 20s and i just graduated from college
so life was just simpler back then and i have no kids and no one would be that surprised if i just
slept on a mattress on the floor and yes that's right rent was only eight hundred dollars a month
for me living in a city because i was living in a two-bedroom apartment with two other roommates if
you really want to save up enough money for yourself to switch to full-time day trading
you gotta do whatever it takes so that's how we got the 1750 per month living expenses now you
take the number and times it by 12 that would be 21 000 now just to be safe i rounded up the figure
to 25 000 in order to leave some cushion in my budgets so if you've been following through all
the steps that we just talked about tracking your monthly expenses and all the categories
that you should be able to calculate how much money you should save up for your one year of
living expenses in your bank account note i said to keep those savings in your bank account
not in your trading account you shouldn't day trade with the money that's intended for you to
live on for the next 12 months because that would be extremely risky having that 12 month financial
runway tucked away in your bank account safely without the risk of market volatility and risk of
well dumb human decisions will give you a better sense of security and insurance because let's be
real we as day traders we do some stupid emotional things sometimes and the only way to keep our cool
follow our risk management and trading plans is to be able to detach ourselves from the money
and keep our losses small so 25 000 u.s this was the figure i needed to save in my bank account
from my working income before i can actually quit my nine to seven job to go day trading
full time maybe you're looking at your own number right now and thinking [ __ ] this is impossible
i'll never get there but seriously if you make the effort every single bit added up in order to save
twenty five thousand dollars i cut back on going out to eat food deliveries alcohol partying and i
cooked at home a lot more i also terminated my car needs around that time and started taking public
transit and rode my bike to work seriously you can be very creative and proactive about savings
if you want this day trading career bad enough you will find a way to make it work if you
think this budget tracking and all the savings stuff sounds like too much hassle then i guess
just don't day trade just buy and huddle like the cool kids say now that you've done steps
one two three you didn't quit your job you've been learning to day trade you've been saving up
your one year of living expenses now it's finally for the fun part that we've all been waiting for
go out to your boston office and stick to him and flip the table tell me how much you hate your job
okay i'm just kidding i don't condemn that sort of dramatic exit i like to keep things very low key
again this is the same reason i recommend saving up a generous one year of living expenses outside
of your trading account everything we're preparing here is to provide you some emotional security so
you don't have to start your day trading full-time career under pressure before i officially quit my
job to switch to full-time day trading i would take little small time-off breaks for my job
such as taking the middle of the week off for two days or sometimes up to five days during
those days off i would wake up and go through the day a survival is already day trading full time
this way i could fully experience the routine of waking up early planning for the trades
pre-market and trading after the open and see if i really like this lifestyle i was striving towards
this entire process of planning to quit my job and go full time into day trading took
a good one year and a half for me to prepare if not more like i said in the beginning of the video
just because it's easy to download a day trading app in two minutes doesn't mean
you can start day trading career in two days or even two months i read this amazing quote
online and it's one that really resonated with me till this day learning to day trade means
living a few years of your life most people won't so you can live the rest of your lives like most
people can't like i mentioned earlier it all comes down to sacrifices do you want this bad enough
maybe it means partying less on weekends eating out only once a week and sleeping only six
hours a day and keeping only one boyfriend day trading is not an easy journey but certainly
one that could be very rewarding i hope this process i described in the video can help you
prepare for a career in day trading full time if you enjoyed this video please remember to
drop a like and subscribe if you're interested in learning more about my day trading strategies
especially risk management feel free to check out the humble trader academy on my website
thank you guys so much for watching as always i'm the humble trader and i'll see you guys next time.