what's the five hurdles that most new day traders face what's the five things
that you have to get over roadblocks hurdles things that you need to get over
to become a profitable day trader let's talk about the first thing the first
thing that most traders messed up with right off the start is finding a cheap
broker it doesn't exist there's no cheap brokers there's no broker that you're
like man this broker is so cheap I can say so much money use this program know
what's going to happen is you're going to lose a lot of money so what happens
is say you have a cheap broker you only pay one dollar per trade what happens is
that broker has a terrible website they have a terrible platform their software
is terrible whatever it is it's bad something like Robin Hood the Robin Hood
app I see a lot of new trainers oh I use Robin Robin is so sweet it's it's free
it's free this is what happens on Robin you buy a stock on Robin Hood you go to
sell that stock on the same app that you bought it on remember for free it's a
free app you don't pay commissions well when you go to sell into app crashes all
of a sudden the stock is crashing crashing crashing well now you can't
even sell it you call Robin Hood guess what they're not going to answer the
phone for three hours the customer service is terrible it's free they will
not help you there was nothing they will do you just lost a ton of money because
using a cheap broker and that's what happens remember you're here to make
money not save a dollar on each trade so if you need to pay three four dollars on
a trade to make a thousand dollars is that worth it i think so number two and
this might be just as important as a first rule I see a lot of new day
traders they come along they spend them a lot of money up front on training
courses on DVDs books they say yeah I read all these day trading books I don't
care how many books you read you can read as many books as you want but it
will not promise you that you're going to be a profitable day trader you spent
a thousand dollars on training courses from some guru that you found online
don't do it don't waste your time you need to focus on learning the mechanics
of day trading you need to focus on learning how to read charts how to get
in and out of the trade properly do not like I said do not waste tons of money
guys online we're just trying to sell you their dvds or their get-rich schemes
because the get rich schemes do not work do not waste your money on get-rich
schemes the market will do whatever it wants it's going to go up it's going to
go down is there ways of interpreting the market
figuring out the best way is to get in and out yes you can be profitable but do
not think that you can buy a book that has all the answers about day trading
because it does not exist the Guru is going to tell you they do they're going
to say oh I have the answer just buy my book it's only one thousand dollars
don't waste your time stay away from these guys stay away from these get-rich
schemes because they don't work number three nothing hurdle and I think a lot
of people have a problem with day trading so it's about paper trading just
because you paper traded your account from one hundred thousand dollars to a
million-dollar does not mean that you're going to be able to do the same thing in
the real money the emotion is not their paper trading is a game it's a good
thing for learning the mechanics of day trading learning how to get in and out
how to buy sell stocks do not think that your results from paper trading will
transfer over to the real world because the real world is different I'm it's
just different the emotion is not there when you pay per trade I see a lot of
people say oh I paper tray to my account I made a lot of money paper trading so I
can obviously make money day trading no it's not how it works the emotion is not
their favorite rating all of a sudden you're down you know five hundred
dollars on a trade what are you going to do paper trading you didn't have that
emotion you didn't have the real money being lost being one so it's different
don't think that you can be a paper trading wizard and get right into the
market and make money because it doesn't work like that I'm sorry I wish it did I
wish everyone could just make it tons of money in the market and it would just be
super easy but somebody has to lose for others to win and that's how it is you
gotta win some you lose some but hopefully you win more than you lose
number four do not think you're going to get rich overnight this is not a get
rich overnight thing you will not make a million dollars overnight there's a
possibility sure you buy a stock and somehow it goes up a thousand percent
the next day it happens I've seen it but the changes of that having for you is
very slim you might get lucky on one or two stocks at the beginning you might
think you're the king of day trading after only making one trade but it won't
work like that you will not get rich overnight this is not a I'm going to get
rich tomorrow I'm not going to ever work again kind of thing day training is it's
a grind you have to literally focus on the best setup you in and out of those
setups you might have days where you make a small amount of money in my days
where you lose all lot of money but in the long run you
need to focus on the long-term game don't focus on the Daily Prophet don't
focus you know just I mean hun dollars in an hour so all the second replicates
that note you can't focus on the long-term focus on your weekly profit on
your monthly profit possibly your yearly profit don't just focus on trying to get
rich overnight because what can have is you're taking bigger and bigger risk
before you know it you're going to blow your account up and that's what most
traders do they get into big trades they don't know what they're doing they spend
a lot of money up front and they lose and after they lose they get frustrated
and become more and more emotional and I blew up a couple of counts last year
when I didn't know what I was doing you know had a couple thousand dollars I
went begging a couple trades I lost 500 and before you know it my count is at
zero and that's how it works do not think you're gonna get rich off of one
trade-off even five trays it's going to be a grind literally you see my small
account there's days where I make ten dollars twenty dollars Thursday's I make
five more dollars but in the long run it's adding up keeping my losses small
contained even if I 100 hours a day it's going to add up its going to start
compounding my accounts going to grow focus on growing your account don't
focus on just making big trades and making big profits if you make one
hundred dollars on a tray be happy with that don't think oh I could have went
bigger I could have made a thousand dollars sure you could have you also get
a lost that money so don't think you're going to get rich overnight with this
focus on the long-term it's a marathon it's not a short distance race this is
not a thing where you going to just get rich day trading it's day trading day
trading every single day kind of thing de tres de tree whatever it is and then
lastly I talked about this every video I feel like it's very repetitious but i
think this always needs to be in the back of your head this is one of the
biggest hurdles and that's over trading do not I repeat do not over trade just
because you're on the computer trading does not mean that you need to be in a
stock just because you're on the computer does not mean you need to buy a
stock just because I stock is going up does not mean you need to buy that stock
you need to look for the best setup so you look in to support resistance and
focus on those areas do not over trade I this is this 5
more of a thing for me I can watch the video myself and teach myself that not
over tray because I do it it happened it's part of the emotion of day trading
you don't want to miss out it's the fear of missing out everybody has that
emotion but the more you control it the better off you'll be do not over trait
it's simple you can watch my other videos talking about it but overall just
focus on the best set us just because you're on the computer does not mean you
need to trade that's it's simple fare it's very simple do not over trade if
you lose money don't revenge trade either because what happens is here so
so you lost five hours on a trade and now you're like well I can go buy this
stock and make that money back well what happens if you buy that stock and out
starts crashing now you're a thousand dollars down before you know you're
risking bigger and bigger and bigger and that is a day you've lost ten thousand
dollars because it'll happen you'll have days where you're going to lose money
don't think your net every day is I'm a winner it happens you're going to lose
money trading is not profiting it's not just making money on every single trade
there's going to be trades you're going to lose money and that's part of it
emotionally you have to be ready for those losses don't think you can just
trade those losses back every single day because there's going to be days we're
just going to be in the red and that's as part of it if you guys enjoyed this
video make sure you leave a comment if you didn't enjoy it leave a comment as
well I love seeing the comments and seeing how people think about these
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watching videos it's fun to you know do these videos it's also a learning
process for me that way I can see what I'm doing wrong with some of my trades
and focus on being a better trader and that's what it's all about playing
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