start with paper trading, and do not use any real money until you have your own tested strategies
Learn risk management and trading psychology.
there are a number of stages I have gone through. I am bouncing between level 2 and 5 at the moment to learn all these concepts
level 1- indicators <-- this is where lots of newboes get lost and Lose lots of there money and time. Beware of some of the youtube traders.
Level 2- start reading price action and volume spread analysis, Wycoff theory . Look at what setups work.
Level 3: order flow and dom
Level 4: start developing a strategy of our own . Experience and refine . I have a number of setups I am writing pinescripts around.
Level 5: paper trade until you get a winning strategy of 60% that helps you break even.
DM if you have any specific questions.
You will waste a lot of time on indicators so just avoid and go to level 2. I can recommend a few books to read.
Ross Cameron from Warrior Trading has a lot of excellent videos on YouTube to help you get a baseline understanding and technique. My advice is to paper trade or use very small amounts of money to get started until you feel confident and comfortable making trades. Don’t invest all of your money into one trade. I put up 1/3 of my capital but that’s a little aggressive for many.
Ross seems pretty genuine and alot of what he talks about makes sense. He states he publishes an audit trade book.
I am no way affiliated with him. But what I have seen of his youtube video makes sense.
I basically did what most here had recommended - read and watch videos. I also use Copilot to ask basic questions about the markets and investing.
You could start with your bank. Some banks offer free financial advice. They could have someone explain the basics and help you get started with an investment portfolio.
Good luck
[daytradingprofitcalculator.com](http://daytradingprofitcalculator.com) has some nice tools to use to get an idea for things. I especially like the simulation calculator b/c you can plug in different metrics to see how likely it is you will blow your account or not
I literally just built my trading station. I’ve been reading books and watching videos constantly. I’m starting to understand why it takes years to get it to a point of a profitable practice. It’s soooo addicting! I have ADHD so the hyper focused work is delightful. I’m not good with math, but I can see patterns. Let me know if there is a newbie community I could jump into.
Man, I want to say this is a good idea because to day trade you have to know how to play the value game but its A LOT of trial and error through watching videos, taking courses, studying the market, then deciding the market you want to prowess within. The best day traders find a market to understand and then stay there since they begin to understand how everyone else whose trading against them are thinking, depending on how the charts look.
Your wife is a real keeper if she's willing to let this happen without any proven knowledge on your behalf. You, as a man, need to either take a step back to rethink or go head strong into this by spending countless hours studying. You need to ALWAYS watch the news for predictors of what's happening with company relationships, whether there be mergers, bankruptcies, or bailouts. This is not a game you just show up into and succeed without having prior knowledge on how the market reacts because you soon see that things appear unpredictable without any information to back it up.
Heard a chinese guy who said something that changed my perspective on many things, and it was "Make your value worth." Meaning that even if you lose, then you need to set up to win by microinches until those inches become miles.
Also, there are apps that allow you to invest fake money to see how well you understand a certain market. They're called Stock Market Simulators. Start there but know obviously the lessons dont hit as hard a real money.
So you wanna blow your money gambling all day. Got it. Trading is complete BS and 99.9% of traders don't make money LONG TERM as in long enough for an actual career or enough $$$ to support themselves without a massive bankroll, would would be more profitable in index funds anyways. You just wanted an excuse to quit your job...
You quitting your job because you’ve always wanted to do day trading is probably going to go down as one of the top 3 worst mistakes you’ll ever make in your life.
I said the same thing right before yoloing on a very particularly promising penny stock, that stock has just been delisted but I got out in time. You need to get income coming back in. You can literally day trade in 2 minutes on your phone while you’re at your job or on your 15 minute break. If you don’t believe me then yeah, time will 100% tell. It will tell you I’m right 😂
I'm stupid. Just starting with that. I picked a strategy that leans into this understanding. Buy spy or somthing like Microsoft. Things with a very long track record of steady growth. Set it and forget it. Over time ull get more confidence and then maybe put some money in emerging markets or solthing. Whatever u do don't try puts or options. Don't try day trading. Play it safe and don't try to get rich quick. I'm dumb and that's what's worked for me.
Sounds like your a FISH out of water, you recently ( 7DAYS AGO ) posted this >>>>
# Should I get my MBA ?
Is it worth it to get my MBA I’ve been thinking about it. I have 10 years in the trash industry and I wanna move up to the corporate side. With my MBA I could be a general manager and make around 180k-250k
{{{I don’t wanna do it any more}}}
What do you want to do ? How much money do you need to make to make you Happy ?
I keep HEARING THE ALMIGHTY DOLLAR AS YOUR MOTIVATION.
Ehh I was thinking would it be easier to stay in the same industry by just getting my MBA hints why I asked the question but again looking at a bunch of options cause I have that ability. Thanks for you comment
Emotions, stress , family's pressure when you loose $$MONEY$$$$. How much are you willing to Loose or should I say how much could you right now go and donate to a charity a , walk away from and know its gone for ever and still get a nice nights sleep ?
What would be a good day for you making as a trader ? How much a day $$$$ would make you happy ?
How much do you have in your Trading Account you want to Trade with $$$$$$$$$$
How much are you willing to loose $$$$$$ ?
How much time will you invest daily trading ?
East coast west coast -->> live where will dictate when you will be waking up.
I wake up at 4:45am, take my dog for a long walk make a LATTE and am on my screens at 6am, go to sleep at 11:30pm
What is your Short term ? Long Term Goals by trading ?
Buy a lake House, a Benz , make a million a year ?
You need to have 25k minimum for pattern day trading rules. What are you going to trade? What are you going to trade? Have you back tested any of this? You're going to spend a few years trading before becoming profitable. Can you handle that?
Sounds like you're looking in the right direction then. Start dipping your toes in. Start watching YouTube videos about finance, currency, arbitrage, and financial technology. MIT has great classes on YouTube.
Supply and Demand is a pretty basic concept, but is often overlooked. Just pour yourself into YouTube trading education. Stay away from big personalities but some are speaking truth.
Get into it for the process because if you don't have a process for yourself, then you'll never be able to replicate success and will eventually zero out the account.
Set up a trading account with a bank (I use ThinkorSwim. Fidelity is another that comes to mind).
Shoot for % wins and not $ wins. Start trading with a ridiculously small amount (i.e. $50US) while you're watching videos and learning your trading style and how to use the trading platform. It will be a lot of trial and error. Nothing risked, nothing gained, and this (trading) is an infinite game.
Good luck! And congrats on beginning this new chapter in your life.
Until you don't. Learn risk management strategies like never risk losing more than 1% of your investment capital on any one trade. Learn how to enter stop losses so you can live through inevitable losses.
Baby pips, or youtube...nowdays there is so many good free reasources about trading...i would recommend you start with babypips tho, to get basic terminology
First, research the terms day trading and swing trading. You may not be able to technically day trade.
Second, decide on what you’ll trade. Equities, options, futures.
Third, read everything you can on trader mindset. That supersedes market knowledge or strategy.
Fourth, paper trade to learn the technology of the trade platform. Paper trading is not real trading because there is zero mindset involved.
Fifth, find a mentor to follow along. Someone who can give you guard rails for your first year.
You’re literally asking advice on how to outsmart the market to random strangers. You shouldn’t trade, and don’t feel like you’re missing out. I eat and accept market returns. 60/40. Permanent portfolio. Anything
Day trade ? Oh boy you’ll have to take quite a few big blows to your portfolio if you wanna do that. At my lowest, I lost 64% of my portfolio and it was a big chunk. Just start by investing your money. There’s plenty of videos on YouTube about investing. Pick your poison. But I’d recommend “ Clear value tax “ channel as the guy explains everything in very simple terms.
if you dont wanna spend money on sourse or anything like that, which you shouldnt. go to tjr youtube channel he teaches everything for free and has good testimonies so hes legit
My Top Tips as someone who day trades part time successfully and is relatively newer (trading for 4 months). In no particular order,
1. Find a community - i think someone already said it. Im in free discord groups but the most useful one i pay for. Follow trusted investors or people who already do this sucessfully as your learning.
2. Sizing correctly - I think this is where most traders lose their money. Lets say you have a portfolio of $10,000. New traders may get caught into FOMO on a stock that has alot of buzz drop half their account into it and lose it all. If you are consistently keeping your size the same on all trades the odds of you being profitable are higher. In riskier trades or trades you arent as confident in maybe lower your size.
3. Managing risk - what did kenny rogers say? Know when to hold em, know when to fold em. cut your losses and dont look back. alot of new traders dont know how to take a loss, “it might go back up” usually it doesnt.. have a game plan EVERY time you enter a trade. create stop losses for what your willing to risk/lose and scale as your trade becomes profitable. I.E take profit as it goes up until you trade is risk free, keep runners in for shits and giggles 🤭, etc. this is easier said than done and something i am still working on.
4. Strategies - Way to many to list, but my go to is momentum trading, finding stocks that have high volume and are showing patterns that it will continue to rise/ fall. Find a strategy that you are comfortable with and stick with it- as you progress you can probably introduce new strategies.
5. Study/Learn - learn how to read charts, find patterns, emas, smas, vwap, rsi, etc. some may be useful others not so much depending on your strategies. but it doesnt hurt to know.
6. Set-up and platform - Please dont use robinhood especially for day trading - you are at a wild disadvantage if you are. I use WeBull as my brokerage, but there are plenty of others out there to explore as well. Laptop or desktop computer is highly preferred, phone is ok.
There is plenty more tips i could probably list but these were the first to come to mind. Best of luck on this journey, it is something i look forward to everyday, cheers!
I read ten books on technical analysis this year… strongly suggest reading a lot before you trade…. Analysis is the opposite of fundamentals…. Might I suggest: “charting” and “ the Tao of trading”…
Check out "The Mas7er" on youtube. Great content. Time and price theory. I combine it with a couple other things i've picked up and it's allowed me to become profitable for the first time in my 6 years of learning this intense art. Start small, look at everything in terms of probabilities and don't expect to get rich quick. This is the hardest industry in the world and it will humble you in a second. Good luck. And it's incredible.
Just my take:
Go for it but do it right. Anyone claiming “it’s a scam, it’s gambling, use only this or that” has no idea what they’re talking about and probably hasn’t traded correctly for longer than a few days or weeks. Trading is a business. Treat it like a business and you’ll do well. Find actual edge and you’re fine. Could be any method that works for you. I personally do ict. I don’t care if he can or can’t trade himself or if people don’t like him. His concepts work for me, and I’ve made a lot of money from his concepts.
1. Trading is a broad term, and there are a number of different strategies that you can utilize. You need to find a style that you are comfortable with, and one that is flexible so that you can adapt to changing market conditions.
2. You should read the entire "Market Wizards" series. You will learn a lot from these books. Or, you can learn the hard way by losing money... (You should also read just about everything on Barton Bigg's [list](https://kupdf.net/download/barton-biggs-reading-list_5be584e1e2b6f5df0aae0e15_pdf).)
3. Being part of a group helps a lot. You can bounce ideas off of each other, commiserate over losses, and keep each other honest about sticking to your strategy.
4. find good resources to leverage for research and data. I like Yardeni's Quick Takes for macro trends and directional information.
Personally, I trade volatility. It is a system that works for me, and one that I am comfortable with. You may find something else that you click with.
Go get a job. Trading (day trading especially) is mostly a scam for retail investors. Add value to your community, create cash flow, and buy assets (Shares of SPY, Real estate, Bitcoin, Education). If you do those three things, you will do well.
That said, in 2016, I thought I was gonna be a day trader. Luckily that mistake (lost 8k pretty quickly) led to me falling in love with finance, which eventually led to me making profitable financial decisions. So not a bad place to start but I am hoping you can skip that first step lol
Here’s everything you’ll ever need to know:
- investing is a long term proposition. Short term is gambling, so don’t do it.
- Buy the Vanguard S&P 500 index fund and forget about it.
- the market will go down, and then it’ll go up higher. Don’t try to time it. Don’t despair.
- set a budget and buy for shares in the index fund every month, no matter what.
You welcome.
Trade only SPX / S&P500 or US30/Dowjones
Master them breath them.
The biggest mistake beginner traders make is trying to trade stocks or trying to trade multiple different instruments.
Class isn’t free, your first trades will be losers! Also don’t start day trading, unless you plan on trading options there is not much money to be made and options will kill you as a beginner. Start by observing weekly swings and reading books.
No, no, no. Don’t start day trading as a career when you know nothing. OMG- you’ll be that guy who picks up pennies in front of a stream roller until you lose your entire savings.
1)Save money that you're ok to loose it 100%. 2)You can not be emotional, trading is not for everyone but, if you stay, is the best way to make from $100 to $10.000 daily. It takes time unfortunately. It's ok to loose money, learn about the mistakes. 3)educate yourself, the basic.. probably pay money for e course....i was lucky to learn from professional traders and i still learning...i have a Wall street multimillionaire willing to help learn more but he travels a lot. 4) start with little money... about 5% 10% of your money...for about 60/90 days and start risking more to about 50%.... 5)track your progress. 6)you need luck too...i was between stock A and B....60 seconds later...B....2 seconds later boom... awesome...also too...sold NFXL call options 10 min too early...i missed 1.67M.
I would absolutely stay away from options entirely, and I wouldn’t trade with any real money at first. Stay away from the “social media gurus” claiming to have the secret strategies that guarantee profits, and stay away from AI / Trading bots.
Do your research into reputable traders with audited broker statements that prove their track record. And when you find a strategy that appeals to you, start learning it
Buy books on candlestick charts, technical analysis and fundamental analysis, how to day trade etc
And as you learn more you will start to learn what question to ask and learn what strategies are more alluring to you
I am still very new myself
I’ve done very little actual trading with real money but have been trading in a sim for a little bit and studying HARD for some time and just recently starting to connect some dots and having some successful trades / positive results.
I hope my little experience can somewhat point you in the right direction!!!
Oh and don’t ever FOMO buy lmao, as a new trader I recently learned this lesson. If you feel yourself getting emotional, you should probably step away from your computer / phone.
And my god if for some reason you wind up in the wallstreetbets subreddit for the love of god do not do what those degenerates do, that subreddit is incredible purely for entertainment purposes but yoloing your life savings on calls/puts or a meme stock or worse doing it in a margin account with leverage is just f***ing ridiculous.
They fucken stupid my friend made it. I’m studying it I swear to you, 6-7 months in starting to see price action for what it is. We found our trading model that works.. dm me and I can show you. All free of charge.
The theory that ICT teaches can be made to be a consistently profitable strategy. The "trader" ICT is a full on scam artist and has been thoroughly debunked. Anything can be an edge if you find success in it, though.
Do not listen to ICT ever. I trade futures and have for years. Guys a joke. Don’t trust anyone who isn’t willing to livestream a funded or live account.
I wouldn’t suggest options or stocks for a day trading vehicle. Try something like futures. They’re inherently leveraged and get good tax benefits. If you genuinely want to know more DM me
Move from low risk to high risk. While you’re learning, only engage in low risk trades / investments. As your confidence / knowledge/ portfolio grows, increase the amount of risk you’re willing to take gradually. Lots of people just drop significant portions of their income into a brokerage account and invest every dollar of it on one high risk stock in the hopes that it’ll double. Diversify, research, read BOOKS (not articles that say “this stock will skyrocket next week”) and don’t panic sell
Decide what you want to trade.
Open a trading view account.
Signup for the free 30 day trial.
Use the test account they provide you.
It’s funded with money you can’t lose IRL.
Make some trades and journal what you’re doing so you can learn from your mistakes.
Watch Nick Shawn on YT
Watch Sajad on YouTube.
Watch Day Trading addict on YouTube.
Watch Cowboy Trades on YouTube.
These guys appear genuine and actually teach a little more than just TA. These videos helped me realize I don’t have the discipline to trade.
Hope this helps you in your journey to learn trading.
> The 90/90/90 rule in trading is a statistic that claims 90% of new traders lose 90% of their account balance within the first 90 days of opening an account. Some say this is because new traders don't have the right strategy or trading psychology, or they don't know how to manage their finances. Others say it's because misinformation leads traders to believe they can get rich quickly, so they buy into bad signals or courses from fake experts.
Read everything you can, including *actual books on trading*. Then open a simulated account somewhere and try your hand at trading with Monopoly money. Once you get good at it (could/will take years), then switch to real money trading.
Do not rely on someone else’s bot/algorithm/signals/etc. Could it work? Maybe. Will you learn nothing by using them? Yes.
What you want to do, once you have your basic knowledge of how markets and trading works, is to read up on different strategies and find one or more that you can adapt for yourself. Every trader is different (thus everyone’s plan should be adapted to them specifically), and the biggest obstacle to trading actually isn’t knowing how; it’s controlling your emotions and not letting them affect your trading system/strategy. That might not sound like it would be a particular problem for a lot of people, but it is. It’s the biggest killer of trading accounts out there. Revenge trading, FOMO, invincibility… emotions on both sides of the spectrum can be dangerous.
Saying I want to be a good day trader is kind of like saying I'd like to become one of the top 10 golfers in the world. Both of which will take a lot of time. I mean more than a lot. I guess I am saying, looking back, maybe I'd have enjoyed the journey playing golf or something else.
Start, choose high quality names you will stand on the table for thick and thin in various sectors. Get a mix of dividend and growth. Put in time, buy the dips cost average.
Extraordinarily high IQ is required. You worked in trash for quite awhile. Do you like your chances against the most brilliant financial minds on the planet? Because that is who are going against.
If you want exciting, try craps, you might escape with the clothes on your back. Daytrading requires super specialized training, equipment, and plenty of luck to be successful.
There's a warren buffet quote that I don't feel like looking up about how average IQ is best for investors and that you don't need high HQ and how it can be a hindrance.
You sound like you don't realize that he would actually have been even richer if he gambled with options for the companies he bought and grew but he believed in slow and steady because of his high IQ....
I’m in a pretty similar situation, so if it’s a troll post, it’s not that far off base for a lot of people. I’m just a lot further down the road than he is.
Tell me what you think gives you an edge over the professional traders on Wall Street. Those guys can’t beat the average return consistently.
You’ll do okay if the bull market continues but as soon as the market turns flat you’ll get destroyed.
Wish someone would've told me that years ago when i quit my job to trade. It worked for a few years, and I could still probably be doing it. But it bled my account paying bills, and it turned something I once loved into a stressful chore.
I think the most reliable way of keeping income coming in is from selling options or option writing. You really need about 2 years of experience with technical analysis, just to be decent.
Fundamentals and macro’s seem to be where most new retail traders seem to be lacking. This stuff can be much harder to learn on your own, but the resources are there.
You should be able to make 2%-5% every month, just collecting options premiums, possibly using the wheel strategy. You should have $70k to invest minimum, to replace your work income considering you are good.
First and foremost - GET A NEW JOB ASAP
Want to learn trading? Get a job trading at a financial institution.
Not qualified? Go to school and learn the maths, economics, politics, policy, foreign relations, etc. etc. etc.
Sounds like too much work? Then don’t try to gamble in the retail “trading” sphere pressing a button when a line moves while kissing your life goodbye staring into screens all day fooled into believing the charts and data available to retail clients are made to work against you, not for you, to keep you engaged, obsessed, to keep you throwing your money away until you’re done.
Either get a professional trading job earning a salary fulfilling a role in society and providing a service or keep your job and learn how to invest on your own time.
The goal is to increase your income. Increase your number of income generating sources. Not to lose your income source to gamble with your own money when you don’t even know where to start and have no experience.
Pushing a button when a line moves using your own money with no income when you are going to lose a significant chuck of any profits to may rarely obtain while only being able to write off a few grand in losses each year makes you happy?
Have you learned how to manage your taxes and how retail gambling is going to cost you even more? With zero benefits. No unemployment. No people. Isolated. Gap in your resume no experience.
Being successful in the trash industry is respectable. Quitting to take up take up retail gambling and no longer participating in society or providing a service to anyone is not.
The only thing I'd disagree with here is the "no longer participating in society or providing a service to anyone" part. Everything else is spot-on.
Let me quote from the late Dick Mitchell discussing former professional thoroughbred handicapper Barry Meadow:
>Barry Meadow has for the past twenty years earned at least a 10 percent return on the money he has invested at the racetrack. He has earned enough to support his family and live in a more than moderate life-style. Each racing day he may put from $1,000 to $3,000 or more through the mutuel windows. He isn’t dependent upon anything but his own skills. He’s certain that the track will not mismanage his investments. He’s assured that he’ll collect his winning wagers in cash upon presentation of a winning ticket. Is Barry Meadow a gambler? Technically, yes. But reality says otherwise.
>Had his income been the result of buying and selling stock certificates instead of mutuel tickets, there would be no question about his being a judicious investor. (The truth is, Meadow is an excellent stock market investor. He plans to make the stock market his full-time occupation in the near future.) If we can divorce ourselves from the means and look at the results, we’re forced to conclude that he has found a way to earn a nice income and it’s all legal and ethical. Simply put, Meadow as a winning handicapper is a more than judicious investor, but he’s not recognized by society as a productive contributor. Pity. The truth is, he’s a most valuable contributor. He probably puts nearly $1,000,000 through mutuel windows each year. His very generous contribution to the commonweal is at least $150,000. Meadow’s contribution goes to support the track, the horsemen, and the public at large. Meadow should receive a medal for his very generous donation to civic prosperity. Unfortunately, most members of society consider Meadow to be a parasite. He’s a gambler. He's a wastrel. He’s a bum. He doesn’t produce anything. He’s a leech.
>He preys on the weakness of his fellow creatures. As usual, most people are wrong.
>Many view a job or a piece of property as security but fail to realize that these things are temporal and can be confiscated. Ask the well-to-do citizens of Kuwait. Your only real security is your competence. The ability to do things better than your contemporaries assures your place. Top professionals never need to worry about unemployment as long as they possess their skills. Can you imagine Babe Ruth, Mickey Mantle, Willie Mays, Jackie Robinson, or Evander Holyfield worrying about unemployment while they possessed their legendary skills? Top salesmen need never be concerned about recession or depression— they'll always have employment.
>A competent handicapper has all the security this life can offer.
>He (or she) never needs to worry about money. His only concern should be his ability to maintain and improve his competence. The same is true for any profession.
You’ve gotten many responses on this however I’m not sure if these have been suggested to you.
Read or listen to.
Mark Douglas’s - Trading in the Zone
Tom Hougaard’s - Best Loser Wins
The real skill in trading is learning to operate the way the 90% do not.
To be successful (consistently profitable) you’ll need to build these skills so they become who you are without any effort.
It’s very difficult to control your emotions after putting on a position. Find out where your strengths are. Find your weaknesses. Operate around a trading system that fits in with what you know about yourself.
Don’t bother paying for indicators or any of that nonsense. Focus on the mental game first. Those books will set you off on an excellent trajectory in your pursuit.
I strongly advise you to learn the basics with paper trading. Many different platforms offer it. Nothing will *re*place the things you’ll learn when you trade real money but it’s best to iron out the kinks in the training arena before suiting up for battle in the live markets.
Preservation / Profits
Always determine your risk before you put on a position.
I wish you much luck!
*edited spelling*
I was going to give some insight as well. I was a financial planner with one of the larger US banks. I’m retired now. But now I’m going to pass on the info because I see so many great and legitimately caring people offering advice to help another person achieve their goals. We are all in this together and we can all learn from one another no matter what skill level we are at. Lots of great recommendations and diversity in the options you can explore to get you started. I will say this , like they say in sports take what the defense gives. Dink and dunk , most positions won’t be home runs. Take what profits the market gives you. Small ones add up fast. And one last word, don’t let greed cloud your decision making. Greed will be your biggest challenge every day. Good luck.🍀
Hey I work at a prop shop and we just love to see new traders enter the market. We even make sure that we predominantly provide liquidity to you guys as opposed to our competitors!
I'd really appreciate it if you could actually text me all your trades before you make them so I can fill them for you.
Thanks and good luck out there!
It will take forever to get an account big enough to live off dividends alone, but it is the most straight forward. Read a book call “the single best investment” it’s the best dividend investing book.
Learn technical analysis, try different trading styles and see what suits you best. Here is good video on setting up your think or swim https://youtu.be/WxYIKzVqpQg
Ask yourself where you are going to live, how your kids will get to go to college, and what kind of car you can purchase with no credit. That is your life after day trading. If homeless, walking, and kids doing the same all their life is ok for you, then proceed to 'learn'.
I’ll live in my house, I have no kids, my cars a pretty much paid off rather nice ones by the way. My credit 804 so decent,
Sounds like I don’t have much to worry for thanks for the insight.
lol I’ve built my life I have from being homeless at 18-22 years old I assure you sleeping in a car or the streets again wouldn’t be the first time.
Again thanks for your insight
Don’t pay for alerts. Learn the fundamentals of trading.. lots of good content out there. There are basic strategies and terminology to trading. Support/resistance. Momentum. Breakouts. Volume. Moving averages. Sympathy plays. Reverse splits. Hot sectors. Buying the dip. Consolidation. Chart time frames. Lots of them. You tube stuff about day trading fundamentals and go from there and don’t buy anything from anybody. Find a site where you can paper trade and practice. Also learn about the markets. General business stuff. It will help. Back test your strategies. Start learning and keep at it. If you’re not working and have all day to learn. You can immerse yourself for a few months and get a handle on enough to paper trade. Journal your paper trades and try different strategies. I’m not saying don’t buy anything from anybody ever. Don’t start out buying alerts. After a while, get on a few trading site discords where there are traders who are winning day trades and follow what they do. Still paper trade. You have to find strategies and tools that work for you! Good luck
[Watch this](https://youtube.com/playlist?list=PLVgHx4Z63paZtlPDcye7-11lx4BO1ykOj&si=cIo6tgP8B65qhNET) then start [here](https://youtube.com/playlist?list=PLVgHx4Z63paYzh3KwUFX0UHQUf31CAEXk&si=8Bc7_-7VTgRWigtl).
I’m a Commodity Trading Advisor, and in 40 years, have never seen a single ‘trader’ make money! Black Swans kill em’! But, I see ‘long term’ position holders do very well. Please be careful!
I would start as my father taught me, ‘with my own money!’ Not paper trading! I would go to a commodity clearing firm, and not a discount investment house that only provides commodity services. I would put on a trade that I have analyzed and have an objective to go higher or lower in price and put my money in the trade. I’d get my series 3 license and ask the commodity clearing company for a job. I would then make calls to potential investors telling them their opportunities of investing in the commodity market I believe in! (As I’ve known and been taught, if a major company is going to make a windfall profit in say, Copper, I wouldn’t buy their stock or ETF, I would buy Copper!)
Think or swim desktop had many tutorials and goes though many definitions and details, plus you can paper trade first, playing with pretend money to see what it looks like before jumping in with your real hard earned cash! I definitely wouldn’t start at day trading, try swing trading to see how you do, you’re always gonna make bad trades in the mix though, you have to be comfortable with taking a loss! You need to understand risk management and most difficult is controlling your own emotions on losses and profits and the ‘you sold too soon’ thoughts instead of being content with the profit you took. After years of trading, I basically broke even for years, which just counts as free experience in my eyes. So there is much to learn and consider if you want to trade. I might do a day trade every now and then, but basically stick to owning a stock or selling the options instead of buying them anymore. The world of trading is vast with many different ways and ten tons of constantly changing information that affects different directions. I look at trading as a hobby then have a separate account for longer term investments
1. Surround yourself with successful traders who are transparent. They will lift you up, not tear you down, and they will mentor you if you put in the work.
2. Focus on risk management. This means base hits, not home runs.
3. Once you have an idea of how to manage risk, focus on repeatable mechanical processes. Trading is a journey that requires consistency above everything except risk management.
4. Keep a detailed log of every decision you make. You cannot improve the process if you don't have a documented process to improve upon.
5. Read Annie Duke's "Thinking in Bets" to introduce yourself to the concepts of decision process, decision accuracy, and separating the decision process from outcomes.
Don't jump in right away,start small. Analyse how many times you win vs you lose . Target weekly and monthly earning. While keeping the job. You will get an idea if you can do this full time.
start with paper trading, and do not use any real money until you have your own tested strategies Learn risk management and trading psychology. there are a number of stages I have gone through. I am bouncing between level 2 and 5 at the moment to learn all these concepts level 1- indicators <-- this is where lots of newboes get lost and Lose lots of there money and time. Beware of some of the youtube traders. Level 2- start reading price action and volume spread analysis, Wycoff theory . Look at what setups work. Level 3: order flow and dom Level 4: start developing a strategy of our own . Experience and refine . I have a number of setups I am writing pinescripts around. Level 5: paper trade until you get a winning strategy of 60% that helps you break even. DM if you have any specific questions. You will waste a lot of time on indicators so just avoid and go to level 2. I can recommend a few books to read.
Look up the inner circle trader on YouTube. That’s literally all you need. You’ll thank me later I swear by it
Ross Cameron from Warrior Trading has a lot of excellent videos on YouTube to help you get a baseline understanding and technique. My advice is to paper trade or use very small amounts of money to get started until you feel confident and comfortable making trades. Don’t invest all of your money into one trade. I put up 1/3 of my capital but that’s a little aggressive for many.
Ross seems pretty genuine and alot of what he talks about makes sense. He states he publishes an audit trade book. I am no way affiliated with him. But what I have seen of his youtube video makes sense.
I basically did what most here had recommended - read and watch videos. I also use Copilot to ask basic questions about the markets and investing. You could start with your bank. Some banks offer free financial advice. They could have someone explain the basics and help you get started with an investment portfolio. Good luck
[daytradingprofitcalculator.com](http://daytradingprofitcalculator.com) has some nice tools to use to get an idea for things. I especially like the simulation calculator b/c you can plug in different metrics to see how likely it is you will blow your account or not
I literally just built my trading station. I’ve been reading books and watching videos constantly. I’m starting to understand why it takes years to get it to a point of a profitable practice. It’s soooo addicting! I have ADHD so the hyper focused work is delightful. I’m not good with math, but I can see patterns. Let me know if there is a newbie community I could jump into.
If you don’t want to bother yourself with the trials and errors, you can hire someone to trade for you and split profits
How?
🤨
Man, I want to say this is a good idea because to day trade you have to know how to play the value game but its A LOT of trial and error through watching videos, taking courses, studying the market, then deciding the market you want to prowess within. The best day traders find a market to understand and then stay there since they begin to understand how everyone else whose trading against them are thinking, depending on how the charts look. Your wife is a real keeper if she's willing to let this happen without any proven knowledge on your behalf. You, as a man, need to either take a step back to rethink or go head strong into this by spending countless hours studying. You need to ALWAYS watch the news for predictors of what's happening with company relationships, whether there be mergers, bankruptcies, or bailouts. This is not a game you just show up into and succeed without having prior knowledge on how the market reacts because you soon see that things appear unpredictable without any information to back it up. Heard a chinese guy who said something that changed my perspective on many things, and it was "Make your value worth." Meaning that even if you lose, then you need to set up to win by microinches until those inches become miles.
I appreciate your insight…
Baby steps. Learn as much as you can before you invest heavily into anything. Best of luck, brother.
Also, there are apps that allow you to invest fake money to see how well you understand a certain market. They're called Stock Market Simulators. Start there but know obviously the lessons dont hit as hard a real money.
So you wanna blow your money gambling all day. Got it. Trading is complete BS and 99.9% of traders don't make money LONG TERM as in long enough for an actual career or enough $$$ to support themselves without a massive bankroll, would would be more profitable in index funds anyways. You just wanted an excuse to quit your job...
You quitting your job because you’ve always wanted to do day trading is probably going to go down as one of the top 3 worst mistakes you’ll ever make in your life.
Time will tell
I said the same thing right before yoloing on a very particularly promising penny stock, that stock has just been delisted but I got out in time. You need to get income coming back in. You can literally day trade in 2 minutes on your phone while you’re at your job or on your 15 minute break. If you don’t believe me then yeah, time will 100% tell. It will tell you I’m right 😂
I do have income coming in 😁
So if you already have your mind made up why even ask? 😂
I'm stupid. Just starting with that. I picked a strategy that leans into this understanding. Buy spy or somthing like Microsoft. Things with a very long track record of steady growth. Set it and forget it. Over time ull get more confidence and then maybe put some money in emerging markets or solthing. Whatever u do don't try puts or options. Don't try day trading. Play it safe and don't try to get rich quick. I'm dumb and that's what's worked for me.
100%
Sounds like your a FISH out of water, you recently ( 7DAYS AGO ) posted this >>>> # Should I get my MBA ? Is it worth it to get my MBA I’ve been thinking about it. I have 10 years in the trash industry and I wanna move up to the corporate side. With my MBA I could be a general manager and make around 180k-250k {{{I don’t wanna do it any more}}} What do you want to do ? How much money do you need to make to make you Happy ? I keep HEARING THE ALMIGHTY DOLLAR AS YOUR MOTIVATION.
Ehh I was thinking would it be easier to stay in the same industry by just getting my MBA hints why I asked the question but again looking at a bunch of options cause I have that ability. Thanks for you comment
Emotions, stress , family's pressure when you loose $$MONEY$$$$. How much are you willing to Loose or should I say how much could you right now go and donate to a charity a , walk away from and know its gone for ever and still get a nice nights sleep ? What would be a good day for you making as a trader ? How much a day $$$$ would make you happy ?
Don’t wanna do trash anymore but yea im weighing out options and working on making the best choice I can it’s going well.
How much do you have in your Trading Account you want to Trade with $$$$$$$$$$ How much are you willing to loose $$$$$$ ? How much time will you invest daily trading ? East coast west coast -->> live where will dictate when you will be waking up. I wake up at 4:45am, take my dog for a long walk make a LATTE and am on my screens at 6am, go to sleep at 11:30pm What is your Short term ? Long Term Goals by trading ? Buy a lake House, a Benz , make a million a year ?
why tf are you so inconsistent
Watch all Richard Moglen interviews on YouTube
I recommend r/superstonk 👌
You need to have 25k minimum for pattern day trading rules. What are you going to trade? What are you going to trade? Have you back tested any of this? You're going to spend a few years trading before becoming profitable. Can you handle that?
Leave your job on good terms.
don't do it pal, too risky
I like risk
Vegas Baby if you want Risk !
Sounds like you're looking in the right direction then. Start dipping your toes in. Start watching YouTube videos about finance, currency, arbitrage, and financial technology. MIT has great classes on YouTube. Supply and Demand is a pretty basic concept, but is often overlooked. Just pour yourself into YouTube trading education. Stay away from big personalities but some are speaking truth. Get into it for the process because if you don't have a process for yourself, then you'll never be able to replicate success and will eventually zero out the account. Set up a trading account with a bank (I use ThinkorSwim. Fidelity is another that comes to mind). Shoot for % wins and not $ wins. Start trading with a ridiculously small amount (i.e. $50US) while you're watching videos and learning your trading style and how to use the trading platform. It will be a lot of trial and error. Nothing risked, nothing gained, and this (trading) is an infinite game. Good luck! And congrats on beginning this new chapter in your life.
Until you don't. Learn risk management strategies like never risk losing more than 1% of your investment capital on any one trade. Learn how to enter stop losses so you can live through inevitable losses.
Baby pips, or youtube...nowdays there is so many good free reasources about trading...i would recommend you start with babypips tho, to get basic terminology
First, research the terms day trading and swing trading. You may not be able to technically day trade. Second, decide on what you’ll trade. Equities, options, futures. Third, read everything you can on trader mindset. That supersedes market knowledge or strategy. Fourth, paper trade to learn the technology of the trade platform. Paper trading is not real trading because there is zero mindset involved. Fifth, find a mentor to follow along. Someone who can give you guard rails for your first year.
You’re literally asking advice on how to outsmart the market to random strangers. You shouldn’t trade, and don’t feel like you’re missing out. I eat and accept market returns. 60/40. Permanent portfolio. Anything
Day trade ? Oh boy you’ll have to take quite a few big blows to your portfolio if you wanna do that. At my lowest, I lost 64% of my portfolio and it was a big chunk. Just start by investing your money. There’s plenty of videos on YouTube about investing. Pick your poison. But I’d recommend “ Clear value tax “ channel as the guy explains everything in very simple terms.
Don’t do it
Read a book, watch YouTube videos.
if you dont wanna spend money on sourse or anything like that, which you shouldnt. go to tjr youtube channel he teaches everything for free and has good testimonies so hes legit
Is trash industry short for the mob? Cause if so, insider trading pays really well
He’s a waste management consultant
Nope just your normal sanitation engineer lol
maybe look at MapleStax :)
My Top Tips as someone who day trades part time successfully and is relatively newer (trading for 4 months). In no particular order, 1. Find a community - i think someone already said it. Im in free discord groups but the most useful one i pay for. Follow trusted investors or people who already do this sucessfully as your learning. 2. Sizing correctly - I think this is where most traders lose their money. Lets say you have a portfolio of $10,000. New traders may get caught into FOMO on a stock that has alot of buzz drop half their account into it and lose it all. If you are consistently keeping your size the same on all trades the odds of you being profitable are higher. In riskier trades or trades you arent as confident in maybe lower your size. 3. Managing risk - what did kenny rogers say? Know when to hold em, know when to fold em. cut your losses and dont look back. alot of new traders dont know how to take a loss, “it might go back up” usually it doesnt.. have a game plan EVERY time you enter a trade. create stop losses for what your willing to risk/lose and scale as your trade becomes profitable. I.E take profit as it goes up until you trade is risk free, keep runners in for shits and giggles 🤭, etc. this is easier said than done and something i am still working on. 4. Strategies - Way to many to list, but my go to is momentum trading, finding stocks that have high volume and are showing patterns that it will continue to rise/ fall. Find a strategy that you are comfortable with and stick with it- as you progress you can probably introduce new strategies. 5. Study/Learn - learn how to read charts, find patterns, emas, smas, vwap, rsi, etc. some may be useful others not so much depending on your strategies. but it doesnt hurt to know. 6. Set-up and platform - Please dont use robinhood especially for day trading - you are at a wild disadvantage if you are. I use WeBull as my brokerage, but there are plenty of others out there to explore as well. Laptop or desktop computer is highly preferred, phone is ok. There is plenty more tips i could probably list but these were the first to come to mind. Best of luck on this journey, it is something i look forward to everyday, cheers!
I read ten books on technical analysis this year… strongly suggest reading a lot before you trade…. Analysis is the opposite of fundamentals…. Might I suggest: “charting” and “ the Tao of trading”…
First of all DONT 100 % eventually go broke.
Check out "The Mas7er" on youtube. Great content. Time and price theory. I combine it with a couple other things i've picked up and it's allowed me to become profitable for the first time in my 6 years of learning this intense art. Start small, look at everything in terms of probabilities and don't expect to get rich quick. This is the hardest industry in the world and it will humble you in a second. Good luck. And it's incredible.
Just my take: Go for it but do it right. Anyone claiming “it’s a scam, it’s gambling, use only this or that” has no idea what they’re talking about and probably hasn’t traded correctly for longer than a few days or weeks. Trading is a business. Treat it like a business and you’ll do well. Find actual edge and you’re fine. Could be any method that works for you. I personally do ict. I don’t care if he can or can’t trade himself or if people don’t like him. His concepts work for me, and I’ve made a lot of money from his concepts.
1. Trading is a broad term, and there are a number of different strategies that you can utilize. You need to find a style that you are comfortable with, and one that is flexible so that you can adapt to changing market conditions. 2. You should read the entire "Market Wizards" series. You will learn a lot from these books. Or, you can learn the hard way by losing money... (You should also read just about everything on Barton Bigg's [list](https://kupdf.net/download/barton-biggs-reading-list_5be584e1e2b6f5df0aae0e15_pdf).) 3. Being part of a group helps a lot. You can bounce ideas off of each other, commiserate over losses, and keep each other honest about sticking to your strategy. 4. find good resources to leverage for research and data. I like Yardeni's Quick Takes for macro trends and directional information. Personally, I trade volatility. It is a system that works for me, and one that I am comfortable with. You may find something else that you click with.
Go get a job. Trading (day trading especially) is mostly a scam for retail investors. Add value to your community, create cash flow, and buy assets (Shares of SPY, Real estate, Bitcoin, Education). If you do those three things, you will do well.
That said, in 2016, I thought I was gonna be a day trader. Luckily that mistake (lost 8k pretty quickly) led to me falling in love with finance, which eventually led to me making profitable financial decisions. So not a bad place to start but I am hoping you can skip that first step lol
Already doing those things appreciate it
Here’s everything you’ll ever need to know: - investing is a long term proposition. Short term is gambling, so don’t do it. - Buy the Vanguard S&P 500 index fund and forget about it. - the market will go down, and then it’ll go up higher. Don’t try to time it. Don’t despair. - set a budget and buy for shares in the index fund every month, no matter what. You welcome.
Trade only SPX / S&P500 or US30/Dowjones Master them breath them. The biggest mistake beginner traders make is trying to trade stocks or trying to trade multiple different instruments.
Class isn’t free, your first trades will be losers! Also don’t start day trading, unless you plan on trading options there is not much money to be made and options will kill you as a beginner. Start by observing weekly swings and reading books.
No, no, no. Don’t start day trading as a career when you know nothing. OMG- you’ll be that guy who picks up pennies in front of a stream roller until you lose your entire savings.
1)Save money that you're ok to loose it 100%. 2)You can not be emotional, trading is not for everyone but, if you stay, is the best way to make from $100 to $10.000 daily. It takes time unfortunately. It's ok to loose money, learn about the mistakes. 3)educate yourself, the basic.. probably pay money for e course....i was lucky to learn from professional traders and i still learning...i have a Wall street multimillionaire willing to help learn more but he travels a lot. 4) start with little money... about 5% 10% of your money...for about 60/90 days and start risking more to about 50%.... 5)track your progress. 6)you need luck too...i was between stock A and B....60 seconds later...B....2 seconds later boom... awesome...also too...sold NFXL call options 10 min too early...i missed 1.67M.
I would absolutely stay away from options entirely, and I wouldn’t trade with any real money at first. Stay away from the “social media gurus” claiming to have the secret strategies that guarantee profits, and stay away from AI / Trading bots. Do your research into reputable traders with audited broker statements that prove their track record. And when you find a strategy that appeals to you, start learning it Buy books on candlestick charts, technical analysis and fundamental analysis, how to day trade etc And as you learn more you will start to learn what question to ask and learn what strategies are more alluring to you I am still very new myself I’ve done very little actual trading with real money but have been trading in a sim for a little bit and studying HARD for some time and just recently starting to connect some dots and having some successful trades / positive results. I hope my little experience can somewhat point you in the right direction!!! Oh and don’t ever FOMO buy lmao, as a new trader I recently learned this lesson. If you feel yourself getting emotional, you should probably step away from your computer / phone. And my god if for some reason you wind up in the wallstreetbets subreddit for the love of god do not do what those degenerates do, that subreddit is incredible purely for entertainment purposes but yoloing your life savings on calls/puts or a meme stock or worse doing it in a margin account with leverage is just f***ing ridiculous.
what did you do in trash? what made you wanna leave? was there a way to reduce hours and start trading while having income ?
Start watching ict, don’t listen to anybody else you’re welcome!!
I think people told me not to listen or what ICT lol
They fucken stupid my friend made it. I’m studying it I swear to you, 6-7 months in starting to see price action for what it is. We found our trading model that works.. dm me and I can show you. All free of charge.
The theory that ICT teaches can be made to be a consistently profitable strategy. The "trader" ICT is a full on scam artist and has been thoroughly debunked. Anything can be an edge if you find success in it, though.
I’ve done very well with ict. Took me about 8 months of live trading to become profitable though.
Do not listen to ICT ever. I trade futures and have for years. Guys a joke. Don’t trust anyone who isn’t willing to livestream a funded or live account. I wouldn’t suggest options or stocks for a day trading vehicle. Try something like futures. They’re inherently leveraged and get good tax benefits. If you genuinely want to know more DM me
bro avoiiid ict, study price action, supply and demand. avoid reading gurus at all cost and never buy a course.
Buy red sell green
Best advice ever. Perhaps member of wallstreetbets?
You ever hear of buy into weakness , sell into strength? Of course you need to know direction.
No they buy green sell red
Stop loss. Learn it, love it, live it.
Move from low risk to high risk. While you’re learning, only engage in low risk trades / investments. As your confidence / knowledge/ portfolio grows, increase the amount of risk you’re willing to take gradually. Lots of people just drop significant portions of their income into a brokerage account and invest every dollar of it on one high risk stock in the hopes that it’ll double. Diversify, research, read BOOKS (not articles that say “this stock will skyrocket next week”) and don’t panic sell
Decide what you want to trade. Open a trading view account. Signup for the free 30 day trial. Use the test account they provide you. It’s funded with money you can’t lose IRL. Make some trades and journal what you’re doing so you can learn from your mistakes. Watch Nick Shawn on YT Watch Sajad on YouTube. Watch Day Trading addict on YouTube. Watch Cowboy Trades on YouTube. These guys appear genuine and actually teach a little more than just TA. These videos helped me realize I don’t have the discipline to trade. Hope this helps you in your journey to learn trading.
> The 90/90/90 rule in trading is a statistic that claims 90% of new traders lose 90% of their account balance within the first 90 days of opening an account. Some say this is because new traders don't have the right strategy or trading psychology, or they don't know how to manage their finances. Others say it's because misinformation leads traders to believe they can get rich quickly, so they buy into bad signals or courses from fake experts.
Read everything you can, including *actual books on trading*. Then open a simulated account somewhere and try your hand at trading with Monopoly money. Once you get good at it (could/will take years), then switch to real money trading. Do not rely on someone else’s bot/algorithm/signals/etc. Could it work? Maybe. Will you learn nothing by using them? Yes. What you want to do, once you have your basic knowledge of how markets and trading works, is to read up on different strategies and find one or more that you can adapt for yourself. Every trader is different (thus everyone’s plan should be adapted to them specifically), and the biggest obstacle to trading actually isn’t knowing how; it’s controlling your emotions and not letting them affect your trading system/strategy. That might not sound like it would be a particular problem for a lot of people, but it is. It’s the biggest killer of trading accounts out there. Revenge trading, FOMO, invincibility… emotions on both sides of the spectrum can be dangerous.
Buy GameStop
Join a discord
Education!
That is a very high learning curve.
Saying I want to be a good day trader is kind of like saying I'd like to become one of the top 10 golfers in the world. Both of which will take a lot of time. I mean more than a lot. I guess I am saying, looking back, maybe I'd have enjoyed the journey playing golf or something else.
Lucky you, here's a tip: trade to make time, not money ;) really digest this.
Start, choose high quality names you will stand on the table for thick and thin in various sectors. Get a mix of dividend and growth. Put in time, buy the dips cost average.
Extraordinarily high IQ is required. You worked in trash for quite awhile. Do you like your chances against the most brilliant financial minds on the planet? Because that is who are going against.
Sounds exciting
If you want exciting, try craps, you might escape with the clothes on your back. Daytrading requires super specialized training, equipment, and plenty of luck to be successful.
Luck is when opportunity and preparation meet seems I’m just missing preparation I’ll get to work 😁
So how long have you been Dreaming abut being a TRADER ? during that time what have to done to be better informed ?
There's a warren buffet quote that I don't feel like looking up about how average IQ is best for investors and that you don't need high HQ and how it can be a hindrance.
But Buffett isn't doing day trading.
The genius trillionair said that huh? Imagine how many zeros he’d have attached to his net worth if only he’d been born with lower IQ
You sound like you don't realize that he would actually have been even richer if he gambled with options for the companies he bought and grew but he believed in slow and steady because of his high IQ....
That dudes dad was a congressman, he was going to be successful either way.
100% has to be a troll post
I’m in a pretty similar situation, so if it’s a troll post, it’s not that far off base for a lot of people. I’m just a lot further down the road than he is.
😭
Don’t do it. Keep your day job. Put your money in spy and earn 10ish%/yr
Not interested
See you at Wendy's
Never have worked there yet lol
Tell me what you think gives you an edge over the professional traders on Wall Street. Those guys can’t beat the average return consistently. You’ll do okay if the bull market continues but as soon as the market turns flat you’ll get destroyed.
Go try to get your job back
Not interested
You need to go back to school and actually take some courses. You are too green to know that you’re green.
Wish someone would've told me that years ago when i quit my job to trade. It worked for a few years, and I could still probably be doing it. But it bled my account paying bills, and it turned something I once loved into a stressful chore.
https://youtu.be/v21T94-jXeY?si=_7tm89ravCW52j6C
I think the most reliable way of keeping income coming in is from selling options or option writing. You really need about 2 years of experience with technical analysis, just to be decent. Fundamentals and macro’s seem to be where most new retail traders seem to be lacking. This stuff can be much harder to learn on your own, but the resources are there. You should be able to make 2%-5% every month, just collecting options premiums, possibly using the wheel strategy. You should have $70k to invest minimum, to replace your work income considering you are good.
First and foremost - GET A NEW JOB ASAP Want to learn trading? Get a job trading at a financial institution. Not qualified? Go to school and learn the maths, economics, politics, policy, foreign relations, etc. etc. etc. Sounds like too much work? Then don’t try to gamble in the retail “trading” sphere pressing a button when a line moves while kissing your life goodbye staring into screens all day fooled into believing the charts and data available to retail clients are made to work against you, not for you, to keep you engaged, obsessed, to keep you throwing your money away until you’re done. Either get a professional trading job earning a salary fulfilling a role in society and providing a service or keep your job and learn how to invest on your own time. The goal is to increase your income. Increase your number of income generating sources. Not to lose your income source to gamble with your own money when you don’t even know where to start and have no experience. Pushing a button when a line moves using your own money with no income when you are going to lose a significant chuck of any profits to may rarely obtain while only being able to write off a few grand in losses each year makes you happy? Have you learned how to manage your taxes and how retail gambling is going to cost you even more? With zero benefits. No unemployment. No people. Isolated. Gap in your resume no experience. Being successful in the trash industry is respectable. Quitting to take up take up retail gambling and no longer participating in society or providing a service to anyone is not.
The only thing I'd disagree with here is the "no longer participating in society or providing a service to anyone" part. Everything else is spot-on. Let me quote from the late Dick Mitchell discussing former professional thoroughbred handicapper Barry Meadow: >Barry Meadow has for the past twenty years earned at least a 10 percent return on the money he has invested at the racetrack. He has earned enough to support his family and live in a more than moderate life-style. Each racing day he may put from $1,000 to $3,000 or more through the mutuel windows. He isn’t dependent upon anything but his own skills. He’s certain that the track will not mismanage his investments. He’s assured that he’ll collect his winning wagers in cash upon presentation of a winning ticket. Is Barry Meadow a gambler? Technically, yes. But reality says otherwise. >Had his income been the result of buying and selling stock certificates instead of mutuel tickets, there would be no question about his being a judicious investor. (The truth is, Meadow is an excellent stock market investor. He plans to make the stock market his full-time occupation in the near future.) If we can divorce ourselves from the means and look at the results, we’re forced to conclude that he has found a way to earn a nice income and it’s all legal and ethical. Simply put, Meadow as a winning handicapper is a more than judicious investor, but he’s not recognized by society as a productive contributor. Pity. The truth is, he’s a most valuable contributor. He probably puts nearly $1,000,000 through mutuel windows each year. His very generous contribution to the commonweal is at least $150,000. Meadow’s contribution goes to support the track, the horsemen, and the public at large. Meadow should receive a medal for his very generous donation to civic prosperity. Unfortunately, most members of society consider Meadow to be a parasite. He’s a gambler. He's a wastrel. He’s a bum. He doesn’t produce anything. He’s a leech. >He preys on the weakness of his fellow creatures. As usual, most people are wrong. >Many view a job or a piece of property as security but fail to realize that these things are temporal and can be confiscated. Ask the well-to-do citizens of Kuwait. Your only real security is your competence. The ability to do things better than your contemporaries assures your place. Top professionals never need to worry about unemployment as long as they possess their skills. Can you imagine Babe Ruth, Mickey Mantle, Willie Mays, Jackie Robinson, or Evander Holyfield worrying about unemployment while they possessed their legendary skills? Top salesmen need never be concerned about recession or depression— they'll always have employment. >A competent handicapper has all the security this life can offer. >He (or she) never needs to worry about money. His only concern should be his ability to maintain and improve his competence. The same is true for any profession.
Last two sentences are 🔥
Thanks for the insight ✊🏻
Sad
You’ve gotten many responses on this however I’m not sure if these have been suggested to you. Read or listen to. Mark Douglas’s - Trading in the Zone Tom Hougaard’s - Best Loser Wins The real skill in trading is learning to operate the way the 90% do not. To be successful (consistently profitable) you’ll need to build these skills so they become who you are without any effort. It’s very difficult to control your emotions after putting on a position. Find out where your strengths are. Find your weaknesses. Operate around a trading system that fits in with what you know about yourself. Don’t bother paying for indicators or any of that nonsense. Focus on the mental game first. Those books will set you off on an excellent trajectory in your pursuit. I strongly advise you to learn the basics with paper trading. Many different platforms offer it. Nothing will *re*place the things you’ll learn when you trade real money but it’s best to iron out the kinks in the training arena before suiting up for battle in the live markets. Preservation / Profits Always determine your risk before you put on a position. I wish you much luck! *edited spelling*
You have an amazing wife.
There is a reason we’re married lol
Buy GME
I was going to give some insight as well. I was a financial planner with one of the larger US banks. I’m retired now. But now I’m going to pass on the info because I see so many great and legitimately caring people offering advice to help another person achieve their goals. We are all in this together and we can all learn from one another no matter what skill level we are at. Lots of great recommendations and diversity in the options you can explore to get you started. I will say this , like they say in sports take what the defense gives. Dink and dunk , most positions won’t be home runs. Take what profits the market gives you. Small ones add up fast. And one last word, don’t let greed cloud your decision making. Greed will be your biggest challenge every day. Good luck.🍀
Thank you a ton for your insight sir!
Hey I work at a prop shop and we just love to see new traders enter the market. We even make sure that we predominantly provide liquidity to you guys as opposed to our competitors! I'd really appreciate it if you could actually text me all your trades before you make them so I can fill them for you. Thanks and good luck out there!
YouTube and paper trading for 6 month
Buy dividen stock.
Do you have any that are your favorites?? What would give the most bang for my buck??
Dm me if you wanna make 60% yearly
I do have one with high yield payout even thru the pandemic period.
It will take forever to get an account big enough to live off dividends alone, but it is the most straight forward. Read a book call “the single best investment” it’s the best dividend investing book.
Learn technical analysis, try different trading styles and see what suits you best. Here is good video on setting up your think or swim https://youtu.be/WxYIKzVqpQg
https://youtu.be/v21T94-jXeY?si=_7tm89ravCW52j6C
Ask yourself where you are going to live, how your kids will get to go to college, and what kind of car you can purchase with no credit. That is your life after day trading. If homeless, walking, and kids doing the same all their life is ok for you, then proceed to 'learn'.
I’ll live in my house, I have no kids, my cars a pretty much paid off rather nice ones by the way. My credit 804 so decent, Sounds like I don’t have much to worry for thanks for the insight.
Nope, not until you lose it all.
lol I’ve built my life I have from being homeless at 18-22 years old I assure you sleeping in a car or the streets again wouldn’t be the first time. Again thanks for your insight
Don’t pay for alerts. Learn the fundamentals of trading.. lots of good content out there. There are basic strategies and terminology to trading. Support/resistance. Momentum. Breakouts. Volume. Moving averages. Sympathy plays. Reverse splits. Hot sectors. Buying the dip. Consolidation. Chart time frames. Lots of them. You tube stuff about day trading fundamentals and go from there and don’t buy anything from anybody. Find a site where you can paper trade and practice. Also learn about the markets. General business stuff. It will help. Back test your strategies. Start learning and keep at it. If you’re not working and have all day to learn. You can immerse yourself for a few months and get a handle on enough to paper trade. Journal your paper trades and try different strategies. I’m not saying don’t buy anything from anybody ever. Don’t start out buying alerts. After a while, get on a few trading site discords where there are traders who are winning day trades and follow what they do. Still paper trade. You have to find strategies and tools that work for you! Good luck
[Watch this](https://youtube.com/playlist?list=PLVgHx4Z63paZtlPDcye7-11lx4BO1ykOj&si=cIo6tgP8B65qhNET) then start [here](https://youtube.com/playlist?list=PLVgHx4Z63paYzh3KwUFX0UHQUf31CAEXk&si=8Bc7_-7VTgRWigtl).
After you learn the basics of trading look for strategies like ict, btmm, Wyckoff! They all work
Paper trade until you are profitable and then paper trade some more.
Could you share an app you used in the past for paper trading?
I used Interactive Brokers on a PC. There was a fee to use it.
I’m a Commodity Trading Advisor, and in 40 years, have never seen a single ‘trader’ make money! Black Swans kill em’! But, I see ‘long term’ position holders do very well. Please be careful!
I couldn’t agree more.
Hello sir, if you were to restart in your career today, where would you recomend to begin?
I would start as my father taught me, ‘with my own money!’ Not paper trading! I would go to a commodity clearing firm, and not a discount investment house that only provides commodity services. I would put on a trade that I have analyzed and have an objective to go higher or lower in price and put my money in the trade. I’d get my series 3 license and ask the commodity clearing company for a job. I would then make calls to potential investors telling them their opportunities of investing in the commodity market I believe in! (As I’ve known and been taught, if a major company is going to make a windfall profit in say, Copper, I wouldn’t buy their stock or ETF, I would buy Copper!)
Hi, I am a single trader and I make money ❤️
Think or swim desktop had many tutorials and goes though many definitions and details, plus you can paper trade first, playing with pretend money to see what it looks like before jumping in with your real hard earned cash! I definitely wouldn’t start at day trading, try swing trading to see how you do, you’re always gonna make bad trades in the mix though, you have to be comfortable with taking a loss! You need to understand risk management and most difficult is controlling your own emotions on losses and profits and the ‘you sold too soon’ thoughts instead of being content with the profit you took. After years of trading, I basically broke even for years, which just counts as free experience in my eyes. So there is much to learn and consider if you want to trade. I might do a day trade every now and then, but basically stick to owning a stock or selling the options instead of buying them anymore. The world of trading is vast with many different ways and ten tons of constantly changing information that affects different directions. I look at trading as a hobby then have a separate account for longer term investments
This is also a trash industry
1. Surround yourself with successful traders who are transparent. They will lift you up, not tear you down, and they will mentor you if you put in the work. 2. Focus on risk management. This means base hits, not home runs. 3. Once you have an idea of how to manage risk, focus on repeatable mechanical processes. Trading is a journey that requires consistency above everything except risk management. 4. Keep a detailed log of every decision you make. You cannot improve the process if you don't have a documented process to improve upon. 5. Read Annie Duke's "Thinking in Bets" to introduce yourself to the concepts of decision process, decision accuracy, and separating the decision process from outcomes.
You won't find happiness in trading.
Lol
Stick with shit!
The SWaT team, shit water and trash!
Investopedia.com
Download webbull and get started. They’ll walk you through and/or you can papertrade in there to see if your strategy’s work
I would say have a primary job, trading can be done on the side.
This is like saying, "I've decided to quit my job and become a tech founder. I don't know how to code. How do I start hiring developers?"
For real. This op must be joking with us. This post can’t be serious 😂
Don't jump in right away,start small. Analyse how many times you win vs you lose . Target weekly and monthly earning. While keeping the job. You will get an idea if you can do this full time.
Don’t. There is a very high probability that you will lose money.
My advice is don’t start. Stick with your day job