are you stuck at home bored of all the Netflix shows and you cannot work out because you don't have weights at home well this is the perfect time to learn to date rate here are the 4 steps to start day trading as a complete beginner in my recent video comments and on Twitter and Instagram DMS I've received tons of questions from people asking me how should a brand new trader to the market start learning today trade so that's why I'm making this video for day trading beginners to get started and my recommendations of how I would personally start again if I can go back in time 6 years ago again these are my personal opinions not financial advice the only sound advice I can give you is to make sure to click the like button in order to get immunity from the viruses okay so that may or may not have being approved by the whu-oh but we'll just roll with that so the first thing to do for any beginner traders to get started is to get a paper trading account paper trading means you're practicing with fake simulated money in your broker account like these fake dollar bills right here I already know what the pink words mean but I think it's something like completely legitimate American dollar bills and the reason I recommend starting out with paper trading first is obviously if you're brand new to the market you have no idea what candlesticks are technical analysis reading SEC filings analyzing news etc etc so why would you risk your hard earned money and dive straight into life trading and put up money and risk when you have no idea what you're doing so take a step back and start with paper trading first here are the brokers I recommend to open an account for paper trading first of all TD think will swim this is completely free for American users to get started for the Canadian users yes you can open a thinkorswim account for both live trading and paper trading but you need to keep $5, 000 u.
s.
in the account in order to maintain live data thinkorswim also has this amazing feature called on-demand that allows you to go back to historical data and practice the price action of almost any particular stock so that's an extremely useful feature for any beginner traders as well as the experience so make sure to take advantage of that a second broker I'd recommend for paper trading with is interactive brokers available for the Americans and Canadians with interactive brokers you do need to purchase additional life data in order to use it for paper trading I believe the data for NASDAQ and why I see level one and two quotes altogether should be about twenty to twenty-five dollars per month u.
s.
so that's not bad at all third option I recommend for paper trading is Weeble a zero dollar trading commission app while I do not recommend using any of these free brokerage accounts for live trading such as Robin Hood or Weibo I think for beginner traders to get started with paper trading that's totally fine and the reason I would recommend we both / Robin Hood is that it has a very extensive user interface on both a mobile as well as on desktop PC and Mac so you can pay per trade with live data on all those platforms completely for free a weibo trading app you have the option of trading pre market after-hours trading options and even shorting stocks and if you sign up to Weibo you see my referral link down below you receive two free stocks the first one could be worth up to $250 when you open the account and the second one could be worth anything between $12 to $1400 after you deposit $100 so that's free money right there for you to get started with paper trading with live data I also have a video tutorial and Weibo if you want to check that out the paper trading with live data is available for both the Canadians and the Americans at this time the American users can open the funded account and trade life with weeble but paper trading with live data is still available for the Canadian users so sorry about that my Canadian friends now that you have your paper trading account set up it's finally time to start learning this is the part where a lot of people would tell you to buy some $5, 000 DVD or $300 a month text alerts plan we'll talk more about that later on but here is an unpopular opinion and again this is just my personal opinion not financial advice before I buy anything I would start by utilizing the free resources online to start learning first there's literally so much resources out there on YouTube for me I've been making these shorts and simplified videos now for over a year I talk about day trading strategies various ways to find stocks to trade how penny stock pumps work and have weekend videos reviewing all my trades for the week and the whole point of starting out with just paper trading and free resources is to prepare yourself financially and mentally for the years of hard work that is to come if you decide to take trading seriously most people jumping into the market to trade have no idea about all the hard work and time that's required in order to make it in this business 90% of the people out there buy into the kool-aid the trading is easy you just spend $300 a month on text alerts and you can make thousands of dollars trading only one hour a day and from anywhere in the world let me reassure you from my personal experience of trading for six years now the reality is far from the lifestyle marketing trading is not easy controlling risk maintaining discipline and focus is a constant battle on a daily basis like I mentioned before in this video even if you're starting out trading part-time while working a full-time job you are essentially starting a part and business that requires full-time effort and if after watching some of my youtube videos you're like holy you mean I can't just roll out of bed ten minutes before they open I have to wake up few hours before and I'm gonna age 10 years in 6 months like Humboldt Raider no thanks trading isn't for me the night of six jobs sounds pretty good right now Nori's that's totally cool I understand by this point you've only done step 1 paper trading step 2 using free resources online so essentially you bought yourself a free backdoor ticket this whole experience of trying out day trading for couple months is completely risk-free let me make this clear there's nothing wrong with these premium paid educational DVDs and courses as long as they're actually valuable and not just selling people the Lamborghini dream I just recommend complete trading beginners to start dabbling by using free resources before making these costly investments next step number three after you set up a paper trading account and started learning some strategies and setups the next step is to smash the like button to make it rain Lamborghinis actually I heard toilet paper is more valuable now so give me a second check out this perfectly individual wrapped thirty-six rows of double layered goodness that's perfect for your app to sit at home and paper trade oh so if you have a Lamborghini you wanna trade in with our perfect roll of toilet paper right there call me step in the mud three is to adjourn all your trades that means spending five to ten minutes each day after the markets closed to write down your entries exits and all the setups that you took it's only by tracking your trades and seeing your performance on the spreadsheet that you can actually start to see who you are as a trader are you better I going long or short are you better at trading large cats or smoke a penny stocks do you trade better by using indicators for entries and exits or are you better at trend-following and only enter after a reversal has formed these are all the important questions that you need to find out for yourself as a trader remember yes we all see people doing different things daily on social media whether it's shorting parabolics or buying the dips but what works for other people are most likely not going to work for you so that's why tracking your trades and journaling them down is what will allow you to find the focus and once you've found one or two setups that you're very good at just focus on those setups and block out everything else you can receive a free trading journal so get started when you sign up to my email list down below you also receive a free weekly watchlist sent out from me every single weekend so that steps two and three for you to get started with day trading right there there's a link for you to sign up below so after spending a couple of weeks to a couple of months paper trading learning from free online resources and tracking your trades by this point you should have a pretty good idea whether this day trading business is something that you want to take it further and start expanding or for ninety percent of the people out there this is a point where they realize it's too much work it's too time-consuming and they want to give up and that's totally fine like we talked about earlier this is not for everyone and it's a risk-free experience by this point but for the rest of the ten percent of traders out there who want to start taking this more seriously now's a good time to join a premium community of traders to learn from and trade with no I'm not talking about services where they're alert you to buy and sell that defeats the whole purpose of learning to trade for yourself right I know it may sound kind of contradicting that I talked about learning from free resources earlier and now men later I'm talking about joining a premium service in order to learn but please hear me out I have good reasons for that utilizing these short and sweet videos on YouTube is a great way for beginner traders to get started and get a taste of the market before investing too much but without life guidance and price action analysis during market hours when you're trading you can only go so far by yourself in a community with other like-minded traders is where your start trading beyond just memorizing patterns personally it's only after I've invested my market tuition and found a good group of traders to trade with nice finally start to learn all the little nuances of day trading in a stock market these are nuances such as analyzing news headlines how earnings work in different sectors how macroeconomics affects the price movements of the stocks short-term and all the other nitty-gritty details such as price action and how the money flows strength rotates between the small caps and a large caps these are all the things that would have taken me many many more years to learn by myself if I were just going about a DIY route with just the free resources on lying so I'm looking back now I have absolutely no regrets of all the money and tuition that's spent in the market because I sped up my learning curve yes I do understand why trading education services get a bad rep it's always the endless Lamborghini ads and selling the dream that people think about because those are the people with millions of dollars of marketing budgets each year I've gotten tons of emails and messages from other traders who fell for lifestyle marketing and selling a dream and that's extremely unfortunate I fell for many of that myself many years ago but now I've learned from all those experiences and know what not to do oh I can say is if it sounds too good to be true it probably is the reality Trading is not fast and it's definitely not easy but if you're willing to put in the time and hard work yes it can be done slowly and surely hopefully this video helps you out especially if you're just learning to day trade and starting out as a complete beginner hey guys thanks for watching I hope you enjoy the video and the bad jokes if you want to see more day trading content make sure to subscribe and follow me on Twitter and Instagram for more if you'd like to trade with me daily and get my free weekend watchlist and trading journal make sure to check out the links below for more resources stay green stay positive and I'll see you guys next time.
