How I Would Learn Day Trading (If I Could Start Over)

Day Trading Addict
19 Aug 202211:17
EducationalLearning
32 Likes 10 Comments

TLDRIn this video, the speaker, a seasoned trader with 15 years of experience, shares a step-by-step guide on how to start trading from scratch. He emphasizes the importance of saving money, selling unnecessary items, and cutting back on spending. He advises finding an expert to learn from, understanding the different stages of trading, and spending more time on demo accounts to build skills. He also stresses the need to review both winning and losing trades, focusing on the trading process rather than the money, and studying market structure to recognize various market conditions and improve trading strategies.

Takeaways
  • πŸ’° Start by saving money for your trading account, even if it means working overtime or selling unused items.
  • πŸ›οΈ Cut down on unnecessary expenses and avoid buying non-essential items to allocate more funds towards trading.
  • πŸŽ“ Find an experienced mentor or expert in trading to learn from their knowledge and strategies.
  • 🌱 Embrace the learning phase, understanding that it takes time and practice to become proficient in trading.
  • πŸ“ˆ Spend ample time on a demo account to build skills and familiarize yourself with market behaviors without risking real money.
  • πŸ” Regularly review your losing trades to identify mistakes and avoid repeating them in the future.
  • πŸ† Similarly, analyze your winning trades to understand what strategies work best for you.
  • 🎯 Focus on the trading process rather than just the money; a solid process will lead to financial success.
  • πŸ“Š Study market structure to recognize trends, ranging, breakouts, pullbacks, and potential reversals.
  • πŸ”„ Be patient and remember that the market will always be there; don't rush into trades without proper understanding and preparation.
Q & A
  • What is the first step the speaker suggests for someone starting from scratch in trading?

    -The first step the speaker suggests is to save up more money, even working overtime or seven days a week if necessary, to fund the trading account.

  • What does the speaker recommend doing with unused items around the house?

    -The speaker recommends selling unused items around the house to generate additional funds for the trading account.

  • How much money does the speaker usually see people start with when trading?

    -The speaker usually sees people start with amounts ranging from around $300 to $2000 when beginning to trade.

  • What is one personal sacrifice the speaker made in the early stages of trading?

    -The speaker sold his car in the early stages of trading, as he lived in New York and could easily use public transportation.

  • Why does the speaker emphasize the importance of finding an expert when starting to trade?

    -The speaker emphasizes finding an expert because it is the fastest way to success; by following someone who is already successful, one can learn and adopt their proven strategies and skills.

  • What are the four stages of trading according to the speaker?

    -The four stages of trading according to the speaker are the learning stage, the testing phase, the profitable stage, and the master stage.

  • How does the speaker suggest approaching the demo account?

    -The speaker suggests treating the demo account as if it were a live account, risking a similar amount per trade as one would in a real account to build skills and get used to the market dynamics.

  • What mistake does the speaker admit to making in the past regarding their losing trades?

    -The speaker admits to not reviewing their losing trades in the past, which is a mistake because analyzing these trades can help identify and avoid repeating the same mistakes.

  • Why is it important to study both winning and losing trades according to the speaker?

    -Studying both winning and losing trades is important because it helps traders understand their best setups and recognize patterns that lead to success, ultimately improving their trading skills.

  • What shift in focus does the speaker recommend for new traders?

    -The speaker recommends shifting the focus from money to the process of trading. By concentrating on the process and following a strategy, the money will come naturally.

  • What does the speaker suggest new traders study to better understand the market?

    -The speaker suggests studying market structure to understand not just trends, but also ranging, breakouts, pullbacks, and potential reversals, which can lead to better trading decisions.

Outlines
00:00
πŸ’Ό Starting from Scratch: Trading Strategies

The speaker shares their approach if they had to start trading from zero. They emphasize the importance of saving money, working hard, and possibly selling unused items to fund a trading account. They also stress the value of learning from an expert and understanding the different stages of trading, including the learning phase, testing phase, profitable stage, and mastery. The speaker advises treating demo trading seriously and spending more time on it to build skills before going live.

05:02
πŸ” Analyzing Wins and Losses: Key to Improvement

The speaker discusses the importance of reviewing both winning and losing trades to improve as a trader. They mention that many traders neglect this crucial step. The speaker also highlights the need to focus on the trading process rather than just making money, and to understand market structure beyond just following trends. They share their personal experiences and mistakes to emphasize the importance of these strategies for long-term success in trading.

10:03
πŸš€ Accelerating Success: Final Tips and Recap

The speaker concludes with a recap of the strategies discussed for new traders. They reiterate the importance of saving money, learning from experts, understanding the learning phase, spending more time on demo trading, analyzing both winning and losing trades, focusing on the process, and studying market structure. The speaker encourages viewers to engage with their content for further support and offers a free telegram group for additional resources.

Mindmap
Engage with Content
Join Supportive Communities
Study Market Structure
Emphasize Process Over Money
Study Winning Trades
Review Losing Trades
Spend Time on Demo
Patience in Learning
Understand Market Stages
Invest in Education
Seek a Mentor
Limit Unnecessary Spending
Sell Unnecessary Items
Save Money
Additional Advice
Focus and Mindset
Practice and Analysis
Learning Phase
Finding Expertise
Initial Steps
Strategies for Starting Over in Trading
Alert
Keywords
πŸ’‘trading
Trading, in the context of this video, refers to the act of buying, selling, or exchanging financial instruments such as stocks, bonds, or currencies in theι‡‘θžεΈ‚εœΊ. It is the core activity that the speaker is advising on, emphasizing the importance of learning, strategizing, and managing risks to succeed in this competitive environment.
πŸ’‘saving money
Saving money is highlighted as a crucial first step for anyone starting in trading. It involves accumulating capital that can be allocated to a trading account, which is essential for engaging in financial markets. The speaker emphasizes the importance of financial discipline and the willingness to work hard, even seven days a week, to build up this initial capital.
πŸ’‘expert
An expert, in the context of this video, refers to an individual with significant knowledge and experience in trading. The speaker advises finding and learning from such an expert to accelerate one's own success in trading. This expert can provide guidance, strategies, and insights that have proven effective, thereby reducing the time and potential losses associated with trial and error.
πŸ’‘learning phase
The learning phase is a stage in the development of a trader where they acquire the necessary skills and knowledge to understand and navigate the financial markets. This phase is critical as it lays the foundation for future success and involves patience, practice, and continuous learning.
πŸ’‘demo account
A demo account, also known as a practice orζ¨‘ζ‹Ÿθ΄¦ζˆ·, is a virtual trading platform that allows traders to simulate real trading scenarios without risking actual capital. It is used to test strategies, learn platform operations, and gain experience in trading without financial consequences.
πŸ’‘losing trades
Losing trades refer to instances where a trader's investment in a financial instrument results in a loss. Analyzing these trades is important for understanding mistakes and learning how to avoid repeating them in the future, which is a critical part of improving trading skills and strategies.
πŸ’‘winning trades
Winning trades are those where a trader makes a profit from their investment in financial instruments. Studying these successful trades helps traders identify effective strategies and market conditions that contribute to their wins, which can be replicated for future trading success.
πŸ’‘process
In the context of trading, the process refers to the systematic approach and methodology a trader follows to execute trades. It includes strategy development, risk management, and decision-making frameworks. Focusing on the process rather than just the monetary outcome helps traders make more informed and consistent trading decisions.
πŸ’‘market structure
Market structure refers to the organization and behavior of financial markets, including the patterns and trends that emerge from the trading activities of various participants. Understanding market structure is essential for traders to make informed decisions and to recognize different market conditions such as trending, ranging, or breaking out.
πŸ’‘discipline
Discipline in trading refers to the ability to stick to a well-defined trading plan, resist emotional impulses, and maintain a focused approach regardless of short-term outcomes. It is a critical trait for long-term success in trading, as it helps manage risks and ensures adherence to proven strategies.
Highlights

The importance of saving up more money before starting to trade, possibly by working overtime or multiple jobs.

The strategy of selling unused items around the house to fund a trading account.

The advice to stop buying unnecessary items to conserve resources for trading.

Finding an expert to learn from, leveraging their experience to accelerate one's own success in trading.

Understanding the different stages of trading: learning, testing, profitable, and mastery.

The recommendation to spend more time on demo accounts to build skills and get used to market dynamics.

Treating demo accounts with the same seriousness as live accounts to practice risk management.

The necessity of reviewing losing trades to learn from mistakes and avoid repeating them.

Studying winning trades to recognize and replicate successful strategies in real-time.

Focusing on the trading process rather than just the money, which allows for better decision-making.

The importance of studying market structure to understand beyond just trends, including ranging, breakouts, pullbacks, and reversals.

The initial step of saving up money for trading, even if it means working seven days a week.

The personal anecdote of selling a car to fund trading activities, emphasizing the sacrifices one might have to make.

The advice to follow a successful trader with live trading experience to learn practical skills.

The reminder that patience is key during the learning phase, and that rushing can lead to poor trading decisions.

The strategy of spending an extended period on a demo account to simulate real trading conditions.

The importance of analyzing both winning and losing trades to improve trading skills and strategies.

The shift in mindset from focusing on money to focusing on the process, which ultimately leads to financial success.

The comprehensive approach to studying the market, which includes understanding trends, ranging, breakouts, pullbacks, and reversals.

Transcripts
00:00

so if i had to start from zero this is

00:02

what i would do in this video i'm going

00:04

to explain step by step what i would do

00:06

if i had to start all over trading the

00:08

markets you ready so let's go

00:11

all right now thanks a lot for stopping

00:12

by especially if you're new to the

00:14

channel what i do i help struggling

00:16

traders take their trading to the next

00:18

level i have 15 years of experience when

00:20

it comes to trading these markets so you

00:22

definitely want to check out the content

00:23

that's on this channel right so how

00:26

would i approach trading if i had to

00:28

start all over first thing is save up

00:30

more money so i would work grind if i

00:33

had to work seven days a week which i

00:34

did in the beginning right i will work

00:37

seven days a week i will work overtime i

00:39

will save up money right so i can take

00:41

that money and put it in my trading

00:42

account now when you first start to

00:44

trade you don't really need that much

00:46

money but if you could start with more

00:48

you know go ahead usually what i see

00:50

people start with is around 300 all the

00:52

way to 2000. now the next thing i would

00:54

do is i will look around my house to see

00:56

if i have some stuff that i don't use at

00:59

all and i will sell it okay

01:01

me personally when i first started off i

01:03

actually sold a lot of stuff that i

01:04

didn't need anymore and i also sold my

01:07

car now i'm not telling you to sell your

01:09

car because i know some of you guys have

01:11

kids you know maybe you need your car to

01:13

go to work whatever the case is right me

01:15

personally at the time i was living in

01:16

new york so it was easy for me to jump

01:19

on a bus or a train to get from point a

01:21

to point b okay so i will look around my

01:24

house to see if i have things that i

01:27

don't use at all and i'm gonna sell it

01:28

either on ebay craigslist or whatever

01:30

now the third thing i'm gonna do is i'm

01:32

gonna stop buying unnecessary stuff like

01:35

brand new clothes sneakers now i'm not

01:38

saying that you know you can't treat

01:39

yourself once in a while but you have to

01:41

slow down on buying stuff it's just what

01:43

it is okay you have to slow down on

01:45

buying unnecessary stuff because now you

01:48

want to become an entrepreneur you might

01:50

have to sacrifice some money it's just

01:52

what it is so those are the three things

01:54

i would start with first and honestly

01:56

i'm gonna basically combine all those

01:58

together and say you know that's the

01:59

first thing i would do now the second

02:01

thing i would do is i will find an

02:03

expert guys you do not have to reinvent

02:06

the will okay if something's working for

02:08

somebody else i guarantee you it

02:10

probably could work for you too you just

02:12

have to put in the work so the fastest

02:14

way to success that i know okay and i'm

02:17

quite sure that a lot of professionals

02:19

know is to follow someone that is

02:21

already successful in whatever field

02:23

that you're trying to get in okay so if

02:26

you want to be a trader it's best to

02:28

follow someone that's actually trading

02:31

so you can actually pick up the skills

02:33

that that person have i want that person

02:35

to understand the market in a deep way

02:37

okay i have 15 years of experience so i

02:40

will look for someone like myself i'm

02:41

not saying that you have to look for

02:43

someone that has 15 years experience but

02:45

you know i want someone that knows what

02:47

he or she is doing i have a lot of live

02:49

trading on my videos i trade it live in

02:51

front of my students a bunch of times

02:53

and also show you guys broker statements

02:55

right so you definitely want to find an

02:57

expert okay that know

02:59

what he or she is doing because it will

03:01

speed up your success now the third

03:02

thing i would do is i will remind myself

03:05

that i'm in the learning phase okay now

03:08

when it comes to trading there are four

03:10

different stages right the first stage

03:12

is the learning stage second stage is

03:14

the testing phase the third phase is the

03:16

profitable stage and the fourth stage is

03:18

actually where you become a master right

03:20

so the learning stage and the testing

03:22

stage is where you are learning your new

03:25

strategy and then you're going to take

03:27

that new strategy and you want to test

03:28

it out and learn all the ins and outs

03:30

and get used to that strategy

03:32

now what a lot of people do is when they

03:34

get a new strategy they think that they

03:36

are going to take that strategy right

03:38

and by next week they are going to

03:39

become a master trader it doesn't work

03:41

like that you still have to learn the

03:44

market it's just like learning anything

03:46

else if you learn how to play basketball

03:48

do you think you're going to be a

03:50

basketball expert by next week or next

03:53

month no so you have to keep reminding

03:55

yourself listen let me calm down i'm in

03:58

the learning phase let me stop trying to

04:00

force things and let me learn the right

04:01

way now the fourth thing i would do is i

04:04

will spend more time on the demo yes

04:06

because when i first started out you

04:08

know i was just hungry to make money i

04:12

didn't like my job you know i didn't

04:14

like my current situation so i wanted to

04:15

quit my job so i went on demo for maybe

04:18

a week and that was it and next thing

04:20

you know i went live and lost a lot of

04:22

money and i kept going live i kept going

04:24

live losing money losing money losing

04:26

money so if i had to start over i would

04:28

spend more time on a demo because the

04:30

demo is going to help you build your

04:33

skills up and get used to the market and

04:35

also when i'm trading in the demo i'm

04:37

going to treat the demo the same as my

04:39

live account because when i was trading

04:42

demo i was trading you know let's say

04:43

the demo had a hundred thousand dollars

04:45

play money right i was risking maybe two

04:47

thousand dollars three thousand dollars

04:49

per trade and i know for a fact you know

04:51

i'm not going to do that in my real

04:53

account so let's say that in my real

04:55

account i'm going to risk 100 per trade

04:57

guess what on my demo account i'm going

04:59

to do the same thing so i will treat the

05:01

demo the same as my live and also i will

05:04

stay on demo much longer now the fifth

05:06

thing i would do is i will look over my

05:08

losing trades every single week because

05:11

i didn't do that in the beginning i was

05:12

hoping that next week is going to be a

05:15

better week but guess what i didn't look

05:17

over my losers i didn't even study my

05:19

losers i didn't care about that and i

05:20

know for a fact there are a lot of

05:22

traders like that

05:23

95 percent of the traders that's

05:25

watching this right now do not look over

05:27

their losers you would be surprised how

05:29

many traders do not look over their

05:31

losers a lot of traders don't want to

05:32

put into work right they don't want to

05:34

go over their losers and analyze it and

05:36

say oh you know what i see what i did i

05:39

was too late in the trend and that's the

05:40

reason why i lost money but traders

05:42

don't do that they don't try to analyze

05:44

their trade and try to see why

05:47

that was a loser trust me guys that will

05:49

help you build up your skills and help

05:52

you become a better trader so that's one

05:53

of the things i know for a fact i would

05:55

do if i had to start over now the sixth

05:57

thing i would do is i will study my

05:59

winners now it's the same as studying

06:01

losers the reason why you want to study

06:03

your winners is because

06:05

your winners are special and if you know

06:08

when that special moment comes up on the

06:11

chart man you can be a really good

06:13

trader because now you can recognize

06:14

that in real time right a lot of traders

06:17

forget why they are winning they could

06:19

be on a winning streak next you know

06:21

boom get wiped out and now they are on a

06:23

losing streak and they forget how they

06:25

was winning in the past so you have to

06:27

study your losers know your best setups

06:30

know why you're winning and that alone

06:32

is going to make you a better trader now

06:33

the second thing i would do is i would

06:35

focus on the process in the beginning i

06:37

was so focused on the money that's all i

06:39

wanted to do is make money money money

06:41

but i didn't really care about the

06:43

process i was rushing and i didn't

06:45

really care too much about what the

06:47

market was telling me and i wasn't

06:49

really sitting back and waiting letting

06:51

the market show me what it wants to do i

06:54

was just forcing it because i wasn't

06:56

following my process and you can't do

06:58

that because if you only think about the

07:00

money guess what

07:01

it's going to be very hard for you to

07:03

take the next trade if you just lost

07:04

money right so if you lost money let's

07:06

say you lost 100 it's gonna be very hard

07:08

for you to take the next trade because

07:10

you're like oh man i don't want to lose

07:11

another hundred dollars guys follow your

07:13

process stop thinking about the money

07:15

only think about the process when you

07:17

think about the process and when you

07:18

understand that it's only about the

07:20

process the money will come

07:22

automatically and that is what i would

07:24

do if i had to start over because i was

07:26

always thinking about the money right so

07:28

as soon as the market go up a little bit

07:30

i would take some money on the market

07:32

because i'm scared that the market was

07:34

going to come back and stop me out right

07:36

so i'm not trading my process i'm just

07:38

trading the money because i'm saying all

07:40

right you know what let me just take

07:41

this money because you know the market

07:43

might stop me out but my strategy didn't

07:45

tell me to get out right now my strategy

07:46

said you know what it's room to hold it

07:48

even more so stop thinking about the

07:50

money that's the worst thing to do i

07:52

would tell myself that if i had to start

07:54

over stop thinking about the money now

07:56

the eighth thing i would do is i would

07:58

study market structure when you are a

08:00

new trader and you get in the market

08:02

you're gonna hear things like the trend

08:03

is your friend and that is correct okay

08:06

but

08:07

sometimes the trend is not your friend

08:09

okay you have to understand when the

08:11

trend is about to end

08:13

and that was my mistake when i first got

08:15

in the market i was always looking for

08:17

the trend and not understanding that the

08:19

market will do

08:20

other things besides trending okay so

08:23

when i'm looking at the market there's

08:25

five different things i'm looking for

08:26

i'm looking for a trend i'm looking to

08:28

see if the market is ranging i'm looking

08:30

to see the market is breaking out i'm

08:31

looking to see if the market is pulling

08:33

back for that continuation or i'm

08:36

looking to see if the market is about to

08:39

reverse okay ask yourself how many times

08:41

you got in the trend and next thing you

08:42

know the market start to reverse on you

08:44

what if you can actually see that

08:46

reversal ahead of time or what if you

08:48

say to yourself you know what

08:50

i'm not even going to take this trade

08:52

that is very powerful and i didn't know

08:54

that because everybody kept saying the

08:56

trend is your friend so i want to make

08:57

sure i will study those five different

08:59

things and make sure i look at those

09:01

things in real time because it's going

09:03

to help you take better trades when you

09:06

are trading it's not all about the trend

09:08

the market is doing other things okay

09:10

and you have to understand that when you

09:12

are trading so that's pretty much it so

09:13

let's do a recap real quick the first

09:15

thing i would do is i will save up money

09:17

so if i had to work overtime or seven

09:19

days a week to fund my account i would

09:21

do that i will sell stuff around the

09:23

house that i don't need so i get some

09:25

more money so i can put in my account

09:26

and the next thing i would do is i would

09:28

stop buying unnecessary stuff that i

09:30

don't need so those are the three things

09:31

i would do first the second thing i

09:33

would do is i will find an expert

09:34

because you do not want to learn by

09:36

yourself the fastest way to success is

09:39

to follow somebody that's actually doing

09:41

this right and if that person has a

09:42

training program or whatever i would

09:45

invest in that person the third thing i

09:47

would do is remind myself i'm in the

09:49

learning phrase

09:50

chill out calm down there's no rush the

09:53

market will always be here

09:55

let me learn the market the right way

09:57

the fourth thing i would do is spend

09:59

more time on a demo stop rushing learn

10:01

how to build up your skills because once

10:02

you build up your skills guess what the

10:04

money is going to come automatically the

10:05

market is always going to be here right

10:07

treat demo like it's your live account

10:09

and trust me you're going to see you

10:11

will do much better the fifth thing is i

10:14

will look over all my losers make sure i

10:16

study my losers make sure i figure out

10:18

why i'm losing because i don't want to

10:20

repeat that same mistake over and over

10:22

the sixth thing is i'm gonna look at my

10:24

winners i'm gonna do the same thing

10:26

figure out why i'm winning because i

10:27

want to make sure that when i see that

10:29

setup in real time boom i'm taking it

10:31

right number seven i'm going to focus on

10:34

the process forget about the money if i

10:36

focus on the process i understand that

10:38

the money is going to come automatically

10:39

because that's how it works and the last

10:41

thing number eight i would study market

10:43

structure because you have to understand

10:46

what the market is doing in real time

10:48

okay that is going to help you become a

10:51

much better trader right so that's all i

10:53

have for you guys today if you enjoyed

10:55

this video hit that like button hit that

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subscribe button and also join my free

10:59

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11:07

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11:08

level and if you have any questions

11:10

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11:12

all your guys questions thanks a lot for

11:14

your time and please have a great day