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
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

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