How I Would Learn Day Trading (If I Could Start Over)
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
- π° Start by saving money for your trading account, even if it means working overtime or selling unused items.
- ποΈ Cut down on unnecessary expenses and avoid buying non-essential items to allocate more funds towards trading.
- π Find an experienced mentor or expert in trading to learn from their knowledge and strategies.
- π± Embrace the learning phase, understanding that it takes time and practice to become proficient in trading.
- π Spend ample time on a demo account to build skills and familiarize yourself with market behaviors without risking real money.
- π Regularly review your losing trades to identify mistakes and avoid repeating them in the future.
- π Similarly, analyze your winning trades to understand what strategies work best for you.
- π― Focus on the trading process rather than just the money; a solid process will lead to financial success.
- π Study market structure to recognize trends, ranging, breakouts, pullbacks, and potential reversals.
- π 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
πΌ 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.
π 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.
π 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
π‘trading
π‘saving money
π‘expert
π‘learning phase
π‘demo account
π‘losing trades
π‘winning trades
π‘process
π‘market structure
π‘discipline
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
so if i had to start from zero this is
what i would do in this video i'm going
to explain step by step what i would do
if i had to start all over trading the
markets you ready so let's go
all right now thanks a lot for stopping
by especially if you're new to the
channel what i do i help struggling
traders take their trading to the next
level i have 15 years of experience when
it comes to trading these markets so you
definitely want to check out the content
that's on this channel right so how
would i approach trading if i had to
start all over first thing is save up
more money so i would work grind if i
had to work seven days a week which i
did in the beginning right i will work
seven days a week i will work overtime i
will save up money right so i can take
that money and put it in my trading
account now when you first start to
trade you don't really need that much
money but if you could start with more
you know go ahead usually what i see
people start with is around 300 all the
way to 2000. now the next thing i would
do is i will look around my house to see
if i have some stuff that i don't use at
all and i will sell it okay
me personally when i first started off i
actually sold a lot of stuff that i
didn't need anymore and i also sold my
car now i'm not telling you to sell your
car because i know some of you guys have
kids you know maybe you need your car to
go to work whatever the case is right me
personally at the time i was living in
new york so it was easy for me to jump
on a bus or a train to get from point a
to point b okay so i will look around my
house to see if i have things that i
don't use at all and i'm gonna sell it
either on ebay craigslist or whatever
now the third thing i'm gonna do is i'm
gonna stop buying unnecessary stuff like
brand new clothes sneakers now i'm not
saying that you know you can't treat
yourself once in a while but you have to
slow down on buying stuff it's just what
it is okay you have to slow down on
buying unnecessary stuff because now you
want to become an entrepreneur you might
have to sacrifice some money it's just
what it is so those are the three things
i would start with first and honestly
i'm gonna basically combine all those
together and say you know that's the
first thing i would do now the second
thing i would do is i will find an
expert guys you do not have to reinvent
the will okay if something's working for
somebody else i guarantee you it
probably could work for you too you just
have to put in the work so the fastest
way to success that i know okay and i'm
quite sure that a lot of professionals
know is to follow someone that is
already successful in whatever field
that you're trying to get in okay so if
you want to be a trader it's best to
follow someone that's actually trading
so you can actually pick up the skills
that that person have i want that person
to understand the market in a deep way
okay i have 15 years of experience so i
will look for someone like myself i'm
not saying that you have to look for
someone that has 15 years experience but
you know i want someone that knows what
he or she is doing i have a lot of live
trading on my videos i trade it live in
front of my students a bunch of times
and also show you guys broker statements
right so you definitely want to find an
expert okay that know
what he or she is doing because it will
speed up your success now the third
thing i would do is i will remind myself
that i'm in the learning phase okay now
when it comes to trading there are four
different stages right the first stage
is the learning stage second stage is
the testing phase the third phase is the
profitable stage and the fourth stage is
actually where you become a master right
so the learning stage and the testing
stage is where you are learning your new
strategy and then you're going to take
that new strategy and you want to test
it out and learn all the ins and outs
and get used to that strategy
now what a lot of people do is when they
get a new strategy they think that they
are going to take that strategy right
and by next week they are going to
become a master trader it doesn't work
like that you still have to learn the
market it's just like learning anything
else if you learn how to play basketball
do you think you're going to be a
basketball expert by next week or next
month no so you have to keep reminding
yourself listen let me calm down i'm in
the learning phase let me stop trying to
force things and let me learn the right
way now the fourth thing i would do is i
will spend more time on the demo yes
because when i first started out you
know i was just hungry to make money i
didn't like my job you know i didn't
like my current situation so i wanted to
quit my job so i went on demo for maybe
a week and that was it and next thing
you know i went live and lost a lot of
money and i kept going live i kept going
live losing money losing money losing
money so if i had to start over i would
spend more time on a demo because the
demo is going to help you build your
skills up and get used to the market and
also when i'm trading in the demo i'm
going to treat the demo the same as my
live account because when i was trading
demo i was trading you know let's say
the demo had a hundred thousand dollars
play money right i was risking maybe two
thousand dollars three thousand dollars
per trade and i know for a fact you know
i'm not going to do that in my real
account so let's say that in my real
account i'm going to risk 100 per trade
guess what on my demo account i'm going
to do the same thing so i will treat the
demo the same as my live and also i will
stay on demo much longer now the fifth
thing i would do is i will look over my
losing trades every single week because
i didn't do that in the beginning i was
hoping that next week is going to be a
better week but guess what i didn't look
over my losers i didn't even study my
losers i didn't care about that and i
know for a fact there are a lot of
traders like that
95 percent of the traders that's
watching this right now do not look over
their losers you would be surprised how
many traders do not look over their
losers a lot of traders don't want to
put into work right they don't want to
go over their losers and analyze it and
say oh you know what i see what i did i
was too late in the trend and that's the
reason why i lost money but traders
don't do that they don't try to analyze
their trade and try to see why
that was a loser trust me guys that will
help you build up your skills and help
you become a better trader so that's one
of the things i know for a fact i would
do if i had to start over now the sixth
thing i would do is i will study my
winners now it's the same as studying
losers the reason why you want to study
your winners is because
your winners are special and if you know
when that special moment comes up on the
chart man you can be a really good
trader because now you can recognize
that in real time right a lot of traders
forget why they are winning they could
be on a winning streak next you know
boom get wiped out and now they are on a
losing streak and they forget how they
was winning in the past so you have to
study your losers know your best setups
know why you're winning and that alone
is going to make you a better trader now
the second thing i would do is i would
focus on the process in the beginning i
was so focused on the money that's all i
wanted to do is make money money money
but i didn't really care about the
process i was rushing and i didn't
really care too much about what the
market was telling me and i wasn't
really sitting back and waiting letting
the market show me what it wants to do i
was just forcing it because i wasn't
following my process and you can't do
that because if you only think about the
money guess what
it's going to be very hard for you to
take the next trade if you just lost
money right so if you lost money let's
say you lost 100 it's gonna be very hard
for you to take the next trade because
you're like oh man i don't want to lose
another hundred dollars guys follow your
process stop thinking about the money
only think about the process when you
think about the process and when you
understand that it's only about the
process the money will come
automatically and that is what i would
do if i had to start over because i was
always thinking about the money right so
as soon as the market go up a little bit
i would take some money on the market
because i'm scared that the market was
going to come back and stop me out right
so i'm not trading my process i'm just
trading the money because i'm saying all
right you know what let me just take
this money because you know the market
might stop me out but my strategy didn't
tell me to get out right now my strategy
said you know what it's room to hold it
even more so stop thinking about the
money that's the worst thing to do i
would tell myself that if i had to start
over stop thinking about the money now
the eighth thing i would do is i would
study market structure when you are a
new trader and you get in the market
you're gonna hear things like the trend
is your friend and that is correct okay
but
sometimes the trend is not your friend
okay you have to understand when the
trend is about to end
and that was my mistake when i first got
in the market i was always looking for
the trend and not understanding that the
market will do
other things besides trending okay so
when i'm looking at the market there's
five different things i'm looking for
i'm looking for a trend i'm looking to
see if the market is ranging i'm looking
to see the market is breaking out i'm
looking to see if the market is pulling
back for that continuation or i'm
looking to see if the market is about to
reverse okay ask yourself how many times
you got in the trend and next thing you
know the market start to reverse on you
what if you can actually see that
reversal ahead of time or what if you
say to yourself you know what
i'm not even going to take this trade
that is very powerful and i didn't know
that because everybody kept saying the
trend is your friend so i want to make
sure i will study those five different
things and make sure i look at those
things in real time because it's going
to help you take better trades when you
are trading it's not all about the trend
the market is doing other things okay
and you have to understand that when you
are trading so that's pretty much it so
let's do a recap real quick the first
thing i would do is i will save up money
so if i had to work overtime or seven
days a week to fund my account i would
do that i will sell stuff around the
house that i don't need so i get some
more money so i can put in my account
and the next thing i would do is i would
stop buying unnecessary stuff that i
don't need so those are the three things
i would do first the second thing i
would do is i will find an expert
because you do not want to learn by
yourself the fastest way to success is
to follow somebody that's actually doing
this right and if that person has a
training program or whatever i would
invest in that person the third thing i
would do is remind myself i'm in the
learning phrase
chill out calm down there's no rush the
market will always be here
let me learn the market the right way
the fourth thing i would do is spend
more time on a demo stop rushing learn
how to build up your skills because once
you build up your skills guess what the
money is going to come automatically the
market is always going to be here right
treat demo like it's your live account
and trust me you're going to see you
will do much better the fifth thing is i
will look over all my losers make sure i
study my losers make sure i figure out
why i'm losing because i don't want to
repeat that same mistake over and over
the sixth thing is i'm gonna look at my
winners i'm gonna do the same thing
figure out why i'm winning because i
want to make sure that when i see that
setup in real time boom i'm taking it
right number seven i'm going to focus on
the process forget about the money if i
focus on the process i understand that
the money is going to come automatically
because that's how it works and the last
thing number eight i would study market
structure because you have to understand
what the market is doing in real time
okay that is going to help you become a
much better trader right so that's all i
have for you guys today if you enjoyed
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all your guys questions thanks a lot for
your time and please have a great day
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