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Top 5 Trading Platform "Must Haves" (Day Trading For Beginners) - YouTube
Channel: ClayTrader
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hey it's clay at clay charter common in
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this video I want to show you the top 5
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trading platform must-haves that I
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believe your online broker should give
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you the ability to implement within your
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trading strategy and this is whether
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you're day trading or swing trading
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stocks you know or anything
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your broker needs to give you certain
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tools certain abilities and in this
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video like I said I want to go over the
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top 5 that I believe you should
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definitely have the the ability to like
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you said implement so your platform
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needs to be able to provide these to you
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right off the get-go I also want to know
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cuz like I know a bunch of people gonna
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ask so I'm gonna address it right away
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clay what platform did you use in this
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video I am using weebles platform here
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if you're interested and just saving the
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time so that you don't have to go
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research a bunch of other platforms and
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see if they you know include the top 5
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list that I'm gonna go through here and
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you just want to like set use weeble
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because you know that everything that
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I'm talking about is actually and
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already included then there's a link
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down below it's on the description box
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on YouTube or if you're watching this at
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my site just write down below the video
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and I would definitely say use that link
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because now that is an affiliate link
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for you know transparency sake but it's
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a nice little win-win if you use that
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link you get a couple of free stocks I'm
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so like I said nice way to to put some
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free stocks in your portfolio especially
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if you like this platform which like you
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said you'll know at least it'll give you
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the ability to save time so you don't
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have to go try a bunch of other things
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as far as platforms are concerned but
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first thing that your platform needs to
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have is the ability to use candlesticks
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so what we're seeing right here is what
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is known as a line chart and line charts
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I'm not gonna call them totally
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worthless but there are better choices
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out there as far as you know tools that
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you should be using as a trader in fact
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I'll put a video down below that goes
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over why I use candlesticks and you know
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goes down you know deeper down the
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rabbit hole about why I believe that you
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as a trader and again whether you're a
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day trader or swing trader should be
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using candlesticks within your analysis
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so the number one thing that your
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platform needs to provide and give you
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the ability to do is use candlesticks so
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as far as weeble is concerned you just
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come over here to line style click
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candle and there you are
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we now have candlesticks the number two
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thing your online platform needs to give
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you the ability at is multiple time
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frame so what do I mean by that we'll
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give you a quick little lesson you
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one of these candlesticks as we've now
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determined represents a certain amount
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of time and in this situation currently
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because I have a pair 5m selected that
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means five-minute that means each one of
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these candlesticks shows us five minutes
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worth of time again well what do each
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one of those things mean again watch the
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video watch the video that I've linked
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down below it'll explain all that to you
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as far as why I use candlesticks but for
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the sake of this just understand that
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each one of these has taken five minutes
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to form now if I wanted to I could in
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fact let's do this let me click over
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here on 1m so now that the 1m is
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selected that means one minute this
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means that each one of these
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candlesticks has only take in one minute
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to form it's giving us 1 minutes worth
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of action so in other words we are
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getting multiple timeframes we're able
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to look at I look at time frames as
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angles right and the more angles you can
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look at something the better idea you're
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gonna have in regards to it the same is
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true when forming a trade plan you want
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to be able to look at a stock and as
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many different angles as possible so
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that you can make the best decision
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possible and what is very nice about the
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we ball platform is not only do they
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give you again all these various time
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frames but they also make it very
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streamlined this to look at them all at
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once so if you were to come up here and
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do a grid and we'll just do four by four
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so to do that and you click on it and
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now you can see all of a sudden you have
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a bunch of grid so in this situation
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we're looking at Facebook so let me just
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bring up Facebook for these other areas
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here and then you'll see kind of how we
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can look at Facebook from several
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different angles so right up here
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alright I have them all populated I
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don't want to waste your time laughs in
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here just getting them all in place but
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so right now though they are all at one
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minute so of course that's not telling
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that's not helping us because
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everything's just showing us the 1
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minute time frame and I should note that
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you can I mean adjust and make these
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bigger but let's say over here we want
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to look at the 5 minute time frame down
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here let's look at 15m which means
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what's happening every 15 minutes and
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then right here we'll just click on 30 M
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which means what's happening every 30
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minutes so here we are looking at
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Facebook from currently four different
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angles seeing what the price is doing
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every one minute every five minutes
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every 15 minutes and then every 30
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minutes and this is what is known as the
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multiple time frame
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analysis for the sake of this video and
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it's a pretty deep rabbit hole I'm not
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gonna take you down there the whole idea
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here is that as traders we want to be
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doing multiple time frame analysis we
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want to be looking at as many angles as
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possible so you want to be sure that not
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only does your platform offer you the
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ability at multiple time frames but
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preferably speaking for them to give you
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some sort of ability where it looks like
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this and you can you know organize
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things very nicely and you know look at
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everything all at once so let's just
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come back here to the grid and I'll just
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make this one so they're looking at
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Facebook here now the next thing and
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we'll change that back to the five
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minute but the next thing you need to be
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able to do and nothing big here but draw
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tread lines so what does it red line
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will at red line is just a way for you
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to kind of get fancy and just draw some
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lines on your screen and these are
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important though at least for me and I
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think for most people because we are you
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know most people are visual and you want
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to be able to visualize things as best
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as possible so with just the ability to
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draw red lines very very import now this
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is me maybe just I suppose you could
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accuse me of being high maintenance here
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but I think that having some nice
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choices of colors so for me I always
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like to use red for resistance and then
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you can come up here and click you know
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make things as thick or skinny as you
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want you know you can make a dashed line
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if you want so I mean are these things
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really required no absolutely not but
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you do want to have the ability to draw
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at redline but the more important thing
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and this is one of those you know kind
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of dynamics that you probably just don't
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experience until you actually experience
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it is a platform that's gonna save all
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your annotations it's gonna save your
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tread lines there's nothing worse than
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mapping out a trade plan putting
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everything together you know looking at
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all the multiple time frames and you
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know putting it all together and then
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you close on your platform or something
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happens and then when you come back
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everything's gone nothing more
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frustrating than that end of the world
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no super frustrating a big waste of time
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it absolutely is so you want to make
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sure that your platform you know just is
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going to save any sort of annotations
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that you throw up there and I mean
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treadline definitely the most important
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thing but other little things that you
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know are always nice is even if you can
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just throw in a text box so you know for
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this one and I'm just totally making
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this up by at break out of
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187 so I mean just little things like
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that I mean can you imagine if and you
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know the nice things here whoops you can
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go and you know change the colors and
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all this but could you imagine you have
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all things documented and then your
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platform shuts down and you come back
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and it's all gone so just little things
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like that you definitely need tried
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lines because trend lines are very very
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important for visualization and to help
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you see certain things but you want to
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make sure that the strut lines and all
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those types of annotations are also
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saved the next thing that's very very
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important and that is your order entry
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box so I'm gonna click over here on
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trade so what do I mean by order entry
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well right here is an order entry box
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and this is how you're gonna submit your
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order to the market I will say and this
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is why it's number 4 on the list but if
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you're a long-term investor or a swing
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trader meaning you know you don't need
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to operate you know as fast as a cat or
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anything like that then is this
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important I mean it's still important of
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course but it's not nearly as important
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as if you're somebody saying no no Kay I
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want to be a day trader I'm looking at
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date trade stocks and as a day trader I
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realize that for me to you know have a
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profitable strategy and be able to
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implement my strategy the way I want it
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to well I need to be able to operate
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very quickly I need to be able to while
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I'm a day trader right I've got to be
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able to get in get out make decisions
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quickly and just operate in a very fast
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manner and that's why the order entry
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box very very important so to just set
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things up let's just say for example
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that actually I'm getting a head
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apartment yourself so the first thing
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that I like is this box right here you
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click on it and you can see it gives you
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a bunch of different choices and these
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choices are nice because again in the
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the spirit of moving quickly you can
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just say I want 500 shares maybe for
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whatever reason and I only want 100 for
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whatever reason I want 250 do you see
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how quick that is when it comes to how
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many shares you want you're not to click
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on it and say ok I want 500 shares and
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type that in no if you want a hundred
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just like that now the nice thing is I
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could see you saying well clay I but I
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don't right now I see you ten hundred
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two fifty five hundred I don't use any
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of those so the nice thing about the
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platform is if you come over here to
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setting and then come over here to trade
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then you can just focus right here on
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the frequently use share quantity which
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is really nice they actually give you
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a couple more where you could enter in
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how many you know your default settings
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are but let's just say for whatever
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reason I'm just totally making this up
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let's say that you like to do 300 shares
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at a time for whatever reason you just
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like to use suit for injury chair so you
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just enter it right there
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so let's now go back to the trade and
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you click right there and check it out
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now there's 300 so very very solid but
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for this sake let's just say that you
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know and right now we're looking here at
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Apple but you want to buy 500 shares of
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Apple for any price meaning you would
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want to use a market order and how fast
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something can't can that be well we want
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to buy so boom that fast market notice
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how fast that was 500 and then you could
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come down there and boom go in now it
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says not tradable for me just because
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this account is not funded and I don't
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use this platform what platform do you
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use clay because I can see the questions
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that mean the platform that I use
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requires at least $25,000 in your
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account so if you don't have 25,000 then
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you know it just want it be applicable
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to you and most people I know when
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they're beginners at day trading and
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just getting started
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they don't have 25,000 but so that's why
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for me I'm not using this platform
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that's why it says not tradable but the
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point here being that you want to be
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able to operate very quickly and you saw
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how fast it was it was literally three
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clicks all I had to do was click buy
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market 500 again let's just say that
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maybe I wanted to go short meaning you
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want to sell first and I don't know I'm
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just saying the 300 so okay I want to
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sell 300 like right now in facebook
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watch okay ready
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sell boom 300 come down in there boom
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click it and you can make it see how
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fast that was I didn't have to take my
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you know fingers off the mouse at all it
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was all you know done very quickly now I
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know some people and this is for me and
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not a must-have but if you click here on
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the settings you can click right there
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and you can set up all sorts of hotkeys
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this is I feel like a pretty debated
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issue like I said I don't I'm not saying
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you're stupid I'm not saying you're
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silly I'm sure
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people would call me stupid like I can't
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believe you don't use hotkeys clay-like
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said it's a matter of debate cuz hotkeys
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can get you in a lot of trouble just as
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much as they can get you out of it but
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the point here being that if you do want
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to set up hotkeys that does exist within
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the platform itself but as far as the
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order entry box as you just saw very
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very quick now if you wanted to maybe
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buy for a limit it would just be you
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know buy you can type in your limit type
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in the price 155 maybe you know 250
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shares in this case and then come down
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there and there you go now I'll limit
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you don't need to operate as fast
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because you know that you know the way
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the limit order works you know the price
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you know isn't going to be it's not as
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you know as urgent that you get in but
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if like said you want to do a market
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order then it's just as simple as that
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and then you can move very quickly so
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that's the fourth thing that you need to
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have and then the last thing you need to
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have is you need the ability to gain
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context you need the ability to build a
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good firm foundation for your trade plan
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and I'm not going to go far down this
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rabbit hole but again down below this
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video I'll link something to you know
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how I find stocks to trade and a part of
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that video I just go over you know one
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of the first steps you should be taking
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to build a trade plan and just establish
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some general context and because of that
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because you want to you know be able to
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not only analyze a trade from as many
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angles as possible think back to the
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timeframes but you also want to be able
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to establish context which is where this
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next thing comes into play and that is
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looking at all the markets and scanners
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and the big thing here now there's a
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couple scanners I mean so this does have
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a screener if you want to go through a
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bunch of screens but and this will mean
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a little bit more if you watch that
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other video but just understand that you
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want to have the ability to look at
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where some of the top movers are where
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some of the top and most active things
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are and that's what you have over here
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you have top gainers you have top losers
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and that is going to be very very
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important I promise it'll make a whole
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lot more sense if you watch that other
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video you know down below about you know
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how I find stocks to trade but if you
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watch that I'm going to come back then
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this will be make perfect sense about
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why this is important and why it matters
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and why your platform should be able to
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give you some sort of form now maybe
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they might not talk you know call it top
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gainers your top losers they might call
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it gaps my platform for example cause
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risers and fallers what you'll see in
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that other video but you need the of the
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ability your platform needs to give you
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the tool to be able to just quickly
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quickly see where the movers are what's
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active out there you know where the big
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gaps where where are all the you know
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where's all the action at and from there
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you can start to build a play trade plan
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and establish some overall context so I
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hope you do decide to watch that video
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down below but these are the five things
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your platform needs to have again to
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just read recap it candle six you want
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to be able to look at multiple
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timeframes multiple angles right you
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need to have the ability to draw tread
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lines and for the platform to remember
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those tread lines you need to have a
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very very efficient you need to be able
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to operate very quickly so your order
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entry needs to be fast it needs to be
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easy to do and then finally number five
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need to have those top gainers and top
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you know risers whatever it's it's it's
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you know your platform is gonna call it
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but like I said and we bull called most
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active top gainer top losers and then as
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a depending on where you're at in your
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journey this is kind of a number six
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with an asterisk next to it a platform
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that offers you paper train it can also
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be very beneficial and right there you
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can see paper trading that's the same
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maybe for new that's the same as
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simulated trading that's the same as
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demo trading I'm trying to think of any
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of the other terms that exist out there
[881]
but usually I think those are three more
[882]
you know Universal terms either paper
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trading simulated trading or demo
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trading all three of those mean the same
[889]
thing you're trading but you just don't
[891]
have any real money on the line so again
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like I said if you're brand-new and you
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want some sort of platform that gives
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you the ability to do that well then
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there you go this platform also offers
[899]
that place that if you if you're not
[902]
really worried about that that's why I
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didn't quite make the top five so I
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really do hope this helps you out in is
[907]
you're just getting started and doing
[909]
your research for a platform or if
[911]
you're not then maybe I can just save
[913]
you a whole bunch of time and you can
[913]
just go with weeble from the start so
[915]
can like I said if you do want to do
[916]
that link is down below and once more
[918]
transparency sake that's a fiddle at
[920]
link but it's a win-win well both you
[923]
know benefit from it you'll get a couple
[924]
stocks if you use that link but if you
[926]
have any other questions or anything
[927]
please let me know down below if you
[929]
enjoyed the video and if you and you
[930]
don't want me to make more videos like
[931]
this then easiest way to come
[933]
indicate that to me hit that like button
[934]
also down in the comment section do you
[936]
have any other suggestions for videos
[937]
like this I make no promises that I'll
[940]
actually do a but I'm always looking for
[941]
feedback I personally believe that I've
[943]
one of the best YouTube communities
[945]
because of course every comment section
[947]
is gonna have trolls but 99% of people
[949]
that leave comments on my videos they're
[951]
awesome so I'm willing to listen like
[954]
said I'm not gonna promise that I
[955]
actually do a video but if you do have
[956]
any you know questions or suggestions
[958]
for you know future videos please let me
[961]
know Blake said if nothing else and you
[963]
just want to tell me hey clay thank you
[965]
for making the video please keep making
[966]
videos like this but I'm really busy
[968]
right now just hit the like button
[969]
that's all you got to do and then also
[971]
and finally check out the channel as a
[973]
whole and a lot of other types of videos
[975]
live trade videos other you know videos
[977]
like this that help you out help you
[979]
getting started so hopefully you decided
[981]
to eventually hit that subscribe button
[982]
I would love to have you as a subscriber
[984]
to the channel
[985]
but again hit that like button leave a
[987]
comment down below thanks for hanging
[988]
out and hopefully this helps you in your
[990]
journey of finding a quality online
[992]
trading platform first off thanks so
[995]
much for watching the entire video real
[997]
quick before you go I want to invite you
[999]
to a live webinar web class training
[1001]
workshop online event whatever you want
[1003]
to call it but it will be me live
[1006]
revealing to you what I discovered that
[1008]
has allowed me to transform myself from
[1010]
being an employee to being my own boss
[1013]
including how I had only one losing day
[1016]
out of 73 days in total I'm going to
[1018]
cover three keys that have helped me
[1020]
unlock profitable consistency within the
[1022]
markets the first key is super-weird but
[1025]
in a productive type of way the second
[1027]
key is super awesome because it quite
[1029]
literally is wired into our DNA as
[1031]
humans making it very easy to use but in
[1034]
a cruel way this becomes a pitfall for
[1036]
many traders I'll explain it all though
[1039]
including how to avoid the pitfall that
[1041]
it creates for some and yeah the third
[1043]
key when you hear it sounds way to get
[1045]
way too good to be true but it's not and
[1047]
I'll show you how it all works then at
[1049]
the end I open it up for a
[1051]
question-and-answer session that is
[1052]
again totally live even if you can't
[1055]
make the live session please still sign
[1057]
up as it will be recorded and you can go
[1059]
back and watch the replay then I will
[1061]
send you click the image on the screen
[1063]
or click the link down in the
[1064]
description box so you can get the date
[1067]
and claim your spot which I should note
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is limited due to the fact that this
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truly is a live event if you have any
[1074]
questions let me know if not I'll be
[1076]
seeing you soon
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