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How to Start Day Trading As a COMPLETE Beginner (Day Trading for Beginners 2022) - YouTube
Channel: Humbled Trader
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are you stuck at home bored of all the
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Netflix shows and you cannot work out
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because you don't have weights at home
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well this is the perfect time to learn
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to date rate here are the 4 steps to
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start day trading as a complete beginner
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in my recent video comments and on
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Twitter and Instagram DMS I've received
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tons of questions from people asking me
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how should a brand new trader to the
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market start learning today trade so
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that's why I'm making this video for day
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trading beginners to get started and my
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recommendations of how I would
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personally start again if I can go back
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in time 6 years ago again these are my
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personal opinions not financial advice
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the only sound advice I can give you is
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to make sure to click the like button in
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order to get immunity from the viruses
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okay so that may or may not have being
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approved by the whu-oh but we'll just
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roll with that so the first thing to do
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for any beginner traders to get started
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is to get a paper trading account paper
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trading means you're practicing with
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fake simulated money in your broker
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account like these fake dollar bills
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right here I already know what the pink
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words mean but I think it's something
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like completely legitimate American
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dollar bills and the reason I recommend
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starting out with paper trading first is
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obviously if you're brand new to the
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market you have no idea what
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candlesticks are technical analysis
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reading SEC filings analyzing news etc
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etc so why would you risk your hard
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earned money and dive straight into life
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trading and put up money and risk when
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you have no idea what you're doing so
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take a step back and start with paper
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trading first here are the brokers I
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recommend to open an account for paper
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trading first of all TD think will swim
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this is completely free for American
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users to get started for the Canadian
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users yes you can open a thinkorswim
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account for both live trading and paper
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trading but you need to keep $5,000 u.s.
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in the account in order to maintain
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live data thinkorswim also has this
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amazing feature called
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on-demand that allows you to go back to
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historical data and practice the price
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action of almost any particular stock so
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that's an extremely useful feature for
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any beginner traders as well as the
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experience so make sure to take
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advantage of that a second broker I'd
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recommend for paper trading with is
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interactive brokers available for the
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Americans and Canadians with interactive
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brokers you do need to purchase
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additional life data in order to use it
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for paper trading I believe the data for
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NASDAQ and why I see level one and two
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quotes altogether should be about twenty
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to twenty-five dollars per month u.s. so
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that's not bad at all third option I
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recommend for paper trading is Weeble a
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zero dollar trading commission app while
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I do not recommend using any of these
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free brokerage accounts for live trading
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such as Robin Hood or Weibo I think for
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beginner traders to get started with
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paper trading that's totally fine and
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the reason I would recommend we both /
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Robin Hood is that it has a very
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extensive user interface on both a
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mobile as well as on desktop PC and Mac
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so you can pay per trade with live data
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on all those platforms completely for
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free a weibo trading app you have the
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option of trading pre market after-hours
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trading options and even shorting stocks
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and if you sign up to Weibo you see my
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referral link down below you receive two
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free stocks the first one could be worth
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up to $250 when you open the account and
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the second one could be worth anything
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between $12 to $1400 after you deposit
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$100 so that's free money right there
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for you to get started with paper
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trading with live data I also have a
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video tutorial and Weibo if you want to
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check that out
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the paper trading with live data is
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available for both the Canadians and the
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Americans at this time
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the American users can open the funded
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account and trade life with weeble but
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paper trading with live data is still
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available for the Canadian users so
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sorry about that my Canadian friends now
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that you have your paper trading account
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set up it's finally time to start
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learning this is the part where a lot of
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people would tell you to buy some $5,000
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DVD or $300 a month text alerts plan
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we'll talk more about that later on but
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here is an unpopular opinion and again
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this is just my personal opinion not
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financial advice before I buy anything I
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would start by utilizing the free
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resources online to start learning first
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there's literally so much resources out
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there on YouTube for me I've been making
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these shorts and simplified videos now
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for over a year I talk about day trading
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strategies various ways to find stocks
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to trade how penny stock pumps work and
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have weekend videos reviewing all my
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trades for the week and the whole point
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of starting out with just paper trading
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and free resources is to prepare
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yourself financially and mentally for
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the years of hard work that is to come
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if you decide to take trading seriously
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most people jumping into the market to
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trade have no idea about all the hard
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work and time that's required in order
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to make it in this business 90% of the
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people out there buy into the kool-aid
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the trading is easy you just spend $300
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a month on text alerts and you can make
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thousands of dollars trading only one
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hour a day and from anywhere in the
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world let me reassure you from my
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personal experience of trading for six
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years now the reality is far from the
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lifestyle marketing trading is not easy
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controlling risk maintaining discipline
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and focus is a constant battle on a
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daily basis like I mentioned before in
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this video even if you're starting out
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trading part-time while working a
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full-time job you are essentially
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starting a part
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and business that requires full-time
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effort and if after watching some of my
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youtube videos you're like holy you
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mean I can't just roll out of bed ten
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minutes before they open I have to wake
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up few hours before and I'm gonna age 10
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years in 6 months like Humboldt Raider
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no thanks
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trading isn't for me the night of six
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jobs sounds pretty good right now
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Nori's that's totally cool I understand
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by this point you've only done step 1
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paper trading step 2 using free
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resources online
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so essentially you bought yourself a
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free backdoor ticket this whole
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experience of trying out day trading for
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couple months is completely risk-free
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let me make this clear there's nothing
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wrong with these premium paid
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educational DVDs and courses as long as
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they're actually valuable and not just
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selling people the Lamborghini dream I
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just recommend complete trading
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beginners to start dabbling by using
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free resources before making these
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costly investments next step number
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three after you set up a paper trading
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account and started learning some
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strategies and setups the next step is
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to smash the like button to make it rain
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Lamborghinis actually I heard toilet
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paper is more valuable now so give me a
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second check out this perfectly
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individual wrapped thirty-six rows of
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double layered goodness that's perfect
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for your app to sit at home and paper
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trade oh so if you have a Lamborghini
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you wanna trade in with our perfect roll
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of toilet paper right there
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call me step in the mud three is to
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adjourn all your trades that means
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spending five to ten minutes each day
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after the markets closed to write down
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your entries exits and all the setups
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that you took it's only by tracking your
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trades and seeing your performance on
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the spreadsheet that you can actually
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start to see who you are as a trader are
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you better I going long or short are you
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better at trading large cats or smoke a
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penny
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stocks do you trade better by using
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indicators for entries and exits or are
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you better at trend-following
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and only enter after a reversal has
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formed these are all the important
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questions that you need to find out for
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yourself as a trader remember yes we all
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see people doing different things daily
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on social media whether it's shorting
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parabolics or buying the dips but what
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works for other people are most likely
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not going to work for you so that's why
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tracking your trades and journaling them
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down is what will allow you to find the
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focus and once you've found one or two
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setups that you're very good at just
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focus on those setups and block out
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everything else you can receive a free
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trading journal so get started when you
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sign up to my email list down below you
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also receive a free weekly watchlist
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sent out from me every single weekend
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so that steps two and three for you to
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get started with day trading right there
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there's a link for you to sign up below
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so after spending a couple of weeks to a
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couple of months paper trading learning
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from free online resources and tracking
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your trades by this point you should
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have a pretty good idea whether this day
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trading business is something that you
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want to take it further and start
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expanding or for ninety percent of the
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people out there this is a point where
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they realize it's too much work it's too
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time-consuming and they want to give up
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and that's totally fine like we talked
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about earlier this is not for everyone
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and it's a risk-free experience by this
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point but for the rest of the ten
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percent of traders out there who want to
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start taking this more seriously now's a
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good time to join a premium community of
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traders to learn from and trade with no
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I'm not talking about services where
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they're alert you to buy and sell that
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defeats the whole purpose of learning to
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trade for yourself right I know it may
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sound kind of contradicting that I
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talked about learning from free
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resources earlier and now men
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later I'm talking about joining a
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premium service in order to learn but
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please hear me out I have good reasons
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for that utilizing these short and sweet
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videos on YouTube is a great way for
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beginner traders to get started and get
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a taste of the market before investing
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too much but without life guidance and
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price action analysis during market
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hours when you're trading you can only
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go so far by yourself in a community
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with other like-minded traders is where
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your start trading beyond just
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memorizing patterns personally it's only
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after I've invested my market tuition
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and found a good group of traders to
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trade with nice finally start to learn
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all the little nuances of day trading in
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a stock market these are nuances such as
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analyzing news headlines how earnings
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work in different sectors how
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macroeconomics
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affects the price movements of the
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stocks short-term and all the other
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nitty-gritty details such as price
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action and how the money flows strength
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rotates between the small caps and a
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large caps these are all the things that
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would have taken me many many more years
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to learn by myself if I were just going
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about a DIY route with just the free
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resources on lying
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so I'm looking back now I have
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absolutely no regrets of all the money
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and tuition that's spent in the market
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because I sped up my learning curve yes
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I do understand why trading education
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services get a bad rep it's always the
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endless Lamborghini ads and selling the
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dream that people think about because
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those are the people with millions of
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dollars of marketing budgets each year
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I've gotten tons of emails and messages
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from other traders who fell for
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lifestyle marketing and selling a dream
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and that's extremely unfortunate I fell
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for many of that myself many years ago
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but now I've learned from all those
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experiences and know what not to do oh I
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can say is if it sounds too good to be
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true it probably is the reality
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Trading is not fast and it's definitely
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not easy but if you're willing to put in
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the time and hard work yes it can be
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done slowly and surely hopefully this
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video helps you out especially if you're
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just learning to day trade and starting
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out as a complete beginner hey guys
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thanks for watching I hope you enjoy the
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video and the bad jokes if you want to
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see more day trading content make sure
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to subscribe and follow me on Twitter
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and Instagram for more if you'd like to
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trade with me daily and get my free
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weekend watchlist and trading journal
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make sure to check out the links below
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for more resources stay green stay
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positive and I'll see you guys next time
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