Beginner's Day Trading Course - Lesson One

Introduction

• Instructor: Cotton Candy TA
• Focus: Becoming a day trader
• Target Audience: Beginners, curious individuals, and experienced traders (up to 10+ years)
• Goal: Build a strong foundation in one afternoon

Choosing Your Education

Importance of Education

• Choose a single high-quality source of education
• Avoid information overload from multiple sources
• Quality of education determines success
• Instructor's Background: 11 years in university, now a successful day trader

Types of Traders

Scalp Trader

• Trades low time frames (1 minute to 1 hour)
• Focus: Quick trades in short time frames

Swing Trader

• Trades medium time frames (15 minutes to 12 hours)
• Focus: Holds positions longer than scalp traders but not overnight

Position Trader

• Trades long time frames (4 hours to multiple days)
• Focus: Holds positions overnight and could take several days to complete a trade

Investor

• Not a day trader
• Holds positions for an undefined period (weeks to years)
• Focus: Based on fundamental analysis, not technical analysis
• Important distinction: Investors vs. day traders

Essential Tools for Day Trading

Core Tools

• Accumulation and Distribution (considered as one tool)
• Trends
• Levels

Software

• Recommended: Trading View
• Advice: Avoid other software or additional tools
• Change candle colors to neutral ones to avoid psychological triggers (e.g., blue and yellow instead of red and green)

Trading View Setup

Tools to Use

• Horizontal Ray Tool: Mark out levels
• Ray Tool: Mark out trends
• Crosshair Tool: Simple navigation
• Text Tool: Label information
• Activation: Use the star to add tools to the movable bar

Indicators Warning

• Indicators (e.g., MACD, RSI, moving averages) are not recommended
• Indicators are seen as unnecessary and not used by top traders
• Advice: Remove any current indicators from your setup

Conclusion

• Lesson Recap: Setup tools and basics of day trading
• Next Lesson: Deep dive into accumulation and distribution