How to Start Day Trading as a Beginner

Introduction

• Purpose: Guide for complete beginners on how to start day trading.
• Motivation: Many questions from viewers and followers on social media.
• Disclaimer: Personal opinions, not financial advice.

Step 1: Paper Trading Account

• Definition: Practicing with fake/simulated money.
• Reason: Learn without risking real money.
• *Broker Recommendations:
  • TD Thinkorswim:
    • Free for American users, $5,000 requirement for Canadians for live data.
    • Feature: On-Demand, practice with historical data.
  • Interactive Brokers:
    • Available for Americans and Canadians.
    • Live data costs $20-$25/month.
  • Webull:
    • Free; extensive user interface.
    • Features: Pre-market, after-hours trading, shorting stocks.
    • Referral bonus: Two free stocks.***

Step 2: Utilize Free Resources

• Reason: Save money, prepare financially and mentally.
• Sources:
  • YouTube videos on various day trading strategies and concepts.
  • The presenter's own YouTube tutorials.
• Mindset: Prepare for years of hard work; trading is not easy.

Step 3: Trading Journal

• Purpose: Track and analyze performance.
• Method: Write down entries, exits, setups daily.
• Benefits:
  • Understand personal strengths (e.g., long vs. short trades).
  • Identify which setups work best.
  • Free trading journal available via email signup.
  • Free weekly watchlist for subscribers.

Step 4: Premium Community

• Timing: After months of paper trading and free resource learning.
• Misconceptions: Avoid services that offer buy/sell alerts—focus on learning.
• Benefits:
  • Live guidance and price action analysis.
  • Learn the nuances of trading (e.g., news analysis, macroeconomics, price action).
• Reality Check: Trading is not fast or easy; involves significant time and effort.

Closing Remarks

• Summary: Acknowledge the effort required; trading is a challenging journey.
• Resources: Links to more educational content and daily trading with the presenter.
• Encouragement: Stay positive and keep learning.

Key Takeaways

• Start with paper trading to learn basics without risk.
• Utilize free resources before investing in premium courses.
• Keep a journal to understand and track personal trading performance.
• Join a supportive community for advanced learning and real-time guidance.