3 QUESTIONS BEGINNER TRADERS ASK | Making of a Day Trader

3 QUESTIONS BEGINNER TRADERS ASK

LISTEN IN YOUR CAR or ON YOUR HEADPHONES

PREFER TO READ IT?

Full transcript

I am here to answer three really big questions I get asked almost every day from new traders or trader or aspiring traders, people that want to become day traders.

And the very first line always, of course, is how do I start day trading, which is an understandable question.

However, my answer is what always gets people completely off track.

And the number one thing I tell them not to do is not worry about your broker because I always get asked what broker do I go with?

How much money do I need on my account?

So let’s think of it this way. When you sit down at the piano for the first time, or even if you’ve already played your scales and you know the basic note, do you question when you’re going to be getting the Carnegie Hall gig this?

No, of course not, right. Also, a great way to test things out is with Examlabs.

Because, you know, you need to practice up to that point. And at that point, you don’t know how long it’s gonna take before you can even start earning money in being a piano player is the same thing with day trading. Right.

Day Trading for Beginners – How to Start

When you figure out which market you want to date trade in the first place. Right. Because there are four markets.

And if you watch my other videos, I go much more deeper into the four markets. So the first thing you need to do is which market you want to trade.

Second, you need to learn really, really learn how to read the markets. It’s the same thing as sitting down at a piano and not having any idea what dough raining facility.

It’s right. And just pressing any key and then pretending that you’re gonna get a gig with Carnegie Hall.

Your broker is where you put your money in. So you could earn a money.

But if you have no idea what you’re doing in the market, how can you earn any money at this point?

All you will be doing is giving your really hard earned money to a brokerage account. And the markets that really don’t need your money, they already have plenty. Right.

So my first and number one recommendation, besides figuring out which market you’re going to be trading is learn to read the market, learn what the market is telling you. And trust me, it always tells you what to do. And this brings us to the second question how do I earn money from day trading?

So basically, I’m going to give it to you very basic. Obviously, you enter a certain trade and then you exit a certain trade.

However, if you don’t know what you’re looking for and you just start entering and exiting anywhere, and if you don’t have a risk management, you will one hundred percent lose your money and not earn any money. So whatever command again is how to earn money in day trading.

Your first study, study, study the markets, OK, you first understand what they’re telling you is like jumping into a plane. You would never just jump in and go.

You wouldn’t even know what to press, what button to press. Right.

So the plane would never take off. It’s the same thing with day trading.

You wouldn’t just jump in and start pressing, buy, sell everywhere because what would happen in a plane?

You would automatically fall if you do the same thing with trading and just start hitting, you buy.

And so you will never take off the ground, you will start to lose. Right.

So when I say how to earn money from day trading, learn the exact strategy, learn where your trade setups are wary. Exactly. Exactly.

You have to enter where exactly you have to exit and what is your exact risk management. And until you know that you will never earn money in trading, you will lose.

So it’s very actually it’s quite simple to earn money in trading. Once you know exactly what your strategy is, where you could enter, where you could exit, and when you have a very strict risk management in place, you will never lose a lot either.

Day trading isn’t gambling, right?

It is like a career. You learn when before you sit down and do coding, for instance, you learn how to code. You understand the language is the same thing. Day trading. You first learn what the market is telling you. It has a language. It talks to you.

Once you understand how to do that, then you could earn money. You can. I will say it again.

You really, really can earn money in day trading.

And the third most important question, how do I not lose money and day trading?

So this brings us right back to the beginning.

One, don’t open up a brokerage account until you are 100 percent ready. This way, there’s no money, no line.

There are plenty of really good platforms that are free in demo accounts that you don’t need to spend money on getting a license with them or opening up a brokerage account.

So if you are just a paper money until you really learn your system, you have absolutely no way of losing the money.

Secondly, you have to have a 1000 percent accurate risk management in place. If you do not know what you are risking, you will lose it all, especially if you’re alive. And if you do not have your trade setup set up.

So how do you lose money? By going in blindly? By thinking that you could just practice with live money? Why would you want to do that? Would you ever would a med student ever practice on a live patient?

Never. First, they learn everything in the classroom, and then they are able to practice in real life, and they always have somebody along with them until they are fully ready.

It’s the same with day trading. Day trading is very tempting to just throw your money into it. Right.

There’s no barrier. But why would you do that if you learn your trade setups?

If you have a risk management in place, if you do not open up your brokerage account before you are ready. You are in absolutely zero risk of losing money until you are really, truly ready to go. I’m reasonably a dodo. The trader chick and I teach all of this in the boot camp.

Like we go over everything in my beginner boot camp for day trading, I teach you what the market is telling you. I also really focus on risk management understanding when the market is about to change direction.

What is an ideal market and what the market is doing right?

It talks to us and gives us these really strong signals. And if we read those signals, the chances of us losing and answering incorrectly are really, really cut short.

So do yourself a favor instead of just throwing your money out. Learn, really understand what is telling you.

And I can guarantee you if that if you to learn, if you get your strategy down, you will will truly earn money in the markets. Be a thorough the trader chick and I’m here to help you with anything you need.