Smartest Route To $10,000/Month Trading in 2024 (With ZERO Experience)

Summary

This video script offers a comprehensive guide for aspiring traders, sharing the speaker's journey and strategies that led to their success in trading. It emphasizes the importance of mentorship, finding a consistent trading strategy, and managing risk effectively. The speaker debunks common myths, stresses the significance of process over monetary goals, and provides actionable tips for maintaining consistency and growing a trading account. The script is a testament to the belief that with discipline, the right approach, and a focus on learning from data, anyone can achieve trading success.

Takeaways

• 😀 Consistency in trading success comes from years of experience, trial and error, and learning from various mentors and strategies.
• 📈 To become profitable quickly, a trader should focus on a simplified strategy with clear entry and exit criteria, rather than over-complicating trading with multiple systems.
• 📊 The importance of having a verified trading record and following a single mentor to block out noise and distractions from various trading strategies.
• 🤔 A profitable trader is made through education and experience, not by a single course or program, emphasizing the need for continuous learning and practice.
• 💡 The necessity of managing risk, balancing emotions, and waiting for the right trading opportunities to avoid blowing the trading account due to small mistakes.
• 🚀 The significance of focusing on process-based results rather than monetary goals, which can lead to more enjoyment and consistency in trading.
• 🔍 When choosing stocks to trade, focus on those that are trending, have news events, and show unusual volume, as these factors can indicate potential market movement.
• 📝 The value of keeping a trading journal to identify personal strengths and weaknesses, understand market cycles, and adapt strategies accordingly.
• 🛑 Setting a daily stop-loss dollar amount to prevent significant losses and maintain consistency in trading performance.
• 🚫 Avoiding the common advice of risking only 1% of capital without context, suggesting that risk should be sized appropriately based on market conditions and personal consistency.
• 🌐 The role of community and sharing success stories as a source of motivation and validation that profitable trading is achievable with the right approach and mindset.

Q & A

How long did it take the speaker to become a profitable trader after starting?

It took the speaker 3 years of trial and error to become a profitable trader.

What is the speaker's confidence level in being able to restart and become profitable again with current knowledge?

The speaker is confident that they could become a profitable trader in half the time with the knowledge they have today.

What is the main goal of the video according to the speaker?

The main goal of the video is to provide a roadmap to profitability for new traders and to bust any myths about starting trading.

How did the speaker validate their trading success in the video?

The speaker validated their trading success by showing a real broker statement from Interactive Brokers and mentioning their live logins and daily P&L on Instagram.

What does the speaker believe is the key to fast-tracking the learning process in trading?

The speaker believes that finding a core group of traders or mentors and following their teachings is key to fast-tracking the learning process in trading.

What is the speaker's opinion on the effectiveness of trading courses in making a profitable trader?

The speaker believes that while trading courses are good for getting on the right path, they alone will not make someone a profitable trader.

What is the speaker's advice for new traders regarding the number of trades they should take per day?

The speaker advises new traders to have a defined rule on the number of trades they can take per day, suggesting a maximum of three trades.

What is the speaker's view on the common advice of risking 1% of capital per trade for growing a trading account?

The speaker believes that the advice of risking 1% of capital per trade is wrong and suggests slowly increasing risk when seeing A+ setups in a good market instead.

What are the speaker's tips for keeping losers small and winners big in trading?

The speaker's tips include having a defined stop dollar amount for the day, knowing how many trades you can take per day, not having a dollar goal per day, and taking time off when learning to trade.

Why does the speaker emphasize the importance of journaling trades for new traders?

The speaker emphasizes journaling trades to help new traders identify their mistakes and strengths, understand market cycles, notice discrepancies in their strategy, and improve their trading over time.

What is the speaker's perspective on the role of emotions in trading and how to manage them?

The speaker believes that emotions play a significant role in trading and suggests taking time off to manage them, ensuring a fresh mindset for better trading decisions.