How To Start DAY TRADING - Becoming A Trader IN 30 DAYS

Summary

In this video, Shay The Humble Trader outlines a comprehensive 30-day plan for aspiring day traders, emphasizing the importance of maintaining a steady income while learning. She recommends starting with free online resources, such as YouTube and Reddit, and engaging in paper trading to practice without financial risk. The video covers critical aspects of technical analysis, including understanding support and resistance levels, and highlights the significance of risk management to achieve profitability. With a focus on gradual learning and strategic trading practices, Shay encourages viewers to build a solid foundation for a potential career in day trading.

Takeaways

• 😀 The importance of clear communication in conveying complex ideas.
• 😀 Emphasizing the role of active listening in effective discussions.
• 😀 The significance of body language in enhancing verbal communication.
• 😀 Strategies for overcoming communication barriers and misunderstandings.
• 😀 The impact of cultural differences on communication styles.
• 😀 Techniques for providing constructive feedback to improve collaboration.
• 😀 The value of empathy in building strong interpersonal relationships.
• 😀 Utilizing technology to facilitate better communication in teams.
• 😀 The need for continuous improvement in communication skills.
• 😀 Encouragement to practice active engagement in conversations for better outcomes.

Q & A

What is the first step Shay recommends for someone starting day trading?

Shay recommends keeping your day job as the first step. This provides a steady income and reduces financial pressure while you learn to trade.

Why is it important to have another source of income while learning to trade?

Having another source of income allows you to cover living expenses and reduces the stress of needing to make immediate profits from trading, which can be crucial for mental and emotional health.

What resources does Shay suggest for learning about day trading for free?

Shay suggests using YouTube for video tutorials and trading strategy recaps, Reddit for community discussions, and websites like Finviz for market research.

What is paper trading, and why is it beneficial for new traders?

Paper trading involves simulating trades without using real money. It's beneficial because it allows beginners to practice trading strategies and gain experience without financial risk.

Which platforms does Shay recommend for paper trading?

Shay recommends TradingView for its versatility and user-friendly interface, Webull for its commission-free trading and ease of use, and Interactive Brokers for its extensive global reach.

What are support and resistance levels in technical analysis?

Support levels are price points where buying interest tends to emerge, causing the stock to bounce back up. Resistance levels are price points where selling interest tends to emerge, causing the stock to reverse downward.

How can a trader identify support and resistance levels?

Traders can identify support and resistance levels by looking for extreme highs and lows on charts, finding areas where prices have previously reversed multiple times, and zooming out to daily or weekly charts for a broader perspective.

What is the significance of risk management in day trading?

Risk management is crucial because it helps traders control their losses. Effective risk management can prevent significant losses and contribute to overall profitability.

What is the recommended risk percentage per trade for new traders?

Shay recommends that new traders risk between 1% to 3% of their trading account on each trade, depending on their risk tolerance.

How does risk-to-reward ratio impact trading profitability?

A favorable risk-to-reward ratio (e.g., 1:2) means that for every dollar risked, the potential profit is greater than the risk. This can lead to profitability even with a lower win rate, as shown in Shay's examples.