How I Would Learn To Day Trade (If I Could Start Over)

Summary

This video script offers a trader's reflective journey and advice on mastering day trading. With eight years of experience, the speaker emphasizes continuous learning, the importance of the learning, testing, and execution phases, and the necessity of using a trading simulator before going live. They recommend finding a mentor, joining trading communities, and keeping a journal to analyze wins and losses. The speaker also stresses the importance of patience, entering trades only when confident, and finding a successful strategy to test rigorously.

Takeaways

• 📚 Continuous Learning: The speaker emphasizes the importance of always learning and improving in trading, with 10,000+ hours of educational videos watched.
• 🔑 Knowledge is Power: Knowledge is crucial in trading; the speaker suggests that understanding the market can lead to more profits than a traditional job.
• 📈 Three Phases of Trading: The script outlines the learning, testing, and execution phases as essential steps in becoming a successful trader.
• 🚫 Avoid Complacency: The speaker warns against becoming complacent and stresses the need for ongoing self-improvement in trading strategies.
• 💰 Profit as a Byproduct: Profit should be a result of knowledge and skill, not the initial focus for new traders.
• 🤖 Start with a Simulator: New traders should use a trading simulator to practice and gain confidence before moving to live trading.
• 🏦 Choose the Right Broker: The speaker recommends HankoTrade for forex or crypto trading due to its low fees, user-friendly interface, and deposit bonus.
• 🧑‍🏫 Find a Mentor: Learning from experienced traders can accelerate the learning process and avoid the need to reinvent the wheel.
• 📊 Join a Trading Community: Engaging with other traders in a community like Discord can provide support, share ideas, and build relationships.
• 📝 Keep a Trading Journal: Tracking all trades, both winning and losing, is a key method for identifying patterns and improving strategies.
• 🚫 Avoid Forced Trades: The speaker advises against forcing trades when the market conditions are not favorable or when confidence in a trade is low.
• 🔍 Test Successful Strategies: The importance of finding and rigorously testing a strategy is highlighted as a key to long-term trading success.

Q & A

What was the speaker's educational background and initial career plan?

The speaker went to college for Finance, graduated with a degree, and initially considered going into investment banking as a typical career path.

Why did the speaker decide to pursue stock trading instead of investment banking?

The speaker got hooked on stock trading and realized that they could potentially make as much, if not more, money from trading than from a traditional job.

What did the speaker do to improve their trading skills?

The speaker dedicated years of their time to studying and learning about the stock market, including algorithmic trading, and even created a private indicator based on their learnings.

How does the speaker describe their initial trading experience?

The speaker admits that they were terrible at trading when they first started, and they believe that a step-by-step guide would have significantly improved their learning curve.

What is the speaker's philosophy on continuous learning in trading?

The speaker emphasizes that knowledge is power and that traders should always be learning and improving, even with years of experience, as they themselves continue to learn new techniques.

What are the three stages of trading according to the speaker?

The three stages of trading mentioned are the learning phase, the testing phase, and the execution phase.

Why does the speaker recommend starting with a trading simulator?

The speaker suggests using a trading simulator to practice and gain confidence in trading abilities without risking real money, as new traders are likely to lose money if they start with a live account.

What is the speaker's advice on when to move from a trading simulator to a live account?

The speaker advises moving to a live account only after finding a successful strategy, doing thorough testing, learning risk management, controlling emotions, and being consistently profitable with the strategy.

Which broker does the speaker recommend for forex or crypto trading and why?

The speaker recommends HankoTrade for forex or crypto trading due to their low fees and spreads, user-friendly dashboard, and a 100% deposit bonus up to $25,000.

Why is finding a mentor important according to the speaker?

Finding a mentor is important because it allows traders to learn from others' experiences and strategies, avoiding the need to reinvent the wheel and making the learning process more efficient.

What is the significance of keeping a trading journal as per the speaker's experience?

Keeping a trading journal is significant as it helps traders to analyze both winning and losing trades, identify mistakes, and replicate successful patterns, which is a key to improving trading skills.

What is the speaker's view on the necessity of being in a trade constantly?

The speaker advises against the need to be in a trade constantly, emphasizing that patience is crucial in trading and that one should only enter trades when they are confident in the setup.

What final tip does the speaker provide for traders looking to improve their strategies?

The speaker's final tip is to find a successful strategy and rigorously test it, and they also mention that they share one of their own proven strategies in the video.