I’Ve been trading for six years now and I feel like I’ve aged 20 years., Ive made all the mistakes in the book.. Here are the 4 things I wish. I knew when I first started day: trading., There's a huge learning curve involved in day trading.. No, it's not as simple as getting up 10 minutes before the market opens and start banking lamborghinis within 2 weeks., But believe it or not.

When I first started… that's exactly what I had in mind., I thought I knew it all: buy low, sell high.. How hard can this day trading thing be? Well long? Behold I blew up a couple of accounts by following chat: room alerts buying high of the day breakouts on low float, penny stocks, adding to a loser…, not hitting the like button on this video…. That was the biggest mistake. And that could have saved myself from blowing up All jokes aside.

After six years of trading…. I’Ve definitely learned a lot about myself., but in trading the more you learn, the more you realize you don’t know. Here are the top 4 things. I wish i knew when i first started day: trading.

The first and most important one is…. There is a no “secret” trading strategy.. I wish I realized that sooner. I spent months when i first started, jumping from one chat room to the other one DVD to the next and one course after the other.

Just looking for the secret thats missing., The one thing that will allow me to start banking right away.. In fact the “Secret” to day trading. That doesn't exist. Im, just gona drop that right, now.! Im! Sorry, if that just shattered your dream or your hope of finally finding the buy button for my non-exisitng lamborghini, DVD.

There’s, no secret indicator that will automatically top tick and bottom tick for you and there's no secret set up or strategy that will guarantee you 100 % Success rate all the time. Everyone’s trading set up and strategy are going to be different. A trader can hand you his set ups from steps A to Z on how to buy or short a set up that he is extremely good. At.

Let’s say that strategy gives him 80 % success rate. You take that and try to copy it it’s not going to do the same for you.. We are all different traders. While I can share certain set ups and strategies I like with you in these YouTube videos and in my private Discord, chat… it’ll still require you to practice and adapt to that strategy.

And see if that fits your personality and whether you need to improve on it And make it your own., Because at the end of the day we are different traders., You might be more patient than I am and a great trend trader. But at the same time you may not be able to analyze headlines and react to the volatility and price action as fast as I do. Thats. Why? There is no one “secret” set up or strategy that wil provide 100 % win rate for everyone.

Thats, not whats, missing in your trading. Whats missing is your own personal experience and screens time and whether you are putting in the work to actually learn and perfect. Your set ups. So stop shopping around.

For that perfect strategy, like we do shopping, shoes., Stop looking for a secret DVD that will print money for you on day 1 and stop hopping around from one service to the other, hoping that one day you will find that one person who will give you the Secret that will solve this whole trading game for you. Its up for every single trader to constantly learn and yes put in the work to make any set up or strategies their own.. I know the truth: isn’t pretty., But hey it's better to have someone like me. A Canadian break it to you.

Sorry to shatter your lamborghini dreams., But you’ll be ok.. You can rent one for $ 4k, a day. Now that we got the hard truth out.. The second thing I wish I knew when I first started - Make your own trading plans..

Do not follow others., But when i first started I was a follower, aka, a sheep. And guess what sheep get slaughtered. Well, that person say to buy this stock. Nakd great I’ll do that., But the other person says to short ACB., maybe ill tyr that too..

Oh, oh theres, that trader on stocktwits, saying that when you put these 5 secret indicators, all together, it’ll give you the awesome: 100 % win rate signal to buy the stock. anyways. I think you get the point. Whether a stock should be a buy or sell.

That decision should never be made because you see other people doing so. And same thing for following chat, room alerts or signals.. Do you even know why the stock is running in the first place? Do you know their float number and do you know if they have any dilution, Its fine, to read and observe what others are doing for ideas that can potentially lead to your own set ups, but dont be a follower. And thats? Why, if you may have noticed, I never do any of these “5 stocks to buy right.

Now” videos., Nothing wrong. If someone else makes those videos - and i understand why people like watching them. But the reason I don't do - those videos and, in my own Discord chat. I never give alerts is because i truly think that, in order to be profitable day trading, you need to be thinking for yourself.

Its ok, to read ideas and see what other traders have to say.. I get tons of ideas from other traders. I trade with on a daily basis. And I provide tons of trade ideas of charts that look like they are going to breakout or due for a pull back after parabolic., But its up for you to take those ideas and filter them out and see.

If there is indeed a set up for you to go long or short., That’s called finding a stock idea, but creating your own plan based off the idea., Not just going all in and buying with your max size blindly. Just because you see the alert to buy at $ 2., You have no idea what the trader alerting the buy is planning to do.. Is this supposed to be swing or a scalp? How much is he or she risking per share, and can you really afford that risk with your small account under PDT, And that goes the same for choosing what to trade and trading style as well.? For me, I like to trade US listed stocks, both large caps and small cap penny stocks., And i trade them long and short., Because thats what Im good, at. And therefore thats what I talk about on this channel.

Im, simply sharing what works for me.. But if you find trading stocks to be difficult or a scam, then I mean why would you click on a video that says day trading on it and waste your own time…? My point is the videos and set ups I share are meant to be ideas for you to perhaps try out and implement., But they’re, not the holy gail of day trading., Because liek we talked about earlier. There is no one single strategy that will fit everyone. If buying breakouts on low float, penny stocks and following chat, room alerts, work for you, then, by all means, keep at it..

Do your own thing. Im, not a guru. Im, no expert and I’ve never said. Im.

100 % right all the time., Just from my own experience, alert sand. Buyin breakouts usually lead me to losing money and holding the bag., Observe, listen and learn from others ideas, but at the end of the day, Stick to what works for you as a trader.. Now the third thing I wish I knew when I first started day trading…is. I should have hit the like button first on these YouTube videos, especially when the jokes are so hilariously bad.

Just kidding, but not really. Third thing. I wish I knew when I first started day trading is focus on reading the chart first before anything, else. Reading, stock charts and candlestick price action is perhaps the most important key factor to understand in day trading..

I know there is a huge learning curve involved with day trading.. When I first started, I was so overwhelmed. Theres the charts, the indicators, long/short analyzing news, earnings, reading level 2 and the tape sec filings, etc, etc. I believe the most important thing to focus on first and foremost, is chart reading., Daily chart and intraday.

Without knowing what A bullish or bearish chart looks like… nothing else, like news alerts and reading l2 will help you ever. Understanding what the sentiment is like for the stock almost always starts from the daily chart.. If the daily chart looks sluggish and all the spikes look like, they failed miserably like my math exam, then perhaps there would not be a good breakout long during the intraday chart. And it's only after learning to read the charts and the price action.

Then you can determine possible, buy entries and profit taking targets.. If you are investing long term, maybe you can just throw some dough in a stock and never look at it again till 5-10 years later.. But if you want to day trade and swing trade chart, reading skills is the first thing to learn. And everything else like i’ve talked about… reading L2 and the tape, understanding, earnings and sec filings are just additional research tools that will add to your trading edge and Conviction.

The fourth thing I wish I knew when i started six years: ago… man, six years, thats a long time, but still not enough to learn.. I wish I gave myself more time and patience to learn.. I wish i understood: that…, hey there’s, no rush, here. Learning to trade will take months and years..

I think a lot of new traders are joining the market right now because of the lockdown. People are working from home and in front of their computer., But 90 % of all new traders starting to trade treat this like a hobby just gambling.. While i didnt think that was what I was doing intentionally looking back, I definitely treated trading like a hobby too, when I first started. I paper traded for about two weeks only..

I thought I knew it all and was ready to make lamborghini money.. It's simple right. Get some alerts Buy low, sell, high. People like humbled traders are just being a downer, they say trading is hard and will take years.

Nah, im smart. I have straight A’s in high school., I'm gon na start banking 5G’s a day within a month.. This is a perfect example of Dunning-kruger effect., Its a cognitivae bias where people who are incompetent in certain areas believe they are smarter and more capable than they really are. And it’s the same in trading brand.

New traders entering the markets, myself included often wrongly overestimate their knowledge and skills in trading because they simply dont have enough experience in the market to see all the inefficiency and volatiltiy.. Basically, new traders simply dont know what they dont know. And now, even after 6 years trading, even though I do know what im good at in trading im, still learning every single day. The market is ever changing.

The more time you spend learning the more you realize You don’t know So, if you’re relatively new to trading give yourself and your own trading account time., There is no rush.. If you think about it, we go to college for years just to get a degree and finally start working and making money.. So what makes you think a new trader brand new to the market can start banking without putting in months or years of hard work and education. First, The more eager you are to start banking right away, the faster you’ll be likely to lose., And If you’re in a rush to make money, then you have better chances just buying the lottery ticket..

I think most of us have seen those marketing ads where they show you the fast cars, the girls and chilling on the beach and making it rain millions just from clicking a few buttons.. That kind of advertising encourages fast and easy money and really just adds fuel to the fire to new traders. Blowing up. Its unfortunate, i know, but its the truth., I'm gon na sound, like a broken record by now.

Trading, is not easy, but it could be learned slowly if you put in the time and work.. These are just some things I wish I had ingrained in my own trading behavior when I first started. Stop looking for “secret strategies”, they don't exist its up for you to adapt and make a strategy fit your own style and temperament. Stop following others to buy and Sell.

Its fine to listen to ideas, but always form your own trading plan before buying a stock. Focus on reading charts and, most importantly, give yourself the time and patience you need in order to observe and learn from screen time.. Hopefully, some of these tips help you out, especially if you are just starting out in trading.. Let me know in the comments below what are somethings that you personally wish.

You knew when you first started. Feel free to share with me below.