How exactly do you start day trading as a complete beginner this year now? This is what i would personally do if i were to go back to seven years ago and restart my training account from scratch in this video i'll, be teaching you the four steps to get started as a beginner day trader hello, everyone, my name is jay aka, Humboldt trader i've been day trading for over seven years now. I've definitely made many many mistakes when i first started which costed me thousands of dollars. So if you're thinking of getting started with day trading for reals, i want to make sure that doesn't happen to you. If you're a brand new trader and want to save your small trading account make sure to keep on watching and don't forget to hit the like button at the bottom of the video.

That's gon na tell me that you, like these kind of step-by-step tutorials, like these and i'll, make more in the future as a big. Thank you for doing so. I will sprinkle a few bad jokes throughout the video and maybe i'll give you some cat photos as well. All right, let's get started the first step to start stay trading is to open a pay-per-trading account with a broker paper trading means you're trading, fake, simulated money.

Like these ones over here, which you can get for about 20 bucks on amazon, look at me, i'm rich and for most beginner day traders, myself included when i first started. They are always blinded by the crazy social media ads or the youtube videos about getting rich with day trading. Quick and that's simply not the truth. Please stop drinking those kool-aids.

I didn't get rich quickly when i first started day trading. In fact, i lost all my trading account when i first started within a couple of months. I genuinely don't wish for any trader to lose money, but the reality is. If you are brand new to the market, you are most likely going to lose money.

First, i'm just straight up giving you the ugly truth here and really that's what every day trader has to go through. It's the right of passage. That's the reason. The first step i would recommend any new trader to get started is to open and trade with a paper trading account, because why would you risk your hard earned money and dive straight into day trading with it, when you have no idea what you're doing i know At this point, your follow-up question must be okay, humble trader, which broker do you recommend to start with pay-per-trading and boy? Do i have a list for you? My first recommendation will be td think, with swim platform for the american traders.

After you, deposit a minimal amount about 100 into your brokerage, you can call up td, think or swim the support services and ask them to turn on live market data, which is essential to paper trading and to start learning about the markets, because you don't want to Be that person trying to buy the stock at ten dollars up there when it had already started tanking from ten to five to one a couple of minutes ago. So that's the reason. Even when you're paper trading, you want to make sure you are using live market data, unfortunately, for my canadian viewers, td, think or swim is no longer an option, but i'll have another recommendation for you later on. So don't worry.

I got you the reason i, like think of a swim is because it's a very user friendly platform for beginner day traders to get started with charting building watch lists, using indicators and scanners and many many other features as well. But i wouldn't recommend using them for live trading now. Moving on to the second recommended broker for paper trading, which is weibull while i do not recommend zero dollar commission brokers like weibo robin hood and a few other trading apps for live day trading for paper trading, i think it's totally fine for beginners to get started. The platform interface on weibo is very beginner friendly.

I personally use their mobile app to track the stocks, i'm watching as i'm on the go. We will offer free live market data for paper trading, even without a deposit, so that's definitely a bonus besides that they also have a very decent desktop trading platform that is compatible on both pc and mac, which is something that's very hard to find nowadays. So i would definitely recommend using weibull for pay-per-trading and it's accessible for canadians and many other international traders, but for the live trading account with real money, that's only accessible for the american traders, so keep that in mind, but for paper trading it's definitely very worth it. Moving on to another option for paper trading, and that will be interactive brokers, which is available for both americans and canadians.

If you decide to use interactive brokers, you will need to purchase additional market data subscriptions, which adds up to about twenty dollars a month which is not terrible at all. I personally have accounts with all three of those brokers mentioned today and once you are ready to move on to open a live trading account at a broker. You can check out my video here on the best brokers for day trading. Okay, so now that we've gotten started with paper trading, it's time to move on to step number two step: two to start day trading as a complete beginner, go to this website, start raininglambos.com time to purchase some chat, room, alert and start banking.

Some easy stop it! If you were actually about to purchase from that website, i'm disappointed in you. Yes, this is totally the similar bamboo sticks. My teachers used to hit me with now i'm going to hate you if you try to find shortcuts in day trading. Yes, i'm going to be that trading mom you never asked for, but one you definitely need.

I hate to break it to you. If you go down that path of chat, room alerts or copy trading, you are essentially ending your own trading account before you've even gotten started. Let me reassure you. I've been trading for more than seven years now.

The reality is far from that trading is not easy. Controlling risk, maintaining discipline and focus on just your setups is a constant battle on a daily basis. I have so many free videos here on my youtube channel for you to really get started with learning about day trading. You have no excuses.

This would be your step. Two start: learning about day trading: basics with the free resources here, such as how to draw support and resistance, how to buy the dip, how to create a watch list in trading plan and how to set up your indicators and start trading. So if you are a brand new trader, make sure to start utilizing these free resources and actually learn and stop looking for shortcuts, and i'm very positive that, after watching some of my youtube videos, most new traders - and maybe you included, would actually think holy. I have to prepare hours of work before the market even opens you mean i can't just wake up five minutes before the market opens and start banking lamborghini money day trading ain't.

For me, i'm gon na try flipping houses instead, fun fact i tried it wasn't fun by this point. You've only done step, one paper trading with fake money and step two learning from the free resources on my youtube channel. Even if you just give up right now, it's still a risk-free experience and it really never hurts to try. I have a no ba's approach when it comes to day trading content, whether that's in my free youtube, videos or my premium education program.

I don't feed you. The kool-aid only tough love and i get it tough, love and bad jokes are not for everyone just like day trading isn't for everyone. It is what it is step number three after you started paper trading and learning from some setups and strategies in my free resources. The next step is to smash that, like button to make it rain, lamborghinis science has proven that smashing.

A like button is the only way to make easy money copy trading following chat, room alerts or pumping stocks. Those are so old school. Okay seriously for real, now, step number three, it's time to journal and track your trade. Yes, even while you're pay-per-trading, that means spending 5-10 minutes each day to write down your entries, exits and set-ups from your day trades and yes, you've heard me right, even if you're just paper trading, it's still very important to be tracking your trading setups, and here is The hard truth, if you can't follow your own trading setups and establish actual consistency in risk reward with fake money.

What makes you think you can do so with real money when actual emotions of fear, greed and anger are involved? Adding on to the previous step step, one about paper trading, the point of doing so isn't to make money obviously, but to prove to yourself and provide enough data to start understanding your strengths and weaknesses in day trading. It's only by tracking your trades that you can start seeing whether you're better at going long or short, whether you are better at trading in large caps, small caps or otc stocks, and what kind of risk reward do you have in your trading? Setups trading should be very personalized and narrowed down. These are some of the most important information you need to find out about yourself from the data in your trading journal sure you can always see what other people are doing on social media, using vwop, ichimoku clouds and hundreds of other indicators or shorting penny stocks. But what works for other traders are most likely not going to work for you exactly.

You need to find out what works for you and how to personalize your own trading. You can get a free copy of a trading journal. If you sign up to my email list below, you also receive a free, weekly watch list from me sends out every single sunday. So that's step two and three right there.

The link to sign up for my watch list is in the description below, as well as all the other recommended brokers i mentioned earlier now after you've done step, one paper trading, step, two learning from free resources to get your feet wet and step number three tracking. Your trade, it's now finally time to move on to step four by this point after a couple of weeks or a couple of months, you should know whether this day trading business is something you really want to take it further and devote more time and effort into, Or for most traders, i would say 90 of all new traders. This is the point where they realize trading is not for them. It's too much time and effort too much work and they give up and that's totally fine, and that is to be expected actually like.

We talked about earlier, it's being a risk-free experience, but for the rest of the 10 percent of beginner traders who want to start taking trading more seriously. Now it's a time to start looking for a well-structured trading education program to continue learning more in depth. No, i'm not talking about joining places where they alert you to buy and sell or courses that promise you the easy way to get rich, quick that defeats the whole purpose of learning to trade for yourself and eventually turning this part-time hustle into a full-time job. Getting started by learning from these short and condensed youtube videos, it's a great way for new traders to get a taste of the nature of day trading, all the volatility and ups and downs for free, but without proper structure, especially during the initial learning process.

This is where many new traders will start jumping from one strategy to the next trying out one indicator to another tomorrow and varying their share sizes and risk profiles all because they see other people doing it on social media and unfortunately, this overwhelming amount of information on Social media will most likely lead to analysis, paralysis for beginner day traders and causing most to lose their hard-earned money from diy trading. You cannot build a roof on your house without a solid foundation. Personally, it's only once i invested my market tuition with losses in my first year and then finally, some structured education programs that i started to finally put pieces of information together. These are all the important nuances in trading such as press release, analysis, risk management, trader psychology and many many more again always make sure to start learning from my free resources here on youtube.

I'll put all the links in the playlist for beginner traders down below and once you're ready, and you want to take your trading to the next level you can visit my website at humbletrader.com. Nothing worthwhile ever comes easy. Trading is hard work, but if you're willing to put in the time and the effort, it can be done slowly. But surely, if you enjoyed this video, please remember to drop a like and subscribe if you want to see more trading tutorials like this in the future.

Thank you guys for watching i'm the humble trader and i'll see you guys next time you.