In this video, I'm going to explain step by step what I would do if I had to start day trading all over again this year and we're gonna do it in 30 days because it's the beginning of the month, the birds are chirping and you want to become a baller day trader and speed off to retirement in your Lamborghini Just kidding I cannot promise you Lamborghinis but maybe some Corollas Um, even if you have zero knowledge in trading, I'll be sharing with you what I did when I first started and how you can get set up. and by the time you're done watching this video, you know a direction of what to do with your day trading journey and hopefully turn this into a full-time career. If that sounds good to you, make sure to smash the like button for more beginner friendly videos like this. If you're new to this channel, welcome My name is Shay The Humble Trader I've been a full-time day trader for over 8 years now.

People know me for my No BS trading lessons, strategies, and my bad jokes involving my ex-husband Mike bag holder A common misconception about trading is that it's all about buying nice Lamborghinis and Penthouse Suites But no, it's so much more than that. So let's get into it. Here is how to become a day trader in 30 days week Number one and your first step is to keep your day job. Alright, this is a very important step for you to get started as a day trader the right way.

When I first started trading I was working full time in VFX film industry even though I absolutely hated my nine-to-five job. Hold up, hold up! It was more like a nine to seven job. Let's be real here. but the full-time job was very necessary for me.

Thankfully I get to use my employment income at a time to replenish my day trading account during that very painful process. And because I kept my job I Never have to worry about making enough profits from day trading to live, which was very important for my mental and emotional health. It allowed me to take the time to learn and experiment with learning new strategies in trading. I'm not quite sure how long it usually takes for new traders to become profitable.

If you have a figure in your mind, please do let me know down below. but for me, it took me over two years to become consistently profitable. Remember most beginner: Traders Lose money. It's almost inevitable.

So it's very important that you have another stream of Revenue so you can survive while you are climbing that very steep learning curve in trading. Step number two: Learn for free. The next step I would recommend you to take during that 30-day process. to become a day trader is to consume as much free day trading content as possible.

There's tons of free resources available online with the internet. You can get started with whatever information you want at your fingertips. YouTube and Reddit were really the two sources Of free information and content when I first started. I Used to spend hours there looking at people's Recaps or trading strategies.

Besides those, here are some of my favorite resources: Video playlists for beginner Day Traders on YouTube Free Market research websites such as Finvis and of course the Finvid Screener I will use that to research for stocks to potentially play the next day for stock market news articles I would look at Yahoo Finance Seeking Alpha Bloomberg and of course Finvis once again for free trading tools I will use trading View and and Think Swim and now many years later I've also created an extensive playlist for beginner day traders in recommended orders for you and all that is available for you to watch for free. Besides that, I also have a free weekly watch list that I send out every single. Sunday The emails will go through some of the current market news of the week and provide you with analysis of the top four stocks that are worth watching in the coming week. I'll leave links to sign up down below.

Again, the playlist and the weekly emails are free to sign up. Now at this stage you're probably thinking okay Shay I'm kidding my job I have money saved up and I signed up to your free emails and watching your videos. Let's start trading. not so fast.

That was the easy part. Now comes the hard part. Remember into smash the like button. Okay, just kidding.

but if you're serious about day trading as a career, please leave any questions you may have down below and I'll do my best to answer them now. Moving on to next part of your 30-day journey to become a day trader. Step number three: Paper Trading and opening a brokerage account. Paper Trading means you are trading with fake simulated money.

and why should you trade with fake money first? Well, the reality is if you're brand new to trading, you're probably going to lose money first. Like I mentioned earlier in the video I lost a lot of money when I first started trading. That's the reason during your first week right now. I Would recommend you or any new traders to open a simulated trading account also known as paper trading and I know your follow-up question must be okay.

Humble: Trader Which broker do you recommend to start with paper trading? Well, there are many choices to choose from to get you started. Here are some of my recommendations: First of all: Trading View: This has not become my favorite. Jordan Platform surpassing Think or Swim I Really like its versatility across platforms. It's available available on your phone's PC MacBook and since it's a web-based platform, it's available to anyone around the world.

Best of all, you can get started with it with a free version online. I Use it to point out my technical analysis on specific stocks in the evenings and if you do require Market data, it's adding additional cost of around 15 a month. Tradingview has gone through a ton of Transformations over the years. You can now connect it with a whole list of Brokers once you're ready to go live.

I Really do like the interface a lot as you see me using in so many of my YouTube videos. The second recommended broker for paper trading is Weeble which is a free commission broker platform. While I do not recommend free commission broker apps for live day trading. for paper trading, it's totally fine, especially if you're brand new and want to just get started with paper trading and learning, charting and technical analysis.

The user interface on Weibo is very beginner friendly. I Personally use their mobile app to track the stocks I'm watching on the go. They offer free live market data, so that's definitely a bonus. They're also available on desktop platforms on both PC and Mac.

Another good option for paper trading is interactive brokers available in U.S Canada and many countries in Asia and Europe. Interactive Brokers is probably the stock trading broker with the most extensive Global footprint with interactive brokers, you do need to purchase the live market data subscriptions in order to receive live quotes. I Believe the packages are about 20 to 25 dollars a month, which is not bad at all. If you do consider opening an account with interactive brokers, these will be the data packages to purchase for both paper trading and live trading.

So those are my recommendations for paper trading. But when you're ready to open a live trading account, I would recommend these ones. Interactive Brokers Trade zero and Center Point Securities I Personally have accounts with all the Brokers and platforms I mentioned today. You can check out all the links down below.

I'll say right now that there's no perfect broker out there. There are pros and cons for each one. Some are only available in the US and some are only suitable for bigger accounts, but we'll have to discuss that in another video. If you have questions about any of these Brokers Feel free to ask me in the comment section below.

Now that you have your paper trading account and live trading account open with a broker, it's time to move on to the next step. In week number two, you're gonna take step number four: learning technical analysis. Now that you know the basics of trading and have a broker platform to work with, you have conquered one mountain. Now it's time to climb another one and that will be learning technical analysis and you cannot complete learning technical analysis without understanding support and resistance levels when charting.

So that's what we're gonna start with our trading view platform over here. Looking at the stock and video, remember support levels are historical price levels where buyers step in to buy the stock. Therefore, you'll see the stock bounce off the same price multiple times in the past. Because they are buyers around those areas to support that stock, we can sold off to those levels.

So for a stock like Nvidia on the chart, you can see a clear support around two tens over here that area, it's bounced off once twice, multiple times before and also another clear level over here when the stock has sold off to around 170s over here and bounced off over here once, twice, three times in the past, another time here and here over the course of the last 12 months. On the other hand, resistance levels are historical price areas when sellers step in to sell the stock. So whenever you can see the stock rung into those similar areas, again, buyers decrease released and sellers decided to take profit or just get out of their position. So a good example here is once again on Nvidia.

You can see that over here, right? The stock peaked out around the 229s area. If you line that up back to historical price levels, you can see some similar selling pressure and resistance back here in almost a year ago. Over here again as well and same area. you can see the stock have bounced before off of our 170 support before, but then when it reached around this area 194, that's when it sold off around the 195 194 Syria and it reached that same resistance once again a couple of months later and the stock sold off.

Here are three quick tips for you when drawing support and resistance and basic technical analysis. Find the extreme highs and lows these shapes and W shapes on the chart so you want to find the most obvious points you're looking at. So in this case right, the previous resistance that we drew, this is an obvious point of resistance over here. Wayne peaked out and sold off.

So over here. So this is another V-shape on the support area. Here you can see the stock from a v-shape shape on the sell-off and bounce. so this area is also another significant support over here.

Once again, you have another v-shaped recovery here. so another area of support down here around 115 and over here when it forms an upside down v-shape when it peaked and sewed off, that's another resistance. Tip number two: You want to look for areas where the stock at contact points of at least two or three more times in the past before the more the merrier. So that's the reason you can see on our charts all the levels that we've drawn.

It's touched the stock at least three times. Once over here on this level 194 once twice three, four times same as resistance once twice three times Support Over here, 140s ones again over here. Tip number three is to zoom out to the daily chart or the weekly charts. There's just too many traders who are just focusing on the short term time frame.

During intraday trading, you want to be looking at a bigger picture. That's the reason we're looking at a dating chart. And if you're swing trading, you want to be switching over here to the weekly chart. That's what you should look at if you're swing trading.

If you actually made it this far into the video, let me know down in the comment section below and remember to drop a like and a video if you find it very useful. Drawing support and Resistance is by no means the only technical analysis topic to study. There's also price action, trend lines, and so much more if you want to learn more about it later on. I have many more videos going in depth about this topic.

so make sure to check out the videos listed down below. Now in your third week, which is days 14 to 21 of your 30-day journey to becoming a day trader, you should focus on repeating the exact same process as mentioned in the previous steps: Keep learning about trading and various strategies online, using free resources, practicing technical analysis, and familiarizing with your new trading platforms, Then moving on to your fourth week. Now it's time to bring in the big dogs. Step number five: calculating your own risk management profile.

You know people always say you should save the best for last. This is certainly true for risk management and day trading. I Saved the best and the most crucial part for step number five. Without risk management, you'll never become profitable, period, even if you've done all the steps earlier.

The reality is no one can predict whether a stock is going to go up or down with 100 certainty at any given time. Therefore as Traders we can never truly control how much profit we make, but we can definitely control how much we lose. And how do you actually Implement Risk Management in your own trading? Well, I'll show you that right now. Okay, so we're going to start with calculating your own personal risk profile according to your account size.

So you can see on this calculator here: if you're trading with a five thousand dollars account and your max risk per trade should be anywhere from one percent to three percent one percent, which is the example over here will be someone who is very conservative. If you're trading five thousand dollars using one percent, you should be only risking fifty dollars per trade. Or if you are a little bit more, you know, even more conservative fifty dollars per day. If you take two trades per day, that means you're risking 25 per trade.

However, if you are more aggressive then you can try using two or three percent risk per trade. So in this case, if you're using the same five thousand dollars, your risk per trade is a hundred fifty dollars and just change this figure to however your account size is. Let's say if I'm trading a bigger account twenty thousand dollars then I will probably risk around one to two percent for my own taste. If I was starting out, this will be the figure for your max risk per trade.

So that means for those trading a small account under five thousand dollars, no more yoloing and trying to risk five hundred or a thousand dollars per trade. you should be looking at these more conservative numbers here. So now that you've calculated how much you should be risking according to your account size, I'm gonna show you the relationship between risk award ratio and profitability. So we're using the same five thousand dollars account as we had earlier and we're risking two percent per trade.

Now in this first simulation over here, we're risking one to one. meaning that when you're trying to make a hundred dollars, you're risking that same one hundred dollars. So in this scenario if your win rate is only about 50 percent which is the case when most new Traders you can see that you know five out of ten trades you lose a hundred dollars around that and five or ten trades you make 100, you end up a losing Trader right? You are break even about like negative ten dollars. But this is not accounting into any fees or commissions and realistically for most new Traders the win rate is sometimes a lot lower.

Something closer to 40 percent or even 30 percent. Then you can see you know if you're risking one to one, you won't be profitable in this second simulation. over here you can see we're still using the same two percent risk, but now the risk award is skewed to one to two. So instead of risking a hundred dollars to make a hundred, now you're risking a hundred dollars to try to make two hundred dollars.

Now with the same win rate, you can see that the numbers are drastically different than the first simulation. So you know you can see that you know you're still losing 100 for the five trades. But for when the times you win, you're making two hundred dollars or more and with a low win rate of 50 percent, you are profitable of around five hundred dollars. Now, even with let's say you know only forty percent win rate, what does that look like? Even with 40 win rates, you'll still come out ahead a hundred eighty dollars.

This is what happens when you really plan out your risky word for all of the trades, Making sure you could add the minimum, make one to two risk award, or even better yet, one to three or more. That's it. If you actually increase your win rates to that, say 60. What would that look like at this stimulation? Over here you can see that when you have a risky word of one, two three meaning that for each 100 you lose, you're potentially making 300 or more.

You are indeed very profitable with a win rate of 60 or even lower. Let's see if the win rate even is at fifty percent, you're still very profitable. So yes, you want to work on increasing your risk award. and if you can get to a point of 50, 60 or even higher 70 win rates, that's when you'll see your P L curve.

Really? Propel And you'll see some exponential growth in your trading account. so you can see from the demo we just did over here. Risk management is the foundation in day trading. If you don't manage your risk and always lose the same amount as your profits or even worse, lose even more, then you will never become profitable, especially if you are trading a small account.

So start today. Use the same calculation method I Just showed you to find the proper risk profile for your account size guys and girls I'll be honest here, it takes way more than just 30 days to master anything but. I Hope you can get some insights into the order to start learning day trading. I Included links below to everything I mentioned in this video if you want to check them out.

next up. I Actually have a free technical analysis crash course for you to watch, so make sure to check out that video over here. Thank you guys so much for watching as always! I'm the humble Trader and I'll see you guys next time.