What's up everyone? All right? So this is episode two of the small Account Challenge and during this episode I'm going to talk about the strategy that I'll use to day trade with an account with just 500 in it. literally. Now I'm also going to be talking during this episode and the next few episodes about some of the side hustles that you guys can be doing to raise your initial startup capital for that first 500 or thousand dollar account. Whatever you decide to start with, I'll share some stories with you of side hustles that I did when I was getting started and some side hustles that you guys can do today that didn't even exist when I was getting started.

like for instance, being an Uber driver or a Lyft driver. And that's why this week I became an Uber driver and I picked up my first passenger and I recorded the whole ride and my goal was that I would pick up this passenger and I would tell him about my strategy about my my goal for this project and he was really gracious. He was willing to do it which was awesome and so this episode is going to be me explaining my trading strategy to someone that knows nothing about trading my first Uber passenger now because I didn't want to bore him to death with all the details of my strategy. What I've done for you guys is I've put together a Pdf in the description below.

I want you to click that link. It'll jump you over to our website where you can download the Pdf the outline of my strategy, and I also made a separate video on how I'm going to manage risk with this tiny account because with 500, I really can't afford to take a lot of risk. All right. So that's the plan for this episode.

It's going to be pretty fun, so let's get into it all right? So I already did a little research on uh, the application process for Uber, which is the app that I've used. I know some people like Lyft, but I'm just gonna use Uber because it's what I'm familiar with. So on my phone um let's see I can go to the menu and then on the menu I can go down to drive with Uber right there. The first thing it asked me was what city I'm in and I gave them my city and now they're asking me for a picture of my license.

So I've got my license here so I'm going to take a photo. Uber would like to access your camera. they want it like super zoomed in. There we go and then I'm going to submit that photo.

So now it wants me to submit the photo and now it says take a photo of your insurance certificate. All right? Well, I don't have that with me. so um, I'm gonna have to. let's run to the car and go get that all right? So my plan here is to do the application.

I've got to do my license, I've got to do the insurance I think I have. There's a couple of things I have to do. You have to go to a pre-approved center for a vehicle inspection. Uh, I hope it pass if I don't.

Um, I'll be shocked. Now if you guys are gonna do Uber driving, you do have to be mindful of obviously your gas mileage and the value of your car Because you know, if you're driving a hundred fifty thousand dollar car for Uber, it's gonna be tough. Um, to to cover your costs. So this wouldn't be a good car for me to do it like as a career.

Um, oh, take a profile picture. Okay, so this this I know how to do. All right, we got it. We got a good one.

All right. Oh, Social Security number for a background check. Okay, all right. well okay.

congrats, You're done. All right. So um, I'm gonna check on the status of that application. maybe later this week.

and uh, probably next time you see me here I'll be about to pick up a passenger. All right. So um, I did my application went through all of that. Now I have a different app as a driver so um, I'm gonna open up the app and okay, so now um, I just have to wait to get matched up with someone while I'm waiting.

First impressions are important so I want to make a good first impression here. So um, I'm going to cut up a little bit of lemon. Nice little lemon here and I've got a lime because I don't know. You know my passenger is going to want lemon or lime.

People have different camps on this kind of stuff so we've got a little lemon. We got this little lime slice this up. I want this to be the best uber ride that this person has ever had. All right.

So there we go. So I've got my lemon, my lime, and I have one more gopro that I am going to try to set up. Let's see. Um, All right, All right guys, here we go.

Okay, it's game time, It's game time. All right, I'm nervous. Okay, all right, let's do this. Okay, here we go.

All right. So I guess this is kind of the way this goes. You kind of there we go. Okay, all right, all right.

So this must be Sean. All right, unlock the door. Hey hey, hey yeah, yeah, come on in. Hey, what are you doing Bud Good! So nice car, thank you.

You probably noticed there's a couple cameras set up. So you are my very first uber passenger and basically, um, I have a youtube channel. So what I do on the youtube channel is I make videos specifically on day trading, so you may know me from such classics as how to day trade. Um, and I've got a few others that are also quite popular.

And so basically what I'm doing is this kind of new challenge of showing people like side hustles, how to raise a little extra money to set up a trading account. And uh, driving Uber is one of them. So you, uh, you actually make money Day trading? Yeah, so basically you know my strategy each day is I only trade for like an hour a day. and you know a lot of people will ask me questions about trading in general Like you know, is it, Is it legit.

Do you make money? You know, how did you get into it? And my kind of long story short is that I got into trading because I didn't want to have to work a regular nine-to-five job. and when I was getting started, um, like driving Uber or driving Lyft like this wasn't even an option for a side hustle. Like if you wanted to make extra money, it was like getting a a, you know, a regular shift type of job That you, you know it was like you just worked a night shift or something like that. Um, so what I kind of wanted to do was, um, inspire some of the people that are watching my videos.

Okay, play it cool, Just be. Just be cool. We're good. We're good.

So I wanted to just basically inspire people that are watching the video that if you want to learn how to be a trader or you want to set up your first trading account, the coming up with the money to get it started can seem a little overwhelming. But like you know these days with driving Uber and all these little side hustle things that people are doing, you know you can actually you can actually build up your account, uh, in that startup capital pretty quickly. Well, that's cool. So you're you're doing this as kind of a way to show people that they could, uh, you know, make enough money to open an account and then start day trading it? Yeah, yeah, yeah.

and I I really want to make a first impression I forgot to offer you, do you want water? Uh, I'm all right. Thank you though. How about um, a Pellegrino? You want a pelogram? Absolutely thank you. All right here we go.

Oh and a cup. This is a glass or a flat side. A glass and I even have for you. Wow.

You have garnishes. Do you want lemon or lime? Yeah, uh. lime please. Absolutely.

That's the best super red I've ever been on. That's what I wanted to hear. First impressions are you know they're important. So basically here you know as my first little foray into being an Uber driver.

You know I? I always talk to the drivers. Do you do? You usually talk to the drivers or kind of just. I'm kind of mixed. I kind of see what kind of driver I got.

You seem pretty cool. Really nice car. thank you, thank you but that sounds really interesting what you're doing. Uh, so you're on Youtube? Where can I? uh, how do I find you or you're trading? Yeah, or you could if you searched.

Um, if you Youtube had a day trade, you'll probably see one of my videos pop up. Yeah, so my my goal is, um to come up with 500 500 is the minimum account size to start day trading. So I'm going to come up with 500 bucks and deposit it into my account And you know, the plan pretty much is to see how quickly I can turn it into a hundred thousand dollars. Which have a thousand bucks? Yeah, yeah.

500. Yeah, yeah, Oh man. Yeah, that's my goal. Um, I did it once before and uh, it took me.

It took me 45 days. So 45 days? Yeah, those are 500 into 100 000. that's outrageous. Yeah, I think I need to give you more money.

I you know, I I hear people like people say that a lot when I talk about trading and that's incredible. It's the thing with uh with day trading is uh you know I like I can't trade your money for you like I'll even at Thanksgiving. like have relatives who come up and are like hey, you know, can you can you trade my money for me? Oh yeah, you know there. There's like There's obviously strict rules and stuff like that and so my focus has been.

I started trading my own account and then I started uh, teaching other people how to trade and my youtube channel is one of the places where I do it. I also have a chat room and stuff like that. So oh yeah, yeah. so every day when I'm trading I'm actually like running a live broadcast.

So people who are part of the classes or my students going through the program, they can actually watch me as I'm trading. So as I'm you know when I'm calling out trades or I'm saying all right, this is what I'm watching today. This is what I'm looking at. They're they're able to really kind of like be side by side with me, looking at the same stocks and the same charts.

Oh, I bet you that's super helpful. Uh, so I mean I've never day traded, but I imagine it's pretty tough. Not something you just pick up. Yeah, I mean and that's the reality is it's it is.

It's hard. Um on the one hand, it it's it is hard. Being a trader is is hard. But one of the things that um that I kind of find is interesting is that it's really really hard until it gets really really easy.

Yeah, and that's because most people who get into the market they and this was the same as me when I got started. You know I didn't really know what stocks to trade, what to buy, what to sell, where to get in, where to get out. And so like my my whole beginning phase which was over a year, sort of like trying to figure stuff out was basically me losing money and that's I think you know. I think that's why.

like you know a lot of people. um when they talk about day trading they're like oh man, that's got to be risky because a lot of people have heard of someone who's you know, lost money trading and my goal with the Youtube channel. and with um you know the the classes and everything that I do on my website is to really try to help people who genuinely want to get started who have what it takes potentially to be a successful trader. um to you know to to kind of learn the faster way and not have to go through all the yeah, trial and error and frustration and stuff like that you have a lot of people that are interested in.

yeah I mean yeah there's you know it's one of those things that on the outside if you're not, um you know, trading every day you might not really know like that. There's a lot of people that do this like a you know Comic-con convention or something and then you get there and you're like oh my god there's so many people that are into this um, and there are a lot. I mean you know, day trading is obviously a pretty, uh, niche thing. I don't me.

Usually when I tell people that I'm a trader, they know what that means, which is good. Um, but they don't Usually like they don't know exactly what that means, how often I trade and they're a little bit. um, you know, kind of usually like do you even make money and you know, is it like your only job or is it just a part-time thing? Yeah, so do you make money every day doing this or how does is it? Yeah, I mean it's you know, Back and forth yes and no trading is like it's it's an averages type of thing. Um, I'm not going to make money every single day, but I make money more days than I lose money.

So at the end of each year, yeah, you know I consistently make money and it's one of these things like um, I don't know if you've ever been like Las Vegas or something like that, but um, you know people go to Vegas and you you see people there who are you know the semi-professional or even the professional poker players though like this is a it's a career for them and then of course there's the people there that are like sloppy drunk and or you know, just losing a ton of money. And so it's like what's the difference between those two people, right? You know, and I? I? I don't, I presume. You know the difference is that, um, the ones who are consistently profitable? They've got a strategy. You know they've got a system that is proven that they know works.

And so their experience in Las Vegas is very different from the person. the typical, maybe average person who goes there and just kind of throws money away. And yeah, that sounds like me right? So you know I mean there's nothing wrong with it, but you know that that's the I think that's the experience a lot of people have with training. You know, as a beginner.

they just come in, they hear about a stock like you know, any time, like when Uber ipod I had, you know, cousins, uh, emailing me being like hey, should I buy uber you know it's a hot stock in the news instead of like, oh, should I buy it Like my opinion on all that type of stuff is I don't invest, I don't want to get married to stocks, I just I. I trade them and sometimes I don't even know. Um, the companies that I that I'm trading like I'm just trading the ticker. By the way, for those of you guys, um, watching this video, I am going to put a link down in the description with um, more info about the strategy that I'm going to use.

um during the challenge so you guys can, uh, check that out. But yeah, but you know my My approach, uh has always been like it's kind of funny because I feel like the stock market is risky and I'm actually really risk adverse. Like I don't like taking a lot of risk, but I feel like it's less risky. Yeah, to take a trade where I'm only holding it for you know, let's say 10 or 15 minutes? Oh so it's pretty quick? Yeah, yeah.

then to be in the market for you know, days or months, or just you know, constantly because just always have that like risk exposure. So you're saying you only trade for like an hour, Like just yeah in the morning? Yeah. So I I trade. The market opens 9 30 a.m in Eastern standard time.

So New York 9 30 a.m So the bell rings and usually by the time the bell is ringing, I already have, um, a couple of stocks that I'm watching like I have a watch list and I have a. I have a system of how I find stocks each day because obviously there's a lot of stocks in the market and a lot of them are not worth trading. but you know there's a small handful that are. so I kind of the system of how I find those.

So by the time the bell is about to ring, I'm usually dialed in on what I think I'm going to trade that day the market opens at 9 30. I usually trade from 9 30 until 10, and by 10 30 most days I'm done. Like this is kind of the thing. Um, that's awesome.

The market is the most volatile at the open and at the close. So at the very beginning of the day when you have news from overnight, that's kind of like you know, affecting the market and things are getting shaken out. and then at the end of the day because, um, a lot of companies will put out news and earnings and stuff right after the market closes. Some sometimes going into the close, there's a lot of volatility.

As people start to anticipate, you know that a stock is going to do something after hours. Or yeah, so you're looking for specific stocks in the morning. Yep, that makes sense. Yep, so you know.

And the funny thing is, like when I'm trying to trade with a small account, like a 500 account. Yeah, I'm not trading. I'm generally not trading stocks that most people would be familiar with. Like familiar stocks.

like you know, an Uber or Facebook, or you know, Apple. those are. They're expensive stocks. You can day trade them.

but um, it takes a lot of money to day trade them because they're so expensive. So if you've got a 500 account, you might only be able to buy like two shares of some of these expensive stocks. Yeah, so you're not going to be able to grow your account. and then, like when I was first getting started, I was kind of looking at the penny stocks because I figured well, I don't have a lot of money so I guess I have to just trade penny stocks.

They're the really cheap stuff, but that didn't work for me and I think you know that's another kind of part of the thing with trading that gets a bad name. is all the penny stock? Um, like did you see a wolf of Wall Street? Oh yeah, Oh yeah. yeah. so like yeah, right.

So people ask me that kind of question, like is that what trading is like And you know, I think the trading um can be like that in certain certain circles. Yeah, you know, and especially in the sub penny or the the really cheap, the really cheap stocks. But I like to focus on stocks generally at least a dollar and usually not more than uh, like ten dollars a share. Oh okay, so that's you're like your specific range that you stick to.

Yep, oh it's interesting. Yeah, super cool. So how long have you been doing this? What? Uber no, uh. trading? Oh trading.

Um, I started. Um, it's been almost 10 years which is uh yeah. pretty crazy. I the account challenge that I did a couple years ago.

I started over a small account that was in 2017 and now I'm I'm doing it again. So I'm doing another small account challenge. I'm going to start from Uh. 500 and you know, see, see where it takes me.

But I'm gonna have to check that out. That's uh, that's pretty cool. Yeah, yeah, you should. So you're heading up to um, Cramwell? Are you staying there? Are you going to the yeah? I'm going to stay there tonight.

I got to meet my wife. We're going to do a little spa day. Okay, kind of relax. All right, that sounds fun.

Let's see. I want to say oh, that's right. Um, would you like a mint? I've got. Absolutely.

I've got a couple minutes here. There you go. Thank you man. Five stars for sure.

Five stars. That's what I'm talking about. That was the goal. So um, those you guys watching this on uh, youtube? I hope this gets you a little excited and inspired about.

you know, the potential. the side hustle, right? This is what it's all about. The reality is here. Um, I'm gonna make a little less than twenty dollars on this on this uh, drive.

I think that Pellegrino was like two bucks. It's really good though. It's good. Pellegrino The lime was a dollar, the lemon was a dollar.

So now I'm in with four bucks. That York peppermint patty that's a full size. so that's another dollar. So now I'm in with five bucks.

This car gets 12 miles per gallon. So I think we're um, I didn't check the mileage, but um, so let's say that's probably a full gallon of gas. Uh, so that's gonna be four bucks. Now we're up to like seven.

And then of course you have the depreciation on the car which is probably another 10 or 15. So I think I'm in the red on this trip. Tell you what I'll give you, I'll give you a good tip. All right.

Well, the five stars is all I need. So all right, well um, I'll I'll end the video here. you guys. Um, get your side, hustle on and um, I'll see you around uh for the next video in this series.

Alright, see you guys later All right you guys! So I hope you really enjoyed that episode. Please leave your comments and your questions down below. And don't forget to download the Pdf and the video of how I'm going to manage risk in this small account. Alright, so as always questions comments below give me a thumbs up if you enjoy the video and I will see you for the next episode of the small Account Challenge.

Hey, it's me again. The most popular video on day trading on Youtube was made by me. You can check it out below if you haven't already. And as always if you have questions, leave them in the comments.

I personally respond to every question that's posted on my channel. You.