Day trading, no, it's not as simple as waking up 10 minutes before the market opens and starts banking lamborghini money within two weeks, but believe it or not. That's exactly why i thought why first started seven years ago. I thought i knew it all: buy low, sell high. How hard can this day trading thing be? Well, thinking like that, got me to blow up a couple of accounts and begging on the streets for money now, looking back after 7 years of trading and paying a lot of market tuition along the way here are the top 6 things i wish.

I knew when i first started day trading. The first thing i wish i knew when i started day trading seven years ago is start small when i was a beginner day trader. My thinking was that the more shares i bought the more money i would make. I mean doesn't this kind of make sense that if i just bought 1 000 shares of a stock, i would make a lot more than if i had only bought 10 shares intuitively a lot of new traders would think the same way like i once did.

Unfortunately, from my experience, this would be a very disastrous way to start day trading by believing that i could make a lot more money by taking bigger trades. This type of thinking make me go all in on all of my trades when i first started in trading going all in literally means using all the chips you have, most brokers will let you trade with one to four margin. So, even though, at the time i only had a five thousand dollars account of my own money, i was trading with twenty thousand dollars worth of stock in a single position and guess how that worked out for me. Well, the first one or two times.

I did this. I actually made some money really quickly. I made a hundred dollars here 200 there and when you are a 22 year old who just made more money in a few minutes than you did after several days of working in a nine to seven sweatshop. There is no telling her to slow down well, as it turns out, those trades were just beginners luck and that's extremely dangerous, because beginners luck make you think that trading is easy and effortless and guess what happens when the luck eventually runs out.

I lost all of my money and i blew up my entire account. Trading is very exciting. I'll, be the first to admit that when you get a big win, you feel on top of the world, and you are certain that nothing can stop you. But when a big trade isn't going your way, your heart's pounding, your palms are sweaty knees, weak mom's, spaghetti and you feel like someone is holding a gun to your head.

Emotions are easier to control when you are trading small and it's much different when you start scaling up. So if you are relatively new to day trading, make sure to start with small trades and use that as an opportunity to learn the process of trade planning. And that's exactly the second thing i wish. I knew when i first started day trading is to create a solid trading plan.

When i first started trading, i was a follower, a sheep and guess what sheep get slaughtered and that's exactly what happened to me. I got slaughtered in my trades, i like to look back and pretend i made a very nice donation to a family in need, but that's just the story. I tell myself the reality is. I was just following chatroom alerts and that's not how you make money in a stock market.

That's how everyone else makes money out of you whether a stock should be a buy or a sell. That decision should never be made because you see other people doing so. Here is a quick crash course on the trading plan. You need to have as a beginner day trader before you enter a trade first.

What is your reason for entering this trade? Is there good or bad news? Is the stock low float and highly shorted? Second, you need to find a good entry. Where is a good place to buy if you want to go long or what is a good place to sell if you're looking to go short? Third, where are you looking to exit your trade, hopefully for a profit? Fourth and finally, when and where are you cutting your losses, what is the line in a sense that tells you your original idea, your thesis for entering the trade was wrong and you better get out now before things get really fugly. So if you're new make sure you add, the minimum have the simple trading plan we just talked about, so you do not end up being that deer in the headlights or, if you're from canada, then don't be that moose in the headlights. We have a free weekly watch list sent out every single sunday the outline some stocks that might be in play for the week and the trading plans for those individual stocks.

You can sign up to the watch list for free down below moving on to the third important topic on our list. I wish i knew to treat trading as a serious career and not a hobby. Well, a lot of people are out there trying to sell you. The idea of a flashy day-traded lifestyle of drinking pina coladas on the beach chilling in your lamborghinis or sitting on a toilet while making millions of dollars from day trading.

That's simply not the reality. I know a lot of new traders joined the market because of the pandemic. People were working from home and in front of their computers, but most new traders are treating this day trading business like a hobby or just gambling, but that's just crazy. You wouldn't just walk onto a field of a professional nfl football game and hope that everything just works out for you.

Now, if you were playing with the big boys, you can't just expect to treat it like a hobby and expect everything to be okay. You would absolutely get run over your trading. Account will get destroyed. I know this does not sound very fun nor sexy, but i'm not here for that.

I'm here to tell you the bad jokes and to tell you to hit the like button and subscribe and, most importantly, the hard truth about day trading. If you seriously want to day trade every day, you are waking up and competing with the best people in the world to make money, because trading is a true competition. The people you are trading against are not treating this as a hobby. They are treating this as a career.

The next one is going to be a crucial one, whether you are a new or experienced day trader. I wish i knew when i first started day trading to focus on the risk before the reward or profits. At some point, you are going to lose money in day. Trading losses are inevitable.

It's part of the business. However, if you are focused on the process of planning your trades and trading your plan, you should be losing less than you are making. This is why risk management and having a solid trading plan are essential. These two factors were pivotal to my journey as a day trader.

I wish i knew their importance sooner in trading. It's not so much about being right and making money all the time. It's about. Managing what happens when you are wrong, for example, let's take a look at two different types of traders here: trader a has a high win rate of 90 percent and he makes 100 for nitrates out of 10..

However, because of his lack of risk management, his one loss of one thousand dollars could wipe out his entire week with the entire month of hard work. Now, let's take a look at trader b, even though he has a low win rate of only 40 percent when he loses, he loses 50 dollars and when he is right he profits a hundred dollars or more, even though he loses more times than he wins. He can still come out ahead and be net green and that's the power of risk management. No, it's not about the trading alert or the secret strategy or the top-notch indicator on your charts.

It's about learning, to create a trading plan and exercising risk management. Accordingly, if you do this, you'll be profitable, with enough experience and back to trader a who doesn't have good risk management. Guess what his name is you got that right? That's my ex-husband mike bagholder, the fifth thing i wish i knew when i first started trading. Seven years ago is that experience in the market is the best teacher in the stock market.

People with money gain experience and people with experience gain money, and i wish i knew this when i started as a beginner day trader. So i would give myself more time and patience to learn. I wish i understood that hey, there's, really no rush here. Learning to trade will take months, if not years, because truthfully, you cannot consume years of experience in a 10 minute youtube video or a few minutes of trading alerts.

Brand new traders entering the market myself included many years ago, often wrongly, overestimates their knowledge and skills in trading because they simply don't have enough experience and time in the market. All the market tuition you're paying in the first six months or a year. They may seem pointless, but it's actually paying you a solid foundation to continue your screen time and building your market experience now. The sixth thing i wish i knew is the importance of finding a supportive and like-minded community of traders, and i really didn't become successful at trading until i found mentors and peers to learn from when i first started trading diy style, i was extremely lost.

Yes, i know there are hours of videos on youtube, but it's just not the same as trading in real time. At first i joined some chat room alert and obviously we don't need to talk about how that worked out because it didn't. However, i did meet some traders who took the time to explain the thoughts process behind their trading plans, why they entered why they exited and where the risk levels are, and that's perhaps the most valuable lesson. You can learn from experienced traders to learn about how they think before, during and after each win or losing trade, rather than just yo, buy abc stock at one dollar and sell at two dollars boom lamborghini money.

The good news about trading is that there are experienced traders that came before us that have been successful, not just in figuring out this business, but also in successfully overcoming their prior losses. That's the story of how i met my mentor and friend oren many years later. We still remain close friends and he is one of the head coaches in the humble trader community. He also has five lambos one for each day of the week.

I'm still waiting for him to lend me one one of these days. There's a saying that goes. You are the average of the company you keep, and that certainly applies in day trading, surround yourself with traders who are supportive, humble and who focus on trade planning and risk management, rather than focusing on banking, easy money, so boys and girls. Ladies and gentlemen, these are the six things i wish.

I knew when i first started day trading more than 7 years ago. If you found this video helpful, please remember to drop a like and subscribe if you are interested in learning more about risk management, trade planning and my day trading strategies feel free to check out the humble trader academy link down below. Thank you guys so much for watching. As always, i'm the humble trader and i'll see you guys next time, uh.