Summary of How To Start DAY TRADING - Becoming A Trader IN 30 DAYS

Summary

In the video "How To Start DAY TRADING - Becoming A Trader IN 30 DAYS," presenter Shay The Humble Trader shares a comprehensive step-by-step guide for aspiring day traders to embark on their trading journey within a month. The video emphasizes the importance of preparation, education, and Risk Management in DAY TRADING.

Main Financial Strategies and Trends:

Maintaining a Day Job: Shay stresses the importance of keeping a full-time job while starting DAY TRADING to ensure financial stability and reduce pressure to generate immediate profits.
Utilizing Free Resources: The presenter encourages new traders to consume free educational content available online, such as YouTube videos, Reddit discussions, and financial news sites.
Paper Trading: Before trading with real money, Shay recommends practicing with simulated trading accounts to gain experience without financial risk.
Learning Technical Analysis: Understanding support and resistance levels is crucial for making informed trading decisions. Shay provides insights into identifying these levels on charts.
Risk Management: The video highlights the importance of calculating a personal risk profile based on account size and implementing effective Risk Management strategies to ensure long-term profitability.

Methodology/Step-by-Step Guide:

Week 1:
- Keep your day job for financial stability.
- Learn for free using online resources.
Week 2:
- Open a Paper Trading account to practice without financial risk.
- Recommended platforms include TradingView and WeBull.
Week 3:
- Continue learning Technical Analysis and familiarize yourself with trading platforms.
Week 4:
- Focus on calculating your Risk Management profile.
- Understand the relationship between risk-reward ratios and profitability.

Key Points on Risk Management:

Determine how much to risk per trade (1% to 3% of account size).
Analyze risk-reward ratios to enhance profitability, aiming for a minimum of 1:2 or better.

Presenters/Sources:

Shay The Humble Trader, a full-time day trader with over 8 years of experience.

Notable Quotes

— 00:19 — « Just kidding I cannot promise you Lamborghinis but maybe some Corollas. »

— 01:09 — « 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. »

— 13:34 — « Without risk management, you'll never become profitable, period. »

— 18:24 — « 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. »