Sorry another beginner day trader post. I don't feel confident enough to paper trade let alone trade a real account. I feel like a mentor would be the better route for me. Just wondering how did you guys find yours?
Posted Mar 27, 2021, 2:26 PM UTC
Honestly, unless someone is selling a course they dont have time to teach while working...The best thing you can do is watch YouTube videos about day trading, scalping, and swing trading... DO NOT take anyone's course... read all the questions and answers in the stickies... get a paper trade account, they are free and you have literally nothing to lose, and try a variety of things... see what is working for you and whats not, tweak and play and after a few months try and see if it works with a small cash account...
I don't mind buying a course if it was helpful to me. I've watched numerous YT videos, read articles, but it seems like most of them are just lectures and theories.
It's frustrating as visual learner.
Most courses don't work... if there was a cookie cutter way to do this, then there we would all be doing the same thing while Jim Cramer polished our Lambos... What works in a bull market doesn't work in a bear market, and vice versa... and if you have a ton of volatility anything can and does happen... The only way to learn is to try... the only course i would recommend is this https://www.marketlifetrading.com/users/sign_in its free and is good for learning to see trends... the only problem with that is the trend always ends so getting into the ring is the only way to learn how it feels to lose... losing is what will teach you if you can day trade
I more looking of understanding the basics when to get in/out, strategies, etc. When someone asks me what strategy do use my mind goes blank :/ Sorry it's hard to explain where my struggles are.
Agree 100% the best experience is in the market but I don't feel I'm ready.
Thanks I have a marketlifetrading account :) However I had to stop because it was way too technical. I found myself stopping the video and researching a youtube video to understand what the instructor was saying. Yeah that's how dumb I am. However once I understand something it's there and I can test new methods. I just haven't gotten to that point yet.
The market life course is good in that it’s helpful in recognizing trends... the problem with learning trends like that is that it’s it’s like knowing what yesterday’s lotto winning numbers are... it’s great, but not helpful when the market is moving all around you... your moving averages are bopping up and down, candles are jumping north and south, turning green to red then back again... plus on top of that you will have fed ex ringing the door and the dog barking it’s fool head off, while you sop up spilled coffee... this is why you need a paper account, I don’t know if you have to have some money in webull to use their paper trade set up... I started with TOS and 1000, and now i do my day trading thru webull... it’s just so slick... the only problem I have with them is when trying to buy and sell there usually is a 3-4 second pause where you’re not really sure if you did anything or not... the stop loss and take profit limits are instantaneous, or seem to be... look into webull...
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Oh wow didn't know that even existed! Thanks!
He has a site charging $20 bucks a module. Well worth it considering how much he puts in. I think he will respond to specific questions. Just tell him Vast_cricket send you over. His suggest list is on the lower price stocks but you need to start hopefully before opening or it gets too late.
Again I really appreciate this. I promise I'm not trying to be a pain or lazy. I just feel like I'm making it harder than this needs to be while feeling overwhelmed.....sigh.
There are plenty of postings that people have identified before opening . I look through them see if there are any momentum left to start a day
People who provide free legit actual value are true mentors If they also show legit proof that they teach people and theres positive feedback from them then it's worth it While Ross,Tim,Rayner and so on are amazing people and their courses are definitely worth it their free content is a blessing. If you want mentors with a smaller audience check on social media, they are more likely to be free for you when you want to.
Thank you :) I have not heard of Ross or Tim but will check them out! However I do watch Rayner a lot, I like how he keeps it simple.
Other than reddit I don't have accounts on social media. I thought about checking meetup groups though.
Also lesson learned unless really valuable I don't think I'll pay for another chat room access.....oof.
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People do not want to be bothered with questions and interruptions. Often those posted get inquiries to offer paid consulting fee. I suggest if it is trade related call trading desk ask their opinions to optimize methodology. Limit, kill, market, close etc.
90% brokerages can NOT offer stocks picking by SEC law, so you need to research and understand stocks, finances not based on hype.
STOCKJOCK - Streams on twitch for free and is very chill dude that does daytrading. Everything on his discord is for free aswell, with a very healthy community with a lot of very good traders that shares ideas. It's not a mentor, but a place where you can dig informations :)
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We do have alot of posts search Ultimatetraders
This is the way
Oddly enough I had to leave WSB lol way too much meme stuff going on.
A sure way to get misled and lose. No offense.
Finding a mentor for different areas of your life is not easy because often it seems that "the teacher shows up when the student is ready", trading is no exception to that. If you are lucky to find a mentor, this could be a help for you in your trading journey. However, remember, trading is rather a "lonely" business, and no mentor in the world can replace all the skills you need to learn. Most people get their knowledge for free from the internet, from own testing, from demo trading etc.
Didn't think of it from that perspective. Ironically the "lonely" business aspect is one of the many reasons that drew me to trading. Guess I have to just go for and blow up a few paper accounts until I have a better handle.
Paper trading for more than a few days to understand the fundamentals youve learned from resources is pointless. In fact I dont recommend it all, youre better off trading real money but not a lot of capital.
You hear all this stupid advice around here like, “Paper trade for 6 months to 2 years and you’ll be ready.”
I personally have never paper traded, the closest I ever paper traded was 100 bucks of dogecoin (the only money I had in my Robinhood acct, rest is in fidelity because no PFOF) to understand candlesticks, resistance, and support levels which I could do 24 hours a day instead of during trading hours while I was holding some long investments. I got out of them at a 35% gain when it pushed me over the 25k PDT rule and I started trading stocks with what I consider to be blue chip growth stocks. I dont trade stocks I dont understand because a scanner told me too, you gotta create a watchlist of sectors and companies you understand so you can predict future growth or loss based off news and understand its value/sentiment.
Paper trading is dumb because it CEMENTS bad habits that you dont even know you have because youre a novice trader (I still consider myself a novice trader) with zero risk. Youll at least get accustomed to the adrenaline of gains/losses if some, ANY, money is on the line and youll be understand when to get in and out of trades.
The first time you throw your entire capital at a stock for a .25-.50 gain per share your heart is going to feel like its going to explode (even with your stop loss set at 1%) if youve never done anything like it before.
Just watch what happens when you dont exit a trade because you let it run too long versus exiting safely because youre used to paper trading.
Paper trading from what I've seen in trading groups is a definite hot topic. Personally I can't see myself paper trading for the next 6 months to a year in order to "perfect" strategies. Especially in such a unpredictable market.
My goal is once I felt confident enough and had a plan I would paper trade for few weeks, then start small using a 1K account.
Now however I've run into a new issue, I'm not sure if I should try day trading stocks, forex, options, or futures.
I have crypto also but those are looooooonnnnggg holds for me.
Yeah cant help ya with what ya want to trade, I prefer stocks. If I were to paper trade anything it would be options to practice but Id rather steer clear as it increases my risk profile.
BTC and ETH are the forever holds bro. BTC will be 6 figures in the next 12-24 months.