I am a complete beginner, where to learn day trading stocks?

SimpleMeLike said:
XRSIL,

Big mistake you are making here.

I was just like you 4 years ago and I am still unprofitable day trader and just now seeing the benefit of paid trading course. I am not losing alot of money anymore, but I am not winning either, because i still studying the course material and getting better. But I believe I am on the right track towards profitability, because I PAID for quality trading training courses and NOT trying to figure stuff out on my own.

I was just like you, no trading plan, no trading methods, no skills, just roaming the around the internet asking random people questions trying to figure things out on my own. BULLSHITTING around not want to invest in my trading career and seeking some one trick pony.

Go and pay for quality trading courses and training before you WASTE alot of good time.

Stop being cheap and pay money for trading skills.

I wish I had did this 4 years ago and not listen to people on forums saying paying for trading courses is rip off and fraud.
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Well, I have already said I’m taking pretty expensive course, except I’ve found the way to get it for free. It’s actually quiet good, and I have already got some understanding of markets.
Main reason why I decided to text here is because I became insecure about taking paid courses instead of reading books and articles. And now I guess the best way to learn is to combine both of the methods. Course I’m taking learns how to make your own trading strategy based on several factors. Maybe it’s okay for the start, then I guess I will learn more and upgrade This strategy to get more money. We’ll see, now I suppose the best way to learn is to take several courses and learn several sources to actually build your own trading system based on your individual methods. At least this is what I will try to do. Thank you for your answer. If you ever want to chat or smth, you can text me in private messages here, if there are any on this forum, I don’t navigate good in here tbh
 
daytrading is child play meaning you can teach an 10 year old to daytrade. like teach an algo to daytrade automatically.

you have certain trading rules etc. and tell the kid what,when to buy and sell.

many traders lose money because they break their own rules and have no risk management.

with daytading, your risk is limited and reward is limited.
 
Birdman's Top 10 Rules for Daytrading Stocks & ETFs
1) Trade only 1 or at the very most 2 instruments (same 1 or 2 every day).
2) @@@
3) Only trade a single share at a time your first month (zero performance pressure).
4) @@@
5) Pre-market calculate your daily loss limit of 1.5% on your selected 1 or 2 instruments.
6) @@@
7) @@@
8) @@@
9) @@@
10) Only think about increasing size, if you are profitable every week and always keeping Rule # 5.

I have blacked out 6 of my trading rules, cuz they will only generate derisive comments directed towards me and my ideas (same as for anyone who expresses strategy). Even these shown will have lots of naysayers. But if you can keep rule # 3 with 50 to 250 round trips per day. And if you keep the most important rule, rule # 5 ... it will give you time to discover what works best for you. And it's not the same for everybody.
 
birdman said:
Birdman's Top 10 Rules for Daytrading Stocks & ETFs
1) Trade only 1 or at the very most 2 instruments (same 1 or 2 every day).
2) @@@
3) Only trade a single share at a time your first month (zero performance pressure).
4) @@@
5) Pre-market calculate your daily loss limit of 1.5% on your selected 1 or 2 instruments.
6) @@@
7) @@@
8) @@@
9) @@@
10) Only think about increasing size, if you are profitable every week and always keeping Rule # 5.

I have blacked out 6 of my trading rules, cuz they will only generate derisive comments directed towards me and my ideas (same as for anyone who expresses strategy). Even these shown will have lots of naysayers. But if you can keep rule # 3 with 50 to 250 round trips per day. And if you keep the most important rule, rule # 5 ... it will give you time to discover what works best for you. And it's not the same for everybody.
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Thank you a lot! Can you tell me these 6 blacked rules or is it smth you don’t want to share? If you can and don’t want to publish it here, please text me in dm or maybe in Telegram: @xrsilya
 
XRSIL said:
Well, I understand all of this. But important thing to say is I understand that I am the only person who is responsible for my decisions, and I’m not going to blame anybody in my mistakes. Thank you a lot for your answer and suggestion.

Also I’m not asking for some staff like your strategies or some types of trading that actually works. I only ask for some good resources that give basic information, not something that will make you be able to earn a lot of money. Just something to understand stock markets. And after that, yes, I will do my own researches. I hope I will have some questions after learning all the materials, and then will have some ideas of what I can do to improve my trading system.

I am not actually that sure I will search for paid courses, cause all of them seems more like fraud than something legit. Now I will try to concentrate on literature and trying to get my own experience, I guess. This decision is mostly made on what people texted me in this topic. So thanks to all of you who answered
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Great mindset. Use Tos sim for a year. Collect data on what works and what doesn't. Then start with real $.
 
Been around the block for many years now. Trust me, the overwhelming majority of gurus and educators are completely full of sh@te. Think about it logically, if you wanted to build a reputation as a trainer what would be the best thing you could do? Get audited and verified P&L trading accounts and do live streaming (not upload a video after the session). Every company has to do it for accountancy reporting and its a massive boost for the clients . So why not trainers. They would gets thousands of followers willing to pay a lot!. How is it the youtube guru always seems earn 10x more than the winning teams at various trading championships.

Most trading books are just full of fluff and can be reduced by 70%, they go on and on about topics like money management risk etc, Sure it's vital but its a easy topic that any one can talk and sound like an expert. It's akin to telling someone who just bought a sports motorbike, 'make sure you wear a helmet and don't crash into a wall or you will become a vegetable for the rest of your life' All well and good but doesn't teach you how to ride a bike.
You mention Dr Alexander Elder, I was on his site Spike Trade for quite a while. His group consistently underperformed the S&P and his best gold star traders barely out performed it.
Books get 5* reviews by people who are living on the "promise" of making money . Books and trainer can help speed up the learning process, nothing more.

100% best way in my view is to just try try and try again. Ignore every f@cking cherry picked chart anybody shows and starts talking about the middle of the chart (You can use it to understand the concept) To evaluate a strategy , open up your own chart and jump back 1000 bars or so and just go through it bar by bar and ask yourself , ok what will I do here, what pattern am I looking at ? How much will I risk etc. Its tedious as sh@t but its a true test. Trading is not hard, just a long long road it's like anything in life, playing piano or whatever, you need to just get stuck in and practice practice practice. The good thing is that you can be dumb as a bag of bricks and be successful at trading. Look at all the nonsense around fibonacci as it if it has some magical meaning. Mathematically it's irrelevant for movement of stock prices however its still useful as many other traders believe it. That's the key concept.

My personal view is don't use sims for any more than a few weeks if that, I'll bet every person giving you that advice didn't do it himself or doesn't actually trade much. just do cheap as you can, even if you lose 10 x $5 in a row, its only $50 but the 10 losses in a row really have an impact mentally. In a sim if you lose $1000 you will forget it in an instant . If you are one of these nerds that need to use a sim for a year, you are far too cautious in life and not suitable for all the ups downs, mental strain that comes with trading.
 
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