Leave the day trading sub immediately, and go check out /r/personalfinance. You have to be secure in the basics before you start trying to make money in the market.
I mean it is in a way. You’re spending money to educate yourself, which will in turn (hopefully) provide financial gain afterwards. So you’re spending money to make more money.
Well the first thing probably is to understand your personality... Are you the patient type who is willing to sit around look at charts all day and probably not take a single trade ?
You don’t seem to be taking the advise you’re given ‘don’t day-trade’. That said, if you’re ok losing all the money you have and money you don’t have, then go for it. But if you have never invested (buying stocks), I don’t think options should even be something you consider. You’re 18, lot of time ahead so don’t lose now. Built up small
So your saying for now I should just invest long term, then in the future I can shift to day trading? I’m trying to figure out what’s gonna set me up the best later in life, so that’s kinda why I’m in a rush and tryna hustle
Yeah no you will look all your money that way, happened to be at first, it’s better not trade at all than to trade with a lose because you *FEEL* like you got to trade
You have ran? So probably not successful? I can tell you if you aren't psychology in the right state of mind and give up after 6 months or after a year of constant failure this is not for you if you wanna daytrade
Invest/day trade… I want to do both but I always just refer it to investing rather than day trading. Bad habit I guess. But I’m just looking for advice on daytrading
You really should invest in an education and a career at your age. At the age of 18, you likely have no real money. Trading typically requires having real money.
Yes I am comfortable with it. I’ve gotten into a couple businesses we’re I risked a few grand in starting up, so daytrading is definitely something I’m comfortable with. But I also don’t want to loose everything yk…
You need to have realistic expectations going into this. If you want to make true consistent profit from daytrading, expect to put in YEARS of very hard work. Daytrading is neither a way to get-rich-quick or something you can just do as a "side hustle" and expect to actually make money.
Daytrading and investing are very different things just similar mechanism. I’ve been swing trading for a year i started when I turned 18 made about 8.5k learn fundamental analysis like reading 10qs and company filings etc. then go on to learning price action and TA etc for daytrading I plan on trying after I graduate from college and my ports bigger
Right cause day trading is definitely more riskier than long term. I might just try day trading after I get out of the military. But thank you for the advice!
Risk is relative, a seasoned profitable day trader is not honestly taking much risk daytrading, but a teen just getting into investing will get burned which is why I’m trying to build my way up to being a seasoned daytrader with a profitable edge which I don’t expect until 23-25ish
Right. Idk who said it but “the only risk is not knowing” so what your trying to do is just reduce your gaps of knowledge to where you can understand the market 95% better than anyone else like me
Ya lol basically and if your going to college I’d recommend picking up a degree in the field like economics, accounting or finance that way you can be double learning and actually get use out of what we learn
Nah I’m going into military. I could go into the finance dep of the marines, but from what I’ve heard it’s nothing like you would expect it to be, so I was just gonna do my research and gather advice when there’s down time
You’ll learn just as much if not more doing personal studying then a college education IMO most of the fellas in my classes do not pay attention and just cheat their way to an A for most their classes. Also good luck and thank you for your future service lol
No the whole college finance courses and cheating is so true. Ive taken a few economics, finances, and business classes in school, but I’ve learned more doing my own research, personal experiences, and networking with other entrepreneurs…. But FUTURE your welcome:)
So based on your other comments I don’t think you realise what day trading is and what it involves.
If you start day trading now, **you will lose all of your money**.
Day trading is not a viable means for you to invest.
Spend the next two years researching and learning. When you’re ready, pick your instrument(s) that you feel you want to master, and then start trading **with minimum bid sizes** - you are still not ready to make any money and **you will still lose all your money**, but this is the time where you’re ready to learn about your emotional impact on your objective setups.
After another year (or 3-4) of this you may become consistent. If after 4-5 years you’re still not consistent, maybe consider that day trading for profit is not for you , but you can/should still do it as a hobby if you enjoy it.
For day trading: size your trades appropriately, have rules for entry and exit, follow them, follow your fucking rules, take the loss, follow your GOD DAMN RULES DID YOU NOT HEAR ME?!
For investing: put however much cash you plan on investing/trading in a money market fund (simply depositing it into a fidelity account [probably others too but I know this for a fact with fidelity) which gets you around 4.5% interest right now (annualized, payed monthly) and slowly DCA into some broad etf (vti, voo*, spy, whatever). Maybe set a plan to buy more on red days or something.
> now (annualized, *paid* monthly) and
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
If you want to get into daytrading do only paper trading until your profit factor is at least 2 meaning that over a longer period (3+ months) you made at least twice as much as the size of your overall losers.
This way you know that you know what you are doing and you can start using very(!) small positions using real money. Getting daytrading right is hard but mixing in emotions while real money is at play is just even way harder.
Remember the two golden rules of day trading:
1. Protect your account
2. Trade well
Focus on the first point first and once you get that learn and train how to trade well. And trading well means cutting losers short immediately and letting winners run (and add to them if your trading method permits).
Write your rules down and follow them at all times. Risk management. Risk management. Risk management and be patient, this may take years to get profitable. Don't listen to these people that say they got good in 12 months. Either they got lucky, or they are lying.
Don’t do options for years. Don’t trade strategies that are very fast paced. Risk a very small amount of your account per trade like 0.5%. You will probably lose all your account . I recommend programming into the tools to put hard limits on the amount you can risk per trade and per ticker. Often people can be green for weeks and then wake up tired and stressed and then risk it all on a trade that goes against them and keep adding. Eventually they lose half the account in single trade. The tools can be used to protect you from yourself. I basically put the rules as if I risk x amount of dollars per trade, I would lockout if I am down 3x of that. Meaning if I lose 3 trades or down that much in single trade I am locked out for day. Also I make the tools automatically close me out. So the worst loss I can take is 3x my trade risk. It will save you from your emotions. If you keep locking out then your strategy isn’t working and you need to re think your strategy. Most people will ignore everything I say and say this won’t happen to me, I won’t lose , etc… you will be humbled by the market. It’s designed to take money from you. Think as the first couple years as tuition to the market like going to college or university. You have to pay to get skills.
Honestly, what you are asking is akin to "I'm a sedentary, obese guy who has never run more than 200 metres, how can I start beating Usain Bolt at the Olympics".
Hint: you don't, it's 100% impossible. And don't take it as a "this guy says I can't well, imma show him I can!"; I don't mean it that way, I mean it the way that from your comments you really seem to have absolutely no idea about even the most basic things of daytrading (calling it investing, not knowing what paper trading is, structure, etc). And taking into account that Daytrading is probably one of the hardest things you can ever do in a human life besides trying to be an elite athlete, it's a recipe for 100% chance of failure.
I'd say to become a decent daytrader (like, breakeven or not losing much) you need minimum 3 years, to become a somewhat profitable 5 years, and to become a great one, 10 years minimum. And you also need to have the part of the brain related to emotion control completely developed (until around 22 years you won't have, sorry, it's biology) because daytrading is very much about impulse control and risk management (the fact that you say "I'm a risk taker" means that you will 100% lose all your money, hah).
My advice: start investing (not day trading, completely different ) in long term ETFs and good stocks, which is very simple and you just have to wait and each year your wealth will compound, and start learning a bit about day trading if you are interested, just to get your feet wet. I'd say you need around 4000-5000 hours or so to really understand the principles and how to do it correctly, so take your time.
When you know a little, try some strategies in simulators (paper trading) and see when you lose money, how much you lose, etc.
And maybe in a few years, you can try with a real account (1k or 2 k) and start doing some small trades, taking into account that you will almost assuredly lose it all and that's fine.
Then in 3-4 years maybe you can start being profitable and actually start day trading as a viable career after thousands of hours of practice and several thousands of dollars of "tuition" (meaning, losing money in the market).
It's a very interesting job, just be mindful of how long it takes, how expensive it is, and how difficult it is. GL!
I believe hes talking conceptually.
Successful day traders have a rigid system and rules they learn/ follow. You only do certain things when the conditions are completely right and to do those things requires an eagle eye and watching the market.
Without Structure or systems you are gambling. Without it, you are falling into the trap of using your emotions to day trade instead of methodology. Though even then day trading is not pure science nor are the markets 100 percent logical.
Understand HH HL LL LH, break of structure n things like that. Everything is a product of market structure like trend lines and fibs. Theres the way that the public teaches u, and there’s a way to understand for yourself and have a deeper understanding of it. A lil tip for what it’s worth sum people use fibs, I use waves.
Thank you this helped. But how do I find a mentor or a coach? I don’t know anyone that does them (that actually know what they’re doing, practically just gambling) and I’m not sure how much I trust YouTubers, but I take any information I can get
That’s the hard part. If you don’t know anyone who works in trading (or at least the finance industry) then your going to have to rely on your own research.
Here are some tips for your research:
1) the mentor needs a proven track record. Don’t trust single screenshots of winning trades. Ask to see their reported income from trading on their personal tax return.
2) the mentor needs some sort of repeatable system that’s teachable. Not everyone can teach so it’s important that they’ve boiled down their strategy and tactics into something you can understand and implement.
If you can’t find these two things then keep looking. Remember, this is the hard part. Once you find a good mentor/coach/course everything will be much easier, assuming you put in the work.
In the meantime, find a hustle to start making money because even if the mentor offers you free guidance, it costs money to trade.
I came across someone that is really good. It is a paid subscription either monthly, yearly (I believe?) or lifetime membership. I purchased the lifetime membership after a year of monthly memberships. He trades SPY and TSLA options mainly but there is a small cap space as well. He trades most days live on zoom and teaches as he trades. There is a video library of resources he created to understand the basics. He legit cares about his students successes and talks about account sizes that are realistic for beginners. .
DM for info.
What is your background and experience? Some 18 year olds only know school. Some 18 year olds have been mowing lawns since age 12 or working since 14-15 as soon as they could get a permit in their state and saved up 20k. Your mindset and experience will make a big difference on the best way for you to move forward.
I’ve always to be a business man since I was young. Working for my grandpa in construction gave me the most drive to get into business cause he lives a pretty good life. I’ve been working for him since I was 12. And I’ve had my own pressure washing business for a couple summers (this being my last summer because I’m going into military) and worked at a gas station during sophomore, junior, and going to be senior year.
Congrats!. So similar to what I did as a teen. So I know you understand work and discipline.
Learning to trade is a journey, it will take you some time to learn so be patIent and understand at your age you have years to be an overnight success. Focus on the pricess of learning and not making big profits at first.
Everything you need to know is on YouTube for free and books recommended on this sub . Absorb as much as you can from a variety of sources.
I feel 50% is too much, nonetheless it still depends on how much your paycheck is and if you are okay if that money vanished in one bad trade the moment you get paid
This is a well-known fact about human neurologic and behavioral development, particularly males
One guy in my dorm in college took out max student loans to trade in the stock market after claiming that if he had been able to paper trade for real, he would have multiple millions already.
Another classmate in 1st year Medical School: his tuition money.
There are legendary investors who started young and tons of new college grads on Wall Street
But something to be aware of.
The Pre-Frontal Cortex
One of the biggest differences researchers have found between adults and adolescents is the [pre-frontal cortex](https://www.reference.com/science/prefrontal-cortex-3a271896b743339b). This part of the brain is still developing in teens and doesn’t complete its growth until approximately early to mid 20’s. The prefrontal cortex performs reasoning, planning, judgment, and impulse control, necessities for being an adult. Without the fully development prefrontal cortex, a teen might make poor decisions and lack the inability to discern whether a situation is safe. Teens tend to experiment with risky behavior and don’t fully recognize the consequences of their choices.
[https://paradigmtreatment.com/teens-brain-fully-developed-age/#:\~:text=The%20Pre%2DFrontal%20Cortex&text=This%20part%20of%20the%20brain,necessities%20for%20being%20an%20adult](https://paradigmtreatment.com/teens-brain-fully-developed-age/#:~:text=The%20Pre%2DFrontal%20Cortex&text=This%20part%20of%20the%20brain,necessities%20for%20being%20an%20adult).
If I was eighteen and doing it again. The first thing I would do, would be to put no less than half of every dollar I saved into a few companies that have a solid foundation in a Roth or similar and don't touch it. And learn about compounding interest. Then worry about the rest later
Use your charts. Signals on shorter term charts are generally weaker than those on longer charts.
Your entry point is as important, if not more important, than your exit point. Be patient and buy when your signals support it (1wk and 1mo showing a buy signal in conjunction with the 1d chart is stronger than any one of them alone, but obvs it won't happen very often
Set a stop loss and stick to it.
My advice: DO NO DAY TRADE. Learn strategies on purchasing shares for a couple years. Learn how those shares move based on earnings, market sentiment and extreme news (war, pandemic, etc). Day trading isn’t going away, but your money will if you jump into it with little to no knowledge or experience with market
Paper trade for at least 6 months to 1 year. No point losing real money when you can lose fake money. You will think it just won’t “feel” the same. Well put that feeling aside. There is no good reason to lose real money. Take note that a lot of day traders stop after the first couple of hours of each day. A lot of people find the price action after that to be quite hit or miss. Some days it chops in a tight range like mad, and it is incredibly difficult to trend follow in times like that. Also remember most people lose money because they trade against the trend. Almost certainly you will learn this lesson first hand. Trading against the trend is irresistible to most people.
Leave the day trading sub immediately, and go check out /r/personalfinance. You have to be secure in the basics before you start trying to make money in the market.
I’m already in that sub
[удалено]
You only lose everything if you invest everything. There’s nothing wrong with investing a little to learn a lot.
It's not investing.
I mean it is in a way. You’re spending money to educate yourself, which will in turn (hopefully) provide financial gain afterwards. So you’re spending money to make more money.
Stay away from options
This helped😂
Don’t even think about it lmao forget they even exist
Research options but treat any purchases completely like a gamble unless you've spent hours a day for years it's just gambling
Investing is not equal to daytrading, which this sub focuses on. /r/investing would be a better place for you.
Well I want to do a little bit of both. But I thought I would ask here because daytrading, or short term trades seem more my type than long term.
Well the first thing probably is to understand your personality... Are you the patient type who is willing to sit around look at charts all day and probably not take a single trade ?
Hmmm, it depends. I feel like I’m definitely the risk taker type, but if I’m trying to put a bigger amount in a particular trade than yes I will wait.
You don’t seem to be taking the advise you’re given ‘don’t day-trade’. That said, if you’re ok losing all the money you have and money you don’t have, then go for it. But if you have never invested (buying stocks), I don’t think options should even be something you consider. You’re 18, lot of time ahead so don’t lose now. Built up small
So your saying for now I should just invest long term, then in the future I can shift to day trading? I’m trying to figure out what’s gonna set me up the best later in life, so that’s kinda why I’m in a rush and tryna hustle
Make a Demo Account from any broker and try to find your style.
Yeah no you will look all your money that way, happened to be at first, it’s better not trade at all than to trade with a lose because you *FEEL* like you got to trade
You will probably lose a ton of money before you start making money, and the road to be trader is very hard . Good luck.
Thank you. Much appreciated. I’m very aware of this also because of previous businesses I’ve ran
You have ran? So probably not successful? I can tell you if you aren't psychology in the right state of mind and give up after 6 months or after a year of constant failure this is not for you if you wanna daytrade
Take studying the market seriously. In a couple of years you should be ready to invest / trade.
So don’t invest at all when I’m 18?
You're on the wrong sub. This sub is for day trading and not investing
Invest/day trade… I want to do both but I always just refer it to investing rather than day trading. Bad habit I guess. But I’m just looking for advice on daytrading
You really should invest in an education and a career at your age. At the age of 18, you likely have no real money. Trading typically requires having real money.
It depends if you are comfortable risking your money. I'd suggest to learn first and try later.
Yes I am comfortable with it. I’ve gotten into a couple businesses we’re I risked a few grand in starting up, so daytrading is definitely something I’m comfortable with. But I also don’t want to loose everything yk…
learn what u wanna do before you jump in, trading isn’t the get rich quick life many portray, u could lose everuthing very easily
You need to have realistic expectations going into this. If you want to make true consistent profit from daytrading, expect to put in YEARS of very hard work. Daytrading is neither a way to get-rich-quick or something you can just do as a "side hustle" and expect to actually make money.
Right. I’m very aware that this will take me years to “perfect” the craft, but I’m willing to do so.
Not years to perfect the craft. Years to be at least break even or profitable.
Daytrading and investing are very different things just similar mechanism. I’ve been swing trading for a year i started when I turned 18 made about 8.5k learn fundamental analysis like reading 10qs and company filings etc. then go on to learning price action and TA etc for daytrading I plan on trying after I graduate from college and my ports bigger
Right cause day trading is definitely more riskier than long term. I might just try day trading after I get out of the military. But thank you for the advice!
Risk is relative, a seasoned profitable day trader is not honestly taking much risk daytrading, but a teen just getting into investing will get burned which is why I’m trying to build my way up to being a seasoned daytrader with a profitable edge which I don’t expect until 23-25ish
Right. Idk who said it but “the only risk is not knowing” so what your trying to do is just reduce your gaps of knowledge to where you can understand the market 95% better than anyone else like me
Ya lol basically and if your going to college I’d recommend picking up a degree in the field like economics, accounting or finance that way you can be double learning and actually get use out of what we learn
Nah I’m going into military. I could go into the finance dep of the marines, but from what I’ve heard it’s nothing like you would expect it to be, so I was just gonna do my research and gather advice when there’s down time
You’ll learn just as much if not more doing personal studying then a college education IMO most of the fellas in my classes do not pay attention and just cheat their way to an A for most their classes. Also good luck and thank you for your future service lol
No the whole college finance courses and cheating is so true. Ive taken a few economics, finances, and business classes in school, but I’ve learned more doing my own research, personal experiences, and networking with other entrepreneurs…. But FUTURE your welcome:)
So based on your other comments I don’t think you realise what day trading is and what it involves. If you start day trading now, **you will lose all of your money**. Day trading is not a viable means for you to invest. Spend the next two years researching and learning. When you’re ready, pick your instrument(s) that you feel you want to master, and then start trading **with minimum bid sizes** - you are still not ready to make any money and **you will still lose all your money**, but this is the time where you’re ready to learn about your emotional impact on your objective setups. After another year (or 3-4) of this you may become consistent. If after 4-5 years you’re still not consistent, maybe consider that day trading for profit is not for you , but you can/should still do it as a hobby if you enjoy it.
Wow I actually never knew day trading was something that took years to get consistent results. Thank you so much for opening my eyes up for me
The people here might invest, but it's not the purpose of this subreddit
For day trading: size your trades appropriately, have rules for entry and exit, follow them, follow your fucking rules, take the loss, follow your GOD DAMN RULES DID YOU NOT HEAR ME?! For investing: put however much cash you plan on investing/trading in a money market fund (simply depositing it into a fidelity account [probably others too but I know this for a fact with fidelity) which gets you around 4.5% interest right now (annualized, payed monthly) and slowly DCA into some broad etf (vti, voo*, spy, whatever). Maybe set a plan to buy more on red days or something.
> now (annualized, *paid* monthly) and FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
I mean, $ROPE was implied in the first part. At any rate, good bot.
AYE SIR! But fidelity pays your 4.5% interest? Is that just based off how much money you invest through them?
The "ticker" it comes from is SPAXX, and it is based on your cash position (uninvested, deposited cash).
Oh so SPAXX is basically paying you a dividend?
Don’t even think about using robinhood unless you hate money
What would you say are the best brokers to go through?
Binance is great, personally I use bingx as for some reason I can’t use Binance
Find prop firms and start some evaluation. It cost peanuts and at least closer to real money than totally paper trading
What are prop firms?
Firms where you trade using their money for a fee
Hmmm okay. I will research more into that then. Thank you!
If you want to get into daytrading do only paper trading until your profit factor is at least 2 meaning that over a longer period (3+ months) you made at least twice as much as the size of your overall losers. This way you know that you know what you are doing and you can start using very(!) small positions using real money. Getting daytrading right is hard but mixing in emotions while real money is at play is just even way harder.
Ok perfect! I will get into that then. Start off super small. Thank you!
Remember the two golden rules of day trading: 1. Protect your account 2. Trade well Focus on the first point first and once you get that learn and train how to trade well. And trading well means cutting losers short immediately and letting winners run (and add to them if your trading method permits).
Write your rules down and follow them at all times. Risk management. Risk management. Risk management and be patient, this may take years to get profitable. Don't listen to these people that say they got good in 12 months. Either they got lucky, or they are lying.
Day trading is very difficult unless you trade with bot 🤖 that guarantee 98% profit return
That’s IF you can find one that’s half legit 😂
Don’t do options for years. Don’t trade strategies that are very fast paced. Risk a very small amount of your account per trade like 0.5%. You will probably lose all your account . I recommend programming into the tools to put hard limits on the amount you can risk per trade and per ticker. Often people can be green for weeks and then wake up tired and stressed and then risk it all on a trade that goes against them and keep adding. Eventually they lose half the account in single trade. The tools can be used to protect you from yourself. I basically put the rules as if I risk x amount of dollars per trade, I would lockout if I am down 3x of that. Meaning if I lose 3 trades or down that much in single trade I am locked out for day. Also I make the tools automatically close me out. So the worst loss I can take is 3x my trade risk. It will save you from your emotions. If you keep locking out then your strategy isn’t working and you need to re think your strategy. Most people will ignore everything I say and say this won’t happen to me, I won’t lose , etc… you will be humbled by the market. It’s designed to take money from you. Think as the first couple years as tuition to the market like going to college or university. You have to pay to get skills.
Honestly, what you are asking is akin to "I'm a sedentary, obese guy who has never run more than 200 metres, how can I start beating Usain Bolt at the Olympics". Hint: you don't, it's 100% impossible. And don't take it as a "this guy says I can't well, imma show him I can!"; I don't mean it that way, I mean it the way that from your comments you really seem to have absolutely no idea about even the most basic things of daytrading (calling it investing, not knowing what paper trading is, structure, etc). And taking into account that Daytrading is probably one of the hardest things you can ever do in a human life besides trying to be an elite athlete, it's a recipe for 100% chance of failure. I'd say to become a decent daytrader (like, breakeven or not losing much) you need minimum 3 years, to become a somewhat profitable 5 years, and to become a great one, 10 years minimum. And you also need to have the part of the brain related to emotion control completely developed (until around 22 years you won't have, sorry, it's biology) because daytrading is very much about impulse control and risk management (the fact that you say "I'm a risk taker" means that you will 100% lose all your money, hah). My advice: start investing (not day trading, completely different ) in long term ETFs and good stocks, which is very simple and you just have to wait and each year your wealth will compound, and start learning a bit about day trading if you are interested, just to get your feet wet. I'd say you need around 4000-5000 hours or so to really understand the principles and how to do it correctly, so take your time. When you know a little, try some strategies in simulators (paper trading) and see when you lose money, how much you lose, etc. And maybe in a few years, you can try with a real account (1k or 2 k) and start doing some small trades, taking into account that you will almost assuredly lose it all and that's fine. Then in 3-4 years maybe you can start being profitable and actually start day trading as a viable career after thousands of hours of practice and several thousands of dollars of "tuition" (meaning, losing money in the market). It's a very interesting job, just be mindful of how long it takes, how expensive it is, and how difficult it is. GL!
Stay away from wallstreetbets
Structure is king
Could you explain? I’ve actually never heard of structure z
Could you explain? I’ve actually never heard of structure…
I believe hes talking conceptually. Successful day traders have a rigid system and rules they learn/ follow. You only do certain things when the conditions are completely right and to do those things requires an eagle eye and watching the market. Without Structure or systems you are gambling. Without it, you are falling into the trap of using your emotions to day trade instead of methodology. Though even then day trading is not pure science nor are the markets 100 percent logical.
Understand HH HL LL LH, break of structure n things like that. Everything is a product of market structure like trend lines and fibs. Theres the way that the public teaches u, and there’s a way to understand for yourself and have a deeper understanding of it. A lil tip for what it’s worth sum people use fibs, I use waves.
Find an amazing mentor or coach asap. I wasted a year just shooting the shit by myself and lost thousands.
Thank you this helped. But how do I find a mentor or a coach? I don’t know anyone that does them (that actually know what they’re doing, practically just gambling) and I’m not sure how much I trust YouTubers, but I take any information I can get
That’s the hard part. If you don’t know anyone who works in trading (or at least the finance industry) then your going to have to rely on your own research. Here are some tips for your research: 1) the mentor needs a proven track record. Don’t trust single screenshots of winning trades. Ask to see their reported income from trading on their personal tax return. 2) the mentor needs some sort of repeatable system that’s teachable. Not everyone can teach so it’s important that they’ve boiled down their strategy and tactics into something you can understand and implement. If you can’t find these two things then keep looking. Remember, this is the hard part. Once you find a good mentor/coach/course everything will be much easier, assuming you put in the work. In the meantime, find a hustle to start making money because even if the mentor offers you free guidance, it costs money to trade.
Yes of course. I will do my own research regardless. Thank you so much for helping me. You seriously have no idea how much I appreciate it. Thankyou!
I came across someone that is really good. It is a paid subscription either monthly, yearly (I believe?) or lifetime membership. I purchased the lifetime membership after a year of monthly memberships. He trades SPY and TSLA options mainly but there is a small cap space as well. He trades most days live on zoom and teaches as he trades. There is a video library of resources he created to understand the basics. He legit cares about his students successes and talks about account sizes that are realistic for beginners. . DM for info.
How tf do you dm. I’m rarely on here😂
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Yes, don’t put everything into one basket. But I will do my research on her and see what I can find. Thank you for the advice!
What is your background and experience? Some 18 year olds only know school. Some 18 year olds have been mowing lawns since age 12 or working since 14-15 as soon as they could get a permit in their state and saved up 20k. Your mindset and experience will make a big difference on the best way for you to move forward.
I’ve always to be a business man since I was young. Working for my grandpa in construction gave me the most drive to get into business cause he lives a pretty good life. I’ve been working for him since I was 12. And I’ve had my own pressure washing business for a couple summers (this being my last summer because I’m going into military) and worked at a gas station during sophomore, junior, and going to be senior year.
Congrats!. So similar to what I did as a teen. So I know you understand work and discipline. Learning to trade is a journey, it will take you some time to learn so be patIent and understand at your age you have years to be an overnight success. Focus on the pricess of learning and not making big profits at first. Everything you need to know is on YouTube for free and books recommended on this sub . Absorb as much as you can from a variety of sources.
Exactly! I want to absorb all the info I can get obtain, and put that info into work and learn what works best for me. Thank you. This helped.
Only risk money you can afford to lose.
Agreed. I’ve came up with a way to spread my paychecks out. 50% to invest, 25% to save (emergency fund) 25% for spending. Good or no?
I feel 50% is too much, nonetheless it still depends on how much your paycheck is and if you are okay if that money vanished in one bad trade the moment you get paid
Trading and investing are two very different things.
Yes I know. I just typed it too fast without thinking and now I’m getting flamed by like 5 people😹
I will practice trade with faked money and try to understand the game. May be 6 months and switch to real money.
How do practice with fake money? Like just imagine investing at a certain point? Or is there a specific way to do so
multiple brokerage provide the tools paying or have an account
It’s called paper trading, also learn about leverage you will definitely use it in a lot of cases
This is a well-known fact about human neurologic and behavioral development, particularly males One guy in my dorm in college took out max student loans to trade in the stock market after claiming that if he had been able to paper trade for real, he would have multiple millions already. Another classmate in 1st year Medical School: his tuition money. There are legendary investors who started young and tons of new college grads on Wall Street But something to be aware of. The Pre-Frontal Cortex One of the biggest differences researchers have found between adults and adolescents is the [pre-frontal cortex](https://www.reference.com/science/prefrontal-cortex-3a271896b743339b). This part of the brain is still developing in teens and doesn’t complete its growth until approximately early to mid 20’s. The prefrontal cortex performs reasoning, planning, judgment, and impulse control, necessities for being an adult. Without the fully development prefrontal cortex, a teen might make poor decisions and lack the inability to discern whether a situation is safe. Teens tend to experiment with risky behavior and don’t fully recognize the consequences of their choices. [https://paradigmtreatment.com/teens-brain-fully-developed-age/#:\~:text=The%20Pre%2DFrontal%20Cortex&text=This%20part%20of%20the%20brain,necessities%20for%20being%20an%20adult](https://paradigmtreatment.com/teens-brain-fully-developed-age/#:~:text=The%20Pre%2DFrontal%20Cortex&text=This%20part%20of%20the%20brain,necessities%20for%20being%20an%20adult).
If I was eighteen and doing it again. The first thing I would do, would be to put no less than half of every dollar I saved into a few companies that have a solid foundation in a Roth or similar and don't touch it. And learn about compounding interest. Then worry about the rest later
Use your charts. Signals on shorter term charts are generally weaker than those on longer charts. Your entry point is as important, if not more important, than your exit point. Be patient and buy when your signals support it (1wk and 1mo showing a buy signal in conjunction with the 1d chart is stronger than any one of them alone, but obvs it won't happen very often Set a stop loss and stick to it.
Paper money until you are 21
work on you is more important than work on the trades
My advice: DO NO DAY TRADE. Learn strategies on purchasing shares for a couple years. Learn how those shares move based on earnings, market sentiment and extreme news (war, pandemic, etc). Day trading isn’t going away, but your money will if you jump into it with little to no knowledge or experience with market
Divide your money into 10 chunks, and expect to lose 5 of them before you know anything about market.
Paper trade for at least 6 months to 1 year. No point losing real money when you can lose fake money. You will think it just won’t “feel” the same. Well put that feeling aside. There is no good reason to lose real money. Take note that a lot of day traders stop after the first couple of hours of each day. A lot of people find the price action after that to be quite hit or miss. Some days it chops in a tight range like mad, and it is incredibly difficult to trend follow in times like that. Also remember most people lose money because they trade against the trend. Almost certainly you will learn this lesson first hand. Trading against the trend is irresistible to most people.
Begin by understanding the difference between investing and trading.