 So in the past, I've been just a little bit critical of day trading, just a little bit though. In some videos I said that it's not a great way to invest your money, it's extremely risky and you probably shouldn't do it. But I realized the truth is I've never actually tried day trading and you know the old saying, don't knock it until you try it. And there also seems to be an endless stream of thumbnails that the YouTube algorithm has been recommending to me of people sitting in front of their computers smiling telling me they can easily teach me how to day trade. So I decided that I'm gonna try to day trade for a week with $1,000 as a complete beginner and document my progress. And I'm going into this with an open mind, I'm gonna be completely honest with you guys, I'm gonna do my best and see what happens. And then along the way I'm gonna teach you what I've learned and hopefully we can both learn something from this. And for those that don't know, day trading is basically where you buy and sell stocks throughout the day as they fluctuate. Day traders then sell their stocks by the end of the day and they make sure that they only have cash in their account so they don't have any stock positions or stock holdings within their account at the end of the day. And we're gonna start right now as soon as you gently tap that like button. All right, so it's day one and obviously I have no idea how to day trade so like any normal person, I'm gonna go ahead and ask my phone. Okay, Google, how do I day trade? Put me down you. Okay, fine, I guess I'll try YouTube then. Okay, so I've done enough research to know that I can day trade on my Weeble account, I'm a big fan of Weeble, I use them all the time and it's great to know that I can day trade on them so I'm gonna go ahead and make sure that I have enough money in my account. Okay, so I did open a second Weeble account, the first one I already have other stuff going on there so I opened a second Weeble account, opened it up and they still gave me a free stock. So my account value right now is about $1,031.41 and I will just like show you the phone there, hopefully you can see that. And I know it's probably a huge new move to use an app like Weeble for day trading, it's probably not the best one for that. But guess what, I am a new, this is the first time I've ever done this so I'm gonna use what's available to me. So now I'm gonna look at different resources online to figure out the basics. So I just wanna look at this as a complete beginner and learn the basics like the lingo that they use and things like that. I'm gonna look at different resources to get a feel at what a good place to start is and I have a feeling I'm probably gonna start watching a bunch of YouTube videos. The activity of buying and selling the same financial asset. Okay, so a lot of these YouTube videos seem to be pretty intimidating for a beginner but some of them were a little bit helpful I guess. So I did some research and I learned that Investopedia is a great resource to learn the basics and the lingo. So for instance, if you come across a popular word like scalping that means selling something immediately after the trade becomes profitable. Well, so now that I have some of the terminology down I think that I'm ready to start trading. And it's gone. Just kidding, that would not be very smart. I definitely need to use what's known as a stock market simulator which is where I can trade with fake money. That way I can practice trading without risking losing any real money. And luckily again, Investopedia came in clutch. Shout out to them for being a great resource. They actually do have a day trading simulator. Okay, so this simulator is great, don't get me wrong and it has taught me a few important things like knowing the difference between a market order, a limit order and a stop order. A limit order is going to buy or sell a stock at a specific price in a set time period and a stop order will buy or sell a stock at a limit price only after a specific price is reached. But there's one huge problem with the Investopedia simulator. Where are the red and green lines? So these things are called candlesticks and unfortunately this simulator doesn't have any. And are you really day trading if you're not sitting in front of a black screen with green and red lines on it? Probably not. Okay. So I found another day trading simulator. This one is supposed to be a lot better. It's on the platform Think or Swim by TD Ameritrade. This seems to be one of the best, if not the best day trading platforms and they do have a free simulator that has great reviews. So I'm going to check it out. Okay, so I did find candlesticks, right? I'm using the Think or Swim platform right now. This is honestly pretty overwhelming and it's going to take me a little while to learn how to use it. So I think I'm sort of ready to start trading. I know it's a lot, but I think I can at least try to do some trades, just some really basic trades tomorrow just to get comfortable with it. And I know that I'm going to have to wake up super early because the market's open really early. So I will see you guys tomorrow. All right guys, it is the next morning. The bell just went off about eight minutes ago. It's 6.38 a.m. in the morning here on the West Coast and I am going to make my first trade. All right, so after doing tons of research and coming up with a master plan, I've decided that this video wouldn't be complete if my first trade wasn't me just yoloing all of my money into Tesla. So that's exactly what we're going to do. I'm going to go ahead and buy some shares of Tesla. Now if you check out the Webull app, this app is actually fantastic, surprisingly for day trading. I mean, it even gives you like a histogram and everything here at the bottom. You can mess around, look at like the candlestick chart sort of. And if you look at this histogram, this is something I was looking up. Apparently when it goes into the red, you're supposed to buy, right? So it's in the red at this point. It was in the green a few days ago and now it's in the red. So I'm going to go ahead and place a trade on Tesla. All right, so my first ever trade of Tesla was successful. I couldn't capture it on camera because I had to exit the position but basically I bought one share of Tesla for $772.27 and I sold it for $796.75. And that is a profit of about $3.50. Just kidding, it's around $25 a little bit below $25 but that's not bad for like five to 10 minutes of work, something like that. I will say that it was a little bit nerve wracking to sort of like monitoring the charts. I was pulling out my phone every five minutes looking at it, but I do have to admit it was also a lot of fun. So we're going to go ahead, go in and make our second trade now. So when it comes to day trading, you want to target stocks that have like tight spreads, lots of different trades and heavy price movement. Now one thing I noticed here is the stock for Facebook does seem to be a little bit below and this is one of those stocks that usually are going to be pretty good for day trading. So I'm going to have to monitor this one really closely but it has been kind of going down and staying stable here for the last few days. So I do have a feeling that it's going to shoot up. So I'm going to go ahead and buy a few shares of Facebook. Okay, perfect. So it went through here on Weebol pretty much immediately. I bought three shares of Facebook at $267.09. So I'm going to be monitoring this throughout the day and I'm going to sell once it goes up. All right guys, so quick update here. I bought a few shares of Facebook at about $267 and it looked like I was going to lose money there for a little bit. And all of a sudden it shot up to $269 and so I decided to sell on the spot. So I only earned around $10 or so here but the big thing is that I didn't lose money. This is what's known as scalping where you just take profits as soon as you possibly can. So a few days ago my account was at $1,031 and now it's at 1,063 and I'm feeling really big brain here after making 30 bucks so I think I'm going to do something that's a little more risky. Now unfortunately I can't do shorts on Weebol because there's only $1,000 in my account and you have to apply for that and get a margin account with at least $2,000 but what you can do which is basically the same thing is you can buy what's known as inverse ETFs. And in case you didn't know, shorting is basically where you bet against a stock. So you think that a stock is overvalued and it's going to go down pretty soon and you place a bet that it's going to go down. If you're right, let's say a stock is $1,000 and it goes down to 500 and you short it at 1,000 then you can pocket the difference which would be $500. Now one inverse ETF that I found is SPXS and that's basically an inverse ETF that is leveraged times three. Three times leverage basically means that if it goes up just a little bit it's actually going to be three times as much but the same applies to if it goes down. In other words, you're going to be putting in 1x but you're sort of borrowing 3x. So it's a little bit more risky but if things go well then the rewards will be better as well. So I'm going to go ahead and put about half of my account into this. I'm going to buy around $540 worth so I'm going to put that in right now. All right, perfect. So it looks like it went through pretty much instantly and we'll see what happens. Whew, okay. I don't even know what to say here. I skipped a few days, I got a little bit busy but what happened is it's hard to even explain. I'm honestly still in shock. Okay, so the last trade I made was I bought the basically the S&P 500 three times leverage shares ETF. I bought it at $33.79 per share and it immediately crashed of course and then I kind of waited a little bit and then basically a little bit later on in the day it went back up and I decided to take, you know, just scalp it basically, take what I could get and I sold it at $33.89. And it's a good thing that I did because it sort of just kept on sliding down or it was sort of equal so it wasn't really doing much. Then I went into a deep think. I decided to pause like a grandmaster chess player, do a bunch of research and I started looking at the subreddit r slash wall street bets and all this stuff about GameStop was going on and of course I made a video about that the whole situation with GameStop and Robinhood but what I noticed is people thought that GameStop stock was gonna go up again and so what I decided to do after thinking about it for a long time was pull another 9,000 IQ move and just YOLO all of my money into GameStop stock. I bought 22 shares of stock at about $44.75. Now I was planning on selling it just a little bit later in the day but then I got a little busy and I decided to pull another 9,000 IQ move and not sell it and so this is technically kind of like swing trading because I didn't sell it in the same day. But the next day, GameStop stock went up about double and it is now worth $83.10 as I am filming this. My net account value is now about $1,871 and it's literally changing every single second so I have to snap pictures of this as I'm talking so I pretty much almost doubled my money at this point. Now this is technically a day trading challenge so I should probably sell at this point but this is GameStop stock let's be honest here I gotta hold on with those diamond hands. We were talking about paper hands here, okay? So we're gonna pivot into swing trading and I might even just hold it long term and while we were speaking, this literally just went up and it's almost a $2,000 net value. In fact, it might hit $2,000 right now. If it hits 2,000, I'm gonna go ahead and screen cap it. Yep, it just hit it, boom. Okay, I'll put that in the video, it just hit $2,000 as we were talking. So the results of this challenge are that I pretty much doubled my money and now it just hit 2,600 by the way. Okay, I gotta put the phone away while I'm making this video because I'm just gonna keep looking at it over and over again. So I obviously over doubled my money, okay? So normal investing, normal long term investing, it would take about 10 years or so to double your money if you got like a 7% return. So it's incredible that I was able to double my money in just a few days. Now to be fair, I do have to go over the success statistics of day trading because they aren't very good. I've talked about this before on my channel. Coffeezilla made a great video about your statistics when it comes to success in day trading, but basically only about 1% or so of day traders are going to be able to make a full-time income. The best percentage that I found was 10% of day traders are successful and that was like the absolute best one that I found. And the truth is, day trading is basically like a zero sum game. So if you think about it in order for one person to win, another person has to lose. And you're not necessarily contributing all that much to society, so if you offer a service or you sell some kind of product, you're basically solving a problem for somebody and so both of you end up winning. Instead of three plus three equals six, it's more like three times three equals nine. It's not a zero sum game because there's synergy there. But when it comes to day trading, it's basically a zero sum game where three plus three equals six, and one person is gonna get to keep most of that. So one person gets the lion's share and the other person ends up losing some of it. But I have changed my mind a little bit doing this challenge as well as my day trading of Bitcoin challenge. The reason is for one, this is a ton of fun. I didn't realize how much fun day trading is. It's super fun just having an idea in your head. You're like, you know what, I think this stock is gonna go up for this reason or that reason and then you invest in it and then it ends up going up and it's just a ton of fun. It's almost like playing poker or gambling or something along those lines. As long as you're investing with money that you're willing to lose and you absolutely know that you full well could lose, I don't see any harm in it. And then the second thing is, I do think there are some strategies that you can't necessarily program a robot to do. Now, most of these strategies, to be honest with you, are not going to be ones you're gonna find on YouTube or anything like that. Strategies like scalping or divergence, for instance, those are things that you could very easily program into, you know, Python. And a computer program, a robot, isn't gonna have some of the emotions that a human has. It's just gonna stick with the exact script that it's supposed to stick with. However, things like figuring out how trends are going to affect stocks, figuring out how, you know, people doing things, things that are happening in the world, different trends that are happening all over and how this is gonna have an effect on the stock market. That's something I don't think you could necessarily ever program into a robot. So for instance, a robot would have never been able to predict that GameStop stock was going to, you know, go up 100X like it did just a few months ago. So I do think for a very specific type of person, someone who's skilled in a very specific way and somebody who has a lot of self-control, day trading can be a viable option. I don't think I'm the right person for that though, to be honest with you. I think there's a lot of options out there that are better for me. And if you're just talking like objectively the best opportunity out there, I don't think it's gonna be day trading. And by that I mean for the average person there are better opportunities out there to make money online than day trading. But I also don't think that all the people that are teaching day trading online are scammers like some people out there do. This has opened my eyes and I'm a little bit more open-minded to day trading than I was before. However, I do think your chances of success are going to be very low if you try it. But with that being said, your chances of success are gonna be very low pretty much no matter what type of entrepreneurial endeavor you do, whether it's starting a YouTube channel, day trading, starting any type of business. And I think it all just comes down to fit. So there's a certain type of person that is gonna do really well when it comes to day trading. And it also comes down to how much you enjoy it. But with that being said, I think this video is getting pretty long. So I'm gonna go ahead and cut it right there. Check out my other videos right here. If you haven't already, go ahead, gently tap that like button, hit that subscribe button, ring the notification bell and comment down below any thoughts, comments, criticisms, et cetera. And I will see all of you next time.