 Genesis What's up, what it gives mr. V here welcome to another video guys so in today's video I'm gonna try to answer the question of People asking me that they want to start day trading, but they don't know where to start So we're gonna take a look at that into this video But before we get started guys if you're new to the channel We talk about how to earn money how to save money how to invest and build wealth So if that's something that interests you go ahead and hit that subscribe button any notification bell So you don't miss out on new content. So this is a very common question. I've been getting here on the channel It's like hey, I want to get into day trading, but I don't know where to start So I'm gonna break it down for you guys up before we actually jump into the breakdown Here's what I want you to understand There's a stat out of that 90% of day traders turn to lose money And I don't think that that stat is just out there for nothing It's if anything it's out there to let you know that you need to be very careful when it comes to day trading So again, I'm not an expert day trader I'm not gonna sit here and say that or I have some a ton of experience My experience has been over the years. I started trading in the stock market back in 2008 2009 and so over 10 years now 10 11 years I've got some experience and that's what I'm actually sharing With you guys so be very very careful if you want to dabble with day trading now that that's out of the way So day trading for for people that don't quite understand what this is It's just a simple step of you buying and selling a stock On that same day in making a profit. So For people that just want to go in for a quick for a quick profit, you know, you can you do analysis There's a lot of analysis that you need to do to understand exactly when to get in Know exactly when to get out and just kind of follow some in some indicators that will guide you to go in and out of a trade So where do you start? In my opinion? The first thing you want to do is to select a platform So there is a ton of platforms out that you can trade on so I personally I use webo In that I have a link in the description below you can get Webo and get started with they give you two free stocks to get started But there's other platforms that you can use from vangar to fidelity to TD Ameritrade That you can get and get started with so Some Robin Hood. I mean name them. There's all also the platforms that you can actually use for for day trading So if you once you select your platform of choice the next thing I want you to do is you sign up and then Do some practice. There's this paper trading that you can do So here we both has a great paper trading platform So I did a video on that which I'm gonna hook up here. You can definitely go check out how to paper trade So I want you to spend time paper trading on webo and actually just learn Understand have a strategy Before you actually start using real money Understand your strategy very well. Look at when you want to go in when you want to go out Look at the indicators practice over and over and over Because when you see profitable traders It's it takes a lot of practice and a lot of people don't even tell you how much money they actually Lost in the market before they became profitable. So you have to be very very careful And it would once you've practiced and you feel comfortable that hey This is something I want to do and then you can start you can start trading the market, but How what kind of strategy you you implement just depends on your your learning So you can pick a strategy where you do shorting or you can pick a strategy where you go along No gap and gold. That's the strategy. I personally use I look at stocks I gap early in the morning because of maybe some good news because of their earnings So they gap really really fast. So those are very quick trades I go in and out and in seconds and then take my profit and I'm out Again for people that lose money in the market, my personal observation is that these are gritty savages These are people that go in instead of going in and taking your 100 or $50 and coming out and waiting for the next opportunity They go in they're looking to make 200 300 400 500 and then get end up the hands get caught in the cookie jar So and then you lose money. So Don't be a gritty savage because that is the number one recipe for you losing money So we've talked about you selecting your platform You're practicing and actually developing a strategy that works and testing that strategy Through paper trading and then once that strategy has been Established and then you can now based on the platform that you choose There's certain things that you have to worry about which I'm gonna talk details in a separate video But you have to worry about PDT so that patent day traders So they have some regulations in place where if you have less than 25,000 dollars in your account You cannot do day trading all the time you only have three day trades in a five business cycle So those are some of the things that you have to have in mind But once that that you've established that then you can go ahead and start really small Again, don't go for the homerun again. Let's say you have five thousand dollars in your account and you're looking to day trade From day one, I would say don't even dare trying to use all that five thousand start with 200 300 it doesn't matter because you're gonna make very limited profit, but you can test your strategy So when you start with two hundred dollars, you buy a stock you you make even if you make five dollars profit But you understand your your you understand the risky understand how to manage risk and see how it really works And at that point so that if you're losing money, you're not losing a ton of your money Then that way you have to build some confidence before you start expanding into start spending 500 a thousand dollars to buy and make profit So my strategy the way it has worked for me is I don't go in looking to make 5,000 10,000 profit. No, I go in my goal. My daily goal has been two hundred and fifty dollars So if it means that I have to do three or four five trades to get two hundred and fifty dollars I would take my time and make that I don't want to make it in one trade So I'll go in a trade. I'll put in five hundred dollars And if I make twenty five dollars I take that and wait for the next opportunity And so usually if you do it properly within an hour or two you should be able to make two hundred and fifty dollars So if you make two hundred and fifty dollars in two hours, that's a hundred and twenty five dollars an hour You tell me which job you have that can pay you hundred and twenty five dollars an hour So that's my strategy. That's my mindset going into it. So Make sure that you test your strategy with very Limited amount of real money before you even start going big again Don't be a greedy savage because that's the recipe for disaster. So recap here guys You want to start day trading? Where do you start? Number one is you have to choose a platform number two you choose the account type that you want to use if you want to do a margin account or or a cash account based on how much money you have and again I have a separate video that explains the details between a margin account and a cash account Once you decide that they kind of account that you want and then you you you do some training do some practice with paper trading Establish a strategy test that strategy paper trading making sure that strategy really works And then once you test your strategy that you can get now testing your actual strategy now in the real market But stat small. I don't mind if you buy one two or three shares of a company just to test it then Your next question will be but mr. V. Where do I find these stocks to trade? I have a separate video on that coming up. So stay tuned. I'll show you where I find the stock that I trade on the Database is I'm gonna I'm gonna do that in a separate video. So I hope this was helpful guys again Be cautious that day trading is a very risky business a ton of people like I said 90% of people lose money day trading And so if you do have any questions regarding that, let me know in the comment section I'm gonna have follow-up videos again Like I said with all the different aspect of day trading Based on my experience again guys day trading is a very risky business. So go in this with the mindset that This is not an easy task practice practice practice Let me know the comment section if you have any specific questions I'll definitely answer those so again if you are looking to start and you don't have an account yet I currently use Weibo and right now we was doing a promotion where you get two free stocks not one two for opening an account With them and depositing a hundred dollars. So Definitely check the link in the description and go check them out and see if that's something that works out for you And as always guys Stay motivated