Day Trading For Beginners – Watch If You Are New Or Unprofitable

Day Trading For Beginners – Watch If You Are New Or Unprofitable

Transcript

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Hey what’s up guys welcome to the video um I guess you’re watching this because you’re pretty much your beginner to day trading um well that’s what the title is so if you like the video like it be sure to subscribe to the channel I’m going to start trading live you don’t want to miss it um so all right so you’re a beginner you’re looking to get into day trading whether you’re trying to do it as a side hustle or your main

Thing um I’m going to give you a couple tips some things that I would do and um keep it keep it simple is probably the number one thing you know you ever go and they got trend lines and all these lines all over the place I would say your number one thing when starting out as a beginner is to probably put um just a couple moving averages on your chart one of them um being the 200 uh you should put vwap

On your chart which is this white line um you should definitely do pivot Points and you can even take this off and the orb so your charts pretty simple I mean that’s how I I personally do it and then what you do is you kind of back test um so the green is uh you know the orb top or bottom and they’re just spots of uh where things happen you know where you get resistance where you get support um and I

Create my strategy around these areas so vwap is Big you know you get a lot of bounces on vwap you get a lot of rejections on vwap depending if you’re above or below same thing with pivot Points also I wouldn’t trade a one minute chart one of the things that I would do is probably back it out to a f minute chart is probably where I would go this will reduce the noise The Fakes um you know the the fake breakouts

Um and things like that I would never trade breakouts if you’re uh new to day trading I would only trade uh tests so something that you know otherwise you’re going to end up getting faked out a lot like something like this where we Spike through view up and then you know the retest just failed I would not you know it just kind of keeps you from getting caught in things um you do get a lot of bounces on the 200 as

You could see I’m not talking like right exactly on the line but just in the in the vicinity of the area nothing’s ever exact you know you could see look Wick but closed right at the 200 I mean these are all balances that you could probably take and and make a little profit um you know pivot Points pivot point is up here you just look can’t get over um you know vwap is definitely one I would also only do first touch

So if something comes down hits vwap bounces off the next time it comes down to vwap I probably wouldn’t be playing it I only do first touches when um I talk to new Traders um you know any type of resistance after the first touch is probably no longer resistance if you’re newer Trader you want to keep things simple the biggest thing also is overtrading you want to focus on making one to three solid trades a day and when you make these

Trades one thing that a lot of new people do is like all right so for argument sake say we were looking for a bounce on on vwap all right we were up here and we started to come down like oh vop is going to the spot we’re going to buy they’ll buy like right here and then your stop will be right below vop and what happens is it sweeps under V up it gets all those stop losses and then comes literally

Right back and that’s kind of um what gets newer Traders is they have such a tight stop loss that they’ll get stopped out and then just like this example it will then bounce and you’ll miss out that you’ll this which would have been a really nice gain turns into a loss um so yeah I would instead of playing you know One Mini like I would I would be playing micros if you’re playing Futures I would play super small so little sweeps

Like this won’t stop you out um I I would I would set it so you give yourself probably like 15 points of downside um you know so if you’re here at 75 I’d probably set it at like 60 as my stop and that will allow you to let it move but make it so you know you’re probably only trading about two two micros three three micros um you know you got to let it move around and no more tight stops um

You know when you look at the cues the orb is what I I play on the The Q’s I mean you have orb bounces you got the tops you know this is this is a prime example of a retest like we broke we come back we retest this orb obviously it sweeps under comes back up and you got a nice bounce there um you know and then you have your first touch of vwap from the top and this is why you

Don’t play second touches look second Touch goes right through first touch is always the strongest um you know Pivot Point bounces keep it simple you don’t want a lot of lines on your chart um I this purple line is the nine I would even take that off so I would have the 34 the 200 and that’s it and then um yeah or top or bottom pivot Points that’s this is all on trading view if well you could see right here and

Here’s the indicator indicators right here I would even take this off so it’s even less and that’s it you you want to keep it simple I think everybody gets so infatuated about all these indicators all these things um you know also if you go down to like the one minute you’re going to get caught up in oh I think it’s going to break out oh no I got stopped out and you’re going to get chopped up when it starts chopping around

You’re going to be going long and then short and then long and then short and you’re just going to get yo-yoed and you’re going to lose money um wait until it hits an area you know prime example was uh was actually today I sat around for an hour and a half of not doing anything because I was trying to get as close to this line as possible possible and then finally we got right here and I took it and I took

This down I mean you just got to be patient there’s always going to be a a trade setup during the day for the most part it’s just you got to wait till it happens you can’t force it um don’t don’t short at the bottom so argument sake say see right here if I drew a line you would say oh this broke support and you would get short right here and then it would come right back up and then it would run

And then You’ lose money you never short at the on the break of support it’s just like a breakout you never you never buy on a breakout up here because you’re going to get smoked you buy at support you sell at resistance so you’re looking to buy down here and then you’re looking to sell up here not the other way around um so those are like the basics you know I’m not going to get too too in the weeds with certain

Things um you know I I basically follow this probably 90% of the time obviously I look for uh you know Trend breaks like right here today you know if I drew a [Music] line you know when this broke out I played that but you don’t need to be doing this this is just more this is like once you start Evol eving you start getting your own thing then you could start drawing trend lines and things like that because they kind of

Come with the bias you know you have to be unbiased when drawing trend lines because now you can kind of draw things you could manipulate the chart to make it look to do things that you want it to look like while if you’re using pivot Points you’re using moving averages it is what it is there’s nothing you can do to manipulate it the the the lines of the lines and I would probably start there on my uh on my journey as

A beginner day trader um so I hope you learn some things comment in the video if you want to uh if you have questions and I’ll be sure to to uh get back to you all right best of luck with your journey thanks