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Day Trading 101: My Resources

HOW I AM LEARNING TO DAY TRADE

Disclaimer: I am not paid to promote anyone’s courses, tools, etc. I am just relaying my experience on my process of becoming a professional day trader.

I will admit, when I first got started, I often referred to YouTube to learn about little bits and pieces of day trading. I would read books, but never quite complete them. Learning about little slivers went on for years. At the same time, I was journaling all of my trades. Secondly, often I would see videos from professionals promoting their courses. Yet those courses were typically out of reach price wise. There was not truly a guarantee that taking the course would pay off. With this, I refused to sign up for any day trading course. However, in my search, I was able to find a comprehensive and free course for learning how to day trade. On YouTube, C0TT0NC4NDYTA offers full-length courses that were first published in 2019, then remastered in 2021. The series is called “Beginner’s Lesson”, and there are 10 videos. The 2021 version has shorter videos, however, I do appreciate the in-depth, older version. The videos are quite dense in terms of their topics, however you will learn what to do, and avoid all of the gimmicks that trip up most new traders. C0TT0NC4NDYTA is not big on indicators. Instead, you will learn about accumulation, distribution, support and resistance, targets, momentum and volume, levels, wedges, timeframes, patterns, and a live trade at the end of the course. I highly recommend starting from the beginning, and not skipping any videos. Each one builds off the next one. If you skip a video, then understanding some concepts will be needlessly difficult. Patience is a virtue and a friend in this context.

Additionally, C0TT0NC4NDYTA offers advanced videos after the initial course. He will cover lows and highs, valleys and peaks, fractals, exhaustion and level strength, moving averages, entries and exits, and more advanced topics on trends. Most of what is learned applies to stocks and cryptos. The initial courses do not cover options and Forex just yet. However, he has a course on that too. Later, you will find his courses on mental analysis to be quite helpful. For now, I will not take on two course loads because that will likely lead to information overload. I’ve experienced this before, which afterwards led me to sink in a lull in which I was not doing anything related to day trading. In all actuality, this is how the last four years went by. I would get super interested in day trading. Hit my max in information overload, get lost, then interest would fizzle. Now, I am trying to make this my career because I have sifted through enough information to know when I have a true gem, which is this course.  

PODCAST

In regards to Chat With Traders by Aaron Fifield, I have yet to find a better resource for passive learning. When I am on a commute, I will listen to an episode a few times before moving onto another. In one hour, you can learn so much if you pay attention. The guests Fifield has on his show are professionals, who are ambitious and willing to help new and experienced traders. As a trader himself, Aaron Fifield will tell you about some of his struggles, successes, and transitions in strategy, in addition to asking questions on the audience’s behalf. Dozens of episodes showcase the multitude of avenues people like you and me took to become professionals, multi-millionaires, and in rarer cases billionaires. Yes, Fifield has enough clout to interview a billionaire investor, so listen up!

ROUTINE FOR LEARNING

Right now, I am in a learning phase. When I choose to engage in a new lesson, its at the same time that I will eventually trade live. From 6:00am – 8:30am, I am watching lessons, taking notes, and simulating trades. Ultimately, I am building the habit of trading at the same time every day. Once the initial learning phase ends, and the live trading begins, I will not have to change my schedule too much. Because I am also in school, I want to have enough time to trade then commute to campus. That’s why my cutoff time is at 8:30am. My school schedule has steered me in the direction of becoming a scalp trader. The goal is to be in and out of my trades within a 2 hour time frame, and not hold anything while I am away from my desk.

MANAGING IT ALL

  1. I make a weekly plan that allows time for every goal, kept in a spreadsheet. I prefer living documents than just a paper planner.  
  2. Periodically, I re-watch “How to Design Your Life” then acknowledge that creating a new lifestyle is hard.
  3. I incorporate daily learning, even if it is for 5 minutes. If I get behind in one area of my life, I still make an effort to incorporate day trading somehow, someway.
  4. During idle moments, I try to recall what it is that I learned. I’m a big daydreamer, but instead of wasting my mental energy in la-la land, I recall my lessons.
  5. During my commutes, I listen to the Chat With Traders podcast by Aaron Fifield on Amazon.

PROGRESS REPORT

From information overload to a sound strategy.

Incrementally, I am progressing from knowing about a ton of disparate factoids, to being able to have a comprehensive, explainable strategy. One trader described this phase as building a toolkit for a bunch of different situations for your trade. This is a huge relief and breakthrough as an amateur. I can see myself making exponential growth compared to the last four years. Over this time, emotional control became strong. Sticking to a winning strategy is not as difficult. Eating a loss is not as painful. Cutting my losses happens even faster now. However, making huge profits has not come into the picture yet. I make small wins and losses here and there, but I truly want to change that.

Thank you for reading!

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