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When you are a beginner day trader and just getting started, it’s a good idea to have some milestones that you can strive for. When you master each milestone, you are putting yourself closer and closer to establishing a solid foundation as a day trader. When I was a new trader almost two decades ago, I wish someone would have given me a milestone or two to strive for, so that’s what I want to do with this video. In my opinion, there are four technical charts that need to be mastered. There’s also a solid broker (freely) available to give you a platform in order to make mastering these charts as straight forward as possible. Let me be clear though, just because you master these four technical charts does not mean you will automatically and easily make money. No one can make that claim. The claim I am making though is you will be positioning yourself in a great spot to find and build trade plans. If you can’t build rational trade plans as a trader, then you won’t last very long. In order to structure the most logical trade plans, these four technical charts can come in handy for all of us as day traders. Get signed up for the broker I talk about, access their awesome platform, and start your learning!
Micheal Burry (from the movie, The Big Short) has made another claim about the American consumer, specifically, they’re addicted to spending. His overall theory though is the markets are still Bearish and an immense amount of caution needs to be deployed. On the other hand, the stock market has been essentially going straight up over the past few weeks. Does this mean we’re in a new bull market? The NASDAQ has just emerged out of Bear Market territory along with the other markets continuing to grind higher. Is the worse behind us? I want to share some thoughts (which are all backed up with market data) about what seems to be occurring in the present market atmosphere. Is the American consumer strong? Or, is all this spending coming from addiction? Are we in a whole new bull market? Let’s look at the real world data and apply a bit of logic to position ourselves in the most rational place possible.
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There are many tools available for us as day traders and swing traders. In fact, the amount of tools in existence can cause the feeling of being overwhelmed in a hurry! Let’s step into the world of trading brokers and online platforms. Have you heard of a direct access broker? These are special types of brokers that need to be used within the context of certain trading styles and strategies. If you are a beginner and already have heard of a direct access broker, but never seen one in action, this will be a video for you. Direct access brokers are not free. You’ll need to pay minimal amounts of fees and commission. Given the amount of free brokers on the market, it may sound crazy to choose to pay for a broker; however, this video will show you just how powerful a direct access broker is and why, for you, it may be worth paying for. If you care about speed and want to be able to operate in a quick and efficient manner, you should be considering using this type of tool. Let me show you a direct access broker in action so you can see the flexibility and speed they allow for!
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We continue to hear in the financial and main stream media headlines the job/labor market is strong, to which I would agree. As far as there being a “job crisis”, there is not one. Everywhere you look people are trying to hire and there seems to be more job openings than there are people available to fill them. Looking at these economic indicators at face value then it would be correct to claim there is no job crisis. When you look beyond the face value however, there is an even worse crisis occurring. I have been trying to point this out for the past few months; but, credit where credit is due. I came across an article where the author gives us a phrase which perfectly summarizes what I have been trying to say. There is no doubt about it, we are living in some goofy financial and economic times. There are jobs all over the place, yet, people are still struggling within their personal finances and budgeting? Huh? In order to best understand this situation, we need to define a few (simple) terms and then do some very simple math. What is this situation that is even worse than a job crisis? Let’s talk about it and get more informed about our current state of affairs as an economy! The more you are informed, the more you can make wiser choices to position yourself for the best chance at weathering the storm and remaining in control!
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If you want to be a successful day trader, one of the biggest lessons you can learn is the importance of not making money, but rather, protecting it. When your main goal of any day trading strategy is to “survive”, you know you are building upon a rock solid foundation. Truly stop and think about it. Can you make money (”thrive”) if you don’t have any money to use? Of course not. In fact, that’s a silly question on my part; however, it is a concept that many traders forget and/or struggle with. Those of us who are traders are passionate and ambitious people by nature. We want to fight and succeed in whatever we are doing! The thought of “taking a loss” is not wired into our DNA as ambitious people. Yes, this attitude is amazing and required in the vast areas of life, but when it comes to being a successful day trader, you need to be willing to take a loss. Taking the loss on a trade gives you the ultimate ability to stay in the game. The longer you are able to stay in the game, the higher and higher your chances go of nailing that next big winner (which can wipe away those small controlled “survival” losing trades). Let me walk you through this general idea by showing you some of my personal day trading results I was able to capture on video. Let’s go!
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I’m sure you’ve seen stock ticker symbol $HKD somewhere! I mean, we gotta give credit where credit is due, the stock has gone bonkers! Even from when I recorded this video, the stock continued to sky rocket and go crazy. For you beginner traders out there who are just getting started, $HKD is what is known as a short squeeze stock. These stocks can quickly become popular across social media and sites such as Reddit due to their explosive nature and price movements; however, there’s way more than what meets the eyes. When I was just getting started as a day trader, I would have simply looked at the percentage gain the stock has moved and thought, “Oh wow! This is crazy!”, but the more I’ve learned over the decades, the more I now know this is a way too simplistic viewpoint. What do I mean? In the world of short squeeze stocks, there are two worlds. There is the surface deep “how much it went up” world, which is not very useful. And then there is the “what was the risk involved trying to make money from the short squeeze event?” world, and this is the world that matters. Let me explain how and why in this video!
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There has been lots of talk in the news recently about the definition of a recession and whether or not the USA economy is officially in one. As the opinions and arguments fly around from every direction you look, in my opinion, there is a single signal out there that reveals the recession status of the economy. This statistic becomes that much more powerful when you consider the, literal, addiction surrounding it. Sometimes the answers to apparently complex issues can be solved by just using a little bit of common sense and data that everyone can relate to. This is what I’m going to do in this video. If you are someone who has common sense and can relate to how powerful and beneficial a smartphone is, then I’m confident you’ll be able to connect the same dots I do. I know the people with their PHD’s in economics don’t want to admit that such simple pieces of data can be so revealing, but that’s the truth of the matter. Let’s keep the economic analysis simple and figure out what the true status of the economy actually is.
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There’s an old adage for day traders stating “there are no loses, only learning”. While I understand the attitude behind the adage, can you actually learn from losing trades? Nope! I know this goes against what many others say, but let me give you a real life example of how trying to learn from loses can (and will) create more headaches for yourself. As a beginner day trader you are in knowledge consumption mode and constantly trying to learn. Any time there is a losing trade it leads you to the conclusion that you must have done something wrong, therefore, there’s a learning lesson to take away from the trade. You can spend hours going back over trades and analyzing every angle of them. Who knows, maybe you have a trade journal where you document all aspects of the trade and then pick over the journal with a fine tooth comb looking for “improvements” and “what went wrong”. As I mentioned, I totally understand this mentality and it’s certainly coming from a place of ambition and wanting to master the skill. With that being said, as I’ll show you in the video, this ambition will ultimately lead to way more pains than actual solutions. Let me show you what I mean!
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If you want to buy and sell stocks, options, and crypto, you’ll need an online broker (same this as an “app”). When you are a beginner to the stock market and world of cryptocurrency, I know how overwhelming it can be. There are so many choices of brokers and platforms. I know Robinhood is a popular broker; however, I have never recommend them as their only quality characteristic seems to be in their marketing department. They are great at getting people to sign up for the broker, but their platform itself leaves a lot to be desired! This is why I’ve always recommended WeBull. They may not be as well known as Robinhood; however, when you consider all the additional features they give you compared to Robinhood, it’s not even close. In fact, just recently they came up with a new version of their platform which added in that many more features, particularly in regards to the platform’s scanning ability. Scanning is very important for us as traders as it allows us to quickly find trading set-ups that fit our rules and strategy. Time is money and when you can more efficiently find what you’re looking for, that’s a win. Oh.. and the best part is, these scans are not only free but you get paid (via free stock) to sign up for their platform if you use this link: https://a.webull.com/i/ClayTrader
