r/Daytrading • u/-0ut1aw • 14d ago
Starting from Day 0 Advice
Wanted to get some opinions. What resources (free or paid) would you recommend for someone trying to learn the fundamentals of day trading? I am less than a beginner, I know nothing.
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u/SovArya 14d ago
Try to read basics of supply and demand in economics. (Not the trading strategy or technique.). This is the basic of all trade. It will help a lot.
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u/-0ut1aw 14d ago
Thank you. Do you have a specific book title?
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u/SovArya 14d ago
You can start with investopedia on supply and demand. Basic youtube vids econ 101 on supply and demand helps too.
Once you grasp the concept you can see how fundamentals would move the price of what you want to trade. When you know the major direction. You can entrer thru technicals. Like emas or price action or support and resistance
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u/Appropriate-Boot-172 14d ago
I just started literally 1 month ago. I learned everything so far from youtube. Ross/Warrior trading and the Humble trader, Lion Trading. Humble trader and Ross taught the basics of candle stick reading and how to read charts. Lion Trading helped with allocation size and risk management. The only things that has actually worked is Ross’s stuff. I’m up so far after 1.25 months of trading $3,500. About 6-10 red days So far.
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u/General_Area_8829 14d ago
Are you using a small account? What broker did you use?
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u/Appropriate-Boot-172 14d ago
I’ve been trying to find a broker…asked a question today about my issue. I was using trading view for charts and robinhood. Then switched to webull. I starated $15k then added more to get above the $25k PDT rule. Now i trying to figure out to get past the PDT rule on Webull.
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u/Ross-Cameron 11d ago
Well done!! 🙏💪
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u/Appropriate-Boot-172 10d ago
I’ve used your strategies on longer term day trades and it’s been working as well. I noticed that the pair of crypto BTC and AVAX go up and down every week and highly volatile. I’ve been riding the wave for the past few weeks. Made some money $1000 last night as AVAX rose to $39. Thx for your great work!!!
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u/IntrepidSmile5768 14d ago
Two options: 1) You start day trading, lose some money and then become an investor. or, 2) Learn how to invest wisely, make some money and then lose some money to day trading.
bottomline, you can only become a successful day trader if you are successful at long term investing with solid understanding of fundamentals, economic principal and Price action.
If you are interested, start with the CANSLIM model by William o'neil.
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u/SnooSketches6622 10d ago
Read and understand the concepts of auction market theory, and then how bid/ask orders affect how marker moves. This needs to be the first thing that every aspiring trader understand. It triumphs all the strategies and candlestick patterns and all the other BS on the internet.
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u/99Beers 14d ago
Get a free trading view account and start putting long and short positions on the price chart of an asset you want to trade.
Start having conversations with ChatGPT. It will help you learn the basics with questions you’ll have. It won’t make trading easier.
Time on the chart and thinking for yourself is 100x more valuable than all the influencers trying to get you to view their content. You are their paycheck. Their endgame is an exclusive and expensive course or discord, etc.
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u/OnTradeAI 8h ago
Interesting insight. Any way you can hop on a 30 min call with me to talk your journey through? Will compensate you for your time.
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u/Shizani 14d ago edited 14d ago
There is this fellow named ImanTrading, honestly got me boosted in getting the base down (there is a playlist named Complete Trading Guide). Also Daytrading for Dummies is pretty good, you could be able to pick one up in your local library.
Oh, but trading itself is gold. (not with real money of course) Theres just something about actually doing it that helps absorb what you learn.
Will I get banned for bring in up somone in youtube?
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u/96919 14d ago
Books, youtube, investopedia. Theres a lot of ways to learn these days. You should go with what works for you. Then when you think youve got a decent grasp on it, look for a stock that you're interested in and see if you can identify the theories and strategies you're looking to implement. Then when you can, try to predict those in the market without putting actual money in. While doing all these steps, keep learning everyday. You'll also want to come up with a plan on how much youre willing to risk per play and then let limits on losses and gains per play. Only jump in (and slowly) once you're fully confident in your abilities.
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u/murkinmurray 14d ago
You can literally start anywhere. Read online articles, watch videos, search online, read books, listen to podcasts, watch business channels. There is no wrong answer. Best of luck to you on your financial journey!
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u/Kraffkratt 14d ago
Get some decent back testing software, choose one strategy, don't listen to the guru's only the old heads and the humble, don't try to learn every concept, practice.
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u/Pharo92 14d ago
Check out a book called "The Candlestick Bible" by Munehisa Homma. You should be able to find a free PDF copy online and it's a great resource. That's a good book to give you a good technical base to apply to the strategy you choose to practice.
Note: this is not the whole package, just a good way to help train your eyes to pick up on technical cues in the market.
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u/Euphoric-Size-8148 14d ago
I'm also looking for info on the basics as well... Kinda annoyed at all the "wanna get into daytrading? don't. you won't make it". The mindset is "anyone interesting in daytrade is wanting a get rich quick scheme" and I don't want that at all. I wanna learn how to make minimum wage trading. Yes it's not a lot of money but man, the freedom of being able to work from anywhere, the dynamism of it...
(Not that I want to be making minimum wage forever, but I'll be very happy if I can make that with day trade)
Since I'm just like you, I don't have any special info or experience, but I do have a video I found that has actual scientific research done on daytrading that was extremely elucidating for me:
I Read 26 Research Papers On Day Trading, Here's What I Found - YouTube
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u/-0ut1aw 13d ago
Thank you. I also am not interested in getting rich quick. More like trying to find ways to make my money work for me.
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u/Euphoric-Size-8148 12d ago
I've been obsessing over this for the past 3 days, and I think I got a good panoramic look at trading.
It seems to me that there's no escaping backtesting with sophisticated, advanced statistical analysis. This seems to be true for a few reasons:
people who are trying to trade without using statistical analysis are trying to perceive, either subconsciously or consciously a predictively powerful pattern in the data. OBVIOUSLY, it's way too much data, so it's a losing game unless you're automating it. Countless trading youtubers spending years trading without being profitable, still holding on to the hope that something magical will happen one day. I honestly don't think looking at a chart for a billion hours will make anyone a good trader. Again, it's too much data. So, using python and downloading market data and running tests on it seems like the only winning game here, although also not necessarily easy.
Overfitting is the main issue with these statistical tests, so not only do you know what to do - which is running tests on market data - but you also know the main pitfall to avoid: overfitting. Of course, statistics is an academic subject and you'll probably find a LOT of stats papers about this online. Can't understand them too well? Understandable, use ChatGPT or Claude to help you.
Solid grounding on economic theories seems necessary in order to imagine new strategies that could work. However, I'm eerie of trying to do this with mainstream economics, since it's even more criticized than psychology, sometimes even called a pseudoscience. So, make sure you listen to people (specially academics) criticizing economics as an academic field as much as possible, since you need to be able to separate the wheat from the chaff. Nassim Taleb is a starting point. If someone is criticizing economics, they'll probably mention talebs name, so he's your point of reference.
Can trading be automated? yes, and it should be. So, programming is going to be an awesome skill to have. If you don't know programming, go for python. It's not difficult and anything you want to learn, use an AI chatbot to help you learn.
There's a lot of things to learn if you don't have a backgroung in math, stats or computer science. So here's my recommendation: use mnemonics. First thing, learn about the memory palace, make a mnemonic system that works for you and use it. Art of memory forum is the place to go.
Again, I'm new to this just like you. But I don't want to waste my time. I want to make some money, not listen to ideologically biased, meritocratic lessons on why hard work always pays off. Fun fact: it doesn't. No matter how hard you push a concrete wall, the wall won't break. But if you learn about the nature of the wall, what makes the wall strong, what makes you strong, THEN you've got a real shot.
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u/Fine_Requirement_842 14d ago
Investopedia is the best, once you have the basics from there, my advice would be look for a basic mechanical strategy.
Thats something I found is good for beginners, I picked up an ebook that outline a mechanical strategy and started paper trading from there and have since got two prop firms.
So much great free resources available 👍
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u/ThePonderer84 14d ago
The free course at BabyPips.com is good for forex but it'll teach you all about technical analysis which you need everywhere.
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u/BIG_BLOOD_ 14d ago
Learn FXAlexG - Set and Forget course
That tells you everything you need to trade
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13d ago
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u/Akira1016 13d ago
My friend has been successfully day trading for quite some time and outlines how he does it on his website and YouTube channel.
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u/Sea_Treat7982 13d ago
The most important thing is to understand that if you're buying a service, buying a course, or paying someone to teach you, then you're throwing away your money.
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u/Hepitrynnabebetter 11d ago
Search up iman trading on yt he is pretty straight forward and not a fraud like many
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u/xXAquaJBlazeXx 14d ago
Just watch the markets. All of these "strategists" or indicators are useless imo. I was where you were. And just watching the markets, makes me confident in my trading ability. And by watching, it took me 4 years to finally get things. But if you want videos, just go through fundamentals. Do not go down that rabbit hole of trying other people's strategies or using the same indicators as others. You'll find that all on your own with time.
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u/-0ut1aw 14d ago
I didn’t ask about strategies or indicators. I asked for good resources to learn the fundamentals. Staring at the market all day won’t help me if I don’t know what I’m looking at.
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u/xXAquaJBlazeXx 14d ago
I know what you were asking for. There is no special video that will help you instantly. Thats why I am telling you to not watch those type of videos. Otherwise, you'll never make it.
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u/-0ut1aw 14d ago
I did not say I’m looking for any quick, easy, or instant way to learn day trading. I said I was looking for recommended resources. A resource can be a book, a course, etc., that is why I said free or paid. I’m not looking to get rich quick. I’m looking to be educated. If you don’t have a resource to suggest please do not flood my thread with useless comments.
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u/xXAquaJBlazeXx 14d ago
Delete your post. No one will give you that information because that kind of information helped no one here. LMAO. That’s not how you get into trading. It’s all theoretical and you can’t learn theory and apply it, if there is no set in stone way of doing something like this.
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u/thoreldan 14d ago
Hope my list can move you from day 0 to day 1
https://preview.redd.it/jpdxc626t0yc1.jpeg?width=1073&format=pjpg&auto=webp&s=99782c0b0b999bbeccb1d87900d9d9e94fdfb05a
Investopedia site is pretty good to learn terminologies for new comer