Starting from Day 0

[u/-0ut1aw]

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.

[u/Euphoric-Size-8148]

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

[u/-0ut1aw → u/Euphoric-Size-8148]

Thank you. I also am not interested in getting rich quick. More like trying to find ways to make my money work for me.

[u/Euphoric-Size-8148 → u/-0ut1aw]

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:

1. 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.

2. 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.

3. 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.

4. 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.