This episode of the podcast is brought to you by anchor anchor is the easiest way to make a podcast. Now, let me explain. So first off it's free. Now. There are podcast services that charge upwards of you know, twenty Thirty forty dollars per month and anchors completely free. There's a creation tool that lets you edit record rate from your phone or your computer. So if you're on the go you can take everything pretty much with you also anchorDistribute your podcast so it can be heard on Apple Spotify pretty much any any platform out there. So really guys, it's everything you need to make a podcast all in one place completely free hassle-free. It's very simple. So go download the free anchor app or go to Anchor dot. F m-- to get started. Let's jump into the podcast. Carter far podcast check it out Here we already guys. What is going up? Welcome back to the Carter far podcast. I hope you guys are all having a great and fantastic day today. Now in today's episode. We're going to be talking about the process of how to become a day trader. So for those of you that do not know me, my name is Carter far I have been day trading for roughly two and a half years and I've grown multiple accounts from you know 1500. Hitting a high of roughly fourteen to fifteen thousand and right now we're building that up to bypass the PDT Rule and now we're going to put that into our main account. So really you guys can check me out on YouTube. You guys can check me out on pretty much any platform here and you guys can see all my trades and everything like that just so you guys know I'm not some scammer out there trying to trying to lure you in and get your money, but Bernie talking about the process of how I became a stock Trader some mistakes. I have made and really what I would recommend doing. So the very first thing you guys got to do if you guys have any interest in you know, the stock market or anything like that is you need to open up a TD Ameritrade account. I think TD Ameritrade is the best by far the best stock broker that you can get now the reason why I say this Is because they have retirement accounts. They have paper trading. They have real-time trading they have everything you could ever ask for and now they just released their commission-free so you don't have to spend money. You can do like the one share challenge you can do a ton of things for it. So once you open an account, the very next thing you're going to want to do is get education, you know, the reason why we opened that account is for the paper trading simulation. They have a Real-time paper trading simulator on it. So you can once you start understanding, you know trading you can Implement implement the strategies and the everything you've learned you can Implement in the paper trading simulator. So that's that's why we're using TD Ameritrade because there's a lot of Brokers and a lot of paper trading brokers out there that charge you maybe two or three hundred dollars a month and you know your kind of beginner Traders so you don't have a lot of you know Capital to put up for it and just want to see if you like it. So I think TD Ameritrade is the best because if you don't like it, you can still put money away towards retirement and it's just an overall awesome thing. So the very next thing, you know, we kind of veered off topic and topic for a minute, but the very next thing is education education is key. It's by far the most important thing you can you can you know do as a beginner Trader is to learn Learn is to learn as much as you can is to learn, you know, pretty much as not as fast as you can but almost you know, you want to retain all the information and rather than just reading a book and all right. Let's go trade. You know you the way I think of it is you got to look at trading as a career. You can't look at it as a hobby. You can't look at it as something just to do, you know on your free time. The reason why is do you think a heart doctor reads a book and then goes and does a heart surgery know they it takes practice takes education. It takes all of that all of that stuff in the same thing when it comes with trading the absolutely the same thing. So once you once you begin to, you know, get some education under your belt and you know, that could be anything guys anything from watching YouTube videos listening to this podcast listening to this podcast already shows that you have. Interest in it. So the next step is to open up paper trading simulation account in and to get as much education as possible and you can get it by taking courses. I'll put my course down below. It's like five dollars. It's super cheap training courses reading books. You can do anything. There's a ton of information out there my course you can find probably all of it. If you search all of those things up, you can probably find I probably talked about in my YouTube video, but what's going to make it a lot? It easier is it's all it's all going to be in one spot. And if you have any questions, then you can ask somebody who's done it before and it, you know students who's done it before so that's what courses do that's what my course does is that it puts everything on one spot and makes it easier for new traders to learn. So, you know, once you start getting education, that's one thing that's never going to die even myself. I try to learn as much as possible about the markets before I trade I try to learn as much as possible. Possible about everything when it comes to trading because I want to be one step ahead of my enemy. My enemy is going to be you you're going to be the person who I'm fighting for shares with who I'm going to try to out, you know out trade and you're just going to you're going to be my enemy that's just part of it and so once you get that you start learning the next thing is to find a strategy so really once you start reading and trading and paper tray, Adding really just paper trading. You shouldn't be using real money for like a year. That's my recommendation. But once you once you start learning, okay, so you're going to start paper trading during this paper trading time. You're going to develop a strategy. This strategy is probably going to be a whole bunch of garbage and it won't work and that's fine. That's completely fine. And you just got to keep working at It Go on YouTube look up day trading strategies gone my YouTube channel. Look up Carter far day trading strategies. Just look that up right on YouTube and I'm sure I've had I have a video because I have like 500 videos that talk about my Straight trading strategy and you know, once you get that don't just use someone else's what I recommend is grab bits and pieces from everybody's you know, that's what I did. I learned a lot from you know, Ross Cameron. I learned a lot from Ricky Gutierrez. I learned a lot from pretty much everybody out there and because I wanted to be different I don't want to be just like everybody else. I wanted to have my own my own niche in my own, you know advantage in the market. So that's what I started doing. But so once you start doing that you're going to want to look at your trading strategy as like writing a writing an essay and you the first that your first strategy is going to be a rough draft. Okay, you're going to try it you're going to do it. And yeah, maybe sometimes you might make some money and sometimes you might lose some money and that's completely fine. So after you know two or three Let's go back and revise your draft now during this time. Same thing. Go look at your daily Recaps. Look at what's working. What's not tweak your strategy. Once you tweak it do that again trade for one two to three months. Whatever you guys choose once you do that go back and look at your strategy. And what's going to happen is you're going to you're going to push out things that aren't working. You know, you're going to learn patterns like the bull flag pattern both flag. Pattern is the pattern I nail almost every day, you know, and I know okay. This chart doesn't have a bull flag. I'm not going to trade it. And the thing is I'm completely completely fine with just sitting back and watching a trade play out. You know II used to have this feeling that you know, I wanted to be in the trade. I wanted to be in the trade, but I didn't know what was going on and that's what caused a lot of my money to be down, you know a lot of losses and Soon realized after a couple months of paper trading that I I was losing a ton of money just from a simple mistake of not, you know, not being patient or not letting a trade play out and that was very interesting for me. So it's that's why I took a step back and looked at all this stuff. I looked at all of my trades everything. I would just look up the the stock and one thing that I love about TD Ameritrade is they have this on Demand program so it's like it's like it's like Comcast with their on demand. You can go back and look at previous TV, you know, T previous shows. It records all the stocks what happened that day so you can go back and see how a trade played out and where you entered where you exit and pretty much what you did wrong. It's called On Demand if you're if you're just sitting down write that down just so you guys know and then okay, so once you kind of You know figure out a strategy one thing that you guys have to realize is your your strategy always changes. It changes every single day. The reason why is because the market changes every day if the market was the same every single day everybody would be making money in it. But since it changes a lot of people think they leave their strategy the same and that's completely wrong. That's why I ton of Traders fail is because one day they make $200 they make Make three or four hundred dollars, whatever it is, you know and then the next day they do the same strategy, but one thing they don't realize is today. It's a little slower of a market market died down, you know after previous hot day, which is very common market died down and they went in balls blazing with 3000 shares and the stock failed. You know, it's very common rather than looking at the pre-market cappers. Okay, the highest Gaffers 20% yesterday was a 60% Okay, so it must be a little slow. Or a day, you know, we just have to keep the on mind. One thing. I recommend is getting some sort of Journal Journal write down your trades right down the stocks you're watching. That's what literally I have a journal. It's my YouTube and trading journal in podcast Journal. Don't forget you. Don't worry. I got a podcast journal to but and I talked about all and I really write down all of the all of the you know stocks that I'm looking at because then you know or the stocks that I trade as well I do both and then the Next day I go back. Okay, leaving gapper was 35% today. We have a 70% gapper. Maybe the markets picking back up. So people are more interested in buying and we can really look at we can be a little more aggressive today than yesterday. That's why I'm telling you that can be an edge for you guys to make more money. So, alright. So now once you guys kind of you get your trading strategy, what's the next thing you do is you pick you pretty much just start trading and you might be saying oh, oh, you know, that's so simple. Well, here's the deal. You gotta treat trading like a business. Okay. So I recommend getting the premium day trading scanner of trade ideas. I'll put a link down below for you guys to check it out. But the reason why I talk about trade idea so much and so many of my videos. Is because of one thing is because it makes you money and that's the bottom line. That's the bottom line with trading. That's the bottom line with pretty much everything. Okay, when it comes to the stock market everybody's greedy and everybody, you know just wants to make money. So trade ideas really what they do is they scan the entire Stock Market within milliseconds. This isn't it? This is not an ad or anything like that. They scan the market. Okay, and they see what stocks is. And moving they see what the stocks that are moving and the stocks that hit your criteria. So if that's a you have a hive day scanner, it's going to be showing you the stocks that are hitting their high of day. Okay, and you obviously can win it down with float and everything like that. So you're looking at stocks with low flow at high volume in that are that's moving up. Boom. You pull that up put that in you know on your charts. You're ready to go you ready to go. So and yeah, it's kind of expensive. It's a hundred and eighteen dollars a month. Okay, and You know, I think if I think everybody should get it. I don't care if you make $5 a day and that just barely covers the Trinity as cost because I'm telling you once you get it if that's a you're making $5 a day without it. You could easily be making maybe 30 or 50 dollars a day with it. It's very it's in a crucial tool with training, you know, it's called trade ideas. Okay, so really, you know, one thing that I made a mistake on to and I think you guys should realize it. It is I had a difficult time not learning from my previous mistakes with trading. So if that's a I made a trade and I lost money that next day. I would make this same trade, you know with a different, you know the different company and I'll lose money and I kept doing it and I was like, oh my gosh, you know what is going on in so I how I I soon realized I need to start doing trade Recaps. Okay, so, you know, maybe I'm done with the market at you know, maybe Traded for an hour, you know, 10:30 11 o'clock rolls around and I say okay, you know, I was down $100 today. What did I do? And I went back and looked at it on and I why did I trade this? You know, there was a clear resistance there. Why did I do that? And then the next day the what I did the next day is I did the same thing. So I had a difficult time learning from my from my previous mistakes, but once I start started doing trade Recaps, I soon realized okay. I need to change. This up and I you know, that was one of the bigger steps for me in my training, but I really think it's super important for everybody to think of trading as a business not a not a hobby, but I think we're going to hop off the podcast here. If you guys want to join us you guys can check out a link down below and you guys can come on we can chat you guys don't even have to come we can do it all over the whatever you guys want to use we can use, you know Skype we can use anything you want. So link will be down below for that if you guys want to check it out, so that is it though if you guys are driving to work, or if you guys are just chilling. Have a great day. We'll see you guys tomorrow or what day is today. We'll see you guys probably Monday with another episode. Remember to always stay happy stay positive, and I hope you guys have a great rest of your day. Take care.
The Process of How to Become a Day Trader In this episode I explain the process of how to become a day trader (stock trader). I tell you my experiences and how to become the best stock trader ! 🏴SUBSCRIBE TO THE CHANNEL 🏴 To get daily video updates and to follow along on carter farrs DayTrading Journey! https://www.youtube.com/channel/UCtLC...    💻 DAY TRADING SCANNER 💻 Find out more about the Scanner I use Trade Ideas here- https://www.trade-ideas.com/referral....  🕴️Free Chat Room 🕴️ Join the community over 150 members  https://mvptradingacademy.com/p/chatroom  📱FACEBOOK GROUP 📱 Come join FREE DayTrading Facebook Group! https://www.facebook.com/groups/mvpin...  🎤Join the podcast 🎤 https://carterthomasfarr.typeform.com...  💰$5 Day Trading Course💰 Come join the MVP-Trading Academy's team of members! https://mvptradingacademy.com/p/premi...   ☢️ TOP VIDEOS TO WATCH ABOUT DAY TRADING ☢️   Trade Ideas Scanner Review 2019: https://www.youtube.com/watch?v=lNlqZ...  Robinhood vs Moomoo | Best Day Trading App: https://youtu.be/PNGPaDphjFU  Thinkorswim Tutorial for Beginner 2019: https://youtu.be/Ha2BkFncYZI   The Process of How to Become a Day Trader,Process of How to Become a Day Trader,How to Become a Day Trader,Become a Day Trader,Day Trader,stock market,stock trading,day trading  ---   This episode is sponsored by  · Anchor: The easiest way to make a podcast. 