FIVE (5) REQUIRED SKILLS for Day Trading Success
Vložit
- čas přidán 25. 07. 2024
- In this episode we're going to talk about the skills required to be a day trader. We know most people who try to day trade fail. If you don't have all of these skills and attributes, you're chance of success is slim. The first step is learning the skills required and engaging in the process of turning this knowledge into your own skill set.
Want to Learn More ❓❓ Get info on My Strategy and Courses here: www.warriortrading.com/tradin...
Chapters:
0:00 Intro
4:00 Day Traders are recognizing and capitalizing on patterns in the stock market
6:50 Learning how to recognize stock chart patterns
10:05 You need to be good at solving problems and a quick thinker to be a successful day trader
12:00 You need to be competitive, aggressive and comfortable taking risk in order to day trade profitably
12:50 Examples of people who failed to become profitable day traders
17:00 The best way to master your skills is to practice day trading in a simulator
20:25 Keep studying and watching free content on CZcams
22:25 Everyday you're either leaving money on the table or giving back profit
24:00 Begin converting your knowledge into actual skills
Before we continue...👀
💰Remember, day trading is risky and most traders lose money. You should never trade with money you can’t afford to lose. Prove profitability in a simulator before trading with real money.
❗❗My results are not typical. We do not track the typical results of past or current customers. As a provider of trading tools and educational courses, we do not have access to the personal trading accounts or brokerage statements of our customers. As a result, we have no reason to believe our customers perform better or worse than traders as a whole.
❌Do not mirror trade me, or anyone else. Mirror trading is extremely risky www.warriortrading.com/why-mi...
🍏 All of the content on our channel is for educational purposes only. No data, content, or information provided by Warrior Trading, the Site, or the other products and services of Warrior Trading, is intended, and shall not constitute or be construed as, advice or any recommendation to buy, sell or hold a particular security or pursue any particular investment strategy.
✔️If you don’t agree with those terms and our full disclaimer www.warriortrading.com/discla... you should not continue watching our videos.
Still with me?
Now let’s dig into some helpful information …
What’s my story? ✏️ You can read it here: www.warriortrading.com/ross-c...
And check out my broker statements here www.warriortrading.com/ross-c...
Our website is filled with free info 🔎 Start with this guide, no opt-in required: www.warriortrading.com/day-tr...
Learn about my stock selection process, how I determine entries/exits, my strategy, and more in my free class 💻 Register here: www.warriortrading.com/free-d...
Wondering what I think the All Star Day Traders out there have in common? 🏆 Read this blog I wrote www.warriortrading.com/all-st...
#daytrading #warriortrading #rosscameron #stocks #learntotrade
Warrior Trading // Ross Cameron // Day Trade Warrior - Zábava
Who knew being a great dad was also a skill needed to be a good trader! These videos will be gold once the little one grows up and understands what it took for you to make it all work. Keeps us tuned in with this content, trade and earn all while making memories with him and being a dad 👏 bravo sir
Thank you!!
Exactly, my friend.
One inquiry: Do you know of any reliable AI for trading purposes?
The leading AI trading tool is recognized as
aicollegema
Ross, you have great patience and really good advice. Thanks for your example.
I'm an industrial mechanic and constantly have to think on my feet. Good hand eye coordination. Comfortable with tech and multi-tasking. Capable of studying and learning relatively easily (used to be in the software dev environment). Decent entry-level knowledge about the market and securities. No qualms about throwing money away like a dummy. My trade ticket pays well enough to save, take care of financial responsibilities, and still explore day trading.
I think I'm in an optimal position to really give this an honest go. I have an IBKR account with a $500 cash count for maintaining my market data subs and about $1000 in a margin account.
Between this channel, the free pdf resources provided by WT, a few other channels and some independent reading, I think I have a real chance of quitting and going full time within the next 4 years.
Wish me luck 😅
Very Good. Most people fail because they give up or are unwilling to take risks. For me the riskier and opportunity, the less people that are willing to take it and do it. Hence, that's were all the money is. It's the difference betwween working for yourself or for someone else doing the exact same job but making 10x. I prefer to make my dreams come true, not theirs. Looking forward to mastering this trading thing like everything else I've done in my life. Just don't give up until you get the results your are expecting, Effort is king.
Thank you so much for this video, I appreciate a lot!
I am always learning from you Ross. Either on CZcams or in the Warrior Trading Community. But The glasses have me struggling on this video hahaha. Thanks for the great info.
Thank you for keep giving and giving an giving. Ross, huge respect to you.
Happy to help Sasha!
Ross, this is the kind of video I love to watch these days .... I love this keep it coming ❤
Hey new to trading, I love how clear and informational you are. Big motivation big help.
TY Ross! Very very entertaining start to the video; excellent storytelling and editing!
Thanks!!
Thank you very much
Thank you sir
This is the first time I’m seeing this video, and I can’t stop laughing! The amount of dedication that it takes to put a full trading set up in a van and then go camping is unreal, my goal for learning trading is to be able to trade at the same time as camping also. I’m glad someone else out there feels like I do! Cheers bro!
wow! this video right here is the truth!!! i just want to say is i have been a warrior pro student since 2020... i started some of the videos and thought to myself hey imma open a real account and start trading and then realize that im more red and than i am green days! so i stepped away for a few years and then finally came back and have watched just about ever video you have and watched them twice if i can but have been trading for the past month and some change n the sim and starting to see big time progress and going to keep going until i feel 100% about my self and focus on mastering one skill at a time and then start my real account!! just know ROSS one DAY i will have a meeting with you and sit down and talk and explain my story of my success!!! just know i have been a fan since 2019!!!
Thank you for this - would like to see this more often!! I appreciate how you describe it in a way a rookie can understand. “Once you get it you got it, once you get over the cusp.”
Being profitable takes skill. Thanks again
Thank you!!
Being successful as a rookie also includes some element of lucky timing ? Whereas, if a rookie blows an acct, it's not always so easy as just doubling down and replenishing it 2x... only to replenish it again 3x if that was blown too in the rookie stage ?
@@donkoh5738 I agree, but I will throw in another issue. When I started 83 days ago, the market was hot. You could buy a stock called "crunchy dog turds", and do rather well. The past ten days the market has been cold (Today is the 22nd of September 2023). I find that the risk taking I took when the market was hot does not work well under a much cooler market. I have had my greatest losses in the past ten days. I have had to adjust my style to the market at hand. During the hotter market, you could have looser stop loss levels, and odds were decent the stock would bounce back up. The past tend days has proven that to be quite untrue. Sometimes you buy on the dip, and it resumes diving even after a closed green candle, positive MACD cross, and being above VWAP. I find myself having to stick to the "A" quality set-ups, when in past the "B" quality set-ups were money makers too.
I have been working hard to master loss control in the current market; I find myself needing to exit a trade at the first whiff of badness. With a cool market, HOPE is your worst enemy. I realize that if the market heats back up, trading with timid caution will work against seeing better profits. I guess this goes back to the advice "play the market you find yourself in". I had to experience a weak market to really understand this.
I can't complain though, I am only 83 days into this, and I am positive by hundreds of dollars. Even including the (bad) past ten days, my wins are 63.333 percent, and my losers are 36.666 percent (my percentage was 70/30 before the past 10 days). My average win is still larger than my average loss. I feel like I am on the right track. I credit the many well-crafted videos for giving me a leg up on trading. If I had to figure it all out on my own, I would certainly not be profitable at this time.
Superb video as always Ross 🙏
Many thanks!
Appreciate these videos
You're great... I always love what you share. Thanks...
You're welcome!!
The fact that you Ross? And the entire Warrior Trading crew? Continue to repeatedly stress the basics is truly wonderful! These markets have been turned into little more than a "playground" for the very wealthy. You and Warrior have proven with some skill and patience, you can set yourself up to be financially sound for at least a long time. Thank you very much!
Appreciate that Michael, thanks for the support!
Amazing Ross, I needed that emotional lecture. Thaaaaank you.
You're welcome!
Thank you
❤this helped alot
I sometimes feel like getting out of the market. The no quit attitude is what keeps me going. Thank you for this video its inspiring .
You're welcome!
Great video Ross , spot on this has to go Into you’re top ten videos a lot of valuable input!
Thank you!!
100% facts. Thank you
Thx 4 the content 🛞 Former daytrade dash member. Still practicing on paper trade. Should be restarting in the coming months 👍🏼
Thank you, Ross! Another great video.
You bet, glad you enjoyed!
thank you
Thank you !!!
You're welcome!
Good stuff!
Thank you!
THANKS ROSS ❤
Thank you for this video Ross..
You're welcome!
Thank you Ross
I’m getting there Ross, been with you for years now and I’m in the process of moving to light speed now. I traded using TD for years and I’m definitely at the point where I’m loosing money because TD can’t get me in and out fast enough. Was getting around that by using brackets but that’s just not the way to scalp or momentum trade. I will have to be even more disciplined now because of the $4.50 each time I fill or sell an order. I’m ready to get started on the next level of my journey. Thank you! 🙏🏽
Cool! Thanks for sharing, good luck!
Same here! I was losing my mind watching the price action oscillate above and below my que'd exit order on TD like a slinky, even with ample volume. I moved to IBKR and was profitable immediately. So much better for my psyche.
Lol. Ross has me smiling so hard in the intro.
Ross, I'm currently watching the video, but I couldn't help but say. Working out helps a lot to have a clear mind in the morning.
That’s a good way to get centered
You always respond to my messages :). I appreciate it!!@@DaytradeWarrior
Thanks for sharing.
Thanks for watching!
Thanks man love this video. I found my self in it. Please try to be on time in the morning because i am counting on you
Glad to hear it Elvissboh, Ross streams live daily in the Warrior Trading Live room!
How can i talk to you before i sighne up whit you?
A small challenge was that I felt like I have to win every time. I've since been able to re-frame that from "make sure you win" to "make sure you execute properly'. That's helped. Now I'm showing up, and playing my best with a small size for now.
Love to hear it SF, thanks for sharing.
Great advice !
Thank you!
Thanks Ross. It may be better to discuss the skills one at a time than going through them while you are trading. This will enable viewers to follow. Thanks
You bet, thanks for the suggestion!
very helpful Thanks
You're welcome!
You the man. I am new but it’s time to learn with a simulation. Love the content. Also from Canada 🇨🇦 😊
Awesome, thank you!
Great content as always.
Thank you!!
Great way to make it work, even though things were stacked against you. Super impressive. I'm off grid and use Starlink as well. You need a good UPC backup battery with a true sine wave when trading if you're off grid. Does your Sprinter have a solid source of power, or are you using a generator? If using a generator; even if it's an inverter genny, it's a constant battle cuz the genny surge disconnects the Starlink
I do have lithium batteries that run all the house power items in the camper, I haven’t noticed issues with anything other than the Starlink
Ross you have become even funnier than ever with the humor in these videos! Love it!
Glad you've enjoyed! Thanks for the comment 🙂
Another great video Ross. Another great example how a man can fight and become successful not only in trading. Appreciate your time and effort to share knowledge and give away good advise to others.
I think i had to finally realize I was mixing up trading and investing 🤷♀️.. took me so long to figure out! ..
Hi Ross! My Warrior Trading membership expired at the beginning of August, but I still got my first green month! Thanks for the great content. I'll be back, I just need another green month to pay the tuition. Cheers!!
You're very welcome!!
This was the most helpful trading video I have ever watched
Thank you so much!!
All very true, but I also believe that if you don’t have the necessary skills they can be acquired over time if you study hard and practice regularly. The key is to be persistent, disciplined and consistent. Every trader will face his/her own unique challenges to overcome. Mine is psychological, learning to be patient.
very true!
Lol sounds like my life !!except the stick part !!
HSDT had a great pattern and chart
U the man Ross !
TY!!
Holding has been my achilles heel. Also, losing profit from holding too long.
Thanks Ross, this video really helped me, I’m consuming your content along with everything Jess has put out as well. I went 11 profitable days and made $509. I honestly didn’t think I could do this, but I’m proving myself wrong. All because of you and your program. Up at 4am west coast then off running my business. Appreciate the knowledge!! Thanks again!!!
Awesome work, keep it up 🙂
I totally feel for you- I'm also on the west coast and am up EARLY for this. (Seattle) nice work!
This is one of my favorite videos of yours. Not only because of the psychological aspect of trading, but you’re also into the van life! This is a great video about pushing through your mental break, and then analyzing your own thought process in order to find a way to profit. Whether that be fundamentally and or financially, I totally dig it.
This video sold me on joining your warrior trading website. In referencing what you mentioned in the video about sticking to one person’s/mentors strategy, I am looking forward to your instruction.
Thanks Chad I appreciate it!
Affirmative.
Here's a question: Do you have knowledge of any AI for trading?
The ultimate AI trading tool goes by the name of
aihihouse
I'm a new sub & really, really, really like this channel! Very positive energy with every video BUT I'm also very new to learning day trading & see a pattern with this channel & other day trading channels on YT, everyone mostly talks about buying stocks going up but not much talk on shorting them. Is this a harder pattern to recognize or is this just my natural negative tendency being revealed yet again?
Welcome! While Ross focuses on the long side, there are certainly many ways to make money on both sides. It's important to factor in cost of borrows when shorting as well. All about figuring out what works best for you!
Ross, if you get a chance some day, can you talk about Tax and how it works for you and maybe what are some options? Thanks for your content it really helps for motivation and learning new things.
We have a video on Taxes for Day Traders here: czcams.com/video/WJHgMDyNXKo/video.html
Hey I love your podcast. Are you from Canada?
I’m from Vermont but I took a camping trip to Canada!
Amen
Wo have teacher's day today in India, so a very happy teacher's day to you too Ross sir 🎉
Thanks crashtheboss07!
Good information..Ross..alot of what was said im going through right now..I trade futures..and just got a funded account and struggling to bee profitable..but I'm hanging in there..
Keep at it Luis, all about finding what works for you.
@@DaytradeWarrior thanks Ross...
Lol🎉😂nice one
This is my everyday life lol
The struggle is real
I want to get into investing but sadly I have adhd so it sometimes makes it hard to learn new things but once I got it I got it I’m watch more of your videos I be seeing you make thousands without even leaving your computer a1 videos
Slow and steady!
Try lots of aerobic exercise before studying, the dopamine makes you focus.
Ross, where I struggle most is when I enter a trade. I set my stop loss and the market barely move in my favor but then pulls back. What's best practice? Get out before it hits my stop, or just sit and wait for it to hit my stop? If I'm going to jump out before it hits my stop, Why did I set my stop at that price level in the first place? It seems that in this scenario most the time I get stopped it anyway, so why not hold a closer stop? If I do hold a closer stop inevitably I get stopped out only to have the market rocket off. I've heard you say, your best trades are the ones that break and never look back; mine too, but that's more rare than not. Can you address this issue, or point me to a video where you already have? #MuchRespect
When the market is cool (as it has been for the past 10 days), you are punished for having larger stop losses. I find myself needing to jump out much quicker under the current market climate. I got burned when this down trend started, as I had developed more risk-taking habits from when the market was hotter.
If you jump out too early, you can always make another buy ticket and jump back in (if you have a zero cost trade account).
I was in and out of MLGO five times in pre-market this morning, always taking a small profit, and then jumping back in on the next dip. You don't be fearless when the market is weak. Take profit where you can. Sadly, I had to get ready for work when MGLO doubled in value. I missed that entire move. But, a small piece is much better than no piece.
Front facing north with a sea view while your back is pointing south with a mountain, I can surely tell you it's gonna be a profitable day!
Yes!!
Tx Ross.
You're welcome!
Thanks, Ross for sharing all the knowledge. You are one of the most outstanding teachers out there and you have an amazing program in warrior trading!!!😍☺
My pleasure!
It's true, friend.
One question: Are you familiar with any AI for trading?
The leading AI trading tool is recognized as
aicollegema
Cold to hot was the 40 week cycle bottoming
... and now IWM broke the 20 week trough or higher on 9-22
This chart you made a referenced to…can I apply this to any stocks? Eg. Tesla? And is it weekly trade?
What are the best time to buy? Or sell? Any information would be greatly appreciated
Thanks
Ross day trades penny stocks aka small caps. The momentum pattern he’s showing can be applied to large cap stocks like Tesla or Amazon. I use this strategy on TQQQ (tech ETF) trading on the 5 min and 2 min charts. Best time to trade is usually within the first two hours of market open.
As a day trader, Ross likes to focus on the US Equities markets. However, he has found that his strategies can still be applied to other markets. Check out this page here where we explore this more in-depth: www.warriortrading.com/why-our-strategies-work-in-most-markets/
@@DaytradeWarrior I am very knew. So thank you very much. May I ask you if you can give us more content about Tesla stocks? What time to buy or stop?
Do you have any vid regarding when to put stop when trading? Many thanks everyone
you are amazing i really like videos u make love u from india
Thank you so much 😀
The biggest question is how do you know when to pull out of a stock? Or better yet, how do you know if it’s a good idea to go all in, in the first place? I guess these are rookie questions but I’m always hesitant in investing in the stock market because of all the unknowns.
There's no way to know for sure, much of it comes from experience! To get started with Warrior Trading, we highly recommend coming to our next webinar! It's free to watch and you will receive a copy of Ross' best-selling eBook "How To Day Trade" just for staying until the Q&A! Sign up here: www.warriortrading.com/free-day-trading-class/
Ross now you know this is about muscle and physical strenth.
Where are you in Canada?! Passing by Toronto at all? :)
New Brunswick and Nova Scotia!
Forgot to ask . Could you suggest a good simulator. Thanks in advance
Pro members get access to the Warrior Simulator. You can check out the simulator here: support.warriortrading.com/support/solutions/articles/19000099224-general-simulator-walkthrough
@@DaytradeWarrior much appreciated thanks
How much could one make, if their strategy on these big moves was to put in 100 and just let it ride? Good risk/reward
That’s not really a strategy imo. You would need a detailed criteria of the type of stocks you’d buy, the ones you’d avoid, and when you’d buy/sell
I trade NQ/ES/CL
Starting week before ladt I Was on a 5 day $7500 streak which ended last Tuesday
last Tuesday -$250
Wed -$250
Thur -$600
Fri -$1250
Today -$1500
A year ago I would say Basically where I’m at is that my skill set is developed and defined but now I’m forcing the morning even after I know it’s not the right environment. Frustrating but relieving to know that now, the only thing in my way is me
Losses happen, it's all about minimizing the losses when the market environment is not favorable for your strategy.
SHDT was great pattern
I didn’t see that one
What most people who get into trading fail to realize is that you can not(!) detach your whole private and everyday life from your trading ability or the trading time. In my maybe not so humble opinion you need to have a very balanced life, some would even say a boring life, have routines, discipline etc because you will need exactly these patterns when you are in front of your screen for 1-2h a day. If your life is turbulent in general, if you are a lover of extreme sports styles and you need that adrenaline rush more often than not, then really, do not expect to be a profitable daytrader.
Certainly, thanks for sharing!
🍀
Trading is so emotionally stressful. How do you unplug when the market closes at 4pm
It’s hard, I try not to check stocks at all when I’m done trading
For Canadians, in the absence of free trading platform like think or swim, one is restricted to number of trades one can execute and can not make profitable trades when you have to pay at least $10 , $20 per trade.
If someone has suggestions please comment.
Im european, so i have the same issue, my plan is to use TradeZero. Way smaller commissions, for some part even free
You can check out some options here: support.warriortrading.com/support/solutions/articles/19000127818-brokerage-options-for-canadians
I jumped in the EDBL trade a little before you but got out WAAYYY to soon @ 2.10 😭😭🤪
Green is good still!
Intuition? Would this be good for people that have good intuition about things ??
I’ll let you know. If you’re ND, you read patterns easily. I have Asperger’s (autism)and naturally read patterns better than others. I’m really good at math, sciences, and tech. I can visualize pictures and frameworks, inner system working. The stock market reminds me of roulette. Go play roulette and you’ll know if you are. I never lose in roulette.
Maybe, however, like anything it takes time!
Who were you riding with, Murphy? lol
Which Platform does he daytrade on ?
Lightspeed: www.warriortrading.com/lightspeed-trading-review/
How can you spot the big gain stocks before it happens
I use stock scanners!
@@DaytradeWarrior which ones do you suggest I use trading view right now but I can’t get see enough
Of the volume info
hahahaha, made me laugh so much! What a cutie son ! OMG and you still traded.
Hi Ross!! Bro; ..do the chart thing on the side of the van like at the office on the window, ..it's super kool, just sayin. Love the warrior van....epic!! Happy camping!!
That’s a great idea!
Probably not the wisest thing for someone to use their *retirement acct* for high 'risk taking' day-trading?? Hello ?
I agree it was not wise
🙇🏻♂️🙇🏻♂️🙇🏻♂️
👍
🙌
Ross is the best
Thank you Scott!!
Personally, I would have taken a shoe off and kicked the wheel, finish off with a man crumbling toe stubbing! :) See had you hooked up for a coffee up here I Canada I would have hooked you up with a lucky skunk tail well...skunk wasn't very lucky but that's what happens when you run around coming across a couple people just out for a long walk and what does it do? Hangs a full louis shakes its ass and lays on the Eau De WTF in copious amounts.
I just need the right AI computer to do this for me so I can just go on vacation
That sounds nice!
AULT
Funny to watch you get so high off the market.
Ross are you a freemason too?
Nope, not yet anyway 🤔