Explore every episode of Day Trading for Beginners
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Pub. Date
Title
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01 Jan 2024
Welcome to Day Trading for Beginners - A Podcast Introduction
00:07:44
Hello and welcome to the very first episode of "Day Trading for Beginners."
I'm Tyler Stokes from StokesTrades.com, and I'm thrilled to share my journey into day trading with you.
As I approach my 40th birthday later this year, I've set myself a new challenge: to master day trading before I turn 50. This podcast is my personal diary, where I'll share every step of my journey - the successes, the setbacks, and all the lessons learned along the way.
In this introduction, I'll give you a glimpse into my background as an affiliate marketer and entrepreneur. I've spent the last 15 years building content websites and teaching others about affiliate marketing. Now, I'm venturing into new territory as a day trading novice, just like you might be. I was inspired to take this leap by a pivotal video that posed a life-altering question: "What would you do if you couldn't fail?" For me, the answer was clear - day trading.
This podcast is not just about learning to trade stocks - it's about the journey of transformation and the mindset required to succeed. I'll share insights on how to set realistic goals, the importance of patience, and why there's no shortcut to success. You'll learn with me, from the ground up, as I build a strong foundation in day trading without cutting any corners.
Why share this journey publicly?
Because teaching others helps reinforce my own learning – it's the protege effect. Plus, I want to offer a unique perspective that's often missing in day trading education - that of a true beginner. I'm in your shoes, facing the same challenges and learning curve, and I hope my experiences will be as helpful to you as they are to me.
As we kick off this adventure, let's set some realistic expectations. Success in day trading, like any skill, takes time. I'm prepared for the long haul, committed to learning, and eager to share every step of the way with you.
So, if you're curious about day trading, looking for a beginner-friendly guide, or just interested in following someone's journey of growth and learning, this podcast is for you. Subscribe to join me on this exciting venture. Together, we'll explore the world of day trading, one episode at a time.
My Day Trading Blueprint for Beginners - The First 6 Months
00:15:22
Hi everyone, Tyler Stokes here, and welcome to episode two of the "Day Trading for Beginners" podcast. In this episode, I'm diving into my comprehensive blueprint for the initial six months of my day trading journey. It's early 2024, a time of new beginnings and bold ambitions, and I've just embarked on a path to becoming a day trader.
I kick off the episode by sharing my initial steps, including navigating the overwhelming world of YouTube videos on day trading. With a critical eye, I delve into how these engaging yet often misleading videos influenced my approach to learning day trading. Drawing from my experience in the affiliate marketing niche, I discuss the importance of discernment when sifting through online courses and content.
I then introduce some invaluable resources I've discovered: an honest YouTuber named Iman Trading, whose videos I've found to be genuinely helpful, and a Reddit group called RealDayTrading, which has become a crucial part of my learning network.
The core of this episode is my detailed 6-month plan, broken down into phases: Foundation and Setup (Months 1-2), Deep Dive into Learning (Months 3-4), and Technical Analysis and Trade Review (Months 5-6). I talk about setting realistic expectations, choosing the right broker (Interactive Brokers for me), and the importance of paper trading to practice without financial risk. I also share the specific books and resources I'll be using to deepen my understanding of the markets.
This journey is about methodical, disciplined learning, starting with mastering the basics and gradually progressing to more advanced concepts. By sharing this blueprint, I hope to provide a roadmap not only for myself but for any beginner in day trading.
So, join me as I take these first crucial steps. Subscribe to follow along with my journey.
In this episode, I explore a unique perspective on day trading - using AI, specifically ChatGPT, to devise a two-year blueprint for becoming a successful day trader.
After outlining my six-month plan in the previous episode, I review how AI recommendations align with and expand upon it, emphasizing the journey's gradual and disciplined nature.
Update: Download the 6 month blueprint I'm following as a beginner day trader:
Discussed in the previous episode, based on advice from RealDayTrading.
Closing Thoughts:
As I embark on this journey, I highlight the significance of a methodical approach, the need for continuous learning, and the value of resources like ChatGPT and community forums. Stay tuned for future episodes where I will share my progress and insights.
Subscribe: Don't forget to subscribe to the podcast for updates on my day trading journey.
A Beginner's Guide to Avoiding Day Trading Mistakes
00:11:24
Before diving into real action, I explore the common pitfalls and mistakes that beginners, including myself, should avoid in day trading. This episode is crucial for anyone at the starting line of their day trading path, offering insights into what not to do to ensure a smoother and more successful journey.
Update: Download the 6 month blueprint I'm following as a beginner day trader:
The temptation and risks of real money trading too soon.
The importance of not skipping the basics of stock markets and trading principles.
Mistakes to Avoid:
Overcomplicating strategies.
Impulse trading based on emotions or hunches.
Typical Beginner Mistakes:
Lack of adequate education and preparation.
Overtrading and ignoring risk management.
Failure to adapt to changing market conditions.
Ignoring market trends and signals.
Strategies for Success:
Focusing on education and practice over immediate profits.
Emphasizing risk management and realistic expectations.
Learning from common pitfalls to build a strong trading foundation.
Personal Approach:
My commitment to a cautious, well-informed approach, prioritizing learning and skill development over early profits.
Plans to focus on paper trading and foundational knowledge in the initial stages.
Resources Mentioned:
Six-Month Blueprint Plan:
Discussed in previous episodes, outlining the initial steps in my day trading journey.
Closing Thoughts:
As we approach the practical phase of our journey, understanding what to avoid is as crucial as knowing what to do. This episode lays the groundwork for a disciplined and informed approach to day trading, setting us up for long-term success.
Subscribe: Stay tuned and subscribe to the podcast for updates on my day trading journey and practical insights.
What Are Stocks? A Quick Review for Beginner Day Traders
00:19:19
Welcome to Episode 5 of the "Day Trading For Beginners Podcast." In this episode, we're kick-starting our journey into the world of day trading with a beginner-friendly deep dive into the basics of the stock market and stocks.
Update: Download the 6 month blueprint I'm following as a beginner day trader:
Understanding Stocks: Learn what stocks, also known as shares or equities, truly represent – ownership in a company. Discover a practical way to conceptualize this with a detailed example from Tesla's stock.
Historical Context of Stocks: A brief exploration into the origins of stock issuance dating back to the 17th century and how it has evolved to be a vital part of company growth and public investment.
IPOs Explained: Unravel the process of Initial Public Offerings (IPOs) and their significance in a company’s transition from private to public.
Stock Market Mechanics: Get to grips with how the stock market functions, the role of stock exchanges like NYSE and NASDAQ, and the distinction between retail and institutional investors.
Brokerage Firms as Gateways: An overview of various brokerage firms that act as intermediaries in the stock market, with personal insights on using Questrade and plans for Interactive Brokers.
Price Movement of Stocks: A real-world discussion on the dynamics of stock prices using Tesla as an ongoing case study, emphasizing supply and demand, investor perceptions, and company performance.
Key Insights Recap:
Stock Ownership and Rights
The Evolution of Stock Issuance
The Significance of IPOs
How the Stock Market Works
The Role of Brokerage Firms
Stock Price Dynamics
Coming Up Next: Stay tuned for more educational episodes where we'll delve into other aspects of trading like bonds, commodities, futures, and specific day trading strategies.
Follow and Subscribe: Don’t miss out on future episodes - subscribe now and follow us on our journey. Check out the links below for more resources and updates on our day trading journey.
In this episode, we talk about the fundamental concepts of bonds, an essential component of financial markets often overshadowed by the more glamorous stocks.
This session is crucial for aspiring day traders seeking to broaden their financial knowledge base.
Update: Download the 6 month blueprint I'm following as a beginner day trader:
Definition and basic concept of bonds as loans to large organizations like governments or corporations.
The mechanism of bonds, including interest payments, principal amount, and maturity date.
Comparison Between Bonds and Stocks:
Bonds as debt financing with fixed returns and lower risks.
Stocks as equity financing with variable returns and higher risks.
Practical Example with EcoPower:
A detailed example of investing in a bond, using the fictional company EcoPower.
Explanation of bond principles like principal amount, coupon rate, and maturity date.
Buying and Trading Bonds:
Guidance on purchasing and selling bonds through brokerage firms.
Insight into the liquidity of bonds and how to trade them before maturity.
Factors Influencing Bond Prices:
The impact of interest rates, inflation, credit risk, bond maturity, and economic conditions on bond prices.
Practical examples illustrating how these factors affect the market value of bonds.
Key Insights Recap:
Bonds offer a less risky investment option with fixed returns, ideal for cautious investors.
The distinct nature of bonds in financing and their legal enforceability.
Insightful comparison between bonds and stocks to aid investment decision-making.
Practical guidance on engaging in the bond market.
Coming Up Next:
Stay tuned for upcoming episodes where we'll explore other aspects of trading, including commodities, futures, ETFs, and more foundational concepts in investing.
Subscribe and Join the Journey: Don’t miss out on our journey to becoming proficient day traders. Subscribe for more educational content and updates on our day trading adventure.
What Are ETFs? Quick Guide for Beginner Day Traders
00:12:33
In this episode we talk about Exchange-Traded Funds (ETFs), a crucial element for any aspiring day trader. As we continue studying the basics of the stock market, we explore the essence of ETFs, offering a beginner-friendly discussion supported by examples from the AI tool Grok.
Update: Download the 6 month blueprint I'm following as a beginner day trader:
In this episode, we've unraveled the complexities of ETFs, providing a clear understanding for beginners. As I progress in my day trading journey, stay tuned for more episodes that break down the basics of the stock market, paving the way to becoming skilled day traders.
What Are Commodities? A Beginner Friendly Discussion for Day Traders
00:13:36
Welcome to episode 8 of the "Day Trading For Beginners Podcast." I'm Tyler Stokes from StokesTrades.com, and in this episode, I'm excited to talk about the fascinating world of commodities.
Join me on my journey to become a full-time day trader as we explore the essentials of commodity trading, perfect for beginners.
Update: Download the 6 month blueprint I'm following as a beginner day trader:
My insights into what commodities are and their role in the stock market and the economy.
Sharing my learning process and understanding of commodities.
Real-Life Examples of Commodities:
I discuss various types of commodities: wheat, gold, oil, and financial products.
How these commodities impact our daily lives.
Trading Commodities:
Explaining the difference between physical commodity trading and speculative trading.
Introduction to the concepts of futures trading and options.
How, as a day trader, you can engage in commodity trading without physical ownership.
Categorizing Commodities:
I break down commodities into groups: energy, metals, agriculture, etc.
Understanding the difference between hard commodities (like metals) and soft commodities (such as agricultural products).
Preview of Future Episodes:
I tease upcoming discussions on futures options, the Forex market, and stock market indexes.
Outlining the steps for setting up a brokerage account.
Key Insights Recap:
My realization that commodities are basic, interchangeable goods crucial to the global economy.
The importance of uniformity and interchangeability in commodities.
My perspective on the global commodity trading market.
How we, as individuals, can trade commodities through futures contracts, options, and ETFs.
Closing Thoughts:
I wrap up the episode by summarizing my newfound understanding of commodities and their importance in day trading. It's crucial to grasp these basics before diving into more actionable trading strategies.
Subscribe:
Stay tuned and subscribe to the podcast for more insights as I continue my journey from a beginner to a full-time day trader. Check out the links below for additional resources and updates on my progress.
What Are Futures in Trading? Beginner Friendly Guide for Day Traders
00:26:49
Welcome to episode 9 of the "Day Trading For Beginners Podcast." I'm Tyler Stokes from StokesTrades.com, and in this episode we are talking about futures in trading. It is very much a beginner friendly discussion with lots of examples.
Download the 6 Month Blueprint I'm following as a beginner day trader:
What are Futures? An introduction to futures trading, focusing on a beginner-friendly explanation of what futures contracts are and their role in the market.
Real-Life Examples of Futures Contracts: Using oil as the primary example, we discuss how futures contracts operate in practical scenarios.
Hedging and Speculation: Understanding the dual purposes of futures - hedging for producers and speculation for traders like us.
Differences Between Futures and Forward Contracts: A detailed comparison to highlight the unique aspects of each contract type.
Speculating in Futures Trading: A guide to how traders can make profits from short-term price movements in the futures market without dealing with physical commodities.
The Impact of Various Factors on Commodity Prices: Exploring how supply and demand, economic indicators, geopolitical events, weather conditions, currency fluctuations, market sentiment, government policies, and technological changes can influence commodity prices.
Future Plans: Previews of upcoming episodes, including a focus on options trading and video content for a more hands-on learning experience.
Closing Thoughts:
I wrap up this episode by summarizing the key aspects of futures trading and their importance in day trading. It's essential to understand these basics as we continue to explore different trading strategies and tools.
Stay tuned and subscribe to the podcast for more educational episodes. Check out the links below for additional resources and updates on my progress, and be sure to follow me on my other social media channels for more insights into day trading.
What is Short Selling? How to Short a Stock for Beginners
00:25:59
Welcome to episode 10 of the "Day Trading For Beginners Podcast." Today we're going to talk about short selling. If you've ever been baffled by the concept of short selling a stock, this episode is tailor-made for you. We're on a journey to become a full-time day trader, and understanding short selling is crucial.
Download my 6-month blueprint for becoming a full-time day trader:
What is Short Selling?: A beginner-friendly guide to understanding the concept of short selling in the stock market.
Demystifying the Process: How short selling works behind the scenes at your brokerage, including borrowing shares and the seamless electronic process.
Risks and Benefits: Discussing the inherent risks of short selling, such as price fluctuations, and the benefits for both traders and brokerage firms.
Practical Example with Nikola Corporation: A real-life scenario illustrating short selling using the case of Nikola Corporation, explaining the numbers and potential profits.
Community and Resources: Introducing our online community on Skool, a great resource for beginners looking for accountability partners and a supportive learning environment.
Closing Thoughts:
I wrap up this episode by summarizing the key points about short selling, emphasizing its simplicity yet importance in the world of day trading. Understanding this concept is fundamental to exploring various trading strategies.
Subscribe:
Don't miss out on our upcoming episodes, including an introduction to options trading. Stay tuned and subscribe to the podcast for more educational content. Check out the links below for additional resources, including the YouTube channel for a visual guide on short selling, and join our community at StokesTrades.com for a free and welcoming learning experience.
What Are Options? Beginner Friendly Guide for Day Traders
00:21:55
Welcome to episode 11 of the "Day Trading for Beginners Podcast." Today's episode is a beginner-friendly introduction to options trading. We're on a journey to become full-time day traders, and understanding options is a key part of this process.
Download my 6-month blueprint for becoming a full-time day trader:
Introduction to Options: Understanding what options are and how they function as contracts in the stock market.
Types of Options: Exploring call and put options and how they differ in terms of buying and selling stocks.
Key Concepts in Options Trading: Discussing strike price, expiration date, premium, intrinsic value, and time value.
In the Money vs. Out of the Money Options: Explaining what these terms mean and how they relate to options trading strategies.
Examples of Options Trading: Walking through real-life scenarios of buying call and put options, including potential profits and risks.
Options Trading Strategies: Discussing how day traders can use options for speculation and the strategy of selling options before they expire.
Community and Resources: Learn about our online community on the Skool platform, a supportive environment for beginners in day trading.
Closing Thoughts:
In this episode, we've laid out the basics of options trading, an essential concept for aspiring day traders. Remember, options trading can be complex, but starting with a solid understanding of the fundamentals is crucial.
Don't miss out on upcoming episodes where we'll talk more about options trading and other strategies. Subscribe to the podcast for more educational content, and be sure to check out the resources and community at StokesTrades.com for further support on your day trading journey.
Forex Trading for Beginners - An Intro to the FX Market for Day Traders
00:28:01
Welcome to episode 12 where we talk about Forex trading. I'm your host, Tyler Stokes, and as we wrap up the first phase of our journey into day trading, we're exploring the basics of the Forex market—a market to consider for anyone looking to become a full-time day trader.
Download my 6-month blueprint to kickstart your day trading journey:
Introduction to Forex Trading: We start with a beginner-friendly explanation of what the Forex market is and how it operates, using a fun analogy provided by the AI tool Grok.
Understanding Currency Pairs: Learn about the basics of currency pairs, including the base and quote currencies. We discuss how traders make money by predicting the movement of these pairs and how leverage can both amplify profits and losses.
Leverage in Forex Trading: A key concept in Forex trading, leverage allows traders to control large positions with a relatively small amount of capital. We explore the potential benefits and risks associated with using leverage.
Why Forex is Popular Among Beginners: Discover why the Forex market is attractive to beginner day traders, including low entry barriers, the flexibility of a 24-hour market, and the high liquidity that reduces the cost of trading.
Closing Thoughts:
Forex trading offers an exciting opportunity for day traders to diversify their portfolio and engage in the world's largest financial market. While it comes with its own set of challenges, understanding the basics is the first step toward successful trading.
Don't miss out on the next phase of our day trading journey, where we'll recap our learning and take the next steps toward opening a brokerage account. Subscribe to the podcast for more insights into day trading strategies and visit StokesTrades.com for additional resources and support.
My Mindset as I Start My Day Trading Journey + Phase 1 Update!
00:25:33
Welcome to episode 13 of the "Day Trading for Beginners Podcast". As we navigate our journey to becoming full-time day traders, this episode offers a recap of our progress and starts a discussion of the crucial aspect of mindset.
Download My 6-Month Blueprint: Get a detailed guide to the steps I'm taking in my first six months of day trading. Available at StokesTrades.com/blueprint
In This Episode, We Cover:
Journey Recap: A review of our journey so far, from stock market basics to exploring various trading domains like stocks, bonds, ETFs, commodities, futures, short selling, options, and Forex.
Brokerage Account: A teaser for the next episode, where we will discuss everything about choosing your brokerage account, a crucial step in actualizing your day trading aspirations.
Mindset Matters: Discussing the significance of having the right mindset for day trading, emphasizing discipline, minimizing losses, and the importance of a strong psychological foundation.
Common Failures: Exploring why many fail in day trading and how mindset plays a pivotal role in overcoming these challenges.
Process of Wealth Creation: Introducing the five stages of wealth creation, from uninformed optimism to achievement, and the importance of perseverance through the "Valley of Despair."
Personal Reflections: Sharing personal insights into my own weaknesses and how I'm addressing them to strengthen my day trading journey.
Identifying as a Trader: The power of shaping your identity around your goals and how identifying as a trader can help solidify your commitment and discipline.
Closing Thoughts:
Mindset is a cornerstone of successful day trading. Understanding and addressing common pitfalls, alongside personal weaknesses, can significantly influence your trading outcomes. As we continue to learn and grow, embracing the identity of a trader is crucial for long-term success.
Subscribe:
Stay tuned as we transition into actionable steps, starting with choosing your brokerage account in the next episode. Subscribe for more insights into day trading strategies and join our community on Skool for support and accountability on your journey.
Next Episode: Detailed guide on choosing and setting up your brokerage account.
Thanks for listening to episode 13. Remember, day trading is not just about strategies and market analysis. It's also about building a resilient mindset and shaping your identity to align with your trading goals. See you in the next episode!
How to Choose a Broker for Day Trading + My Broker Reveal
00:12:15
Welcome to episode 14 of the "Day Trading for Beginners Podcast." I'm your host, Tyler Stokes, and today we're diving into a critical step for every aspiring day trader: choosing the right broker. Plus, I'll share the broker I've decided to use on my journey to becoming a full-time day trader.
Don't forget to download the 6-month blueprint outlining all the steps I'm taking on this journey.
This blueprint also grants access to our free community on Skool, a space for beginners to connect, share insights, and keep each other accountable, with no sales pitches involved.
In this episode, we explore:
Choosing a Broker: The importance of selecting the right broker as your gateway to the markets. I'll cover the essential features to look for, including the ability to paper trade with real-time data, desktop platform availability, market access, and fee structures.
Why Interactive Brokers?: I reveal my choice of broker and explain why Interactive Brokers stands out, particularly for Canadian traders like myself. I'll quickly discuss their competitive fees, broad market access, and the pros and cons of their platform.
Next Steps: An overview of the upcoming tutorials and video demonstrations on setting up and using Interactive Brokers, ensuring you're well-prepared for paper trading and beyond.
Closing Thoughts:
Choosing the right broker is a foundational step in your day trading journey. It's crucial to select a platform that aligns with your trading goals, offers comprehensive resources for learning, and doesn't eat into your profits with excessive fees.
Stay tuned for our next episode, where I'll guide you through setting up an account with Interactive Brokers, navigating their platform, and embarking on the practical aspects of day trading. Subscribe to the podcast and our YouTube channel for video tutorials and more educational content. Join our community on Skool for access to exclusive lessons and updates.
Stock Market Order Types Explained (Market, Limit, and Stop Orders)
00:23:10
Welcome to episode 15 of the "Day Trading for Beginners Podcast." I'm Tyler Stokes from StokesTrades.com. In this episode, we're reviewing the various order types for buying and selling stocks, a crucial aspect of day trading. As we continue our journey to become full-time day traders, understanding how to effectively use order types is a basic task we need to master.
Download my 6-month blueprint for becoming a full-time day trader:
Market Basics: An introduction to bid price, ask price, and the spread. Understanding these concepts is essential for navigating the stock market.
Liquidity: Discussing the importance of liquidity in stocks and how it affects the spread and your ability to execute orders effectively.
Order Types: A detailed guide to using different order types, including market orders, limit orders, stop orders, and more advanced options like trailing stops and bracket orders.
Market Orders: How they work, when to use them, and the implications of using market orders for liquid and illiquid stocks.
Limit Orders: Explaining buy limit and sell limit orders, including how to set them and the conditions under which they are executed.
Stop Orders: Understanding buy stop and sell stop orders (stop loss) and how they can protect your investments or lock in profits.
Advanced Order Types: Diving into stop limit orders, trailing stop orders, and bracket orders, providing strategies for using these orders to manage risk and secure profits.
Visual Learning: Highlighting the importance of visual aids in understanding order types. A video version of this episode is available on the StokesTrades YouTube channel, featuring whiteboard presentations and live examples from my paper trading account.
Closing Thoughts:
This episode offers a comprehensive overview of the various order types available to traders and how to use them strategically. Whether you're a beginner or looking to refine your trading technique, understanding these tools is crucial.
Stay tuned and subscribe to the podcast for more insights into day trading. Check out the links for additional resources, including the YouTube channel for a visual guide on order types, and join our community at StokesTrades.com for a supportive learning experience.
What is Day Trading? Why is Trader Psychology so Important?
00:30:31
Welcome to episode 16 of the "Day Trading for Beginners Podcast." In today's episode, we review the definition of day trading and the critical role of trading psychology.
Download my 6-Month Blueprint for becoming a full-time day trader:
Understanding Day Trading: An exploration of what day trading truly entails, beyond the simplistic notion of buying and selling financial instruments within a single day. We discuss the speculative nature of day trading, focusing on profiting from short-term price fluctuations through technical analysis, news events, and market sentiment.
Personality Traits for Successful Day Trading: Highlighting key personality traits such as discipline, independence, and decisiveness that align well with the demands of day trading. Understanding that the right mindset and characteristics can significantly impact your trading success.
The Importance of Trading Psychology: Why mindset and psychological preparedness are paramount in day trading. We look into the insights offered by one of the leading books on trading psychology, "Trading in the Zone" by Mark Douglas, focusing on the first chapter's discussion on the psychological aspects that set successful traders apart.
Key Takeaways:
- Day trading is not merely about technical skills. Emotional intelligence, discipline, and a keen understanding of one's psychological responses play a crucial role.
- Successful day traders possess a unique set of attitudes, allowing them to remain disciplined, focused, and confident amidst the market's volatility.
- Embracing and managing risk, rather than fearing it, is essential for achieving consistency and success in trading.
As we continue the journey into day trading, it's clear that mastering the market's technical aspects is just part of the equation. Cultivating the right mindset and overcoming psychological barriers are equally, if not more, important. Stay tuned for upcoming episodes where we'll cover options trading and further explore the mental fortitude required for day trading success.
Don't miss out on future insights and strategies to aid your day trading journey. Subscribe to the podcast for more educational content, and check out the resources and community at StokesTrades.com for a supportive learning experience.
Selling Options Explained - Covered Calls and Cash Secured Puts (Intro Part 2)
00:36:24
Welcome to episode 17 of the "Day Trading for Beginners Podcast." Today, we're continuing our exploration into the world of options trading. This episode can be considered part two of our introduction to options, focusing specifically on selling options, including both call and put options.
Download my 6-Month Blueprint for becoming a full-time day trader:
Selling Options: Building on our initial discussion on options, we now examine selling call and put options. We clarify the concepts of being "covered" versus "naked" in option selling and the implications of each.
Understanding Assignment: A crucial aspect of selling options, we explain what it means to be "assigned" and the responsibilities it entails for the seller.
Risks and Strategies:
Covered Calls: How owning the underlying stock can provide a safety net when selling call options.
Naked Calls: The higher risk associated with selling call options without owning the underlying stock.
Cash-Secured Puts: The benefits and precautions of selling put options when you're prepared to buy the stock at the strike price.
Closing Out Positions: An essential strategy for both buyers and sellers to manage risk and secure profits. We discuss how to "buy to close" your positions and the strategic advantages of doing so.
Key Takeaways:
Selling options can be a strategic way to generate income, but it comes with obligations that traders must understand.
The difference between "covered" and "naked" positions significantly impacts the risk profile of selling options.
Understanding assignment and how to manage your positions through closing strategies is crucial for minimizing risk and maximizing returns.
Resources Mentioned:
Educational websites and YouTube channels for learning about options trading is ideal for this phase of the journey. I emphasize the value of free resources for beginners to grasp the fundamentals without the need for expensive courses.
As we peel back the layers of options trading, it's clear that a solid grasp of the basics is foundational for success. Selling options introduces new dynamics and risks, but with the right knowledge and strategies, it can be a valuable part of your trading arsenal.
Subscribe:
Ensure you don't miss out on further insights into options trading and other day trading strategies by subscribing to the podcast. For a visual learning experience, check out the video version of this episode on the YouTube channel, where I'll break down these concepts with whiteboard examples.
Stay tuned for our next episode, where we'll dive into the pricing of options, including intrinsic and extrinsic values, to further our understanding of options trading.
Option Prices Explained for Beginners - Understand Intrinsic and Extrinsic Values
00:25:15
Welcome to Episode 18 of the "Day Trading for Beginners Podcast". In this episode, we're talking about how options are priced. It's our third chat about options, building on previous ones about what options are and buying and selling them.
Download: If you're walking the same path to become a full-day trader, don't miss my 6-month plan. You can find it at StokesTrades.com/blueprint
What We Cover Today:
Option Prices: Why do you pay what you do for options, whether buying puts or calls?
In the Money, At the Money, Out of the Money: Simple explanations to help you understand these key concepts.
Intrinsic and Extrinsic Values: Breaking down the two main parts that make up an option's price and why it's important.
Time and Volatility's Role: How the time left until an option's expiration and the implied volatility affect its extrinsic value.
Implied Volatility: How the market's guess about a stock's future movement can change the price of options.
Learning Tools: Sharing useful resources and platforms, including a free community platform and an options course module filled with my go-to resources.
Wrapping It Up:
This episode aims to make understanding option pricing straightforward, focusing on intrinsic and extrinsic values—key knowledge for dealing with options.
Stay in Touch:
For more resources, including videos and a community of traders, head over to StokesTrades.com. Let's learn and grow together in trading.
Stay tuned for more simple explanations of trading concepts. Let's make trading easier to understand, one episode at a time.
3 Month Update on My Day Trading Journey + Thoughts on Staying Consistent
00:15:33
Welcome back to the "Day Trading for Beginners Podcast," where we document the journey towards becoming a full-time day trader. Today we're pausing for a moment to reflect on the first 3 months of our journey. As we hit this milestone, it's a perfect time to assess our progress against the 6 Month Blueprint we've set out with and discuss the mental resilience required to pursue day trading or any ambitious goal.
This blueprint is our roadmap for the initial months of our day trading journey, covering everything from the basics of the stock market to setting up a brokerage account and intros to options and technical analysis.
The Importance of Mindset in Day Trading
In one of our previous episodes focused on mindset, we discussed the ups and downs you'll likely face on this journey. March has been a challenging month for me personally, juggling family commitments and unexpected hurdles while staying committed to learning day trading. It's a stark reminder that success is not a straight line but a path filled with setbacks and victories. Remember, persistence and adaptability are key to overcoming the valleys of despair.
Where We Stand
Over the past three months, we've covered a wide range of topics:
Basics of stocks, bonds, ETFs, futures, Forex and options
Choosing a brokerage account and setting up for paper trading
Understanding different types of stock market orders
An introduction into options trading
Looking ahead, we plan to explore the intricacies of technical analysis and the importance of maintaining a trading journal. While we have laid a solid foundation, there's still much to learn, especially about options and developing effective trading strategies.
Staying Consistent
The journey to becoming a proficient day trader is long and requires consistent effort. Regardless of the challenges life throws at us, it's crucial to keep moving forward, learning something new every week. Join me in committing to this process, knowing that each small step takes us closer to our ultimate goal.
Join Our Community
For additional support and resources, consider joining our community on Skool. It's a fantastic space to connect with fellow beginners, find accountability partners, and share your learning progress. Visit StokesTrades.com and click on the community section to join for free.
Looking Forward
Next week, we'll tackle the topic of options and the Greeks, wrapping up our discussion on options by the end of April. As we approach the halfway mark of our 6 month journey, we're gearing up to learn about technical analysis and setting up a trading journal. Stay tuned, and let's keep pushing forward together.
Thank you for tuning in to this week's episode. Don't forget to subscribe to the podcast and check out our YouTube channel for more visual content on day trading. Here's to a productive April and beyond!
Welcome to episode 20 of the "Day Trading for Beginners Podcast." Following our journey through options trading, we've explored buying and selling options and how their prices are determined. Now, it's time to understand the Greeks—key indicators that help predict how option prices might change.
Download the Blueprint:
Ensure you've downloaded the 6 Month Blueprint for an in-depth guide on our trading journey. It's available at StokesTrades.com/blueprint
This Episode Covers:
Introduction to Option Greeks: We break down the concept of Greeks in an easy-to-understand manner, avoiding complex strategies or deep dives into individual Greeks. This episode continues our learning curve on options, setting the stage for future discussions on practical applications within your brokerage account.
The Greeks Simplified: Using analogies, such as comparing the Greeks to flight instruments, we illustrate how they guide traders in navigating the options market. The Greeks—Delta, Gamma, Theta, Vega, and Rho—serve as tools for assessing risk and predicting price movements, similar to how a pilot uses altitude, speed, and fuel gauges.
Delta and Gamma: Learn how Delta acts like a speedometer, showing how fast an option's price might change with the underlying stock, while Gamma indicates the acceleration of Delta itself.
Theta, Vega, and Rho: Understand how Theta measures time decay, Vega shows sensitivity to market volatility, and Rho relates to interest rate changes.
As we wrap up our series on options, stay tuned for a practical guide on locating and trading options within your brokerage account. This upcoming content, including YouTube videos, will demystify the process of using Greeks for real-world trading decisions.
Technical Analysis Ahead: After concluding our discussion on options, we'll venture into technical analysis, marking the next phase of our day trading education.
Resources and Community:
Chat GPT and Learning Tools: Discover how leveraging AI like Chat GPT, along with finance blogs and YouTube channels, can enhance your understanding of complex topics such as option Greeks.
Join Our Community: For more resources and a supportive learning environment, visit our website and join the free community on Skool. Here, you can access all podcasts, videos, and a dedicated section for the resources I've used to learn about options.
Option Spreads for Beginners - Options are Finally Starting to Make Sense!
00:44:15
Welcome back to the "Day Trading for Beginners" podcast! Today's episode, number 21, introduces the basics of option spreads, a crucial topic for those new to trading options. As we approach the end of our comprehensive discussion on options, we're setting the stage for more advanced topics like technical analysis in upcoming episodes.
Introduction to Option Spreads: We break down what option spreads are and how they work. This episode is designed to help beginners understand the structure and utility of spreads in trading options, without diving deep into complex strategies.
Types of Spreads Explained: We cover the three main types of spreads—vertical, horizontal (calendar), and diagonal—using easy-to-understand examples. Each type is explained in detail to ensure clarity on how they differ based on strike prices and expiration dates.
Debit and Credit Spreads: Learn the difference between debit and credit spreads and how they impact your trading account. This part of the discussion aims to clarify common confusions related to these terms, especially for those with a background in finance or accounting.
Practical Examples: We will walk through hypothetical scenarios to illustrate how vertical spreads work compared to buying options outright or purchasing stocks directly. These examples highlight the risk management and cost efficiency of using spreads.
Resources:
Access the "6 Month Blueprint" I've been following, detailing my journey towards becoming a full-time day trader: StokesTrades.com/blueprint
Join our growing community on Skool for free, a platform for learning and sharing about options and day trading. No courses for sale, just a supportive environment to grow as a trader. Hit the Community tab on the website.
Next Steps:
Stay tuned for our next episode where we'll review all we've discussed about options before moving on to technical analysis. Also, look out for visual content on the YouTube channel that complements this discussion with practical demonstrations.
Options 101 - Full Review of Options Before Moving On
00:54:15
Welcome to episode 22 of the "Day Trading for Beginners" podcast. In this episode, we're wrapping up our month-long journey into the fundamentals of options trading. As we near the end of April and prepare to learn about technical analysis and paper trading, it’s the perfect time to review everything we've learned about options.
If you haven't yet, make sure to download The 6 Month Blueprint for becoming a full-time day trader:
Options Trading Recap: Revisiting key concepts covered over the past month, including the basics of options like call and put options, strike prices, premiums, and the significance of expiration dates.
Reviewing Option Prices: We talk about intrinsic and extrinsic values when it comes to pricing options.
Understanding the Greeks and Spreads: A simplified explanation of options pricing dynamics such as Delta, Gamma, Theta, Vega, and Rho, and how they impact trading decisions, as well as a simple example of an option spread.
Join me as I break down these complex topics with straightforward explanations and insights. Whether you're a novice looking to understand the basics or a seasoned trader brushing up on fundamentals, this episode is designed to equip you with the basic knowledge needed to start learning about options trading.
Free Community on Skool: Check out the full options course in our Skool community. It's 100% free. Access the course here.
Don’t forget to subscribe for more insightful episodes like this, and join our growing community on StokesTrades.com to connect with other aspiring traders.
Technical Analysis vs Fundamental Analysis - Price Action Explained
00:32:39
Welcome to episode 23 of the "Day Trading for Beginners" podcast. This is our first Technical Analysis episode. As we transition from our extensive exploration of options, the next two months will be dedicated to mastering technical analysis.
6-Month Blueprint: Check out the detailed plan for becoming a full-time day trader in the show notes or at StokesTrades.com/blueprint.
Join Our Community: Engage with other aspiring traders in our free community on school, where you can share your journey and learn together. Join for free here.
Subscribe to this podcast for more discussions as we continue our journey into the world of day trading. In the next few episodes we'll look into the tools and techniques of technical analysis, focusing on charts, candlesticks, volume, and more. Stay tuned!
Charts and Trends - An Intro to Candlesticks and Trendlines
00:30:34
Welcome to episode 24 of the "Day Trading for Beginners" podcast! In this episode, we're learning more about the fundamentals of technical analysis by exploring candlestick charts and trend lines. I'm Tyler Stokes, and I'm sharing my journey towards becoming a full-time day trader.
If you haven't yet, download the 6 Month Blueprint:
Candlestick Charts: Understanding the anatomy of candlesticks and their significance in technical analysis.
Trends and Trendlines: Learning how to identify and draw trendlines to analyze stock movements.
Key Points:
The Importance of Candlestick Charts: Candlestick charts are a crucial tool for day traders, providing detailed insights into market sentiment and price action.
Drawing Trendlines: How to accurately draw trendlines to identify uptrends, downtrends, and sideways trends.
Horizontal Lines: Using horizontal lines to identify static price points that signify support and resistance levels.
Engage with other aspiring traders in our free community on school, where you can share your journey and learn together. Join for free here.
Subscribe to this podcast for more insightful discussions as we continue our journey into the world of day trading. Next up, we'll discuss support and resistance. Stay tuned!
Support and Resistance for Beginners - A Foundational Component of Technical Analysis
00:21:18
Welcome back to the "Day Trading for Beginners" podcast! I'm Tyler Stokes, and today in episode 25, we discuss the basics of support and resistance, essential concepts in technical analysis for anyone aspiring to become a full-time day trader. If you're new to trading this episode is your stepping stone towards strategy.
Introduction to Support and Resistance: Learn what these terms mean and why they're critical for successful trading.
Practical Insights: Discover how to identify support and resistance levels and use them to make informed trading decisions.
Key Points Covered:
What are Support and Resistance? These are levels on a stock chart where prices tend to stop and reverse, acting as barriers that prevent the price of an asset from getting pushed in a certain direction.
Psychology Behind the Levels: Understanding the market psychology that creates and sustains these levels.
Practical Trading Strategies: How to use support and resistance to forecast potential price movements and plan your trades.
Join Our Community:
Join our free community on the Skool platform where you can share your trading journey, interact with fellow traders, and access all our podcasts and videos as free courses. Join on Skool here.
Subscribe to the podcast for more insightful episodes aimed at helping you navigate the complexities of day trading. Stay tuned for our next episodes where we cover more components of technical analysis.
Technical Indicators and Oscillators - Moving Averages, RSI and MACD (Intros)
00:47:29
Welcome to episode 26 of the "Day Trading for Beginners" podcast. In this episode, we talk about the basics of technical indicators and oscillators, essential tools for anyone interested in technical analysis. We'll focus on 3 popular indicators: Moving Averages, the Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD).
What technical indicators and oscillators are and how they aid in trading decisions.
A brief look at Moving Averages, RSI, and MACD.
Key Topics Discussed:
Technical Indicators and Oscillators:
Definition and importance in day trading.
Explanation of how indicators and oscillators assist in analyzing past and current price actions to predict future movements.
Moving Averages:
Overview of simple and exponential moving averages.
How they smooth price data to show trend directions.
Usage in identifying trends and potential support and resistance levels.
Relative Strength Index (RSI):
Introduction to RSI as an oscillator.
How it measures the speed and changes in price movements.
Interpreting overbought and oversold conditions through RSI values.
Moving Average Convergence Divergence (MACD):
Exploration of MACD's components: the MACD line, signal line, and histogram.
How MACD indicates changes in stock price momentum and direction.
Practical tips on using MACD for spotting buy and sell signals.
Recommendations for Further Learning:
Subscribe to the YouTube channel for detailed visual guides and examples on using these technical indicators.
Join our community on Skool where all content is structured in course format, alongside podcasts and videos for an integrated learning experience.
Download the 6 Month Blueprint from https://stokestrades.com/blueprint to follow a structured path through technical analysis and day trading.
Understanding and utilizing technical indicators and oscillators is crucial for making informed trading decisions. While this podcast provides an introduction, further study and visual learning through videos will enhance your ability to effectively use these tools.
Volume Analysis for Beginners - An Intro to Volume and the VWAP Indicator
00:24:41
Welcome to episode 27 of the "Day Trading for Beginners" podcast. Today, we discuss volume analysis, an essential aspect of trading that goes hand-in-hand with price movements. After discussing technical indicators in our last episode, today's focus shifts to understanding volume and its implications on trading, specifically through the volume weighted average price (VWAP).
Understanding volume alongside price action is crucial for making informed trading decisions. Volume analysis, particularly through indicators like VWAP, provides deeper insights into market dynamics and helps traders gauge the strength and potential sustainability of price movements.
Chart Patterns for Beginners - The Head and Shoulders Pattern Explained
00:32:26
Welcome to episode 28 of the "Day Trading for Beginners" podcast. Today, we explore the concept of chart patterns, focusing on one of the most reliable patterns known as the head and shoulders pattern. This episode will serve as an introduction to chart patterns, providing insights into their formation and implications.
Chart patterns like the head and shoulders provide significant insights into market trends and potential reversals. Understanding these patterns can enhance your trading strategies and decision-making process.
Welcome to a special bonus episode of the "Day Trading for Beginners" podcast. Today, we address a vital question from our community regarding the perceived high failure rate in day trading and whether it should deter aspiring traders.
Day trading, like any high-skill profession, requires dedicated learning and practice.
The perceived high failure rate should not deter motivated individuals who are prepared to invest in their education and manage risks effectively.
Engaging with a supportive community can enhance learning and increase chances of success.
Conclusion:
While day trading presents significant challenges, understanding and navigating these with the right tools and community support can lead to rewarding outcomes. This episode demystifies the journey and encourages traders to pursue their passion with informed strategies and support.
Elliott Wave Theory for Beginners - Intro to the Fibonacci Numbers
00:32:28
Welcome to episode 30 of the "Day Trading for Beginners" podcast. Today, we talk about Elliott Wave Theory, an intriguing concept in technical analysis that could enhance your trading strategies.
Basics of Elliott Wave Theory and its application in the markets.
Understanding impulse waves and corrective waves.
Integration of Fibonacci ratios with Elliott Wave Theory for predicting market movements.
Key Takeaways:
Elliott Wave Theory offers a structured way to understand market dynamics through wave patterns.
Combining Elliott Wave Theory with Fibonacci tools provides a powerful framework for forecasting market trends and making informed trading decisions.
Practical application through resources and live trading examples helps in grasping the complex concepts of the theory.
Conclusion:
Elliott Wave Theory is a compelling analytical tool for traders looking to understand deeper market trends and enhance their trading strategy. While it may appear complex, resources and practical examples can simplify its application for day trading.
Technical Analysis for Beginners - Resources to Help You Get Started
00:34:22
Welcome to episode 31 of the "Day Trading for Beginners" podcast. Today, we're taking a step back to review all the fundamental concepts of technical analysis we've explored so far. This recap will prepare us for the upcoming season finale and help solidify your understanding of the various tools and strategies we've discussed.
Introduction to Technical Analysis: Comparison between technical and fundamental analysis. Key principles of technical analysis: price action, trends, and historical patterns.
Candlestick Patterns: Basics of reading candlestick charts and understanding the market sentiment they convey.
Trends and Trend Lines: Importance of identifying trends and how to accurately draw trend lines to forecast market movements.
Support and Resistance Levels: Techniques for determining where the market will likely encounter support or resistance.
Technical Indicators and Oscillators: Discussion on tools like RSI, MACD, and moving averages that help predict future market movements.
Volume Analysis: The role of trade volume in confirming trends and providing insights into market strength.
Chart Patterns: Introduction to patterns like head and shoulders, which indicate potential market reversals.
Elliott Wave Theory: Overview of Elliott Wave Theory for forecasting market trends based on investor psychology.
Conclusion:
This episode serves as a foundation to reinforce your knowledge and ensure you have a solid understanding of the tools and strategies discussed throughout the season. Whether you're a new listener or need a refresher, this recap will provide you with the insights needed to refine your trading techniques.
Welcome to episode 32 of the "Day Trading for Beginners" podcast, the finale of our first season! Today I'll be recapping our journey since starting in January 2024. I'll share some valuable resources and my personal reflections on how things have gone.
After this episode, we'll take a break for July and August, but don't worry, we'll be back live on September 2nd.
Recap of the Season: We started this journey in January 2024, and now, 6 months later, we're taking a moment to review the progress. This episode will dive into the major steps and topics we've covered, reflecting on what has worked and the lessons learned.
Blueprint for Success: If you haven't already, I highly recommend downloading the 6 Month Blueprint. This document outlines every step I've taken and includes links to all the content created, along with the free courses available on our community platform on Skool. It's completely free and a great tool to stay updated with all the latest revisions and helpful tips.
Personal Journey and Future Plans: As we wrap up the first season, I'll share how my personal commitments and my schedule constraints have influenced my learning pace and study habits. These might be relatable to your personal schedule.
Season 2 Preview: The podcast will resume on September 2nd, marking the start of Season 2. During the break, I’ll be preparing new content and updating our strategy based on the insights and feedback from Season 1. Expect more detailed discussions on technical analysis, options trading, and possibly new trading strategies that align with our growing skills and market insights.
Join Our Community: Don’t forget to join our community on Skool, where you can access all the resources discussed, interact with fellow learners, and find accountability partners to keep you motivated. It’s a great place to share your progress and learn from others’ experiences. You can join for free here.
Stay Connected: Make sure to subscribe to the podcast to get notified when we return for Season 2. All the links and additional resources mentioned in today’s episode are found in the Blueprint.
Thank you for tuning in, and I look forward to kicking off the next phase of our trading journey together in September. Happy studying, and see you soon!
Hi, I'm Tyler Stokes, and I'm thrilled to welcome you back to the "Day Trading for Beginners" podcast. If you're a new listener, I recommend starting with Season 1 and downloading the 6 Month Blueprint to catch up on all we've covered. For those who've been with us, welcome to the next phase where we'll focus on actual day trading strategies.
The WIKI:Download it here (There may be newer versions you can search for on the forum)
Recap and Introduction:
Season 2 is all about moving forward with what we've learned and applying it to day trading strategies. If you're just joining us and feel new to the scene, it's crucial to start from the beginning to build a solid foundation. The 6- Month Blueprint outlines all the essential steps from setting up a brokerage account to understanding the basics of technical analysis.
Strategy Exploration:
The primary goal for this season is to transition from understanding technical tools to learning a trading strategy. We'll explore various strategies, starting with an approach from the RealDayTrading Reddit group's Wiki, which I've found to be a robust starting point.
Paid Resources:
While the initial learning phase can be done for little to nothing, there comes a time when investing in more detailed courses or tools may be beneficial. I'll share my experiences with paid resources that can offer deeper insights into specific strategies or technical setups as the season progresses.
Mindset and Expectations:
It's crucial to maintain a balanced approach between eagerness to progress and realistic pacing. The journey to becoming a proficient trader can take years, and it's important to pace yourself according to your life's commitments and time availability.
Looking Ahead:
In the next episodes, I'll review the specifics of the strategies I'm exploring, including insights from the Wiki and additional resources that may involve some costs but offer substantial educational value IMO. We'll discuss how these strategies can be integrated and adapted to suit individual trading styles and goals.
Stay Tuned:
Thank you for joining me as we kick off Season 2. Be sure to subscribe to the podcast. I look forward to sharing more about my trading strategy explorations and learning experiences in upcoming episodes.
Join Us: Remember to join our free community on Skool for more interactive discussions and shared learning experiences. Here's to a productive season of trading insights and strategy development! See you in the next episode.
Having established a solid foundation over the initial six months, which covered everything from setting up a brokerage and paper trading account to understanding the basics of stocks, options, and technical analysis, the question now is: what's next? How do I decide on a strategy for making trades?
Choosing My First Strategy:
The strategy I've decided to start with comes from the founder of the ReaDayTrading Reddit group, named Hari. He has created a comprehensive guide, or Wiki, which is completely free and appears to offer transparent, valuable insights into day trading.
The Trading Strategy:
This strategy revolves around following the big moves in the market, specifically what large institutions are doing. The theory is that by understanding and mimicking the actions of these major players, smaller traders can find success.
"The edge of this strategy lies in closely tracking the actions of big institutions. These entities have the financial power to significantly influence market movements, and by aligning with their trades, you can leverage their market impact to your advantage."
Exploring Further Strategies:
While I begin with this strategy, I'm also looking into another strategy by a trader named Matt, known as 'The Great Mattsby'. I'll share more about this and compare the two approaches in future episodes, providing insights into why different strategies might appeal to different traders.
Download Resources and Subscribe:
Visit StokesTrades.com/blueprint to download the 6 Month Blueprint for free and subscribe to the podcast to not miss out on forthcoming episodes detailing real day trading strategies and educational content.
How to Tell the Story of a Stock + I Bought a Trading Course
00:13:03
Welcome to another episode of the "Day Trading for Beginners" podcast. In this season, we are discussing strategy. If you're just joining us, be sure to download the 6 Month Blueprint that offers a roadmap for your first steps as a day trader.
The WIKI:Download it here (There may be newer versions you can search for on the forum)
Exploring a New Strategy:
Today’s episode focuses on understanding the 'story' a stock tells through its market behavior, a concept I encountered while studying the strategy guide from the RealDayTrading Reddit group. You can find this guide, which is integral to the strategy we're discussing, linked above.
The Importance of the Stock's Story:
In the guide, there's a section that explains how to interpret the narrative of a stock, exemplified through a case study of Microsoft. The guide stresses the importance of context in evaluating price movements—understanding the 'story' helps distinguish between meaningful trends and market 'noise.' This clarity is crucial for making informed decisions about when to enter or exit trades.
Connection to Another Strategy:
This concept of storytelling in stock analysis reminded me of another trader, Matt, known as 'The Great Mattsby,' whose insights I’ve followed on YouTube and X. Matt has an exceptional knack for breaking down complex market data into understandable narratives. I have no affiliation with Matt, but his expertise in telling the story of a stock and market has significantly influenced my understanding of technical analysis.
Impressed by his approach, I decided to invest in Matt’s course to deepen my knowledge of technical analysis and market patterns. Matt's course offers detailed video lessons on various technical indicators and trading strategies, focusing on market symmetry — recognizing consistent patterns that indicate potential buying or selling opportunities at support and resistance levels.
Matt’s Unique Perspective:
When I asked Matt about his edge in trading, he highlighted his ability to identify market symmetry across different charts, which he believes is crucial for trading without emotion. This skill allows him to execute trades based on solid analytical foundations rather than speculative guesses.
Why This Matters:
Understanding the narrative that charts and market data present can transform how new traders perceive and react to market conditions. This approach not only aids in developing a strategic edge but also aligns with the lessons from the free Wiki guide by providing a structured method to interpret market dynamics.
Looking Ahead:
As we continue to explore these strategies, I plan to integrate insights from both the Wiki and Matt’s t
Welcome to another episode of the "Day Trading for Beginners" podcast. In this short episode, we're going to talk about confluence. If you're just joining us, be sure to download the 6 Month Blueprint that offers a roadmap for your first steps as a day trader.
Confluence in trading refers to a situation where multiple technical indicators or analysis techniques align, suggesting a more robust forecast for market direction. This alignment increases the likelihood of a successful trade by reinforcing the signal strength.
Seeing Confluence in Action:
To observe confluence firsthand, you can use charting tools like TradingView. I've included a link in the show notes for you to access TradingView, where you can sign up for a free account with some limitations. This tool is excellent for visualizing how different indicators converge on a chart to indicate potential trading opportunities.
Why Confluence Matters:
Understanding and identifying confluence is crucial because it helps traders make more informed decisions. Instead of relying on a single indicator, confluence allows you to gather evidence from multiple sources, reducing the risk of false signals and increasing your confidence in executing trades.
Examples of Confluence:
Moving Averages: A bullish signal is reinforced if the price is above both the 50-day and 200-day moving averages, and the shorter moving average crosses above the longer one.
Support and Resistance Levels: A price breaking through a resistance level while other indicators signal a bullish trend can signify a strong upward move.
MACD (Moving Average Convergence Divergence): If the MACD line crosses above the signal line at the same time the price moves above a key moving average, it suggests bullish momentum.
Volume: An increase in trading volume accompanying a price breakout above resistance indicates strong buyer interest and supports the price movement's sustainability.
Ichimoku Cloud: When 3 of the 4 indicators are bullish on the Ichimoku Cloud, and price is above the 50 week moving average, there is confluence among these indicators.
Closing Thoughts:
Today's episode was a concise exploration of confluence, a key concept that you'll encounter repeatedly in your trading journey. By understanding and utilizing confluence, you can enhance the accuracy of your trades and make more strategic decisions.
Win Rates and Ratios - The Keys to Consistent Day Trading Profits
00:21:42
Welcome to season 2 episode 5 of the "Day Trading for Beginners Podcast." This episode focuses on essential trading metrics: win rates and risk-to-reward ratios, crucial for evaluating the effectiveness of your trading strategy.
Today’s Focus – Win Rates and Risk-to-Reward Ratios:
Understanding and calculating win rates and risk-to-reward ratios are fundamental for any trader. These metrics help you gauge the effectiveness of your strategies and manage your trades more precisely.
Win Rates: Your win rate indicates the percentage of trades you win out of the total trades you make. For example, a win rate of 60% means you win 60 out of 100 trades. Aiming for at least a 75% win rate is a good benchmark for consistent profitability.
Risk-to-Reward Ratios: This measures potential gains against potential losses in each trade. A common target is a 2:1 ratio, where you aim to gain $2 for every $1 risked, balancing the occasional losses with more substantial gains.
Trading Tools and Resources:
TradingView: I use TradingView for analyzing trades and setting up charts. It's a powerful tool for seeing how confluence works in action. You can start with a free account. Visit their website here.
TraderSync: To journal my trades and track these metrics over time, I will use TraderSync. It's essential for refining strategies and improving trade outcomes. Visit their website here.
Community Engagement:
Join our Day Trading for Beginners group on Skool where you can connect with other traders, find accountability partners, and access a wealth of shared knowledge.
Closing Thoughts:
Mastering win rates and risk-to-reward ratios not only enhances your trading strategy but also boosts your confidence in making informed trading decisions. These metrics are key to managing your trades and ensuring long-term profitability. You won't master them right away, but overtime you should understand what these are in your own trading.
What is Margin? Margin Calls and Requirements Explained for Beginners
00:32:55
Welcome to episode 6 of the "Day Trading for Beginners Podcast." I'm Tyler Stokes from StokesTrades.com, embarking on a full-time day trading journey. This episode, we're taking a brief pause from strategy discussions to talk about a fundamental concept every trader encounters: margin.
Today’s Topic – Understanding Margin: Margin trading can significantly increase your purchasing power but comes with its risks. This episode will break down the basics of margin, including what it is, margin requirements, margin calls, and how margin impacts buying power.
Key Concepts Covered:
What is Margin? It’s essentially a loan from your brokerage that allows you to buy more stocks than your cash balance would permit. This can amplify both gains and losses.
Margin Requirements: These are the guidelines set by brokers that dictate how much money you must keep in your account to cover your borrowed funds. We'll explain initial and maintenance margins.
Margin Calls: If your account value falls below the required level, you’ll face a margin call, compelling you to deposit more funds or sell some assets.
Buying Power: With margin, your buying power increases, allowing you to hold larger positions than you could with just your cash. However, this also increases your financial exposure.
Understanding the Risks: While margin can expand your investment capabilities, it also enhances potential losses. Managing these risks is crucial, especially for beginners not trading with real money yet.
My Day Trading Setup - Computer, Software and Tools You Need
00:19:21
Welcome to Episode 7 of the "Day Trading for Beginners Podcast." I'm Tyler Stokes from StokesTrades.com, on my journey to becoming a full-time day trader. This episode, we're exploring my initial day trading setup as a beginner who's recently started paper trading.
Setting up your trading environment is crucial as you transition from learning to actual trading. I’ll share the details of my current setup to help you understand what you might need to get started efficiently.
Essential Components of My Setup:
Brokerage Account: I use Interactive Brokers for its robust platform.
Charting Software: I’ve chosen TradingView for its user-friendly interface and comprehensive tools.
Trading Journal: Trader Sync is my choice for tracking trades and analyzing performance.
Scanners and Screeners: I use Interactive Brokers' scanner and TradingView’s screener to identify trading opportunities.
Computer and Monitors: A reliable computer with at least two monitors is crucial for effective trading.
Guidance for Beginners: Don’t feel pressured to have everything figured out immediately. Start with the basics, and as you advance in your trading journey, you can refine your setup. The key is to begin with essential tools that allow you to execute and analyze trades efficiently.
Welcome to Episode 8 of the "Day Trading for Beginners Podcast." I'm Tyler Stokes from StokesTrades.com. As I journey towards becoming a professional day trader, I'm exploring various trading strategies, and in this episode, we'll compare day trading with swing and position trading.
The WIKI:Download it here (There may be newer versions you can search for on the forum)
Today’s Topic – Trading Strategies Compared: Many beginners will likely need to decide whether day trading, swing trading, or position trading suits their lifestyle and goals best. This episode breaks down the differences and shares insights into the strategies I am currently exploring.
My Trading Strategy Exploration:
Day Trading Strategy: Following a strategy from the Real Day Trading Reddit group, focusing on quick, intra-day trades to capitalize on short-term market movements.
Swing/Position Trading Strategy: Inspired by a trader known as The Great Mattsby, this strategy involves holding positions longer to leverage market trends, which I find increasingly appealing.
Key Differences:
Day Trading: Involves buying and selling within the same trading day. Requires intense focus and quick decision-making to exploit small price movements.
Swing Trading: Targets gains over several days to weeks by taking advantage of short to medium-term trends.
Position Trading: The longest-term trading strategy, where traders hold positions for months or even years, based on broader market trends.
PDT Rule Discussion: An essential aspect for day traders to understand is the Pattern Day Trader (PDT) rule, which affects traders using margin accounts in the U.S. by requiring a minimum account balance of $25,000 if executing four or more day trades within five business days.
Choosing the Right Strategy: Deciding on the right trading strategy involves testing and personal reflection. While I began with a focus on day trading, my current study of swing and position trading strategies may influence a shift in my trading approach.
The Strategy I'm Seeing Results With - How it Works
00:19:43
Welcome to Season 2 Episode 9 of the "Day Trading for Beginners" podcast. I'm Tyler Stokes from StokesTrades.com, and as I progress in my journey to become a full-time day trader, I've been exploring various trading strategies. Today, I'll share more specifics about the strategy I'm currently learning, which is more aligned with swing and position trading, though it can be adapted for day trading as well.
Market Symmetry Strategy: The core of this strategy revolves around market symmetry, recognizing patterns that repeat over time. Key components include:
Entry Points: Buy at support levels or after a backtest of a breakout.
Trading Philosophy: Focuses on buying during pullbacks to support levels, utilizing patterns to guide trading decisions without emotional interference.
Tools and Indicators: To implement this strategy effectively, I use several technical tools:
Ichimoku Clouds: Provides a visual representation of support and resistance.
Gann Charts: Used to observe market symmetry and predict future price movements.
Market Structure Analysis: Understanding overall bullish or bearish trends to make informed trading decisions.
Learning from a Pro: I've been learning this strategy from a professional trader known as The Great Mattsby, whose insights on market symmetry have been invaluable. For those interested, I've included links to his resources and Patreon in this write up.
Practical Application: Practicing this strategy in my paper trading account has been immensely beneficial. It's one thing to study a strategy, but applying it practically offers a whole new level of understanding and skill development.
Next Steps: In the upcoming podcast episodes, I'll share my experiences applying these strategies, focusing on the rules I've followed and the common mistakes encountered during live trading sessions.
The Hardest Part About Trading + Rules and Common Mistakes
00:15:48
Welcome to Episode 10 of the "Day Trading for Beginners" podcast. I'm Tyler Stokes from StokesTrades.com, and today, we're diving into the trading rules I'm adhering to, the common mistakes I've encountered, and the challenges of sticking to a strategy. This episode is crucial for anyone on the path to becoming a full-time day trader, offering insights into maintaining discipline amidst market pressures.
Key Trading Rules and Common Mistakes: Trading rules are foundational, yet adhering to them consistently is a struggle many traders face, myself included. Emotional trading, such as reacting impulsively to market changes or doubling down after losses, often leads traders astray. This is why starting with paper trading is vital—it allows you to experience these pressures without the financial fallout.
Essential Trading Rules:
Stick to Your Strategy: Discipline is what separates successful traders from those who fail. It’s about executing your strategy mechanically, without letting emotions get in the way.
Never Chase Prices: Always let the price come to you. Engaging in FOMO leads to entering trades at suboptimal times.
Limit Position Size: Never allocate more than 10% of your portfolio to a single trade. Adjust your investment based on the volatility and your confidence in the trade.
Buy at Support and Sell at Resistance: Avoid trading in uncertain ranges. Clear support and resistance levels offer better probability for successful trades.
Embrace Discomfort: Buying at support levels, especially during dips, can feel counterintuitive and uncomfortable, but it's often where the best opportunities lie.
Implementing Rules and Handling Mistakes: Sticking to these rules is challenging, especially under real market conditions where emotional trading can lead to rash decisions. On Halloween, I was reminded of this when I attempted to buy at what I believed were support levels, only to see the market continue to fall. This experience underscored the importance of not only setting rules but rigidly following them to avoid common pitfalls like overtrading and emotional reactions.
Conclusion: In trading, the technical skills required to analyze the market are crucial, but the ability to maintain a disciplined mindset is equally important. Through paper trading, I've been able to practice and refine my approach without financial risk, preparing me for real-world trading where stakes are higher.
How to Become a Better Trader - Embracing Trading Obstacles with a Zen Approach
00:20:32
Welcome to Episode 11 of the "Day Trading for Beginners" podcast, titled "Embracing Trading Obstacles with a Zen Approach." I'm Tyler Stokes from StokesTrades.com, on my path to becoming a full-time trader. In this season we're talking about strategy and for those interested in the details of the strategy I'm using, check out our free community on Skool. For this episode I want to talk more about the mental side of implementing a strategy, and the two main points are identifying obstacles, and developing a "Zen" approach to trading...
Trading Psychology: Our main topic today revolves around two significant concepts in trading psychology that I've encountered through my readings: "The Obstacle Is the Way" by Ryan Holiday, and "The Zen Trader." Both books offer profound insights into facing challenges not just as barriers but as opportunities for growth and mastery.
The Stoic Philosophy in Trading: The idea that "The Obstacle Is the Way," draws from stoic philosophy, suggesting that what we often see as impediments to our success are actually the paths we need to take. Applied to trading, this means transforming trading challenges into opportunities for developing discipline, patience, and strategic mastery.
Zen Approach to Trading: Alongside stoicism, we explore the Zen approach to trading, which emphasizes introspection and the calm acceptance of market conditions. This method helps in managing our responses to market volatility and maintaining discipline in our trading practices.
Practical Trading Examples: In my own trading, I've identified specific obstacles such as impatience and overallocation. By acknowledging these challenges, I've begun to see them as areas for growth. Addressing these issues head-on helps in refining my trading strategies and improving my overall decision-making process.
Introspection and Growth: I emphasize the importance of introspection in trading—understanding one's emotions, triggers, and habits is crucial for long-term success. Journaling trades and reflecting on trading decisions can significantly enhance one’s strategic approach.
Conclusion: As we wrap up this episode, I reiterate that the true path to trading mastery involves understanding and leveraging one's personal trading obstacles. By adopting a Zen-like mindset and embracing stoic principles, traders can navigate the markets more effectively.
For those looking to dive deeper, I recommend reading "The Zen Trader" and "The Obstacle Is the Way" to get a more comprehensive understanding of how these philosophies can fundamentally improve your trading psychology.
Year In Review - Lessons from My Trading Journey (Season 2 Finale)
00:21:06
Welcome to the "Day Trading for Beginners" podcast, season two, episode 12. Today we're wrapping up the season with a year-in-review episode. As we conclude 2024, a year filled with learning and growth, I want to reflect on the key lessons from my journey toward becoming a full-time day trader and share plans for 2025.
The most significant takeaway this year has been the importance of trading psychology. The mental aspect of trading, including dealing with overtrading, FOMO, and maintaining patience, is crucial. Understanding that opportunities in trading are recurrent and that you don't need to rush or force trades was a pivotal lesson. Many successful traders have experienced significant losses early in their careers, underscoring the importance of psychological resilience and the necessity to stick to your strategy meticulously.
Tools and Strategies
In terms of tools, TradingView has been indispensable for chart analysis, and I recommend it to anyone in the trading field. While paper trading, I realized the importance of not overly stressing about having perfect market data since the strategy I employ doesn’t require split-second decisions typical in day trading or scalping.
Regarding trading strategies, while I began with an intent to day trade, the swing and momentum trading strategies aligned better with my personal and professional schedule. This adaptability is crucial as your trading strategy should complement your lifestyle and availability.
Community and Mentorship
Finding a mentor or joining a community that aligns with your trading goals is vital. However, be cautious as the trading education space can be fraught with expensive and unhelpful courses. The community on Skool, although geared towards beginners, is an excellent start for consistent engagement and learning.
Looking Ahead to 2025
As we move into 2025, I plan to start trading with real money, cautiously and transparently. I intend to share my trades within the community, which will not only help others but also enforce discipline in my trading practices. The next season will focus more on specific trading aspects that we didn't get to cover like market structure and understanding market makers’ influence, which are often overlooked but critical for trading success.
Final Thoughts
For beginners, my advice is to start slowly but remain consistent. Paper trade to make your initial mistakes without financial consequence, and immerse yourself in a community or mentorship to enhance your learning curve. Remember, the journey to becoming a successful trader is marathon, not a sprint.
Thank you for joining me this season. I look forward to delving deeper into practical trading strategies and psychological aspects in season three. D
Season 3 Premier - The Morning Routine for Trading Success
00:27:56
Welcome to the "Day Trading for Beginners" podcast, season three, episode one. Today we're talking about an effective morning routine for traders. As we embark on 2025, it's crucial to establish practices that enhance productivity and set a positive tone for the day, especially for those balancing trading with personal commitments.
The reality is, many of us juggle multiple responsibilities alongside trading, which makes a disciplined start to the day even more valuable. A structured morning routine has transformed my productivity, a practice I honed while running my online business before transitioning to trading.
The Miracle Morning Method
Today, I want to share the Miracle Morning method, which can revolutionize your mornings and can be adapted for trading. The method includes:
Silence (S): Start with meditation or deep breathing to calm the mind and reduce stress, crucial for avoiding emotional trading and just starting your day on the right path.
Affirmations (A): Reinforce your trading goals and mindset with positive affirmations. These help solidify your commitment and focus.
Visualization (V): Picture your trading day unfolding successfully, which can help manifest these outcomes in reality.
Exercise (E): A brief physical activity can energize you and enhance mental clarity.
Reading (R): Spend a few minutes reading something educational or motivational to expand your trading knowledge.
Scribing (S): Journaling your trading plan and reflections can improve discipline and track progress.
Implementing the Routine
This routine doesn’t need to be lengthy; even a condensed version can significantly impact your trading mindset and effectiveness. Tailor it to fit your lifestyle and see how it transforms your productivity and trading discipline.
Adapting to Realities
Life’s unpredictabilities, like family commitments or unexpected illnesses, can disrupt our routines. It’s crucial to maintain a long-term perspective and adapt. Success in trading, like in any professional field, requires persistence and resilience.
Looking Ahead
Throughout this season, we will explore practical trading applications and share real-money trading experiences, documenting the journey in our community on Skool. Join us there for more detailed discussions and to share your progress.
Thanks for tuning in to the first episode of season three. I'm
Market Structure 101 - A Beginner’s Guide to Reading Trends
00:19:37
Welcome back to the "Day Trading For Beginners" podcast! In this episode we're talking about the essentials of market structure -a foundational concept for traders at any level. Whether you’re just starting out or sharpening your skills, I’ll show you how understanding market structure can turn chaotic price charts into a clear story of trends, reversals, and opportunities.
Market Structure Basics: What it is and why it matters for beginners.
Key Terms: Higher highs, higher lows, break of structure (BOS), and change of character (CHoCH).
Trend Identification: How to spot uptrends, downtrends, and consolidation using simple examples.
Timeframe Impact: Why hourly, daily, or weekly charts tell different stories—and how to pick the right one for your strategy.
Practical Tips: How to start analyzing charts with free tools like TradingView and build confidence in your trades.
Takeaway Quote
“Market structure isn’t a mystery—it’s price showing you who’s boss: the buyers or the sellers.”
Next Steps
Grab a chart (try Apple or Tesla!), mark those highs and lows, and start decoding the story. Whether you’re day trading or swinging on higher timeframes, this episode gives you the tools to trade with clarity.
Liquidity Grabs and Market Makers - Decoding Market Tricks
00:21:38
Hi and welcome back to the Day Trading For Beginners podcast! I’m Tyler Stokes from StokesTrades.com, and this is Season 3, Episode 3. Today, I’m talking about liquidity grabs and market makers—two concepts that might sound mysterious but are key to understanding wild price swings. If you’ve ever wondered what a liquidity grab is or who these “market makers” are that people keep talking about, I’ve got you covered.
Liquidity Grabs Explained: What they are, why they happen, and how they look on a chart.
Market Makers Unmasked: Who these big players are and how they pull the strings.
Triggers: How stop-loss orders and leverage liquidations fuel these moves.
Real-World Context: Why March 2025’s sell-off might just be a scare tactic by market makers.
Beginner Tips: How to spot these patterns and avoid panic-selling or chasing highs.
Key Takeaways
I define a liquidity grab as a sharp price detour—dropping below support or spiking past resistance—to scoop up shares or cash, then snap back like nothing happened. Picture a net grabbing what’s available!
These moves often tie to stop-loss orders (e.g., a $49.50 stop below $50 support triggers a sell-off) and leverage liquidations (e.g., Bitcoin dropping from $100K to low $70Ks forces margin sales).
Market makers are the heavy hitters—like Citadel Securities, big banks (JPMorgan, Goldman Sachs), or exchange specialists—keeping markets flowing with deep pockets and fast tech. They spot order clusters and push prices to trigger them, grabbing shares cheap or selling high.
Right now, I see this in action: Bitcoin’s fall to the $70Ks and Tesla’s dip to the low $200s might be market makers scaring retail traders into selling low—only to rebound later.
My advice? Don’t panic-sell at support or chase all-time highs—understanding this can turn confusion into opportunity.
Why It Matters
After a year of studying charts, I’ve learned these swings aren’t random. Market makers exploit fear and greed, especially in the short term, to profit or manage inventory. For beginners, grasping this helps you see past the noise—whether it’s a news scare or a sudden drop—and stick to your strategy. Long-term, fundamentals win, but short-term, these players can shake things up!
Final Thoughts
I hope this clears up liquidity grabs and market makers for you! It’s wild to think this month’s sell-off could just be a big wick by April—proof that fear doesn’t always mean a bear market. (Not financial advice—just my take!)
From Panic to Profit - What Tesla’s $101 Drop Teaches Newbies
00:19:45
Hi and welcome back to the Day Trading For Beginners podcast! I’m Tyler Stokes from StokesTrades.com, and today I’m digging into why markets wear you down and breaking down support zones for new traders. I recorded this on Monday, March 24, 2025—a green day after a rough month. In my last episode, I talked about liquidity grabs, predicting March might end with a rebound. Before that, I covered market structure and high-timeframe support. Now, as we head into April, I’m tying it all together—did March’s dip hold as a base? By the time you hear this, we’ll know if the market bounced back. Either way, I’m here to explain why these ups and downs test your patience and how understanding support zones can keep you sane.
Why Markets Exhaust You: How constant testing of support zones messes with your head.
Support Zones 101: What they are and why they’re key for beginners.
Famous Quotes: Wisdom from Warren Buffett and John Maynard Keynes to guide you.
Capitulation Explained: What it looks like when traders give up—and why it might signal a bottom.
Real Example: My own Tesla capitulation moment in 2023 and what I learned.
Key Takeaways
Markets wear you down by repeatedly testing support zones—think of them as invisible floors (e.g., $45 for a stock) where buyers step in, but the price keeps dipping back to test it. It’s like a ball bouncing over and over, asking, “Will this hold?”
I love Warren Buffett’s line: “The stock market is a device for transferring money from the impatient to the patient.” If you panic-sell at $45 fearing a drop to $40, patient traders win when it rebounds to $48 or higher.
Then there’s John Maynard Keynes’ warning: “The market can remain irrational longer than you can remain solvent.” If $45 breaks and drops to $35 for months, you might run out of cash or nerve—especially on margin.
Capitulation is when everyone panics and sells (e.g., a break from $45 to $40, then $30). It’s scary, but often marks a bottom—like Tesla’s $101 low in January 2023 after a 65% drop, only to rebound to $173 by month-end. I sold some shares there and learned the hard way!
Right now, March 24th feels like a test. If support holds and we’re green into April, it’s a win for patience over panic—maybe even a liquidity grab bottom from last episode.
Why It Matters
Trading’s a mental game as much as a numbers game. Markets test support to shake out the impatient—market makers love this, scooping up cheap shares while we fret. For beginners, knowing this helps you stay calm, spot patterns, and avoid selling low or betting too big. Experience matters—my Tesla flop ta
Welcome back to the Day Trading For Beginners podcast! I’m Tyler Stokes from StokesTrades.com, and this is Season 3, Episode 5—a special one! Today, I’m sharing my real money trading challenge, where I’m putting cash on the line to test my strategy. I’m documenting every step, and you can follow along.
The Challenge: I’m trading real money with my momentum strategy—fully transparent.
Strategy Basics: It’s about buying support, selling resistance.
Rules & Goals: Five core rules to keep me disciplined, plus a Tesla benchmark.
Why Now: Volatile markets could be my chance—or my downfall.
Follow Along: Updates in my Skool group—trades, wins, losses, and lessons.
Key Takeaways
I’m kicking off today, April 7, 2025, with a market symmetry strategy (details in my Skoo group). Every trade—entries, exits, wins, losses—goes public there. Total transparency!
My five rules: 1) Stick to the strategy, 2) Never chase price, 3) Limit position size, 4) Buy at support, sell at resistance, 5) Stay uncomfortable—buy when it’s tough. More in the group!
The fun part: Can I outperform Tesla stock by December 31, 2025? I sold some Tesla shares to fund this (not bearish—just wanted to raise cash!).
Why now? Markets are shaky—S&P’s dropping, tariffs are looming, fear’s everywhere. For a momentum trader, these dips might be golden if I time support zones right.
Not financial advice! I’m a beginner, not an advisor. This is my journey—watch, learn, but trade your own way.
Why It Matters
This challenge is about discipline—sharing every trade keeps me honest (no FOMO slip-ups!). It’s also about teaching—if you’re new, you might pick up something useful. Markets are wild, but I’m betting on patience and smart moves. I’ll lean on analysts for ideas, but every trade’s my call. Good or bad, you’ll see it all—I’m learning as I go!
Final Thoughts
I’m excited to launch this challenge! Will I beat Tesla? Honestly, I’m not sure—Tesla’s my biggest holding, and I think it’ll soar by year-end (not advice!). But this is about testing my skills, staying disciplined, and sharing the ride. Join me in my Skool group for weekly trade updates and monthly portfolio check-ins, wrapping up December 31st. Thanks for listening—let’s see how this goes!
Momentum Trading - I'm Using This Strategy While I Wait to Day Trade
00:15:52
Hi and welcome back to the Day Trading For Beginners podcast! I’m Tyler Stokes from StokesTrades.com, and this is Season 3, Episode 6. Today, I’m breaking down momentum trading, the strategy I’m using in my real money challenge from last week. I’m a beginner on a journey to become a full-time trader, but with my schedule, day trading’s not something I can actively do at the moment. So I'm gaining experience with this strategy.
Momentum Trading Basics: What it is and how it differs from day trading.
Why I Chose It: My schedule led me to this slower, less stressful approach.
How It Works: Buy at support, ride the trend, hold for bigger moves.
Tools I Use: Market structure, moving averages, and more—simple stuff!
Key Takeaways
Momentum trading is about catching strong bull trends—higher highs, higher lows—buying at support when buyers are in charge. Think wealth-building, not quick flips!
I stumbled into it because day trading’s fast pace doesn’t fit my life right now (kids, family, etc.). This strategy mixes swing trading vibes—holding days, weeks, or longer. That being said, you CAN trade this strategy on shorter time frames.
How I do it: Spot bullish structure, buy low at support zones (using tools like Fibonacci, Ichimoku Cloud), and set limit orders at night—no daily stress!
It’s slower than day trading (fast profits, in-and-out) but simpler for beginners IMO. You don’t need to watch every tick—just ride the trend and be patient.
Tie-in: My real money challenge (updates in my Skool Group) uses this strategy—see my trades in action!
Why It Matters
Day trading’s the end goal (at least I think it is right now), but momentum trading fits my reality—less time, less pressure, and still profitable if the trend’s right. For beginners, it’s a gentler start: no lightning-fast moves, just spotting trends and holding on. It’s teaching me patience, planning, and market structure—skills I’ll carry to day trading later. Plus, with markets shaky now (tariffs, flash crashes), buying support could pay off big down the road—not financial advice, just my take!
Final Thoughts
I hope this peek into momentum trading helps! It’s not as flashy as day trading (still my goal!), but it’s working for me—slower, calmer, and wealth-focused. Markets are wild right now, but that’s where support zones shine. Join the Skool Group and follow my real trades and see this strategy play out. Thanks for listening—catch you next episode!
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