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So you want to start day trading?
Many people would like to learn trading, but often don’t know where to start, or they start by making some very dangerous mistakes. New traders may start with the wrong trading platform: a software or platform that does not support Hotkeys or that does not have access to real time Nasdaq data. They cannot get in and out of trades quickly and they lose money, and wonder how experienced traders can be trading so fast.
Many new traders use platforms or brokers that do not offer them important trading indicators such as the Volume Weighted Average Price or VWAP. They lose their money because they cannot analyze the market properly during the day.
Some traders start trading alone in their home office and do not seek any support from a mentor or a community of traders. They do not know where to ask their questions. The emotional pressure of trading will overwhelm them and eventually they are forced to give up their dream.
Often people start trading with real money from day 1, without any previous practice in simulators. They take a bad loss and lose all of their hard-earned family savings. They take a large position on a very volatile stock and blow up their account (meaning lose it all), because they did not practice proper entry, stop loss, and position sizing in a simulator. They have to say good-bye to trading before they even have a chance to grasp its potential.
Our founder, Andrew personally lost thousands of dollars because of a lack of these: a systematic education, practice in a simulator and the support of a like-minded community at the beginning of his trading career. One of the reasons he launched BearBullTraders is to help you not to suffer the same brutal experiences that he did.
Remember: There is more than one way to learn trading, and there is definitely more than one correct way. The following is our suggested approach for starting a career in day trading. You may of course find different but equally correct ways to learn trading from others.
Our Education Center:
|DAS Trader Pro Risk Controls||Learn how to set up Risk Controls in DAS Trader Pro. Risk Controls enforce limitations such as maximum daily loss, maximum shares traded per day, etc.||06:19|
|Understanding and Setting Up DAS||An introduction to the DAS platform including information on how to set up and configure various settings.||14:22|
|How to Create a New Scanner in Trade Ideas||Learn how to create a new scan (in this example, 5 and 15 minute Opening Range Breakouts) and follow along with a step-by-step guide to changing the configurations in Trade Ideas.||18:30|
|Understanding NASDAQ Level 2 Signals||Andrew discusses a Level 2 signal he observed during his live trading.||15:51|
|How to Create Multiple Montage Windows and Hotkey Buttons in DAS Level 2||Learn how to create multiple Montage Windows as well as how to create Hotkey buttons in newly added DAS Montage Level 2 windows.||12:10|
|Class 1: How to Trade in Simulator and Introduction to DAS||Learn what to expect from simulator trading and how to correctly set up your DAS platform.||54:40|
|Class 2: How to Find Stocks in Play and Support and Resistance Levels||Learn how to find Stocks in Play to watch based on Gappers and pre-market activity, as well as how to find and plot support and resistance levels on your charts.||1:06:43|
|Class 3: Orders, Level 2, Candlesticks, Price Action, Trade Management||Learn about orders, Level 2, price action, trade management and using candlesticks for day trading.||57:22|
|Class 4: Day Trading Strategies and Examples||Learn important day trading strategies: ABCD Patterns, Opening Range Breakouts, VWAP Reversals, VWAP False Breakouts, VWAP Moving Average Trends||1:22:59|
|Class 5: Risk Management||Learn about some essential risk management strategies and concepts.||20:11|
|How to Place a Stop Loss in DAS||Learn how to set up a stop loss in DAS for an open position.||08:23|
|How to Place Both a Stop Loss and Profit Target in DAS||Learn how to place a stop loss order and profit target with a stop range order.||07:30|
|Averaging Down vs. Adding More in a Pull Back||Learn the difference between “averaging down” and “adding more on a pullback”.||17:53|
|Understanding Order Flow and Time and Sales||Learn how to use Time and Sales and what information can be gleaned from it.||05:55|
|Bearish Engulfing Crack Strategy||Robert H discusses the Bearish Engulfing Crack strategy and how to trade it.||12:51|
|Download: Andrew’s Trade Ideas Scanners and Settings||Download a document with the breakdown of all of the different Trade Ideas settings and Trade Ideas scans that Andrew uses.||—|
|Download: Andrew’s DAS Trader Pro Layout and Hotkeys||Download Andrew’s DAS Trader Pro Layout and Hotkeys files.||—|
Psychology Resources (Robert’s Rants)
|Pilot Episode: Patience and Perspective (Pilot)||Robert H discusses the psychological and emotional aspects of day trading. Pilot Episode: Patience and Perspective.||15:30|
|Episode 2: Emotions and Trading||Robert H discusses the psychological and emotional aspects of day trading. Episode 2: Emotions and Trading.||18:48|
|Episode 3: Addiction, Rehab and Relapse||Robert H discusses the psychological and emotional aspects of day trading. Episode 3: Addiction, Rehab and Relapse.||36:20|
|Episode 4: Peak Regression||Robert H discusses the psychological and emotional aspects of day trading. Episode 4: Peak Regression||13:06|
|Episode 5: Peak Performance||Robert H discusses the psychological and emotional aspects of day trading. Episode 5: Peak Performance||27:09|
|Episode 6: Perseverance and Failure||Robert H discusses the psychological and emotional aspects of day trading. Episode 6: Perseverance and Failure||36:41|
|Episode 7: Breaking Rules||Robert H discusses the psychological and emotional aspects of day trading. Episode 7: Breaking Rules||24:12|
|One Trader’s Journey||Robert H discusses his journey of overcoming the steep learning curve in trading as well as conquering his biggest trading challenge: himself.||42:41|