Episodes
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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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
TradingView Charting Software: Start a free trial here
TraderSync Trading Journal: Visit the official website here
Resources Mentioned:
Detailed Trading Rules and Mistakes: See this post in our group here.
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
TradingView Charting Software: Start a free trial here
TraderSync Trading Journal: Visit the official website here
Resources Mentioned:
Market Symmetry Strategy Explained: See this post in our group here.
Market Symmetry Strategy: The core of this strategy revolves around market symmetry, recognizing patterns that repeat over time. Key components include:
Ichimoku Clouds: Provides a visual representation of support and resistance.Fibonacci Retracements: Helps identify potential reversal points.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.
Tools and Indicators: To implement this strategy effectively, I use several technical tools:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
Episodes manquant?
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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.
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
TradingView Charting Software: Start a free trial here
TraderSync Trading Journal: Visit the official website here
Resources Mentioned:
Market Symmetry Strategy Explained: See this post in our group here.
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: 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.
Key Differences:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
TradingView Charting Software: Start a free trial here
TraderSync Trading Journal: Visit the official website here
Our Free Community on Skool: See this post in our group here.
All Resources:
https://stokestrades.com/day-trading-setup/
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.
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.
Essential Components of My Setup: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.
Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
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.
TradingView Charting Software: Start a free trial here
TraderSync Trading Journal: Visit the official website here
Our Free Community on Skool: See this post in our group here.
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:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
TradingView Charting Software: Start a free trial here
TraderSync Trading Journal: Visit the official website here
Our Free Community on Skool: See this post in our group here.
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.
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.
Trading Tools and Resources:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
TradingView Charting Software: Start a free trial here
The WIKI: Download it here (There may be newer versions you can search for on the forum)
Our Free Community on Skool: See this post in our group here.
What is Confluence?
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: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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
TradingView Charting Software: Start a free trial here
The WIKI: Download it here (There may be newer versions you can search for on the forum)
Visit Matt on YouTube hereVisit Matt on X here
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.
Learning from Matt: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 teachings to enhance our trading toolkit. The upcoming episodes will delve deeper into specific strategies and tools that canWebsite and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
Welcome back to the "Day Trading for Beginners" podcast. Today, we reveal the first day trading strategy I'm exploring.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
TradingView Charting Software: Start a free trial here
The WIKI: Download it here (There may be newer versions you can search for on the forum)
Resource: Relative Strength and Weakness Explained
Transitioning from Basics to Strategy:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
TradingView Charting Software: Start a free trial here
Resource: Technical Analysis for Beginners
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
***All resources and links mentioned are found in the Blueprint. Download it for free here.***
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!
Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Key Resources:
Download the 6 Month Blueprint
Content Hub Page on Technical Analysis
Community on Skool - Technical Analysis Course and Resources
Technical Analysis of the Financial Markets (Textbook)
Free Charting Software - TradingView.com
Topics Covered: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.
Season 1 finale episode is next!Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
Full Article: https://stokestrades.com/elliott-wave-theory/What You Will Learn:
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.
Resources:
TSLA Tracker on X: https://x.com/SBZung
Slideshow Presentation: Fibonacci Pinball
Educational Site: https://www.elliottwavetrader.net/
Charting Software: https://TradingView.comWebsite and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Join Our Community Here: https://www.skool.com/day-trading-for-beginners
YouTube Video: David Goggins: How to Build Immense Inner Strength
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.
Key Takeaways:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
Textbook Recommendation: Technical Analysis of the Financial Markets
Introduction to chart patterns, particularly the head and shoulders pattern.Understanding the reliability and implications of recognizing such patterns.Resources for further learning and visualization of chart patterns.
What You Will Learn:
Overview of Chart Patterns:Definition and importance of chart patterns in technical analysis.Introduction to the head and shoulders pattern as a key reversal pattern.Head and Shoulders Pattern:Detailed explanation of the head and shoulders pattern formation.Understanding the components: left shoulder, head, right shoulder, and neckline.Implications of the pattern on trading and market trends.Resources for Further Learning:Recommendation of the textbook "Technical Analysis of the Financial Markets" for deeper insights.Encouragement to check visual resources on YouTube and other platforms for better understanding.
Key Topics Discussed:
Check out the full article here:
https://stokestrades.com/chart-patterns-and-reversals
Conclusion:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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).
Basics of volume in trading.Detailed exploration of the Volume Weighted Average Price (VWAP) indicator.How volume can influence trading decisions.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
Watch the Video Here: https://youtu.be/FGzRClvw-30
Sign Up for TradingView Here: https://tradingview.com
What You Will Learn:
Introduction to Volume Analysis:Understanding the role of volume in trading.The significance of volume in assessing market trends and reversals.Volume Weighted Average Price (VWAP):Explanation of VWAP and its calculation.Practical applications and how it differs from other volume indicators.Implications of Volume in Trading:How volume can confirm trends or signal potential reversals.Divergence between volume and price movements and what it indicates.
Key Topics Discussed:
Visit our YouTube channel for visual explanations of volume analysis and indicators.Download the 6 Month Blueprint from StokesTrades.com/blueprint for a comprehensive guide and additional resources used in my trading journey.Full article with table and images: https://stokestrades.com/volume-analysis
Recommended Resources:
Conclusion:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
Watch the video on YouTube: https://youtu.be/PhzO7iTBoMs
Sign up for TradingView: https://tradingview.com
What You Will Learn:
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.
Key Topics Discussed:
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.
Recommendations for Further Learning:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Download the 6 Month Blueprint: https://stokestrades.com/blueprint
In This Episode:
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.
Key Points Covered:
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.Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
Candlestick Charts Video: Watch now.Trends and Trendlines Video: Watch now.
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:
https://stokestrades.com/blueprint
Related Videos on YouTube:
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.
In This Episode:
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.
Key Points:
Additional Resources:
Book Recommendation: Technical Analysis of the Financial Markets
(This is an Amazon affiliate link)
Full article here: https://stokestrades.com/trends-and-trendlines
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 insightful discussions as we continue our journey into the world of day trading. Next up, we'll discuss support and resistance. Stay tuned!Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners -
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.
Technical Analysis vs. Fundamental Analysis: Understanding the differences and why technical analysis is crucial for day traders.Introduction to Price Action: Exploring the concept of price action and its significance in predicting market movements.Setting Expectations: Preparing for the intensive study required to grasp technical analysis and its applications in trading.
Don't forget to download the 6 Month Blueprint:
https://stokestrades.com/blueprint
In This Episode:
Understanding Technical Analysis: Discover what it is and the main components we will be studying in the future. The Importance of Price Movements: Learning to focus on price action rather than getting bogged down by the overwhelming amount of market data.
Key Points:
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.
Additional Resources:
Book Recommendation: Technical Analysis of the Financial Markets
(This is an Amazon affiliate link)
Read the full article here:
https://stokestrades.com/technical-analysis-vs-fundamental-analysis
Watch on YouTube:
https://youtu.be/xJHKxfEMw2YSubscribe 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!
Website and Other Social Accounts:
https://stokestrades.com/
https://www.youtube.com/@StokesTrades
Join Our Free Community on SKOOL:
https://www.skool.com/day-trading-for-beginners - Montre plus
