9 Biggest Lies About Day Trading...

recently there's been a lot of myths regarding day trading I've been hearing all sorts of nonsense and in this video I basically want to debunk majority of the ones that I've heard so with that being said let's dive right into it myth number one you have to day trade every single day now this is very very false this is extremely wrong I've been day trading for over 10 years and honestly there's times I don't take on a single trade for weeks or days and so on the reason for that is I wait for the market

to present an opportunity and I execute on the opportunity so we as Traders we trade opportunity we don't trade just to trade right and a lot of unprofitable Traders they are just putting on trades they put on trades so you don't have to trade every single day guys you you take what the market gives you and you execute upon that myth number two is you need a lot of money to start day trading or trading in general that's also false because I've seen Traders with a thousand dollars two thousand dollars that have done very very

well for themselves obviously it has taken time I don't want to give you guys a false notion that you're going to start with a thousand or two thousand dollars and you will become millionaires no that is not what I'm saying what I'm saying is you can open a day trading account tomorrow with a couple of hundred or thousand dollars and get started now if you don't want to put money and you can also start a paper trading account meaning you can trade markets with fake money just to get experience just to get you know things

going and understanding the market so no I don't believe you need a lot of money to make money yes if you have more money your returns will be bigger your gains will be bigger but doesn't mean you won't be profitable or you won't make money this one's my favorite a Holy Grail strategy I always hear straight Traders or people saying what is the secret strategy what is the secret indicator what's the secret one thing I need to become profitable and I'm like I don't know where people hear this stuff from or who tells them this

nonsense but there is no such thing as a secret strategy there's no such thing as like a secret holy grail anything it just doesn't exist the markets are Ever Changing there's new opportunities new approaches to the market and our job as retail Traders is to be able to recognize those opportunities and execute all that there's no such thing as a special indicator there's no such thing as a special uh strategy that will consistently work and work in the market all the time and making money like don't even look for that and if you're looking for

that I promise you looking for the wrong thing that is not going to get you to a profitability point of view I have another video breaking down what you as a beginner should look for uh I'm gonna put it up somewhere here check it out but for now just just don't focus on looking for a single strategy so this myth carries from my last myth which is indicators are nonsense so indicators are great tools I I see Traders even when I first started trading the first thing I would do is I would go add so

many indicators to my charts and be like well this indicator is going to tell me this that indicator is going to tell me this and it'll give me the perfect entry and exit way right and guys let me tell you like it it just doesn't exist the problem with indicators is that they are lagging indications of the market like indicators showcase their movements after price has formulated right so think about that for a second price needs to formulate and then indicators start moving out of the way they will be according to price so indicators you

can look them look at them as cool training wheels but indicators are not like a forward moving indication of what will happen it does show you what has happened and you can kind of gauge off that a little bit but don't look for indicators as as like the main thing to help you identify where to buy where to sell and just get the perfect entry and exit signals because once again that doesn't exist and this one's actually my favorite uh I I hear Traders talk about this all the time if I had a better laptop

if I had like six screens if I had a better this I would become profitable if you can't become profitable on a single laptop at one screen why do you think having four screens will make you more profitable like yes having more screens somewhat could be beneficial but I don't think as a Trader you need more than two screens and I think two screens are enough but once again if you have one screen like one display monitor and you're trading off that in my opinion that is enough for you to make money and get started

right once you get make money and once you get started yes you can add another screen but that is not something that holds you back from being profitable and I see Traders doing it all the time well I need to get the newest computer I need to get the best screens once I have this once I have that I'll make money no if you can't make money with your current you know environment settings and things you have you won't automatically make more money with a better computers more screens next myth is that you need a

college degree I've heard this a few times that hey uh do I need a college degree I can't get started I can't you know get started in trading and you actually don't need a college degree you can go right now you can go open up a trading account get started legitimately in the next five minutes which it sounds great but that's also one downfall of day trading right because of how easily accessible it is right but ultimately you don't need a college degree you don't need any source of Education in that department or any licenses

to go and day trade for yourself you can open an account in less than five minutes and get started so this myth goes back to what I was saying before that you need a lot of money and I hear Traders go into like hey if I have more money I'll be able to make uh you know I'll actually be able to make money I have 500 and with 500 I can't make money at all or with the thousand dollars I can't make money at all yes with a thousand dollars or 500 you maybe won't make

as much as money with someone that has 10 20 30 40 000 right but you can make money and one way to offset that is instead of looking at your dollar gains of how much you're making on a Dollar by Dollar basis look at it from percent gains or look at it from our multiple point of view meaning how should I look at my risk for how should I look at my trades from a risk perspective or a percentage view because think about it if you can make 10 on a thousand dollars that's a that's

a hundred dollars right doesn't out a lot on a thousand dollar account now imagine you make ten percent on a hundred thousand dollar account now you made ten thousand dollars same percentage just different account sizes but once again if you have a smaller account don't say I'm not profitable because I have a smaller account no focus on the percentage gains and focus on the r multiple instead of the dollar value this one is actually the craziest one I hear all the time that trading is easy you go to you go to ninety percent of YouTube

videos you go to ninety percent of things in social media all you hear is trading is easy guys I'll be the first to tell you trading is hard trading is very difficult if you are not ready to go through hell basically right just stop day trading just stop I will be the first to tell you just quit leave stop why because day trading is so so difficult because not only are you competing with the market you're competing with something bigger than the market and that's yourself you're fighting with your inner demons all the inner problems

you have they show out in day trading when you are trading you are putting positions on you start realizing all your flaws all your emotional battles and struggles it all starts showing up on the screen on your p l and in your trading and I've seen it happen to so many Traders well they put on some positions and the moment they get into trades they become an emotional wreck SO trading is not easy trading is extremely difficult and if you are looking to get started or you are started just make sure you put that in

your head instead of thinking oh this is going to be a walk in the park this guy said to buy this at this point and sell at that point with the special indicator doesn't exist I'm sorry to break it to you does not exist so focus on the hardcore truth of trading and that it is hard and if anyone tells you it's easy just just just stop watching them just just look away so this myth has happened a lot in 2020 2021 2020 even a little bit now we saw an influx of retail Traders into

the market and all we see is what goes down will go up so you see some names like Peloton right Peloton was at 160 you had Zoom you had um a lot of other names such as a firm going up at massive valuations and people keep averaging down why because hey if I buy more at this price it's cheaper it's better than what it was before and I'm like no that's not how it works like yes you hear that the stock market eventually goes up that's the overall Market that's the S P 500 that's not

individual stocks there's so many stocks that have went up at such a high AI valuation and then never get back there again look at GoPro for example right so because you get into a stock and it is now cheaper than where you got in before don't say it will go up don't say it is cheaper now that's not the case and a lot of new Traders do that and they just burn their money by doubling down and reinvesting into some names and it's like yes if you're gonna do that do that with good names solid

companies right you have let's say apple you have Amazon you have maybe Tesla depending on what you consider solid or not I don't want to kind of share what I think is solid or not but with that it's different but overall just be careful on buying things over and over again because they're now cheaper than where you got in so I just wanted to debunk all of these myths I know I hear about them so often and they're just not real and I just want to share this with you guys because I hate when I

hear some of these uh you know myths about day trading because I have been doing it for a really really long time so I just wanted to share that with you guys and with that being said uh let me know what myths you guys have heard what do you guys think about what I've shared and if you guys like the video please give it a thumbs up and I will see you guys on the next video