Frequently Asked Questions
How much does it cost? It's free to learn. That's right, you do not need to purchase a course online. You do not pay me a dime, it is a joy to me to help people enjoy financial freedom.
What kind of stock trading are you teaching? I teach day trading only which is buying and selling stocks on the same day. Sometimes it is necessary to hold onto a stock for several days or weeks before selling it. I include this aspect of trading as part of a day trade - one might think of it as an extended day trade.
What kind of things will I learn? I share everything that I have learned including; the indicators that I use, how to spot buy signals and sell signals, identifying patterns and trends, the role that volume plays, etc. In addition to helping you personally; I review specific stock charts, make recommendations to watch certain stock trading videos on You Tube, and websites that I have found to be helpful for day trading.
How do I find good stocks to trade? I will show you how to set up customized scanners that search the stock market for stocks that meet various conditions. Also there are many preset scanners that you can use. You add these stocks to your watchlist and begin watching both the information and stock charts looking for an opportunity to make a trade.
Will you tell me when to buy a stock and when to sell? No, my objective is to teach you how to become a good trader on your own. You must learn to make your own good trading decisions. Confidence in your own abilities as a trader is very important.
Will I lose money? Yes, everyone even the professionals lose money. Making a losing trade is very useful in becoming a good trader. You must always learn from your mistakes by asking, what did I do wrong - what did I miss? As you become a better trader then losing money becomes a non-issue because you are focused on making more good trades than bad ones. There is a technique to minimize losses. It's very important to learn this and practice it.
How much money can I make? That is like asking how much money can a waiter make. A lot of people lose money usually because they just want to trade, they don't want to learn to trade. I tell people starting out to focus on learning to make good trades - do not focus on the money. Income as a day trader depends largely on 3 factors: how well you learn to trade, how much money you have in your account, and how well you manage the risks as you make trades. A lot of experienced day traders set a goal of $200-$500/day and aggressive traders can make $1,000 a day and more.
How much time does it take to learn? Based on my personal experience, two hours a day is the minimum to become somewhat accomplished as a trader within six months. The more you put into it the more you will get out of it. The plans of the diligent lead surely to plenty, but those of everyone who is hasty, surely to poverty. (Prov.21:5)
How much money do I need to have to make trades? I suggest starting out with just $1,000.00. There are usually many trades available with stocks that are less than $5. You should not make real trades with real money until you have become accomplished at making paper trades (practice or simulated trades.).
If I do this, is it a business, are there clients, do I need a license? No, this is not a business, there are no clients, you do not need a license. This is simply managing your own money in your own account.
Would I have access to the money in my account? Absolutely. Your trading account is like a bank account. You can transfer money into your account at anytime and you can transfer available cash out of your account at any time. (Available cash is money that is not being used to complete a trade.)
Can I do this while traveling or living abroad. As far as I know you can as long as you can get internet service. Since you would be accessing U.S. stock exchanges you might have to be trading at odd hours if you are in a different time zone.
Do I have to do this during market hours? Since I am teaching day trading you must trade during market hours. Premarket is from 7 AM to 9:30 AM; regular market hours are 9:30 AM to 4 PM, and extended hours are 4PM to 8PM (all hours are given in Eastern Standard Time which is the time used for trading.) The best trades occur usually between 7AM Eastern and 1 PM Eastern.
What are the keys to becoming a successful day trader? First, you absolutely must learn all you can about day trading even before opening a trading account. Second, you absolutely must practice trading by writing down your trades on paper. The first is knowledge the second is learning the skillful and consistent application of that knowledge using a real time stock chart.
What broker should I use to open my account? I highly recommend opening an account with TD Ameritrade and learn to use their Think Or Swim Trading platform (software). I have used five different trading platforms and have found Think or Swim to be the best one that I have found. I do not work for them, I am just sharing my experience openly and honestly. Plus it is best if you use what I am using so we can communicate clearly.
What kind of equipment do I need? I recommend that you use two 27" monitors so you have enough space to look at 3 or 4 stock charts. The charts also have rows at the top for making changes to the charts as well as buttons used for making trades, as well as other things you can place at the bottom of the chart so you do need all the space that a 27" monitor offers. You can hook them up to a laptop or a desktop computer. You need a mouse (not a touchscreen) and keyboard. A special workplace to set it all up is helpful with lighting that does not glare on your monitors.
Is day trading gambling? Gambling is wagering a bet on a game of chance. Day trading is buying a product (shares) and then selling them for more than you paid for them. It is similar to what every retail store does and what every car dealer does. They usually hold their products for some time whereas in day trading you are looking to buy shares when they are undervalued and then sell them when they are more highly valued within one day or less. Sometimes a trade may last only a few seconds or a few minutes, but usually a trade lasts thirty minutes to several hours.
What kind of stock trading are you teaching? I teach day trading only which is buying and selling stocks on the same day. Sometimes it is necessary to hold onto a stock for several days or weeks before selling it. I include this aspect of trading as part of a day trade - one might think of it as an extended day trade.
What kind of things will I learn? I share everything that I have learned including; the indicators that I use, how to spot buy signals and sell signals, identifying patterns and trends, the role that volume plays, etc. In addition to helping you personally; I review specific stock charts, make recommendations to watch certain stock trading videos on You Tube, and websites that I have found to be helpful for day trading.
How do I find good stocks to trade? I will show you how to set up customized scanners that search the stock market for stocks that meet various conditions. Also there are many preset scanners that you can use. You add these stocks to your watchlist and begin watching both the information and stock charts looking for an opportunity to make a trade.
Will you tell me when to buy a stock and when to sell? No, my objective is to teach you how to become a good trader on your own. You must learn to make your own good trading decisions. Confidence in your own abilities as a trader is very important.
Will I lose money? Yes, everyone even the professionals lose money. Making a losing trade is very useful in becoming a good trader. You must always learn from your mistakes by asking, what did I do wrong - what did I miss? As you become a better trader then losing money becomes a non-issue because you are focused on making more good trades than bad ones. There is a technique to minimize losses. It's very important to learn this and practice it.
How much money can I make? That is like asking how much money can a waiter make. A lot of people lose money usually because they just want to trade, they don't want to learn to trade. I tell people starting out to focus on learning to make good trades - do not focus on the money. Income as a day trader depends largely on 3 factors: how well you learn to trade, how much money you have in your account, and how well you manage the risks as you make trades. A lot of experienced day traders set a goal of $200-$500/day and aggressive traders can make $1,000 a day and more.
How much time does it take to learn? Based on my personal experience, two hours a day is the minimum to become somewhat accomplished as a trader within six months. The more you put into it the more you will get out of it. The plans of the diligent lead surely to plenty, but those of everyone who is hasty, surely to poverty. (Prov.21:5)
How much money do I need to have to make trades? I suggest starting out with just $1,000.00. There are usually many trades available with stocks that are less than $5. You should not make real trades with real money until you have become accomplished at making paper trades (practice or simulated trades.).
If I do this, is it a business, are there clients, do I need a license? No, this is not a business, there are no clients, you do not need a license. This is simply managing your own money in your own account.
Would I have access to the money in my account? Absolutely. Your trading account is like a bank account. You can transfer money into your account at anytime and you can transfer available cash out of your account at any time. (Available cash is money that is not being used to complete a trade.)
Can I do this while traveling or living abroad. As far as I know you can as long as you can get internet service. Since you would be accessing U.S. stock exchanges you might have to be trading at odd hours if you are in a different time zone.
Do I have to do this during market hours? Since I am teaching day trading you must trade during market hours. Premarket is from 7 AM to 9:30 AM; regular market hours are 9:30 AM to 4 PM, and extended hours are 4PM to 8PM (all hours are given in Eastern Standard Time which is the time used for trading.) The best trades occur usually between 7AM Eastern and 1 PM Eastern.
What are the keys to becoming a successful day trader? First, you absolutely must learn all you can about day trading even before opening a trading account. Second, you absolutely must practice trading by writing down your trades on paper. The first is knowledge the second is learning the skillful and consistent application of that knowledge using a real time stock chart.
What broker should I use to open my account? I highly recommend opening an account with TD Ameritrade and learn to use their Think Or Swim Trading platform (software). I have used five different trading platforms and have found Think or Swim to be the best one that I have found. I do not work for them, I am just sharing my experience openly and honestly. Plus it is best if you use what I am using so we can communicate clearly.
What kind of equipment do I need? I recommend that you use two 27" monitors so you have enough space to look at 3 or 4 stock charts. The charts also have rows at the top for making changes to the charts as well as buttons used for making trades, as well as other things you can place at the bottom of the chart so you do need all the space that a 27" monitor offers. You can hook them up to a laptop or a desktop computer. You need a mouse (not a touchscreen) and keyboard. A special workplace to set it all up is helpful with lighting that does not glare on your monitors.
Is day trading gambling? Gambling is wagering a bet on a game of chance. Day trading is buying a product (shares) and then selling them for more than you paid for them. It is similar to what every retail store does and what every car dealer does. They usually hold their products for some time whereas in day trading you are looking to buy shares when they are undervalued and then sell them when they are more highly valued within one day or less. Sometimes a trade may last only a few seconds or a few minutes, but usually a trade lasts thirty minutes to several hours.
