Frequently Asked Questions
What kind of stock trading are you teaching? I teach day trading only which is buying and selling stocks on the same day. This is not buying and selling stocks for other people, this is simply managing your own money in your own account.
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 find helpful for day trading.
How do I find good stocks to trade? Everyone who has shown an interest in learning how to day trade will be added as a member to my private stock trading group on Facebook. Everything I mentioned above is posted there organized in units. Every morning all members receive a list of stocks that have potential for making good trades. This is sent via Facebook messenger.
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. A person going to medical school who is focused on how much he might make as a doctor will probably end up being a very poor doctor. Focusing on learning good medicine, surgical skills, and knowledge will result in being a successful doctor. 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 much you are willing to risk each day. A lot of experienced day traders (3+ years) 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 by the end of the first year. 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? You will need to open a trading account with a broker. It is just like opening a bank account. It's your account and the money you put into it is yours. You can open an account with ETrade with just $500 and begin practice trading using a trading simulator called paper trading. Then when you are ready to trade with real money you can either start small and build up your account or transfer some money into your account. Many people start trading with as little as $1,000.00.
Do I have to do this during market hours? At first you can learn on your own schedule. When you open a trading account and are ready to paper trade and make real trades then you must do that during market hours (for day trading). Premarket is 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.)
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 with a paper trading account. The first is knowledge the second is learning the skillful and consistent application of that knowledge using a real time stock chart.