Ultimate roadmap learning path to become a day trader
This guide includes all the things you need to learn plus resources to actually become a trader get the most out of financial market and keep doing it for lifetime.
Before I mention the steps there are some things you need to understand:
- More than half of traders loose money and yes it will be always a fact.
- You still be profitable even if you loose sometimes and yes you will loose continuously
- Its all about tip those who act on time and with focus win it
- Make a habit with trading hours which is 24/7 but do not let it interrupt your lifestyle
Now lets start once you create your account at broker or exchange first thing is to get familiar with the layout always start with 100 bucks not more not less because first time chances are you are gonna loose.Once you get familiar with the market and start searching about how do the traders make money there tons of tutorial on youtube most of them are not something you can rely on everytime just remeber these two things:
- Market always shows a unique pattern with 60–70 percent repeat and 30–40% different move which kind of looks like same pattern when you look at chart but its different everytime but it fits the context that is you can not tell someone way of making money off the market is stupid or wrong become all methods fits the context eventually.
- Aim for 10–20% roe weekly believe once you set up the loop its the best deal you can get. Do not aim for more nor go away with less than this.
The first thing many traders are familiar with is trading signals you need to get them as many as you can get I know not all likes it but reason for this once learn how to trade on your own you can make decision without wasting time hunting for trades. Try to find free sources of signals if your margin is not that big enough there are plenty of sources on internet you can google that thing spent some time check the sources see if you can rely on it or not but do not follow them blindly. This same goes for the market analyst blogs youtube channels etc
Keep an eye on Big Giants
You do not need to stick to the charts all the time but you need to check the big assets like and s&p , dollar index and major crypto assets and crypto indexes daily with your own analysis what I do is I observe the market every morning then see if it is moving like I thinking few next candles gives me the idea to filter which trading signals to follow or which not.
Concepts to learn
First of all you need to learn about the chaotic nature of market little bit about the financial time series what is skewness variance mean this is difficult for those who are not familiar with statistics but these are key fundamentals and once you get a little bit of knowledge about it then this can give you an edge along with many other tools
The patterns you need to learn all of them along with harmonic why I do not think that the pattern work but I think sometimes they symbolize there is an edge for the price or many people act on it simple science is that if something is going downward wait for the bullish pattern to appear if price is moving upward wait for the bearish pattern to appear.
Study in detail the concepts of supply and demand volume analysis and wyckoff these thing teach you great deal about basic economics concept highly used in the market some people consider wyckoff just a pattern but its far more than that you can get plenty of resources on youtube.
Tools and indicator:
Best tools that actually works are pitchfork , fibinocci and rsi you got to practice them and you will amaze how actually they work if are used correctly do not waste your time in useless indicator.
Good youtube channels to follow:
Wyckoff trading method, Fractal flow , Secret mindset, Bitcoin trading challenge, calculating wealth , chart champions and benjamin cowen i usually watch every videos of these channels following them from a long time and they are extremely helpful
Psychology is king do not forget to study about market makers strategy and how manupilation is done in market because that happens a lot