Day Trading for Beginners

By: Tyler Stokes
  • Summary

  • Welcome to "Day Trading for Beginners," hosted by Tyler Stokes of StokesTrades.com. This podcast is a real-time chronicle of my journey into the world of day trading, starting from the very basics. As I navigate this new venture, I invite you to learn alongside me, sharing both the triumphs and challenges that come with becoming a proficient day trader.

    In "Day Trading for Beginners," you'll get an authentic, behind-the-scenes look at what it really takes to succeed as a day trader. Each episode is designed to demystify the process of day trading, breaking down complex concepts into manageable, beginner-friendly lessons. From the initial decision to trade, to setting up the right tools and strategies, this podcast covers it all.

    What sets this podcast apart is its focus on learning through experience. As a seasoned affiliate marketer and entrepreneur, I approach day trading with a beginner's mindset, offering unique insights and honest reflections on each step of the journey. Whether it's dissecting YouTube tutorials, exploring online resources, or delving into technical analysis, I bring you along for every part of the process.

    Listeners can expect:

    - Practical insights into starting and succeeding in day trading.
    - Honest reviews of resources, tools, and strategies.
    - A step-by-step guide to building a solid foundation in trading.
    - An engaging narrative of my personal day trading journey, including the ups, downs, and everything in-between.

    "Day Trading for Beginners" is more than just a podcast - it's a community for aspiring traders to learn, grow, and succeed together. Join me, Tyler Stokes, as I take on the challenge of mastering day trading, and let's embark on this educational adventure together. Subscribe now and be part of this exciting journey!

    © 2024 Day Trading for Beginners
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Episodes
  • Day Trading vs Swing Trading + The PDT Rule
    Oct 28 2024

    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.


    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 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.


    Key Differences:

    • 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.



    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

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    19 mins
  • My Day Trading Setup - Computer, Software and Tools You Need
    Oct 14 2024

    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.


    Essential Components of My Setup:

    • 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.

    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

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    19 mins
  • What is Margin? Margin Calls and Requirements Explained for Beginners
    Oct 7 2024

    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

    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:

    • 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.



    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

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    33 mins

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