How This Millionaire Trader Would Start Over

so if I'm a new guy and I'm able to sit with you right now I'm like hey Tim like what should I do like I really want to get into trading how what are the steps that you take yeah well man I I can think about in terms of like what I would do differently um because things are so different now than when I started you know I started with pump and dumps being a huge thing you know OTC manipulation like crazy and now that Market's a little bit quieter these days aside from like it's occasional you know it occasionally gets hot but sure yeah I mean I think the biggest thing is like if I was starting over now I had a small account I would almost have to rule out Short Selling immediately like it's just the Brokers these days are not built for small accounts Short Selling I would be I'd be doing something similarly like I'd be trying to split my money between a couple different accounts so I'd have you know six day trades per week instead of three yeah it would be entirely focused on the long side and the challenge there I think is that longs are a lot harder than shorts I at least for me I have a lot more trouble you know trying to predict what's today's Runner gonna be versus hey what's today's big extended company with terrible fundamentals that I could try to short you know a little bit less obvious it would have to start with the data I would have to dive straight into you know just probably going to speak or something like that downloading anything I can about like oh let's find each day's Runners and see if I can find things that they had in common like maybe they all were low float you know maybe they all had some sort of breakout early in the morning and then they had some continuation I think one of the most important things for me and this was what was sort of huge for me in growing my account the first time is that I'm not looking for home runs you know like there'll be some occasional home runs that happen naturally but really the first goal was consistency so it was where am I succeeding and you know am I taking a quick predictable piece in the move sure or am I holding out looking for you know that grand slam trade uh like I would draw parallels to how I traded pumps early in my career where a new pump would get announced and sure you know this could be a three-week runner that goes a thousand percent but I'm interested in that predictable five to ten minute Spike right when it's announced like that's the part of the move I want to nail and then I don't care what happens after that so it would have to be something similar with the low floats now I think you know that the small cap Market there still is a ton of volatility a ton of opportunity it's just let's find the predictable parts of the opportunity and that's where I would have to dive in I want to take this time to say thank you to our sponsor Cobra trading Cobra trading is the go-to broker for day Traders and short Sellers and I'm not the only one saying this in fact benzinga awarded Cobra trading as the go-to broker for short selling they have a heavy focus on Direct Market access order routing so you have the fastest execution they have some of the best locate prices and availability they also have amazing customer service I've experienced many different Brokers and it's why I use them every single day and why I'm proud to have them as our sponsor sign up now by clicking the be the trader referral link below and earn one free month of software with Cobra and 25 off all commissions now let's get back to the show would there be any other steps when it comes to like I don't know if you're a reader I don't know but there are there any books that would have stood out to you maybe that you would read right away if you were new I mean I didn't get much from books the first time around um it was more useful to me in the middle of my career when I needed to fix my you know psychology sure then it was that was daily trading coach um that was a great book for sure 100 honestly if I'm starting over if I've limited money I don't know if I'm even signing up for a service I think there's so much free content out there these days on YouTube um I think I'm just you know scouring YouTube channels looking for anybody who's you know a reputable long Trader and when I say reputable I mean it's very very important to make sure that you are not diving into someone's videos where they make their money because they piggyback off of you know all their sheep pushing the play after they announce a pick yeah there's way too much of that out there these days and that's so hard to how would someone distinguish that like as a new person like they don't you don't know you know you really it's really hard to see that I think I think you kind of just have to look at you know maybe look at their page a little bit like what are they trying to sell or like if it's really you know like oh we give alerts we have Trail alerts you can follow our alerts like that's a bad sign you know and you know what it could also be opportunity because what if what if that's your little two to three minute scalp opportunity right there if you try to figure out how to be quicker than the next guy you know following some guy's alert and then selling it a couple minutes later you know it's just more like okay I'm not going to get sucked into this to the extent of oh let's follow this guy's alert and then wait until he says he sold and then it's time to sell and do thing for a thing what he said um I mean I would be much more interested in trying to learn patterns that people teach you know a lot of people have put in a lot of time and done a lot of work trying to figure out the market yeah and then some of the some of them are kind of scammy some of them are you know nice enough to try to share and give back and help others out um so you know just lots of lots of screen time lots of YouTube lots of you know just figure out where can I find something that clicks and gives me a little bit of an aha moment you know something that stood out to me though is when you said I wouldn't be going for home runs and when you said that I'm very curious would you say you wouldn't be as focused on the idea of I need to make three to one two to one and you would just be more focused on I need to be consistent is that what you mean I'm just curious yeah I think because of my history and how I kind of started I was I was a lot more of a win rate person than a risk reward person I mean I don't think either approach is wrong sure but I think with the small account where you have the limited trades you know you probably want to be right more often than not and uh with the consistency also comes confidence it'd be you know I I think you almost more look for the home runs if you're looking for a three to one risk reward because that's what I used to marry you yeah so and the problem with that is that some markets are great for home runs some markets are not so like maybe you can get something that averages to three to one overall over the course of a year but what if you're starting and you're in a cold environment and those big wins aren't there well then you're just taking paper cut paper cut paper cut paper and if you're new and you only have a limited Supply that's really tough oh yeah and like we talked in a previous episode about confidence now I can really start to just derail you even if you have something that works that could be a quick recipe to be out of the game for sure for sure so I I definitely think I'd be trying to keep it too let's have a high win rate let's try to be consistent and let's keep a narrow Focus you know one to two setups at most and then you know once you start to get your feet under you Branch out from there that's that's a part of the process I would repeat over yeah 100 I'm glad you said it's I I wanted to say it but I didn't want to say it so I'm glad you did because it helps me understand how I think because I know I've ran into the issue personally where I was always stuck on three to one two to one three to one three to one and and it works until it doesn't and then you start to realize like I think I'm just shooting for home runs at least for me that was a weakness of mine because I was constantly going for three to one and then I'd have great trades I'll be up one to one 1.5 and I'm like now I'm going for three to one only and then that slowly evolved for me as going for home runs yeah so new Uniondale down the head so thank you so much for sharing that because it helps me see it again from a different person's perspective and it helps me see like okay I need to make adjustments too so thanks again brother if you have any questions at all check out Tim grittani we're gonna have links to the social media below but again thanks again bro thank you for watching to the end of this video I want to let you know that we want to help you reach your 2023 goals by giving away 10 bullet journals one every single day until January 20th Monday through Friday all you have to do is comment below why you think you should win and click the link to enter thanks

Channel: B The Trader

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Keywords: day trading for beginners, day trading strategies, learn to day trade, beginner trading stocks, stock market for beginners, how to trade penny stocks, how to make money trading stocks online, day trading for dummies, day trading tips, day trading tips for beginners, learn to trade penny stocks, learn to trade stocks, learn how to day trade penny stocks, trading live, live trading, day trading, stock tradin, bthetrader, b the trader, bthestory, b the story

Id: rd0r6CXbDQo

Length: 7min 49sec (469 seconds)

Published: Wed Jan 18 2023