How To Buy Stocks For Beginners 📈 OPENING A TRADING ACCOUNT

 How To Buy Stocks For Beginners 📈 OPENING A TRADING ACCOUNT

How's it going today guys so I have another video here and this is actually something that a what have you guys who watch my channel sent me a question wanted me to explain basically how you go about opening up your first trading account and it's really cool that I got this message because a lot of the times I don't know what you guys want to see and this is something I would have never thought of because I did this so long ago I opened my first trading account over a year and a half ago so it didn't really occur to me that this would be something somebody might want to know like how to go about doing this so if you guys have any other questions that you want me to answer so you know send me a message on youtube you know probably the best way to get a hold of me is on Twitter because I'm most active on that some of you message there and if you have something you want me to cover in a video I'll try to work it in somewhere to explain things to you guys better but what we're going to be talking about is how to open up a trading account and some of the stuff that's involved with that process so the first step with this is um you want to have a cash cushion and here's why I actually made this mistake myself if you don't have enough money to cover all of your possible expenses for the next six months you shouldn't be trading because here's what's going to happen if you're investing money that you might need in a pinch you could get caught in a situation where you have to sell regardless of if the market is up or if the market is down this happened to me because I was um I had too much money tied up in one of my mutual funds and I was buying a car at the time and I didn't have enough money to cover the taxes and DMV fees because I really never thought of it so I had to go oh I bet herself some of my mutual fund and I didn't have the ability to see if it was a good time or a bad time to sell I had no choice I had to sell because I needed to cash within like a week and there was no other way for me to get so you don't want to tie up money that you could possibly need because then you're going to put yourself in a bad situation where the markets down and you have no choice you need to cash you're taking a loss at that point so your first step with opening a trading account is to make sure you have a six month cushion in place but as far as it goes for beginning trading trading for beginners you know if you're just getting started and as far as everyone I know but they mostly use these online discount brokers I mean there are some people who have like a live stock broker you know you go call them up on the phone and make your trades but for the most part um it's just added steps in the process these days I mean if you want really specialized advice and if you want some market insight sometimes people will go for a human stock broker you know somebody who actually can talk to but for the most part if you're just looking to trade stocks kind of for fun or just as a hobby you're going to use an online discount broker and these are like the most common ones that I see people using I'll let you know which one I use too just so you know but fidelity is pretty popular Charles Schwab TD Ameritrade etrade and Scott trade for me I use Scott trade because what I was looking for was like the cheapest cost for trading and a low cash balance carry some of these brokers require you to carry a large cash balance so that's this is the thing with this guy's you want to do your research with these um see what they all have to offer you because everybody has a unique situation whether or not you're bringing in a large cash balance so that's how much you're depositing into the account so let's say somebody was depositing fifty thousand dollars and then there's somebody else depositing two thousand dollars um there's going to be different advantages to these brokers so you're going to want to do your research with that for me I chose Scott trade because they had a low trading fee of seven dollars a trade and they made I don't know if they were going to change that by the time you're watching this video but I'm pretty sure it's been seven dollars a trade for a good while now so I would be surprised to change that and they also didn't charge like a maintenance fee I know some of these accounts if your cash balance goes too low they're going to charge you a maintenance fee which is going to be wiping out your account every month so you don't want to be dealing with that so do your research when it comes to deciding on what broker you want to go with and there's a lot of websites you can go on that just compare all of them so you don't have to go comb through all of the websites there's ones that lay it all out for you so that's nice so as far as the steps go we kind of talked about the first one already where you want to build up your cushion a six-month cushion that way you're not in a pinch when you have to sell you know you don't want to be in that situation guys trust me your second step is to decide on an online discount broker I'm assuming that most of you are going to go this route because the human brokers as far as trading individual stocks it's really just makes the process a lot slower I mean if you wanted to sell your stock would you rather log onto your computer and sell or pick up your phone call your stockbroker tell him hey sell this so that he gets on his computer it sells it just adds steps to the process and for the most part human stockbrokers are a lot more expensive so you don't want to hang more Commission usually than you have to so then the third step is actually opening your trading account and a lot of people don't realize this but there's a lot of information they need from you in order to open that account I know for me um I was all excited about trading I was like ready to rock and roll and it was like pump the brakes man we got to like verify your identity I think it took over two weeks to get my account activated because I had to mail in a form send in copies of my license sending a copy of I'm eight I mean don't quote me on this but I made up said didn't like my birth certificate to they need some serious information for me to verify my identity because I didn't have any buying history at the time so there was nothing to go off of as far as my identity but the most common information they'll need from you is your social security number or your tax ID a license or passport a copy of that generally they want to know what your employment status is they want to know your annual income as well as your net worth and they also want to know what your investment objective is so you know popular true you know that's where you kind of choose what your strategy is if you're speculative if you're betting if you're investing in futures they kind of just want to know what type of investment you'll be doing they really do ask for a lot of information the reason they need your social security number is because you're going to be paying income tax on your returns let's say you make money out of stock you're going to pay taxes on at the end of the year that's why they need to have your tax ID or your social security number in order to you know send that over to the IRS to make sure that they get their fair share of that money okay so that keep in mind like I said can be anywhere from I don't know a week to maybe even a month I don't mind took at least two weeks as far as I remember so plan on this step here taking you you know at least two weeks as far as opening your trading account goes okay so then at this point you have your trading account set up your fourth step is going to be transferring your funds the way I do it is just for my checking account so like when I set up my trading account I just did my account number my routing number and then I think after three days or so that was active and I could you know send money in or request money but you can also if you want to do a check you can mail a check-in where you can do a Western Union cash transfer I have a mutual phone with Franklin Templeton and I know for that account I mailed a check just because that was the way I did that and it works just the same as doing it through checking maybe it took a little bit longer but there's generally a couple different ways you can transfer funds into your account so then step number five on this is when you have opened your account you have money and they're ready to go your fifth step five and six are very important I won't explain what your fifth step is to familiarize yourself with stock market order types now if you guys want more clarification on this I actually just finished my e-book on my stock market trading strategy guide and I will link that up in the description there should be a button on the top as well somewhere there if you want to learn more about that but in that ebook I actually go in-depth about stock market order types and watch which ones would be best for you but there's other resources available too when I'm sure any stock market broker any stock broker I mean any online discount broker they're going to have like a website set up to educate you because they don't want you just screwing around and losing all your money because they're making money off of you when you're trading so if you make two trades and you accidentally did the wrong order type and then you end up closing your account you know they want you to stay there they want you to be a happy trader because they make money from the addition of the traits so that step 5 is familiarize yourself with stock market order types because there are a lot of different ones and I made mistakes before too with not realizing what the order exactly meant doing like limit orders trailing stops it gets very confusing there's a lot to it so you really want to know what you're doing with that and then step number 6 very important step familiarize yourself with the trading platform um you don't want to be like ready to sell your stock this is your this is like okay I got my profit here I want to sell my stock and then go oh crap how do I sell you want to know exactly how to sell your stock that way you can just log on quick and unload it um another point or two I want to add I didn't have it on the board here but most of these online discount brokers have an app you can download on your phone I know Scottrade does so I can do all my trading right for my smartphone which is cool so it's not a bad idea to have that app as well if you want to log on quick and do your trades from wherever you are if you're not going to be stuck at your desk all day or whatever it may be and then there's a couple of other things I wanted to talk about as far as trading accounts go um they all have a different policy for the most part on your uninvested cash I don't know how big of a factor this is for you but some of them will put it into what's called like it's like a cash pool and they will basically give you a small like interest rate or dividend in exchange for you having your cash there so that way you maybe you might want to consider if you're going to have that captian in there for a long time what the interest rate is based on the different brokers they might have different interest rates and some of them may not even have that policy of what they're doing with your uninvested cash the other thing to when you're making your account this is very very important if you want to open a cash account versus a margin account the way a cash account works is when you buy a stock buy shares of a stock you're paying for the stock at the time of purchase in full with cash in your account when you open a large an account your stock broker is giving you a loan on the funds that you put in so it's possible that you may put in $10,000 and then you're going to get a loan of $10,000 in the margin account so your buying power is actually twenty thousand at that point however ten thousands a loan for the most part I'm going to say like 99.9% of beginning traders don't do this this is a good way to really lose a lot of money and end up in debt here's a major problem with a margin account there's something called a margin call and every stockbroker has a different policy on this but what this generally allows the broker to do is if your stock goes way down they can call you up on the phone and say you need to deposit cash by the end of the day because we don't trust you to make the payment or this is even worse they may have the ability to sell any securities in your account to cover the loss so you could be trading a stock on margin have it fallen value they'll sell off shares of a completely different stock to cover that loss um not something the average investor wants to be involved with nothing lie that would scare the crap out of me that's why I would recommend a cash account to pretty much everyone I'm going to say that right now I don't even know any beginner that I would recommend a margin account to I don't mess around margin accounts I don't think I ever will to be honest with you but that's pretty much it guys that's like your steps to opening a trading account like I said Scott trade is the platform that I use and I know a lot of people who use these other ones too and I just want to throw out there too I'm not like getting paid by Scott trade or anything to help you know to mention them in this video I just like to be transparent about exactly what I'm doing is I think it helps you guys out more and then like I mentioned earlier in the video if you guys are interested I do have my ebook on my stock market trading strategy and that's pretty much what I learned over many months of reading books and guides and talking to stock market traders and investors I compiled all the best information into this eBook and it pretty much lays out my exact stock market trading strategy and I've been able to make consistent profits every week trading stocks and I only spend about an hour to a week doing it so it's a nice little income source for me it can be for a lot of people it's really not that hard to do it but I hope this helps you guys out as far as um getting your account opened up and getting started out with stock market trading and like I said if you have any other topics you want me to cover please drop a comment below or send me a message and let me know I'll be happy to do that thank you guys for watching


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7 Forex Trading Tips and Tricks (Become a Better Trader Overnight)

7 Forex Trading Tips and Tricks (Become a Better Trader Overnight)

what is happening my friend so in this video I want to share with you seven of my best trading tips sure that will improve your trading results to keep watching ok then the first forex trading tip that I have for you is the number one type your treats near the structure of the market then let me share with you how not to do it right then first and foremost right often the marketers will look for a certain chat then let's say for example, rate 1 here is your stop loss the green is your entry point and blue is your tick called profit level so traders would see this chat and they say oh man's price is you know descending lower and lower let me know hop about what before me I know I miss the move so they go long in the green area right half of their stop loss at the red level, which is a distance from the highs and then, they aim at the closest down swing right which is a very common thing that you know the marketers would do but when you look at this a risk of rewarding the right prospect you can see there you are in fact risking this much you are risking much to make this very right, I would say risking a dollar to make like 40 cents right to really sure if you want to improve your risk of rewarding you want to trade close to the structure of the market which is the example I want to share with you this here is a lot better because if you look at it right now your stop loss level is at the same level as your profit level of the tick is at the same level here as well and the only difference is now that you are entering into a Very favorable trading venue you are entering into a market structure in this case, close to the right resistance you will not necessarily shorten right because you can want to wait for a standard reversal of candlestick as a shooting star a low engulfing pattern before you kosher then maybe the price can rise higher and then kissed down and close lower, from here you can see that not from a risk to reward point of view let's say you know it shuts down you come in somewhere here your stop loss is still at this level okay, let me just remove some line track, let's see what happens now is that you know it's not going to use a sell limit order you let the price rise and then go down and close the smaller somewhere you then your entry now be somewhere here and your stop loss is now here now that's your risk and your reward is now from your entry point to your target profit so now you can see that you're risking a dollar to maybe make a fifty dollar or even two bucks okay your risk to rec ompensa has been improved just because you are trading near market structures so that is what I mean by number one right you want to trade close to market structure to improve your risk to reward in your tree well so that is the first tip I have for you the second tip is this is that you want trade breaks with accumulate then what is built right let me explain to those of you who have been following me for a while now you are already a pro in this so a build it simply means writing a tight consolidation where the range of the candles gets smaller and smaller so you can see that here this blue box this is what we call a buildup on here this here is a sign of force cause if you think about it right price and resistance would generally have pressure on the right sellers looking for short resistance like for example in the previous example right I said no comerc iante may want to consider reducing a resistance in its market structure now what happens is if after knowing ten candles 1520 candles the price is still hovering in resistance which tells you well this tells you that the selling pressure is unable to push lower price that is because there are merchants are willing to buy and this higher prices is so the price can go down so this is a sign of strength because you know the price is still hovering a resistance certain buyers are willing to buy these higher prices willing to buy in front of resistance because they have the expectation that the price will break okay so this is a sign of strength whenever you see the price make forming a

accumulation well over here just before the leak this is a sign of strength in a market is likely to break another further variation of that right is what we call higher loss in resistance this is a sign of strength also notice that you see higher lows lowest highs lowest lows higher in resistance The concept is a bit similar to build but this time around is saying that buyers are willing to buy at higher prices that is why you see the higher basses resistance right then this is also another sign of right force and this is the tip for you the fourth tip that I want to share with you is what I call the first indentation so many times right the price that can end and if you break right you may have missed the right move if you did not get the break up, but do not worry because more often than not the right price will give you the chance to get back in r to catch the trend so in this case you can use the first pullback technique that I am about to share with you so you can see that here the price you did go out well then those of you who lost the move do not worry because more here the market offered you're an opportunity to get the long right by forming a bit of aa bull flag standard so what you can do is treat the first pullback the price does not break above this high swing you can look to stay very long, possibly your stop loss you know only at a distance from this low maybe somewhere here right a damper away from this low swing so this is what I mean with the first indent so do not worry, you know if you lose the Sure getaway rates there is always opportunity I want to say that there is a good chance that you can have opportunity to climb bought and catch the train well so this is the fourth tip for you the prime iro rewind the fifth thing i want to share with you is to set your stop loss immediately from the market structure because often what the traders do is say that we say the market is at a good interval they go long right price reaches the higher they go a lot more here where they put a stop loss they put a stop loss just below this level of support and that happens well the market could just as well not to lower lower trigger your stop the loss of ending continue more so it's okay so you do not want to put your stop-loss just below support or just above resistance is like asking the market you know comes my stop loss then I take my money it's free just fill your truth you do not want it so what you want to do is set your stop loss some distance from the market structure so how do you make it very simple you can see here in this example, the market here is someone in a range all the right marketers can see that you know it is in a certain price support area tested once twice three times well then you know four times well so that we can see that now this candle is over here this low has practically taken it down here here is lows here this loss and this loss here so this candle has practically cleared all the stop-loss right the stop-loss cluster below this area, so that's why I say you know you want to set your stop loss some distance from the market structure as you do this is very simple you Firstly you can only use the eyeball just look at the chat and see okay let's just give a certain distance from you I know from here to here I'll set my stop-loss somewhere right here is what you can do alternatively, you can use an indicator like the true true range that instead measures the volatility of the market r toss this indicator you are going to give you a certain X value call so what you choose is the right x value you can click what is this down to the right and then minus X so if the value is the price of market support level is one hundred dollars and let's say that X is ten dollars right you put your support at ninety dollars pretty simple, so that's how you really protect yourself from standing still hunted okay so that's the fifth tip I want share with you set your stops away from the market structure the sixth tip I want to share with you is a right entry technique to profit from the traders who break and then B will trap here is how it works so that's what I call it of Falls break the setup so you can see here resistance market area broke of resistance on this candle you can imagine this really at a point in time this candle was looking bullish at go so okay sorry, let me just redraw this search bullish something so the market has not closed yet

any middle way right troll a sure day the sellers to control push the lowest price and finally straighten closed so closed so that's why you got that candle here this can here's pretty much it can not here at one point instead I was really very optimistic my buyers are in the control stack merchants on the trail let's keep going going to the moon and then suddenly revert and closed lower here so you can see that the psychology of the markets now what happened is that the fugue traders who are long and now crawl because they buy the leak in a market makes reefer of 180 degrees so they are now stuck and if you think this same where did the trail traders put their stop loss The chances are that they might be this low here or even here for those of those who are really very conservative So what you can expect is that if the right market the price should conti nuar minor will hit this stop the others these sell stop orders which is the stop-loss orders of the escape traders and you would induce more sales pressure then that is why you can expect the market to continue lower is not guaranteed right , but it is a good chance that you will continue neither after that a false standard brick price so we can use this our fake break as well as an input trigger for you We know get you bought trends you know how long your poo bags and stuff like that is very useful and tree technique to use and this is a psychology behind the setup of fake bricks and the last tip I want to share with you is this even use limit order for a better reason to reward your strokes then let me share with you an example so you can see more here all right this is a euro yen chart for our time, as I know why it's okay here, then this is a very typical setup that marketers would treat prices in a certain support area coming through a support area now this step you test once and twice you may well ruin your your level of support that will be quite obvious and then this high-flap reversal is so high right it's suddenly just what you know massive reversal and close near this treble here now if you follow the techniques I'll share with you you want to set your stop- loss just below the level of support right you want to set some way cap so let's say you put it somewhere here now if this is going to be your stop loss, let's call it L and this is going to be yours entry, you can see that your risk your potential risk in this tree is very large well, you can see that this is the distance of your stop the loss of very very large right and if you do not want to change it and I can understand that because you know if you have a higher stop loss you have to reduce your size of the position so you know you still have to have a good risk management right you might not want to take one to take the trade because the stop loss is very big so what you can do is use a limit order to have a stop loss of title and to the right you can increase your position size on this stroke so that an example is let me just change that color let's say you decides to use a limb in order and you put him say a limit order somewhere here as you know a Fibonacci level as maybe justic of this low swing to swing high and you identify the 50% level mark only that's where you go enter the treatment your new entry is now here let's see is just one of the techniques you use now you what you will notice that your stop-loss right this distance of what has been reduced now is this is the dist your stop-loss ratio is okay and a risk to reward point of view you improved right instead of you knowing close to high is what you can do is use a limit order to get a better price level, so you know improve your risk of rewarding in the tree now the downside to this approach is that sometimes the market may not reach the level you are looking at mine especially if you set it at a very low level there is a down

probability that it really comes to that level and you can not get full and you may lose the move so this is kind of like a balance between where you think the market could go right and then have a better risk for reward in the right and beautiful trade as you know trying to get better overall return on it right so if you ask me well where you usually set a limit order an approximate guideline is this is right if you want to put it close to the market structure where the previous market structure is so in this case so you can see that here this was the previous market structure in this area of ​​support there is a good chance the market could test again you can set it up at this level okay so this to be honest is obviously , choose right cherry so sometimes what you will see is that this level of support may not be so low that it may be somewhere here let's say in some place here ok so i would pretty much put a buy limit order at this support level okay, let's imagine now is this black line do you know how to climb higher to somewhere on this level right i would put a buy limit order at this support level or just before right and see if I can feel it and get a better price in comparison to buy near the top okay so this is another tip right to you skinny in order to improve your risk of rewarding your traits ok then just a quick recapitulation number right you want to get your treats near the market structure because you know in general you get a better risk to reward the right number one is because a stop loss is title and we never stop-loss title you can increase its size position and still risk the same 1% of a capital right compared to having a larger stop-loss right you have to decrease your position size to arr bait that same 1% of your capital number two you want to deal with leaks with cumulative number three lower lows in resistance is a string number sign for the for the first kicker right offers you the chance to catch the trend so many sometimes if the market does break try sometimes it may not retest back the previous resistance than support, for example, what you are looking for is a continuation trend trend as maybe you know a pattern of high right flag pattern to create a leak is to catch a boat and catch the trend this is the first boob at number five you want to set your stop loss immediately from the structure of the market because as I have said earlier you said your stop loss just below the low it will get triggered very easily to give you some buffer you know you can set it 180 are below the right lows for your fake stop-loss bricktini is a chance for you to really profit from the separation traders treatment right then if the price breaks up as the sea resistance any reverse and closed lower you know the traders who else leaks and now travel and you can actually take advantage of that by going shooting against yes your Treat Direction Right and Finally Right you can use limit orders to improve your risk of rewarding in your trade well So with that said, if you liked this this video well and you want to know more I suggest you put in my site here trading with Rainer calmly right here I share practically correct trading strategies and techniques to help you profit in the financial markets right markets and roll down little I recommend download these two coaching guides one is called the latest trend tracking guide well share with you how you can actually write massive trends in financial markets eiros and the other is more a price action trading as better time your entries and your outputs ok then going to my website download these two books right click on this blue button and I'll send it to your email address for free right and that's right if you have enjoyed this video right leave a thumbs up button yes sure sign up for my channel and If any questions for me, let me know below and I will do my best to help well this is what I'm going to talk about you soon

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