Trading Journal - My Excel Spreadsheet Trading Journal (+ Free Trading Journal Spreadsheet!)

Trading Journal - My Excel Spreadsheet Trading Journal (+ Free Trading Journal Spreadsheet!)

Hi Traders, I'm Luke from disciplined Trader In this video I want to go over how to record your trades. We'll briefly look at the different mediums available for creating a trading journal and then we will discuss what information you should be recording. I will also show you my trading journal and let you know how you can get a copy if you want one. So there are a few options when it comes to what you actually want to record your trades in.

I personally use Microsoft excel. It is great for collecting data and easily allows me to do any analysis I want to do on the data I gather. You can also use something like Evernote. For those of you who are unfamiliar with Evernote, it basically allows you to create a set of online notebooks into which you can input text, pictures, screenshots etc.

All of your work within Evernote is saved to your online account and can be accessed from any device with Evernote on it. You can record all the details of your trades along with pictures and screenshots of the market you were trading. Evernote is a very useful tool and if you haven't come across it yet, I recommend you check it out. Another option you have is simply keeping a paper journal. All you need is a notebook and pen. You can keep it on your desk or wherever you trade. Some traders prefer this method but it can be a bit limiting especially if you wanted to include any pictures or screenshots within your journal.

Also you can't take advantage of some of the admin shortcuts the digital alternatives offer. So what information should you record in your journal? Lets jump over to the journal I use as a starting point. So there are two parts to my journal and it is predominantly numbers based. The first part is this sheet here. I record all the key details about the trades so I am able to do further analysis on my performance. I record the date, time, trade direction, which market I'm trading, Price I enter the trade, the account balance at the start of the trade, The position size (I spread bet so this is done as a £ per point value), the stop loss and take profit levels, and then the actual price I exit the trade at. The sheet then automatically calculates the % of the account I risked, the closed P/L and the % account change. I can also enter the details of a potential trade into the sheet to see if I am within my risk management rules before taking a trade by looking at the % of account risked column.

The second part of my journal is this sheet here. I don't input any information on this sheet as it gets all it's data from the sheet we just looked at. As you can see, the left side of the sheet tells me information such as how many trades I've taken, the number of those that won, lost or broke even. My Total P/L, My average risk per trade and my average risk to reward ratio. The right side breaks this information down month by month. This allows me to see if anything changes within my trading performance. For example, I may notice that my risk to reward is getting worse and worse as the months go by so I can then look at this in more depth to see if I am doing anything differently or incorrectly. By having this information broken down into monthly segments, it enables me to identify and rectify any problems quickly.

I chose excel to record my trades as it has all the functionality I need to do this sort of log and analysis. I like to know the statistics of certain aspects of my trading as it gives me confidence in the live markets. Now just because this works for me doesn't mean it will work for you. The information you want to record in your trading journal should help you improve as a trader. If it doesn't help you do that then it has failed. If you have already started trading then I'm sure you have an idea of what you want to improve.

If you do, then make sure you include that in your journal so you can track if you are making any improvements. A couple of examples of things I have seen other traders want to improve are their discipline and controlling their emotions when in trades. A lot of traders put together a sound trading plan and then all their discipline goes straight out of the window when they come to trading the live markets. They may enter a trade when their entry requirements haven't all been met for example. If you suffer from the same thing, then you may want to have a discipline score for each trade in your journal.

Rank yourself out of 5 on how well you maintained your disciplined throughout the trade. Not only will you be able to look back and see how your discipline score changes, but when you are in live trades, in the back of your head you will know that you will be ranking your discipline so you should make a conscious effort to keep that score high. I also know a lot of traders really struggle with the emotional side of trading when in a live trade. They might exit trades early or move stop loss and take profit levels when they shouldn't.

I know some traders who have managed to reduce the mistakes they make when feeling these emotions by recording how they were feeling in each trade. Is this may be something that would benefit you if you struggle with this aspect of trading too. You can test to see what helps you to deal with the emotions and start to develop a long term plan. There isn't a set criteria of what should be included in a trade journal, as long as the details you record are helping you improve as a trader then the journal is doing it's job. My one other tip would be to not record too much information. I've seen traders make journals where they record every last little detail and include a whole host of screenshots. As thorough as this may be, it soon becomes a chore to complete and ultimately the journal gets forgotten about as it's too much work to keep updated and we don't want that to happen. So that pretty much wraps up this video.

For those of you that would like a copy of the trading journal I use, you can have a copy for free by joining the disciplined trader academy. Simply go to disciplinedtrader.co.uk and sign up. You will then be able to enroll on the Trading Journal section and download your free copy of my journal. There will also be a link to a video where I talk you through exactly how the spreadsheet works. I hope you have found the video helpful. Thank you very much for watching. If you enjoyed the video, please feel free to drop a like on it. If you have any questions or want me to cover any other topics in future videos, please let me know in the comments below. Also subscribe to the channel for more videos like this one. Thank you again and I hope you all have a good trading week. .

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Stock Trading: How To Paper Trade With A Purpose

Stock Trading: How To Paper Trade With A Purpose

I've covered this before and who knows I'll probably cover it again but it's so important for you as a trader that you really can never cover too much so let's dig in hey it's clay trader at clay trader calm and this topic I want to talk about paper trading and wryly it's called paper trading power like I said I've talked about it before and I'll probably talk about it again because it's something that is very beautiful however it's very dangerous at the same time so I want to dig a little bit more into that and actually share one of the tools I've used in the past and I can't say I've use it anytime recently but I want to share it and if you want to use it in your trading you know then you are free to do that so let's just first talk about a couple broad concepts here and the first beautiful thing about paper trading is it's risk free now what is paper trading real quick you're just pretending now you're putting on your imagination cap and you're pretending that you're buying you're pretending that you're selling but the thing that's tricky is that the pretending can get you in trouble because sometimes you start to assume things more so in your favor but I'll get to that later on in the video but first of all I like that risk free there's no real money it's all imagination it's all pretend so you're not going to lose any money the second big thing it's going to allow you to fine-tune your strategy now if you're somebody sitting here and saying yeah strategy I think I got a strategy my strategy is to make money right if that's you you know you need to find a strategy but when you find one that's only kind of half the battle you need to fine-tune it and there's nothing worse than fine-tuning it with real money on the line there's no there's no need for that you don't need to lose real money as you're fine-tuning you know tweaking your strategy getting it to where it needs to be and then third and the best one and these two basically feed into it is it's a great confidence builder you know there's nothing more nerve-wracking than you know hopping into a trade without confidence you know it's one of those areas where if you've never trade the stock it you probably can't relate to it too much but if you have traded you you know the feeling when you click the buy button and then you start to see the numbers flash you're making money you're losing money I mean without a system and strategy in place that can be very very hectic but confidence can be great for that and help you know help you avoid you know the panic inside your head but in order to get this confidence a great way to do it is not to make money because if you're just trying to make money out of the gates to build confidence you're going to lose money because you need to you know I have a fine-tuned strategy you need to understand how your risk management systems play out but in order to do that you gotta you know you got to test things out but you don't have to test things out with real money you can test them out in a risk-free manner and that's paper trading so what I want to do now is go to my screen top and show you a spreadsheet that I use and then how you can implement it as you're trying to gain confidence as a trader fine-tune your strategies and of course it's all risk-free welcome to my desktop here is the spreadsheet that we're going to go over but the main theme here that I want to get across is making our lives difficult why are we trying to make our lives difficult well real trading is already hard enough you have your money on the line emotions start to creep in things are just different any way you slice it things are always going to be different from paper trading to actual trading and our goal is let's try to make let's try to make it as smooth as a transition as possible and the best way to do that is to make our lives as difficult as possible on paper when we're doing this the problem I have with the virtual trading and you know just kind of the way a lot of people do the paper trading even if they're using you know the old-school method of a note you know pen and paper they make their lives too easy they make too many assumptions in their favor this spreadsheet is designed to totally flip that around we are making everything against us and if we can show profits with this sort of system then you know that just increases our likelihood that okay when we do actually get in a real trading our odds of success should go up that much more now it's still not going to be a flawless totally perfect transact or transition because real trading is going to be different but the people people that make their lives too easy during paper trading they just have way too hard of a time when you get into actual trading because all of a sudden all these assumptions that they were making are no longer coming true so we're going to flip that around and make our lives difficult so what I want to focus on here is reality and then paper trade so there's two key colors here orange gold whatever you want to call that and then green one of them is what we want so we're looking at a chart setup let's say and we say you know what if this was a real thing if this was reality I would I would want to get in at a certain point but in order to get in at that certain point another price needs to be hit so we'll get into that more as we go through the sheet but just know that two things are going on here there's reality what we would actually do but then what we need to happen from the perspective of our spreadsheet here and paper trading so just starting up here first point is the data you only type in the areas with the light blue so if you don't see light blue don't touch it don't type in it so the date will just say here's the date and then the stock XYZ I know these two things seem simple but again we're trying to figure out a strategy we're trying to fine-tune something we're trying to just build confidence and these little simple details like date and stock really go a long way because when you're you know what we're doing here is also building the trading journal so when you're going back through the trading journal in your spreadsheet you're saying now well at what point time was all this trade what was I thinking here well if you have the date up there it's a lot easier to go back to that point in the chart and you know relook at things so simple details oftentimes make you know the biggest biggest difference so get those simple details up there now here we get to reality and paper trading so actually let's take a step back over here you have your commissions so if you are trading stocks you know your will just go with one of these ridiculous ones that you know know per trade now if your options trader that would be where you put your base fee and you know some stock trigger stockbrokers offer the per share Commission so that's where you would put that so that number to obviously be zero then you just have per share and then for again option traders this would be your per contract fee so for whatever you're paying per contract so we got our fees in order and I do want to at least start the soft notice what happens immediately we always start off in the hole there is the first thing that you have to realize is the way the spread shot you can see it's already calculating as soon as we buy in we're in the hole because right on the buy we have that Commission so if your Commission's are at $you're in the hole $right off the get-go so there's a the first little example of do your research on brokers find somebody that's cheap because the lower you can get that number down the lower you're going to start off in the hole so keep that in mind that's because that's the reality of the situation right there 999 our loss right off the bat we are you know starting behind because of Commission's now there's no way around that commissions are just part of the game but let that serve as a motivation to really go out there and figure out you know broker that offers friendly Commission so get into the spreadsheet here now reality and paper trading so we're looking at a chart we're looking at a set button so you know what based off this system or strategy I would get in at that point so let's just say that point is ten dollars and five cents now in order for you to allow yourself to say okay I got in at the price has to hit ten now why are we doing that well this is where things get too distorted where people are too quote/unquote nice to themselves and make too many favorable assumptions no in reality the price may go down there and just tap 1005 for maybe like 50 shares but then people say okay I got all my shares when if this was the real thing maybe you would have gotten a partial fill maybe you wouldn't have gotten anything at all but by by allowing it to drop below that okay it's a pretty safe assumption that if you wanted it in at 1005 and the share price actually went down to $10 then yeah I think you would have probably gotten in perfect so yes there is a first distinction there in order for you know you to be considered in and in order for the spreadsheet to consider that you're in the price needs to hit $10 now all the calculations are being based off a 1005 they're not being based off of $10 let me say that in all the calculation on the spreadsheet are being based off an entry point of 1005 not ten dollars but the price has to hit ten dollars in order for you to be considered in do you see how that's turned against us may say all that I don't like this that that's too deadly that that why are you tilting things against us like that exactly we got to make our lives difficult so the question becomes do you get filled or not if you did click one if you don't click zero so in this case we'll say that yeah you do get in so now you're into the into the trade well how many shares are you in for this let's just say we're in for five hundred shares so now you can see over here this auto-populates we have 500 shares left you know in our trade so back here or on the date here let's just say on the same day you're saying you know what based off of what my chart set up a scene I would like to you know sell some shares I'd like to lock in some profits at let's just say ten dollars and 20 cents now in order for you to be able to say again over here is filled so in order for you to say yes I got filled I was able to sell shares the price is going to have to hit ten twenty three again do you notice how we're making our lives difficult in order to say that we sold for profit the price actually needs to hit ten dollars and 23 cents again in order to sell in order for the spreadsheet to be able to say yeah you sold at ten twenty the price when you're watching the action actually needs to have hit 10 dollars and 23 cents but we're only getting credited for ten dollars and 20 cents again the virtual trading stuff if it just taps ten twenty and it could maybe maybe there's literally like ten shares that are sold there it would automatically say okay up you're sold yep you're all out that that's not how it works you may not have gotten out of any shares there so we need to make sure that it actually goes beyond where you'd want to sell to insure that okay yeah you probably would have definitely gotten in sold at ten dollars and twenty cents if the price actually went up to ten dollars and 23 cents so your reality you know what you want what you would want to do at ten twenty price needs to hit ten twenty three so in order to say you got filled as long as if the price does go up there and hit ten twenty three or ten two for now what number should you use what kind of fudge factor you know that's up to you obviously if your if you go 1040 you know that's making life way too difficult that's unrealistic you know for you know it's going to vary you know if you're talking about a $300 stock then yeah 25 30 40 cents makes sense but when we talk about a $10 stock you know a few cents that's all you need to do you know if you're talking about a stock that's a buck 50 you really a penny a couple pennies is going to do but for you know a ten dollar stock that's way too much but you know 10 23 1024 you know 10 25 I'd size probably even a little bit too much on to but it point is it needs to be up now 1021 and that's that's a little too easy you know 1022 okay that's fine but for me I think 10 23 is a good little sweet spot there so if the price does hit 10 23 all right you are in now how many shares let's just say you're at that point you're looking to sell 200 shares at that point you are now at 20 you made twenty dollars and one cent on that transaction now down here you're thinking wait I just made 20 bucks how am ia up $10 well remember we have these Commission's that are being factored in so at least you're out of the hole now but that's why you know the commissions there are going to add up now let's say maybe this is a swing trade so you're looking to sell the next day and you want to next exit point you want to be at let's just say 1037 well remember the price needs to go up beyond that so in order to say that we actually did sell at we're going to need the price that hit again let's make our lives difficult but let's say in this situation nope you didn't get fill or and at this point we're looking to sell just 100 shares at that at time you know we have 300 left we want to sell another 100 but at this point time let's say nope it didn't get quite get filled so you type that in you know nothing happened that's just telling the spreadsheet okay you didn't make any gains or losses because just simply nothing happened but over here is very important maybe I got knocked down by you know the 50 SMA on five minutes I don't know I'm just totally making this out maybe that will help you out but point being take advantage remember trying to do a trading journal and you know keep in mind about you know what's going on and what sort of notes you you kind of notice about maybe why didn't get filled you know was it close was it not even close did something knock it down before the price got there I'm just knocked on your earth not write down your observations and that way when you go back to it again you can go back on the date look at the chart and then see what was in your mind a common pitfall especially for me is I'll remember and then you know five minutes later wait what how was it what and then it's amazing how quick your mind can forget stuff so write stuff down notes comments thoughts all that stuff use this area over here it can be very helpful so let's say another day goes die goes by and you're thinking all right you know I want to revise this down let's say I just want to try to get out at to at this point so again we got to make our eyes difficult well in order to get out at we actually need the price to hit and in this case we're still looking to sell those hundred shares and yeah this time it does work out so they're made some money they're made $17 you can see where our gains are at again they're not going to be you know corresponding exactly because we have those Commission's that are being factored in here so again let's say and keep in mind we now have 200 shares left hopefully that makes sense we sold 200 here we tried to sell hundred there but remember we did not get filled then we tried again for 100 we did get filled that's why we typed one so you know 200 plus 100 is 300 and you know obviously after take that out of 500 hopefully we can follow that math we have 200 shares left and then let's just say the next day we get we want to sell at so in order to do that while the price actually need to hit 1053 and we do get filled there and this is for another hundred shares so there we go make some more money on that we're up to 62 dollars on the trade and then finally the next day we'll say we get I at this point you have you should have a stop loss in if you're running and testing a strategy that doesn't have a stop loss then you have a severe problem you better have a stop loss and so let's say eventually at some point it's moving up but you want it you just you don't want to just sell for the sake of selling you want to stopped out so he eventually let's just say you end up getting out at 1062 so that was your exit exit now why are these both the same well it's a stoploss you know what that is so if it gets hit then you're out so at that level it is what it is at that point the price drops back down and hits it you're out and that would have just been for your final hundred shares so there is what you made you have zero shares left and I at this point you know hit my trailing stop loss which was put at I don't have a 1% of the current price and who knows that might not make any sense point pain take some notes ok what why did you finally get out well it hit your stop-loss or trailing stop or whatever and you're out so there's your gain and that does factoring commissions let's just tie this let's say you can get this down to 695 so 109 oh 5 what would make what would be the difference of notice how much your gains went up not a whole lot but you do this over and over and over again throughout the course of a week a month a year it's amazing how much you know even just a three dollar difference could make now a couple other notes if you are doing options then you know the numbers that show up in this column just remember them you can just multiply that kind of in your head by a hundred and that's the actual amount you're making that's just you know standard option stuff there each contracts is 100 shares so just multiply that by hundred on no need to explain that if you're trading options you should understand the importance of that 100 number and then also down here if you are shorting if this number is negative that is a good thing because the way the math is working you will get negative numbers but when you're shorting negative numbers are good because that would imply that you're in the profit and the price is going downwards which is how you're making money you can see this here you know I just got so you could start all over again new date new stock if you do run out of room then you can always just take this copy it move it down and you're just going to want to right-click and then just do that first one paste it and then right here you have a whole new data set and then finally actually let me move the spreadsheet up some so you can see it no you can name these I don't know you could name them by a strategy you can name them by a date maybe you're trying the billy-bob strategy I don't know and I'm just totally making billy-bob strategy and then you could go and rename this one something else if you wanted to again there's nothing on this spreadsheet or on that tab but that's really just as easy as you know you coming over here copying coming over this one and then you can just again that first one right there have to readjust the columns a little bit but easiest way I do it is just you know use this one here but you can get us fancy with it as you want the main theme here that I'm trying to get across is making our lives difficult understanding that there is a difference and there needs to be a difference tilted against us from reality and actual paper trading so when you're buying price needs to actually go lower than what you would want to get in at when you're selling the price action needs to go higher than what you would actually want to sell at in order to get credit for the sell so if there are any other questions on this you know you can let me know but like I said we need to make our lives difficult the more difficult they get going into real trading the the higher likelihood we have of actually turning profit because I see time and time again I'm losing money you know I was making money when I was paper trading but then as soon as I go to real money I'm losing money maybe you can relate to this well my guess is it's because you made your life way way way too easy in the world of paper trading when it comes to all this sort of stuff so yes it's going to be more difficult to make money but that's just the point of it so keep that in mind so as I noted in the video you can click on the screen right now and that's going to take you to the place that you can find the spreadsheet and get that email to you you can also click down below if you're watching this on my site or YouTube and again that link will take you to other location where you can sign up to have this spreadsheet email to you and that way you can leverage things against you make your life a little bit more difficult but as I have said paper trading the pitfall the dangerous part about it is you know you can exaggerate things in your favor and that's the exact opposite of what we want to do because when you go with real money you know it's still not going to be the same as paper trading that's why we need to make paper trading as difficult as possible and that's what that spreadsheet is designed to do if you have any questions or comments please leave those down below if you enjoyed the video and find out you know videos like this and tools like this helpful you know please click the like button if you're watching this on youtube or click the share button if you're watching this on my site clay trader.com and you know I like to hear feedback on whether or not you know this is worth your time or if I'm just you know quite frankly wasting my time so feedback is definitely appreciated thanks for watching get out there be realistic in your paper trading and trade without emotion.



Options Trading, Stock Trading, Penny Trading, Paper Trading, Learn to Trade, How To Paper Trade, Practice Trading, Trading Simulator, Free Paper Trading, Trading Systmes

Broker Review: Robinhood Trading App

Broker Review: Robinhood Trading App

The Robin Hood trading app what do I think about it what's my opinion let's talk about it now before I go into anything I want to first note that this is a review of a company and companies change so if anything is different than what I'm talking about right now as time goes by because who knows maybe you're watching this you know a year from now please leave it down in the comments down below so we can keep up to date on what may or may not any longer apply so with that being said let's just start at the very top of kind of the pyramid and that is are these people even legit like our who are they can you have confidence putting your money in them and yes they are totally legit when you look at their page you can see that you know there you have their memberships with the FINRA and then sp I see so there you know in government compliance all that sort of good stuff and you know you can find that stuff on their website the next thing and this is what generates all the interest right now their Commission's which are zero dollars but again going back to what I initially talked about you know companies change so let's just say that you know they even go up to three dollars or you know three dollars and fifty cents two dollars sure may not be free but those are still really good rates so in the event that they do kind of scale up their cost any way you slice it fantastic commissions there's definitely nothing to complain about here in terms of hidden fees because there are brokers out there where as soon as you start to read the fine print like ah but as far as I can tell and you know I've gone over the as best as I can I don't see any sort of hidden fees you know there are some fees for you know some transfer money ways but for the most part if you're doing it just a traditional you know transfer of money there aren't it and even any fees for that so as far as I can tell no hidden fees and that's always a good thing now on their website in their marketing they proclaim hey we have a very easy signup process and they aren't kidding it is extremely fast very streamlined in fact the guy behind the camera we were sitting in the airport waiting to fly somewhere and he literally sat there on his phone signed up and like a matter of four or five minutes it was kind of crazy so as far as just kind of streamline the efficiency of getting signed up it's about as quick as it it's now customer service this is where things are getting a little bit shaky however I mean it makes sense you get what you pay for right they aren't getting any commissions sure they make money other ways but they're not going to have a big staff like an e trade or a Scottrade or you know a TD Ameritrade is going to have but you know e trades also charging ten dollars per trade so when they're charging zero dollars per trade customer service is lacking I say this because we sent them an email and it's probably been about two weeks now since we sent that email and maybe about a week and a half regardless it's been more than enough time for somebody to reply to our initial email inquiry and we have heard nothing back now they do have a phone number and we have called that but as soon as we call that they said hey email us so it's kind of we're figuring out here a big loop so we'll see what happened with that but if you're looking for somebody with just top-notch customer service that's going to be able to email you back quick or answer questions over the phone you know I this is not going to be the place for you but again it goes back to the Commission's I mean if you don't need somebody that you know hold your hand as you go through all the processes you know then they're going to be perfectly fine but you know they're definitely not built around a customer service platform just again because well hey they don't charge anything to trade also we discovered they do speak English which is kind of funny but I guess when I think about it you know that's something that you know if you're calling somebody and then you got somebody on the other line like wait what what are you saying but when we call they were it was a native English speaker so there weren't any sort of problems or any sort of kind of where exactly are at Bob nothing like that it was straight-up easy communication they still told us an email um but hey good communication in terms of understanding what they were saying the platform what's going on with this well it could be a pro it could be a con and we're going to discuss that here in a little bit but it's all phone based so it's an app you know you can't really call it an online brokerage because we really don't do anything online except just learn about them as a company so all order entry all that stuff is done via your phone including the signup process so is that bad is that good well like I said we'll discuss that a little bit later on in the video but everything is phone based the one thing right off the bat I noticed it is real-time quotes some of these brokerages and their platforms you know they're delayed quotes or anything you have to pay you have to deposit money to get real-time information both Robin Hood its real-time information - you don't have to worry about getting any sort of delayed information so that's definitely a step in the right direction at the time this recording stocks only so if you're looking to trade options or currencies or futures that's just not going to happen now this is one of those things where if it does change and they all of a sudden offer options or Forex now let's get that comment or let's get that you know denoted down in the comment section below but as it stands right now you can only trade stocks if you're somebody that enjoys technical analysis and you know charts are a very pivotal point in your research in your analysis in your trade plan development then these this is just not going to be for you all they offer is line charts and you know if you know anything about charts line charts is pretty much as basic and there's just much better methods out there so that is definitely not in you know Robin Hood's favor they could very well change that but right now they only offer line charts and that's that's no good but again a little bit we'll discuss you know some may be possible workarounds as far as order entry everything is very clean very easy to use it's you know user friendly that's probably the best way to put it you're not kind of like wait what so I mean it's very well streamlined and everything's right at your fingertips and I mean if you're brand new you're still going to obviously have little questions but if you have just even a basic familiarity with order types then it's a very clean process when you order it or when you put in an order as far as order types themselves very nice array now if you're looking for some complex order entry types you know they're not going to be for you but if you just need the basic you know market limit stop losses and in fact I have two forms of the stop loss which is always good from a risk management perspective then yeah they're going to be perfectly fine but if you're looking for some sort of you know this cancels that and you know conditional orders as they would be called they don't offer anything like that so that's definitely a con but hey if you don't need anything like that then perfectly fine what I'm going to talk about now is why you know a black and white questions such as hey what do you think about Robin Hood trade an app it just it doesn't work because well there's a lot that it depends on so I'm going to go through the it depends and that way hopefully it'll give you a better idea of you know is it good or isn't it good and this all starts with well you better know your strategy meaning how are you going to answer the question what direction do I think the price is going to move because if you can't formulate an opinion on that then you shouldn't be in the markets anyways as basic as that sounds so many people just don't even consider that but you need to be able to answer that question so depending on your strategy depending on how you're going to answer that question is going to dictate and play a pretty big role in whether or not Robin Hood is good or not for you now I touched on this earlier but what happens if your strategy so if your means of answering that question is technical analysis meaning I want to use charts well in that case it goes back to the whole well they only offer line chart things and you know line charts are just yeah I guess they're just things right there they're not very useful and you already understand that if you you know realize in you know use charts already so for that you're going to have to go to a third party now I'm not going to assign any sort of you know names or anything just because you know things are always changing if you're watching this seven months from now you know with my luck I'd probably give a site and then they like close down or something so I'm going to say use the power of search engines get out there and see what's available to give you charts because Robin Hood is just not going to give you what you need you know with a line chart so find a third party maybe you can enough an angle something where you don't have to pay maybe you'll have to pay a few extra dollars to bring in charts but you are going to definitely have to use a third party if your strategies technical analysis now if you use fundamental analysis meaning you love those p/e ratios you know you love balance sheets and cash flow statements then for you yeah Robin Hood's perfectly fine because that information is available all over the place with any sort of search engine it's not like you need Robin Hood to generate that information for you it's available all over the place so fundamental analysis no problem if your strategy is hey I'm going to use social media so I'm going to go to Twitter like Twitter or Facebook or wherever Instagram to find my you know to find out what direction something's going to go don't do that okay this is more a joke than anything that is not a strategy and it's kind of a joke but this is what a lot of people do and I say that because maybe you're not aware but I have a trading podcast and we interview lots of guests and there were been a ton of guests where that was her plan going in was hey I'm gonna use social media so Robin Hood's not good in that situation because nothing would be good because that's a terrible strategy so don't be using social media you know message boards anything like that let's break things down further in terms of trader and investor again this is going to dictate yeah does Robin Hood really pertain to you so we'll first breakdown trader and there's two parts here we have those that are active traders and those that I'll call passive traders now this is by no means some sort of like official number or official anything it's strictly my opinion maybe you want to define it as something else but I'm going to consider an active trader one that does more than three trades per week if you're doing more than three trades per week that tells me that you know you're quite into it you know you're watching the market you want to make trades you want to get in and out and you're just well you're very active Robin Hood's not going to be for you if you think that you can be you know a full time day trader from your phone you're just not reality I mean because when you think about it you need as a day trader as a very active trader you need to be monitoring charts or you need to be monitoring other things and you can't do all that from your phone screen so now like I said that could be five maybe five you know would still work but I'm going to say anything more than three you know Robin Hood's just it's not going to give you what you need to do at this point in time if they come up with a you know a brokerage that is online and you can set on your computer and put things up on different monitors rather than just one phone screen then cool but as it stands right now it's not designed for the active trader one that wants to be in and out of all sorts of stocks now if you are a passive trader maybe we could call that a swing trader meaning you're doing less than three trades a week then yeah they're perfectly fine you are by no means you know down in the trenches in a lot of things in every 10 minutes every hour every 15 minutes you know you're just more passive more relaxed now you're definitely gonna be more involved in an investor but you're not nearly as involved as an active trader so passive trader yeah I Robin Hood would be just fine now what or I shouldn't know this what about the pattern day trading rule it applies and it's not it's nothing against Robin Hood it's just a government regulation so unless you have that $25,000 you know Robin Hood is not going to get you out of that at all if you're curious on some ways to potentially get around the pattern day trader rule I'll put a link down in the description and you can you know look into that if that if that maybe pertains to your situation but Robin Hood as far as that's concerned it again it's nothing against them because they have no control government regulation now let's talk about an investor so an investor is somebody that brace basically does less than one trade a week meaning you're buying and selling sure you can open up multiple positions but you don't have any plans upselling anytime soon for them Robin Hood it kind of okay I say kind of because as it stands especially if you want to invest for like retirement no there aren't any IRAs there aren't any sort of retirement vehicles that you can sign up for once again one of those things that could change so if it does change let's just make sure we get it denoted and documented down in the comment section below but as it stands no IRAs no sort of you know retirement tools that the IRS allows people to use so I would count that it's definitely a con but if you just want it from a strictly yeah I don't care about you know an IRA or anything like that then they would work perfectly fine because you by no means need to be in and out of things all the time if you're doing it from your phone so that's the different kind of aspects to look at it so are they good for you well I don't know go through this figure out kind of where you what you want to be doing where you see yourself going and it's going to you know let you know whether or not Robin Hood is going to allow you to do that or not and I realized and I want to end with this yes they have zero fees but remember if you're trying to fit so if Robin Hood is this so a round peg and you're trying to fit it through a square hole which would be your strategy that it's not worth it because I don't want to pay that $I know that $would let me execute the exact strategy that I want to do it would help me accomplish the exact goals but I don't want to do five dollars so I'm going to do all that but I'm just I'm going to use Robin Hood because they have zero you're going to find out and I speak from experience here that you're going to make mistakes that cost you a whole lot more than five dollars because the platform is just not designed for what you want to do so yes zero dollars in Commission is fine but to pay a few dollars and there's plenty of brokers out there that are you know five dollars and such I don't go pay ten dollars at each rate please don't but there's plenty that are much less than that so don't sacrifice you being able to run your strategy like a fine-tuned machine just for the sake of well I want to save like three dollars I want to save five dollars cuz again you're going to make mistakes that cost you a whole lot more than five dollars and then it's just it's not going to make sense you know within the grand theme of things if you're looking down at things you know from a business perspective so with that being said hopefully this helps hopefully this answers your question and kind of points you down the path that you need to go again I would really appreciate it if we can keep everything as you know best up-to-date as possible so if you watch this and say hey don't be a scumbag that's not how it is well then let me know let me know that something has changed down in the comment section and then you as a viewer you know you can quickly scroll down through the comments and you know just see kind of what still pertains or of course you can just go to the website and double-check and see whether or not I mean if you go to the website all of a sudden it says stocks bonds options futures well then obviously something has changed since the time in this video so thanks again for watching I really do hope this helps you

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SureTrader Broker Review DAY TRADING UNDER 25K!

SureTrader Broker Review DAY TRADING UNDER 25K!

How do I day trade under $25,000 how is it possible to grow one thousand dollars to eight thousand dollars is it a scam is this all fake is it a simulator so first off the broker that I use is sure trader sure trader comm I have no affiliation with them they are not paying me to make this video there's nothing going on at all they still charge me commissions and all that funds up they've never paid me one cent so I'm going to give you guys the honest truth of why I use your trader why it's the necessary evil to day trade a small account under twenty five thousand dollars so there's the big question what is the whole deal with PDT you see it everywhere you know pattern day trader rule if you're trading a small account is it possible to day trade yes it is possible but the problem is you have to use a company like sir trader to be able to day trade well is it safe well it's I'm not going to tell you it's 99999 percent safe but I will tell you that I've never had any issues the customer service is not the best customer service in the world is it the best broker in the world no I'm going to keep talking about it as a necessary evil to day trade a small account so first off the first thing I did I put $1,000 into my short trader account I've been using sir trader for the last year on and off you know doing a couple different account stuff like that and now this small account I'm using it again I put $1,000 into it and now I've got it to $8,000 the biggest plus wisher trader is they give you margin so I'm able to grow that thousand dollars faster than if I was just trading a cash account what's the difference between cash and margin well the margin account allows me to make as many trades as I want per day obviously paying a ton in commissions because I'm trading you know a bunch of trades per day the Commission sometimes 100 200 dollars a day depends on how much I trade if I over trade it it's just nasty but when I do trade normally I'm doing you know five to six trades per day and that's not possible when you trade with a normal broker that doesn't allow you a trade so if you're trading under $25,000 in a small account and another broker buy three socks on Monday and sell those three stocks in the same day you're basically done for the week and you can only trade this that many times for a week it's almost impossible to grow your small account sure you can open a cash account not to worry about the PT but then use the wait for three days settlement and then just another whole nightmare in itself because you can only really buy and sell so many times per week because you're waiting for the settlement sure you can break up your account if you have three thousand dollars you can put a thousand dollars every day and trade with that and but it's just I'll tell you it's almost impossible to grow that small account on the cash basis to a twenty-five thousand dollar account any note short amount of time there's gonna be somebody commenting saying yeah well you as fast you can grow as account that's as fast you can crash it and that's very true so starting with a small amount trading on margin can be very dangerous if I put a thousand dollars into that account and I March now on my first train I buy six thousand dollars worth of a stock and that stock crashes twenty percent well I just lost all of my money on that one trade in blew up my account so that's one of the big things about being smart not over margining your account at first taking profit fast if you are marginal because like I said if you buy 6,000 dollars of the stock it goes up 10% you made six hundred dollars and you almost doubled your account in one trade so you need to be very careful you need to be smart you can't be emotional when trading with large amounts of margin so also when you go to the circular website you're going to see couple different options you're going to see the option of having the desktop platform which is what I use so the desktop platform is actually - trader Pro they call it short trader Pro but it's - trader so you get the idea if you have ever heard about - trader pro with industry standards the web-based platform is also a - trader Pro web based platform but it's very lackluster it's not fast it's not easy to get in and out of trades and it's just not the best way to day trading and that's one of the things you really need to invest in the short trader pro platform so you can use it on your desktop get in and out of trades faster use hotkeys all that fun stuff that you can't use in the web base is the mobile app work that yes the mobile app is pretty cool I have it on my phone is because sometimes if I want to I can get in and out of a trade like a swing trade or something I can you know buy sell right there on my phone it's easy to use the montage just like you would on the desktop you can use it on your phone so when you're on the go you can get in and out of trades also people always comment about the Commission's on short trader they're not the best or not the worst like I said it's a necessary evil you have to pay to play if you want to grow a small account you - just pay the Commission's you have to pay the fees and you have to just stick to it and that's just part of it I'm not really sure how it works I have a feeling that the way that it's set up is that sure trader is basically trading on your half like basically you're putting your money into their account you're placing trades through them basically and they are the ones who are actually buying and selling the stocks that you are buying and selling through them so it yeah I'm not sure but that's how I think you're getting around it basically they are the ones who are doing the trades for you legally on the different exchanges they're the ones who are placing those trades not you as a person I don't really know how to explain it better than that maybe I'm totally wrong maybe I'm not but I think that's how they're getting around the whole pattern day trader rule have I had any issues you know getting money in getting money out yeah there's a couple issues with the credit card system it's definitely easiest to deposit money with a credit card you can easily deposit and get money in the same day I put a thousand dollars in I had it there pretty much the same day in the past I've withdrawn money it takes you know three to four days to withdraw money but you will be able to withdraw your money once I build my small account up close that twenty five thousand dollar mark you'll definitely see me be changing brokers to a different program looking at some other brokers right now you know where I want to take my small account to next I have my large account with TD they have amazing customer service they have branches all over Florida so it's easy for me to use TV on that sense the Commission's aren't the best that executions aren't the best but like I said it's all about kind of figuring out which broker works best for you and right now TV works best for me in that sense that it's ease of use and it's local and it's a large bank but all that fun stuff but this is about sure trader is sure trader the best no mr.

Trader a necessary evil for a small account yes there's really no other option out there to trade a small account other than using sir trader can you make money with share trader yes can you lose all of your money interpreter yes because it's easy to blow up a small account with the Commission's with the margin like I said if you buy $6,000 of a stock with $1,000 account and it drops 20% which is easy on these big runners it could easily drop 20% in the matter of seconds you just blew up your whole entire account so play it safe don't go in margin out everything you have on the first trade or you know build up a little bit of a cushion there figure out the execution first make sure you're able to get in and out of trades fast if they do start dropping you know cut your losses when you have them take your profit when you have it as well sure trader works their website is decent either as you know it's not the best website their live chat actually is pretty good if you have any issues you can easily go on their website and live chat with one of their support reps you can email them they email back normally you can actually call them as well I've called them a couple of times to talk about commissions and all that stuff trying to get them to let me have less commissions but they don't want me to have less commissions because I like that I pay a lot of money for commissions because my small account could be a lot bigger but it's not because I pay commissions of fees but that's beside the point here if you are interested in using tor trader like I said it's a necessary evil it works you'll be able to trade with them you'll be able to deposit your money you'll be able to withdraw your money signing up for short trader for the first time can be a bit time-consuming you can seem you're dumbing through a lot of Hoops and all that fun stuff but it's just part of it once you get it done it kind of just works you get money in it money out and you'll figure it out yeah like I said this take it slow when you first open up your trader account don't go crazy don't just marginal and blow up your account first day be smart and you know really kind of figure out the mechanics of the broker figure out the platform you're using make sure you can get in and out of trades fast I see people they buy a stock in the next minute the stocks crashing and they don't know how to actually sell the stock or get out fast enough and they get crashed on and they end up blowing up their account I opened up a shirt trader account last year I grew it for like $2,000 to $8,000 and then the next day I end up losing like $4,000 so it's easy to make money very fast when you're using margin and you have these big runners but the same sense it's even easier to lose all that money when you're trading on margin because it just takes that one drop to wipe out your whole entire account so play it smart be cautious you know trade very scared when you're using margin don't go crazy don't go an average down you know every 10 cent as a stock is dropping because you're just getting up blowing up your account but overall like I said this is an honest review that's kind of my experiences using short trader for the last year does it work yes is the ciara evil that we have to use when trading with a small account yes and that's just part of it you need to understand sir trader is what it is don't think it's anything more than that really just use it as a tool to grow a small account to a larger account use the margin to your advantage when it's smart and also be smart with your account overall in general don't over trade because the Commission's do rack up very fast it's one of the reasons that I'm always talking about finding the best opportunities to get in and out of if you have any questions about sir trader in general if you have any questions about brokers PT all that fun stuff leave a comment below if you don't have any questions at all just like this video maybe you enjoyed it maybe you didn't hopefully you guys did make sure you subscribe to the plan trade profit Channel

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IP Video Transcoding Live 64 Channel Latest Version5.12.3.4

IP Video Transcoding Live 64Channel Latest Version 5.12.3.4

IPVTL Streaming Infrastructure

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