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Tuesday, 11 September 2018

Why Scalp Trading Works - 2-3 ticks all day long

Good morning traders. My name is John Paul. DayTradeToWin.com. I have the Trade Scalper software up and running. I happen to see here a short signal at 1930.50. Let me just fix that. Let's do a couple more contracts. (Order pending). And I want to be short 1930.50. (Order filled). All right - there you go. One thing about markets - they love to test where they have previously traded. Those of you who have the Trade Scalper software, you get the signals just like I do. Unfortunately, it just tagged my target. I'm going to hold on to this just for a little bit more. Maybe a partial fill at 1929.75. Six tick stop. Can only make three ticks target if three ticks are available, so be certain to look at the ATR as I teach. Otherwise, just go for two ticks. Let's see if I get the three ticks here. (Order filled). Finally, it went through. I am finished with the trade; not risking a lot, not using complicated indicators - no MACDs or moving averages. It's clutter-free - only price and time are used when trading this method.

And that's a good thing. Now, if there is another trade, I want to take it. I see another short at 1930. Those of you who want to take it, have the 1930 short. Remember to use a limit order or as soon as price hits 1930, go in at market. The ATR looks good to me. It's about a point. That's more than enough volatility and activity to make the 3 ticks. I also get a lot of questions about when you should take 2 ticks instead of 3 ticks. It all has to do with what the current conditions can provide. Look at the ATR. The ATR is above a half a point, go for 2 ticks. If the ATR is above three ticks, say one point, go for 3 ticks. That's how you gauge it. Those of you who got in short here at 1930, look to exit with 2 or 3 ticks, never risking more than 6 ticks. And there you have it. So here we are about an hour later.

There was another short trade at 1928.50. But I'm actually focusing on a long opportunity that's about to trigger. The Trade Scalper method is taught in its entirety - nothing is held back - you fully learn how this method works. I'm looking for 1927 to go long and I am placing my order to go long based on the rules that are taught in the course. The software provides all this for you automatically, but you do fully learn it. I think it's important for you to understand the behind-the-scenes, not just following software. Why does it work? How does it work? So, I am long here.

Remember the ATR. I am focusing on the current conditions. 3 ticks because the ATR is above 3 ticks, which is .75. I'm good to go - I have my stop, my target, I just have to see this trade through. Now, for those of you who are interested in learning more about the Trade Scalper method, you can visit DayTradeToWin.com - just search for the Trade Scalper. You can use this method on any equity, currencies, as long as the market is moving. The other thing I forgot to mention is the BarTimer.

The BarTimer I have added counts down the number of seconds remaining in the candle on this one minute chart. Therefore, every 60 seconds, a new candle will start and the BarTimer resets itself. This is important because you want to look for an opportunity based on price and time. The BarTimer is a great tool to help you and prepare when a candle closes and when a candle opens. I'm also starting a new Mentorship Program. The next class will begin the first week of September (Sep. 4, 2014). I have a new Mentorship class beginning. This class includes the Trade Scalper, the Atlas Line, all the software, all the courses, in one complete package, in two months, eight weeks, with me, complete support, and I even provide you a free trading platform, the NinjaTrader platform, for you to practice and use with live data.

My name is John Paul. If you'd like to learn more about the products we offer, or, if you'd like to become a day trader, please visit DayTradeToWin.com. Remember to subscribe to this YouTube channel. We have new videos coming out on a weekly basis. A subscription is a great way to get notified when a new video comes out. Until next time, good trading! .

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Live Trading - $1275 in 38 Minutes (Brexit Trade)

Risk & Performance Disclosure: Futures & forex trading contains substantial risk & isn't for every investor. An investor could potentially lose all or more than the initial invsmt. Risk capital is money that can be lost without jeopardizing ones financial security or lifestyle. Only risk capital should be used for trading & only those w/ sufficient risk capital shld consider it. Past performance isn't indicative of future results. Hypothetical Perf Rslts have many inherent limitations, some of which R described below. No rep is being made that any acct will or is likely to achieve profits or losses similar to those shown; There r frequently shartp diff between hypothetical performance rslts & actual rslts achieved by any particular trading progrm. One ofmany limitations of hypothetical perf results is that they are generally prepared with benefit of hindsight. In addition, hypothetial trading doesn't involve financial risk & no hypothetical trading record can completely acct for impact of financial risk with actual trading. 4 example, ability to withstand losses or adhere to particular trading program in spite of trading losses r material pts which can adversely affect actual trading rslts. There R numerous other factors related to markets in general or to implementation of any specific trading program which cannot be fully accted 4 in preperation of hypothetical performance rslts & allwhich can adversely affect trading results.

This brexit trade it's about twelve sixteen in the morning Eastern Time a recorded this just a moment ago to kind of show you guys the the possibility of what you can do trading put in one contract simply because it's it's quite risky to put in positions with the the let's say the chaos that can ensue but you can see here guys the markets moving down very very quickly you can see that trade from today did that one with about ten contracts or so market you know flew to the upside when some of the voting was talking about how they had the potential to to stay and then finally there was news that there's more likely to actually leave and now a lot of the reporting agencies in in in England are reporting that it's it's final that they're actually going to leave so we're expecting quite a big debt in the market so I just want to record this for you show you what the possibilities that this is you can see that for those of you guys ages NinjaTrader this is a you know the live dome here on the right that chart ready you can see the points going live there and I'll change that to to the monetary value so you can see I believe was about one thousand two hundred and fifty dollars I I did bail on the trend a little bit early so you guys can see what happens tomorrow so far you know the markets have completely just collapsed on the news so let me know if you guys have any questions I'm going to go ahead and fast-forward it here so you guys can get a little bit more of a view of the actual trade itself so let us know if you guys have any questions and we'll talk to you soon and I'll upload some of the other trades we had on the on the yen and gold vanveen doe-eyed brazil we are here in Copacabana we have Manny back there many waves and he's doing the Spanish recap

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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

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.

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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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