From Beginner to Pro: UK Day Trading Tips and Tricks

[00:01] a quick five six minute guide on how to start dread day trading if you are in start dread day trading if you are in the uk stick around

[00:13] here's some pointers that i've got for you now unlike the us the rules are different so in the u.s if you are a day trader you have to have 25 000 in your account all the time and plus kind of a little bit

[00:28] of a cushion as well um because that's what the government says that you need a day trader and you've got a day trader pattern day trader all that other stuff that goes out the window unless you are trading us stocks directly on their

[00:42] trading us stocks directly on their exchanges i nysc nasdaq etc if you are then that applies to you but if you're not and you're trading via a cfd a spread bet or maybe you're trading uk shares you might not want to trade uk

[00:56] shares directly as a day trader in the uk because you're paying stamp duty but active traders trade generally speaking via if in the uk spread betting account or cfd accounts links to

[01:08] want to check those out spreading account cfd accounts some guys trade futures but again let's keep it simple spread bet cfd uk based are brokers offering you access to the us markets without the day trader rule so you can

[01:23] without the day trader rule so you can trade stocks you can trade uh indices which by the way they aren't subject to patent day trade rule there's only stocks in the us but that's by the buy the point is in the uk you can get

[01:36] started very very simply you can be a day trader very very simply so first of all day trading let's just define that buying is selling intraday being flat in at night without worrying what your positions are doing you trade in the day

[01:49] whatever you've met lost in the day that's the way it is end the day screens go off pull come the next day same thing again and again and again again that's the benefit of being a data did a video where i talked about that um

[02:01] before okay so how to start day trading uk first of all before you do anything before we do anything just take i know it's exciting i want to get day trading that just formulate a little bit of a plan you don't know what you're doing i

[02:14] get it i understand it just formulate a little bit of a plan and say okay you're not going to risk it you're going to talk about when you get to that point dangerous game right there are people who come in and go yeah you know what i

[02:26] was very successful in this and that the other gonna come and put my money in and it's just gone so just be very very wet super high risk super super super careful how you trading this just go with your eyes open understand the risks

[02:40] product you're trading come up with a bit of plan and say hey i am going to trade this market now i know you've got really no idea at the moment to do which is fine we just have some

[02:54] hey i'm going to risk this amount of money before i don't trade anymore i'm prepared to risk this i'm happy to risk this i want to kind of trade the footsie this it's okay being a bit broad at the beginning

[03:07] but just have some kind of plan especially when it comes to how much you're prepared to risk that's the key part too many people are coming in and how much it's going to risk they lose some money that deposit some more lose

[03:19] you know it they've lost more than they wanted to you know if you expect to lose don't then that's a bonus because this is tricky at the beginning super tricky all right take down the formulated plan must do

[03:34] link in description below if you want to check out our our channel sponsor but started understanding how the whole thing works you open a demo account going to see all the different markets that are available it's going to be a

[03:48] don't know what's going on how do i that's fine you're a demo environment you've got virtual funds they give you 10 grand 100 grand or whatever it is in play around with the account you can bring up the charts you can see charts

[04:02] instruments place a few trades see how it works place a long place for sure and just spend some time getting familiar with the markets when they open when they're closed uh how much they move

[04:14] what the risk is all that type of stuff just so you know that if you do decide where you are you're not gonna get caught out by some crazy move that wipes out your account so open a demo account practice practice practice on that demo

[04:29] number three just keep practicing let's go hey i wanted to try gold i want to trade crude oil i wanted to trade tesla and just do some just put some make sure you trade with the kind of size that you expect to trade then go

[04:42] swinging around like a million pound position if you're gonna put in five thousand pounds you know just just relax and just kind of enjoy it see how i say when the clothes in the open get used to some of the stop orders the

[04:54] limit orders and just get just get just do it without fear of of screwing up wrong doesn't matter reset the demo now decide make the decision that this kind of key fork in the road here

[05:10] um do i think it's i've got some sort of potential here hard to tell at beginning but i think it's enjoyment right do i enjoy it um do i like kind of looking for trade ideas do i like the platform

[05:24] do i like this and then you go back to your plan and go okay how much trading and again going to that thing of saying that would i be comfortable because you must absolutely be comfortable with that

[05:39] and start off super small just put in a small amount of money live accounts prepared to lose and understand the risks that come within if it works well anyway because it wasn't anything without bothered about losing and so the

[05:52] positive small amount in trade very very small very very small and then you skin in the game very different from demo trading doing that you recognize some of the pressure that comes with some of those

[06:04] big extreme moves in the market pressure that comes with some of the losses all run with it for a bit and then you can kind of at some point then go yeah i in and some work in and formulate a decent plan and a structure look at some

[06:18] the other one going all these rabbit holes that we do as traders and get books and courses and blah blah that's fine or you go you know it's not and that's fine as well you know there's plenty of other things to do in this

[06:30] world you want to be fulfilled and enjoy the thing you're doing right the final thing is just whatever you do is to manage your risk so really understand the concept of risk management there's lots of stuff out

[06:42] there and great resources to see this how to use stops how to kind of stop yourself from from making errors that are kind of self-inflicted areas if you like that that hurt your p l how to trade stuff that's a little bit

[06:55] calm i'm not caught out in kind of moved unexpected moves what to look out for on the economic calendar that can move the market unexpectedly you know all this so you formulate your plan you open your demo account and you say right my main

[07:08] focus is my risk and all the other stuff will take care of itself that's a very good way to i guess attack this amazing business i guess attack this amazing business take care guys see the next one bye-bye