The 5 Secrets to Full-Time Day Trading They Don't Tell You

[00:00] If you're serious about becoming a full-time day  trader, you need to understand these five things.   Number one, day trading will become your business.  So, treat it like a business. In any business,   there are costs of doing business. Labor,  materials, supplies, rent. The same thing  

[00:17] with day trading. When you enter a trade, there  are spreads that you need to take into account.   There are fees and commissions of each trade  that you need to take into account. You have   to file taxes on your income. Most people think  that day trading is just this get-rich thing  

[00:31] where money flows into your life, but it's not  like that. Everything is analytical. You have   to have spreadsheets of your months, how much you  won, how much you lost, how much you owe in taxes,  

[00:43] and then analyze your winning and losing trades  to see how many fees you paid. See if there's   ways to cut cost by switching brokers or getting  better spreads. You're trying to squeeze the most   juice out of this orange, so be smart and  treat it like a business. Number two, every  

[00:58] business needs tools. If you own a warehouse,  you need forklifts, you need pallet jacks,   you need all of the supplies. The tools of running  businesses are different for every business,   but every business needs tools. Every day trader  that I know uses Trading View. Trading View is a  

[01:15] charting platform that gives you access to  every single chart for live markets. Now,   most people that are not serious about becoming  a full-time day trader have the free version of   Trading View. You sign up, you get a free account,  and you have limited resources with the free  

[01:29] version. That's like getting a pallet jack and  only getting the handle to the pallet jack. It's   worthless without the rest of the features. Being  able to back test, being able to have multiple   indicators on your chart, being able to get buyell  alerts or price alerts at different levels that  

[01:46] you've set for your support and resistance. It's  stupid important to have all of the features. So,   if you don't have the pro or premium plan, you  are not fully committed. But the good news is that   once a year, Trading View does an 80% off sale  for Black Friday. So now is the right time to do  

[02:02] it. So why would you pay $500 for a tool when you  can pay $100 for it? Do you understand the math   here? We're running a business. We need to keep  cost of running the business low. Number three,   you need to learn all of the ins and out of  the business. Say, for example, you're starting  

[02:17] a gym. You need to figure out how much square  footage you need, how many employees you need,   for members to see if your business can even stay  afloat through good times and hard times. All of  

[02:30] these things you need to learn about running this  business before you start running a business. The   same thing with day trading. You have to learn  all the ins and outs of technical analysis,   of fundamental analysis, of smart money concepts,  of price action, how to read candlestick charts,  

[02:46] how to use moving averages, how to use trend  lines, how to use Fibonacci retracements,   why they work, psychological banking levels where  prices tend to reverse or skyrocket from. You need   to understand how the money flows from banks into  the hands of people, how interest rates affect  

[03:01] the economy. There's so much information about day  trading and you need to learn all of it. You need   to be a lethal weapon when it comes to running  your business. Now, all of the information exists   online. Have fun sifting through it. If you want  it all in one place, and I mean all of it in one  

[03:17] place from A to Z, I highly suggest you go to  trdfloor.com. You will get an a toz education   on there. Again, Black Friday 50% off the yearly  plan. If you're not running a yearly plan, you're  

[03:30] not serious about running your business. Number  four, using leverage. Just like with any business,   if you need startup capital, you go to a bank,  you supply them with your business plan. They  

[03:42] go over your business plan to see if it actually  makes sense for them to risk their money on you   because they're essentially giving you money  to support your idea. So, if it's a dumb idea,   they're not going to give it to you. But if they  see that you have a track record and you have the  

[03:57] qualifications and you put up collateral, they  will give you a loan to run your business. The   same thing goes with day trading. If you don't  have the capital to trade full-time to replace   your full-time jobs income, then you need to look  for external capital. But just like you need to  

[04:12] prove to the bank that you're a good investment,  you need to prove to investors that you're a good   trader for them to give you their capital.  That's why prop firms exist. That's why they   have challenges. It's an interview process.  You prove to them that you're a good trader,  

[04:28] that you are a good investment, and they will  invest hundreds of thousands of dollars into you.   The only prop firm that I know that exists that  actually uses real capital and provides actual   live accounts to people is Funder Pro. You manage  to get 10% profit on an account, they will give  

[04:45] you $100,000 of trading capital to trade with.  Also, another Black Friday deal. They're offering   30% discounts to people that watch this YouTube  channel and an additional chance to win a second   account for free. Go to FunderPro, use coupon  code TMA15. And number five, the most important,  

[05:04] you need to have patience. Patience is the  most important thing with any business.   You probably don't know the statistics, but 90% of  businesses fail within the first year, just like  

[05:16] 90% of day traders fail. The reason that they  fail is because they didn't think about all of   the variables. They didn't learn the business ins  and outs. They didn't find out what location is   best for their business. They couldn't figure out  supply management, distribution, taxes, payroll,  

[05:32] employees, staffing, all of it. they didn't learn  the ins and outs before they jumped head first   into something. And most businesses, if they stay  running past the first year, don't see a profit  

[05:45] for 3 to 5 years. Then once the machine starts  moving and running smoothly, then they will start   showing profit. You have to commit the time and be  patient in order for this thing to grow. you are  

[05:59] nurturing this new thing and you want it to grow  into a money printing machine for you. Whether   it's a business or whether it's day trading,  you treat them exactly the same. So, if you  

[06:11] want results this week or this month and you want  to replace your full-time income, just stop now.   It's not going to happen. This is a fallacy that  exists on the internet. Don't believe the [ __ ]  

[06:23] You have to spend thousands of hours learning. You  have to practice every single day. And you need to   commit time to this. If you want day trading to  replace your full-time income and have freedom of   time and freedom of location, you have to treat it  like a business. In this video, I've given you all  

[06:39] the tools and resources you need and the exact  step-by-step process. So, if you aren't willing   to put in the time, effort, and energy into what I  just said, don't even think about it. If you are,  

[06:51] all of the resources are here for you. Everything  that I gave you in this video is everything that   you need to run a successful business. aka  being a profitable, successful day trader.