Welcome to Episode 11 of the "Day Trading for Beginners" podcast, titled "Embracing Trading Obstacles with a Zen Approach." I'm Tyler Stokes from StokesTrades.com, on my path to becoming a full-time trader. In this season we're talking about strategy and for those interested in the details of the strategy I'm using, check out our free community on Skool. For this episode I want to talk more about the mental side of implementing a strategy, and the two main points are identifying obstacles, and developing a "Zen" approach to trading...


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TradingView Charting Software: Start a free trial here

TraderSync Trading Journal: Visit the official website here


Resources Mentioned:

Our Community on Skool: Come join us here

The Obstacle is the Way - Amazon

The Zen Trader - Amazon



Trading Psychology: Our main topic today revolves around two significant concepts in trading psychology that I've encountered through my readings: "The Obstacle Is the Way" by Ryan Holiday, and "The Zen Trader." Both books offer profound insights into facing challenges not just as barriers but as opportunities for growth and mastery.


The Stoic Philosophy in Trading: The idea that "The Obstacle Is the Way," draws from stoic philosophy, suggesting that what we often see as impediments to our success are actually the paths we need to take. Applied to trading, this means transforming trading challenges into opportunities for developing discipline, patience, and strategic mastery.


Zen Approach to Trading: Alongside stoicism, we explore the Zen approach to trading, which emphasizes introspection and the calm acceptance of market conditions. This method helps in managing our responses to market volatility and maintaining discipline in our trading practices.


Practical Trading Examples: In my own trading, I've identified specific obstacles such as impatience and overallocation. By acknowledging these challenges, I've begun to see them as areas for growth. Addressing these issues head-on helps in refining my trading strategies and improving my overall decision-making process.


Introspection and Growth: I emphasize the importance of introspection in trading—understanding one's emotions, triggers, and habits is crucial for long-term success. Journaling trades and reflecting on trading decisions can significantly enhance one’s strategic approach.


Conclusion: As we wrap up this episode, I reiterate that the true path to trading mastery involves understanding and leveraging one's personal trading obstacles. By adopting a Zen-like mindset and embracing stoic principles, traders can navigate the markets more effectively.


For those looking to dive deeper, I recommend reading "The Zen Trader" and "The Obstacle Is the Way" to get a more comprehensive understanding of how these philosophies can fundamentally improve your trading psychology.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


Join Our Free Community on SKOOL:

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Welcome to Episode 10 of the "Day Trading for Beginners" podcast. I'm Tyler Stokes from StokesTrades.com, and today, we're diving into the trading rules I'm adhering to, the common mistakes I've encountered, and the challenges of sticking to a strategy. This episode is crucial for anyone on the path to becoming a full-time day trader, offering insights into maintaining discipline amidst market pressures.


Download the 6 Month Blueprint: https://stokestrades.com/blueprint

TradingView Charting Software: Start a free trial here

TraderSync Trading Journal: Visit the official website here


Resources Mentioned:

Detailed Trading Rules and Mistakes: See this post in our group here.


Key Trading Rules and Common Mistakes: Trading rules are foundational, yet adhering to them consistently is a struggle many traders face, myself included. Emotional trading, such as reacting impulsively to market changes or doubling down after losses, often leads traders astray. This is why starting with paper trading is vital—it allows you to experience these pressures without the financial fallout.

Essential Trading Rules:

1. Stick to Your Strategy: Discipline is what separates successful traders from those who fail. It’s about executing your strategy mechanically, without letting emotions get in the way.
2. Never Chase Prices: Always let the price come to you. Engaging in FOMO leads to entering trades at suboptimal times.
3. Limit Position Size: Never allocate more than 10% of your portfolio to a single trade. Adjust your investment based on the volatility and your confidence in the trade.
4. Buy at Support and Sell at Resistance: Avoid trading in uncertain ranges. Clear support and resistance levels offer better probability for successful trades.
5. Embrace Discomfort: Buying at support levels, especially during dips, can feel counterintuitive and uncomfortable, but it's often where the best opportunities lie.

Implementing Rules and Handling Mistakes: Sticking to these rules is challenging, especially under real market conditions where emotional trading can lead to rash decisions. On Halloween, I was reminded of this when I attempted to buy at what I believed were support levels, only to see the market continue to fall. This experience underscored the importance of not only setting rules but rigidly following them to avoid common pitfalls like overtrading and emotional reactions.

Conclusion: In trading, the technical skills required to analyze the market are crucial, but the ability to maintain a disciplined mindset is equally important. Through paper trading, I've been able to practice and refine my approach without financial risk, preparing me for real-world trading where stakes are higher.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


Join Our Free Community on SKOOL:

https://www.skool.com/day-trading-for-beginners

Welcome to Season 2 Episode 9 of the "Day Trading for Beginners" podcast. I'm Tyler Stokes from StokesTrades.com, and as I progress in my journey to become a full-time day trader, I've been exploring various trading strategies. Today, I'll share more specifics about the strategy I'm currently learning, which is more aligned with swing and position trading, though it can be adapted for day trading as well.


Download the 6 Month Blueprint: https://stokestrades.com/blueprint

TradingView Charting Software: Start a free trial here

TraderSync Trading Journal: Visit the official website here


Resources Mentioned:

Market Symmetry Strategy Explained: See this post in our group here.


Market Symmetry Strategy: The core of this strategy revolves around market symmetry, recognizing patterns that repeat over time. Key components include:

• Entry Points: Buy at support levels or after a backtest of a breakout.
• Trading Philosophy: Focuses on buying during pullbacks to support levels, utilizing patterns to guide trading decisions without emotional interference.

Tools and Indicators: To implement this strategy effectively, I use several technical tools:

• Ichimoku Clouds: Provides a visual representation of support and resistance.
• Fibonacci Retracements: Helps identify potential reversal points.
• Gann Charts: Used to observe market symmetry and predict future price movements.
• Market Structure Analysis: Understanding overall bullish or bearish trends to make informed trading decisions.

Learning from a Pro: I've been learning this strategy from a professional trader known as The Great Mattsby, whose insights on market symmetry have been invaluable. For those interested, I've included links to his resources and Patreon in this write up.

Practical Application: Practicing this strategy in my paper trading account has been immensely beneficial. It's one thing to study a strategy, but applying it practically offers a whole new level of understanding and skill development.

Next Steps: In the upcoming podcast episodes, I'll share my experiences applying these strategies, focusing on the rules I've followed and the common mistakes encountered during live trading sessions.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


Join Our Free Community on SKOOL:

https://www.skool.com/day-trading-for-beginners

Welcome to Episode 8 of the "Day Trading for Beginners Podcast." I'm Tyler Stokes from StokesTrades.com. As I journey towards becoming a professional day trader, I'm exploring various trading strategies, and in this episode, we'll compare day trading with swing and position trading.


Download the 6 Month Blueprint: https://stokestrades.com/blueprint

TradingView Charting Software: Start a free trial here

TraderSync Trading Journal: Visit the official website here


Resources Mentioned:

Market Symmetry Strategy Explained: See this post in our group here.

The WIKI: Download it here (There may be newer versions you can search for on the forum)


Today’s Topic – Trading Strategies Compared: Many beginners will likely need to decide whether day trading, swing trading, or position trading suits their lifestyle and goals best. This episode breaks down the differences and shares insights into the strategies I am currently exploring.


My Trading Strategy Exploration:

• Day Trading Strategy: Following a strategy from the Real Day Trading Reddit group, focusing on quick, intra-day trades to capitalize on short-term market movements.
• Swing/Position Trading Strategy: Inspired by a trader known as The Great Mattsby, this strategy involves holding positions longer to leverage market trends, which I find increasingly appealing.

Key Differences:

• Day Trading: Involves buying and selling within the same trading day. Requires intense focus and quick decision-making to exploit small price movements.
• Swing Trading: Targets gains over several days to weeks by taking advantage of short to medium-term trends.
• Position Trading: The longest-term trading strategy, where traders hold positions for months or even years, based on broader market trends.

PDT Rule Discussion: An essential aspect for day traders to understand is the Pattern Day Trader (PDT) rule, which affects traders using margin accounts in the U.S. by requiring a minimum account balance of $25,000 if executing four or more day trades within five business days.


Choosing the Right Strategy: Deciding on the right trading strategy involves testing and personal reflection. While I began with a focus on day trading, my current study of swing and position trading strategies may influence a shift in my trading approach.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


Join Our Free Community on SKOOL:

https://www.skool.com/day-trading-for-beginners

Welcome to Episode 7 of the "Day Trading for Beginners Podcast." I'm Tyler Stokes from StokesTrades.com, on my journey to becoming a full-time day trader. This episode, we're exploring my initial day trading setup as a beginner who's recently started paper trading.


Download the 6 Month Blueprint: https://stokestrades.com/blueprint

TradingView Charting Software: Start a free trial here

TraderSync Trading Journal: Visit the official website here

Our Free Community on Skool: See this post in our group here.


All Resources:

https://stokestrades.com/day-trading-setup/


Setting up your trading environment is crucial as you transition from learning to actual trading. I’ll share the details of my current setup to help you understand what you might need to get started efficiently.

Essential Components of My Setup:

• Brokerage Account: I use Interactive Brokers for its robust platform.
• Charting Software: I’ve chosen TradingView for its user-friendly interface and comprehensive tools.
• Trading Journal: Trader Sync is my choice for tracking trades and analyzing performance.
• Scanners and Screeners: I use Interactive Brokers' scanner and TradingView’s screener to identify trading opportunities.
• Computer and Monitors: A reliable computer with at least two monitors is crucial for effective trading.
  
  

Guidance for Beginners: Don’t feel pressured to have everything figured out immediately. Start with the basics, and as you advance in your trading journey, you can refine your setup. The key is to begin with essential tools that allow you to execute and analyze trades efficiently.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


Join Our Free Community on SKOOL:

https://www.skool.com/day-trading-for-beginners

Welcome to episode 6 of the "Day Trading for Beginners Podcast." I'm Tyler Stokes from StokesTrades.com, embarking on a full-time day trading journey. This episode, we're taking a brief pause from strategy discussions to talk about a fundamental concept every trader encounters: margin.

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

TradingView Charting Software: Start a free trial here

TraderSync Trading Journal: Visit the official website here

Our Free Community on Skool: See this post in our group here.


Today’s Topic – Understanding Margin: Margin trading can significantly increase your purchasing power but comes with its risks. This episode will break down the basics of margin, including what it is, margin requirements, margin calls, and how margin impacts buying power.


Key Concepts Covered:

• What is Margin? It’s essentially a loan from your brokerage that allows you to buy more stocks than your cash balance would permit. This can amplify both gains and losses.
• Margin Requirements: These are the guidelines set by brokers that dictate how much money you must keep in your account to cover your borrowed funds. We'll explain initial and maintenance margins.
• Margin Calls: If your account value falls below the required level, you’ll face a margin call, compelling you to deposit more funds or sell some assets.
• Buying Power: With margin, your buying power increases, allowing you to hold larger positions than you could with just your cash. However, this also increases your financial exposure.

Understanding the Risks: While margin can expand your investment capabilities, it also enhances potential losses. Managing these risks is crucial, especially for beginners not trading with real money yet.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


Join Our Free Community on SKOOL:

https://www.skool.com/day-trading-for-beginners

Welcome to season 2 episode 5 of the "Day Trading for Beginners Podcast." This episode focuses on essential trading metrics: win rates and risk-to-reward ratios, crucial for evaluating the effectiveness of your trading strategy.


Download the 6 Month Blueprint: https://stokestrades.com/blueprint

TradingView Charting Software: Start a free trial here

TraderSync Trading Journal: Visit the official website here

Our Free Community on Skool: See this post in our group here.


Today’s Focus – Win Rates and Risk-to-Reward Ratios:

Understanding and calculating win rates and risk-to-reward ratios are fundamental for any trader. These metrics help you gauge the effectiveness of your strategies and manage your trades more precisely.

• Win Rates: Your win rate indicates the percentage of trades you win out of the total trades you make. For example, a win rate of 60% means you win 60 out of 100 trades. Aiming for at least a 75% win rate is a good benchmark for consistent profitability.
• Risk-to-Reward Ratios: This measures potential gains against potential losses in each trade. A common target is a 2:1 ratio, where you aim to gain $2 for every $1 risked, balancing the occasional losses with more substantial gains.

Trading Tools and Resources:

• TradingView: I use TradingView for analyzing trades and setting up charts. It's a powerful tool for seeing how confluence works in action. You can start with a free account. Visit their website here.
• TraderSync: To journal my trades and track these metrics over time, I will use TraderSync. It's essential for refining strategies and improving trade outcomes. Visit their website here.

Community Engagement:

Join our Day Trading for Beginners group on Skool where you can connect with other traders, find accountability partners, and access a wealth of shared knowledge.


Closing Thoughts:

Mastering win rates and risk-to-reward ratios not only enhances your trading strategy but also boosts your confidence in making informed trading decisions. These metrics are key to managing your trades and ensuring long-term profitability. You won't master them right away, but overtime you should understand what these are in your own trading.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


Join Our Free Community on SKOOL:

https://www.skool.com/day-trading-for-beginners

Welcome to another episode of the "Day Trading for Beginners" podcast. In this short episode, we're going to talk about confluence. If you're just joining us, be sure to download the 6 Month Blueprint that offers a roadmap for your first steps as a day trader.


Download the 6 Month Blueprint: https://stokestrades.com/blueprint

TradingView Charting Software: Start a free trial here

The WIKI: Download it here (There may be newer versions you can search for on the forum)

Our Free Community on Skool: See this post in our group here.



What is Confluence?

Confluence in trading refers to a situation where multiple technical indicators or analysis techniques align, suggesting a more robust forecast for market direction. This alignment increases the likelihood of a successful trade by reinforcing the signal strength.


Seeing Confluence in Action:

To observe confluence firsthand, you can use charting tools like TradingView. I've included a link in the show notes for you to access TradingView, where you can sign up for a free account with some limitations. This tool is excellent for visualizing how different indicators converge on a chart to indicate potential trading opportunities.


Why Confluence Matters:

Understanding and identifying confluence is crucial because it helps traders make more informed decisions. Instead of relying on a single indicator, confluence allows you to gather evidence from multiple sources, reducing the risk of false signals and increasing your confidence in executing trades.


Examples of Confluence:

• Moving Averages: A bullish signal is reinforced if the price is above both the 50-day and 200-day moving averages, and the shorter moving average crosses above the longer one.
• Support and Resistance Levels: A price breaking through a resistance level while other indicators signal a bullish trend can signify a strong upward move.
• MACD (Moving Average Convergence Divergence): If the MACD line crosses above the signal line at the same time the price moves above a key moving average, it suggests bullish momentum.
• Volume: An increase in trading volume accompanying a price breakout above resistance indicates strong buyer interest and supports the price movement's sustainability.
• Ichimoku Cloud: When 3 of the 4 indicators are bullish on the Ichimoku Cloud, and price is above the 50 week moving average, there is confluence among these indicators.

Closing Thoughts:

Today's episode was a concise exploration of confluence, a key concept that you'll encounter repeatedly in your trading journey. By understanding and utilizing confluence, you can enhance the accuracy of your trades and make more strategic decisions.

Website and Other Social Accounts:

https://stokestrades.com/

https://www.youtube.com/@StokesTrades


Join Our Free Community on SKOOL:

https://www.skool.com/day-trading-for-beginners