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I Tried Day Trading With $1000 For A Week

Shane Hummus2021-03-22
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13K views|3 years ago
💫 Short Summary

The YouTuber documents their week-long day trading experiment with $1000, learning basics and terminology through resources like Investopedia and Think or Swim. They make successful trades on Tesla, Facebook, and GameStop, doubling their money with risky investments. Despite low success rates in day trading, the speaker highlights the fun and challenge of the practice, emphasizing the importance of individual fit and enjoyment for success. Day trading is compared to poker or gambling, with a reminder to only invest money that can be lost. Other online opportunities may be more lucrative, but success ultimately depends on personal qualities and enjoyment.

✨ Highlights
📊 Transcript
The speaker decides to try day trading for a week with $1000 and document the progress.
Day trading involves buying and selling stocks throughout the day with the aim of ending the day with no stock holdings.
The speaker begins by researching how to day trade and opens a Weeble account with $1031.41.
Despite being a beginner, they plan to utilize available resources to learn the basics and terminology of day trading.
Use of Investopedia for learning stock market basics and terminology.
Speaker recommends using a stock market simulator to practice trading without risking real money.
Limitation of the simulator lacking red and green lines essential for day trading.
Switching to a day trading simulator on Think or Swim by TD Ameritrade, known for its quality and positive reviews.
Speaker expresses readiness to start trading but acknowledges the learning curve ahead.
YouTuber makes successful day trades on Tesla and Facebook using the Weeble app.
The decision to buy Tesla shares was based on the app's histogram turning red, indicating a good time to purchase.
The trade on Tesla resulted in a profit for the YouTuber.
A second trade was made on Facebook, with the stock's recent stability making it a good candidate for day trading.
The YouTuber plans to monitor the Facebook shares throughout the day for a potential increase in value.
Speaker's profitable trade on Facebook stock through scalping and leveraging.
Speaker initially lost money on Facebook stock before it spiked up, but practiced scalping to secure a small profit and avoid losses.
Speaker shared their trading strategies including shorting stocks and using inverse ETFs for leverage.
Discussion on risks and rewards of leveraging trades, including investing half of their account into a leveraged ETF.
Successful trade on a three times leverage ETF and approach to buying and selling for profit.
Bold move to invest in GameStop stock.
Initially planned to sell but decided to hold onto the stock.
GameStop stock doubled in value the next day.
Contemplated selling due to volatility but considered holding long-term.
Speaker nearly doubled their money through risky investment strategy.
Day trading success rate is low, with only about one percent of day traders able to make a full-time income.
Day trading is described as a zero-sum game where one person's gain is another's loss.
The challenge and fun of day trading, similar to poker or gambling, are highlighted.
It is advised to invest only money that can be lost.
Some trading strategies, such as scalping or divergence, cannot be programmed into robots.
Success in day trading and other entrepreneurial endeavors.
Day trading can be viable with specific skills and self-control, but success rates are low.
Some online opportunities may be more lucrative than day trading.
Not all online day trading teachers are scammers, leading to a more open-minded perspective on the practice.
Individual fit, personal qualities, and enjoyment play a significant role in determining success in day trading.