Blowing Up My First Day Trading Account | 1 Month Recap

[@brettpeace9858]

-It was only $500 -it was great experience -Tradenet won Thank you for your complete transparency. You are probably the only trader to offer 100% truthful results. Good luck on your next go around.... I'm betting that you will become a great successful trader

[@UnitXification]

EatSleepProfit ist also very real. Recommended by Garen btw.

[@KillaKam922]

Madd respect for posting this video. Blowing up your account is a blessing in disguise. Makes you appreciate your gains and respect your capital so much more...Better to blow up your account when its smalll rather than blowing it up when youre making $100,000 trades. Theres so many lessons in a blowup and it seems like youre nailing them down getting to the root one by one. Based on your personailty and persistance, I know you will be successful. Wish you the best my brotha!

[@binilt2231]

I have blown up like 10 accounts. Yet I am still here. Don't worry I am profitable now.

[@zhearace2028]

no pls just stop do bussnis if you blown up 10 just stop sorry man mabey open a bussnis like corner store

[@binilt2231]

@@zhearace2028 lol.... Bro. I recovered my entire lost money in the last one year. It took me 4 years of loosing to finally become profitable. So I am not going to quit now since I am profitable currently. The fact is you need to be patient enough to blow up several accounts before you finally start to become profitable. It will take at least 3 years..... I was patient enough to loose money to learn Trading. Also I never had any mentors. My experience was my mentor. So I learned from the best mentor in the world. Now I am consistent and making a living out of it.

[@zhearace2028]

if you making living out of this then my apologize. i ment if you are lossing money just quit it no shame just find somethink that work

[@TraderJoe31415]

Who was your mentor?

[@TheMrSowarm]

@@TraderJoe31415 His mentor was is own experience... Which is the best mentor.

[@paulsharkey6673]

31 year vet here. Blew up for my first 4 years. Never, ever would I ever quit. That's why I made it.

[@storyofthestock5462]

Paul Sharkey amen

[@joevento1170]

In a full time trader(over 12 yrs now). YOU DO NOT TRADE AT THE OPENING BELL !! The first 15-20 min has too much noise( random movement) as the large size traders( invest banking traders, hedge funds, etc) are deciding where and when to start their positions. Best to to wait till after 10am eastern time to wait for trade setups to occur. Good luck.....

[@PredatoriaMoon]

No such thing. Trade wherever/ whenever your edge is. If your edge is trading the opening bell, then trade it. As for finding edge, thats the trick that you have to figure out and develop as a trader.

[@FHIPrincePeter]

@@PredatoriaMoon Totally agree.

[@jackson.denzler.]

Lorenzo Matterhorn fax

[@RobWill5864]

I think the statistic is more like 99% of traders blow up their 1st account. The 90% is for those that fail, meaning they blow up an account and never recover. It's part of the game to lose a lot in the beginning. What I've seen from your videos you've progressed a lot in the amount of time you've been trading. Keep going bro!

[@wadegfield]

The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.

[@fahimahmad9153]

great words 😊

[@arthursmithsyoutubechannel7091]

Theodore Roosevelt

[@wadegfield]

MY guy TD! It was relevant. Just because things are hard doesn't mean you should quit. Effort always counts in the long run. Just stay in the arena. Keep on trading, stay consistent with your strategy and never give up.

[@docd2415]

got this framed on my wall

[@arthursmithsyoutubechannel7091]

@@docd2415 wtf are you me? me too dude...

[@dillondube1978]

when i decided to trade and i went to youtube, yours was the first video i saw and thanks to your first trading video, i found what i needed to find. I have gone back to your videos so many times for research guidelines. This video you made, man, just... thank you for the realism. its the most helpful honest video i have seen and by far the most valuable i have seen so far. Thank you for your... being that guy who just showed it as is. Thank you.

[@madhavj2508]

Why go on and risk 9% per trade just because if you risk 1-3% commissions eat you on a smaller account?? Instead, save up more capital and during that time improve your skills. There is no reason to risk 9!!% just for that reason. Of course you'll blow the account. Have a thought about if your lose so much and you are down to half the account size, 50% drawdown, then you need to profit and get 100% return JUST to get back to your original acc size, def not worth it bro. That's the reality of trading, small capital gives small returns. Don't focus on how much you earn, it's not all about the profits. Develop into a consistently profitable trader and then scale up to see the rewards in monetary value.

[@svetoslavchilingirov3858]

Man, your story is so close to mine. I've almost blew up my acc, cause I also quit my job, and have limited savings and therefore time. This made me rush into trades, entering setups I'm not confident enough with, exit profitable trades earlier than needed and so on... And after this disappointment came the fear... I've never thought that this is the part which is going to be hard :D I'm preparing psychologically for about a month now. I think that this part of the training is extremely underrated. Everyone is studying technical stuff, and we all can agree that it's not hard, but the emotional part, the execution-with-consistency part is the real thing. Don't know yet, but this may be the crucial feature that makes the trader trade for a living. Be successful!

[@obijuan3004]

I’m still learning this stuff with a small $5000 account and I’m in my second year. But there are two issues we all have to deal with, first and foremost is the mind game. Lots of people do well paper trading with no fees, because there is no risk, it’s easy to lose and sleep well paper trading. Then when you drop your own money the strategy goes out the window as your blood pressure goes through the roof. It’s real hard to hit a stop loss and not think, “well if I let it ride it’s sure to turn around!” That’s when the account is blown. To me removing the emotion is the first task. Emotion kills logic. The second issue is when you factor in fees and small trading amounts like $300 or even $5000 you have to make good profits or the winner is the broker. So, you need a bigger account (mo’ money) and you need to buy more shares to make the small swings more profitable. Making $50 a trade and giving back 20% of that in fees is a hard hill to climb. Which brings us back to emotion, can you drop some serious cash into a trading account and still sleep like a baby? Mastering the mind is the real trick. Anyone can learn to read candles, learn the strategies, the indicators, etc. But can you lose OR WIN and have no emotion either way? Never forget losing money is part of the game. You only need to win 51% of the time and manage losses to preset stops. Take your loss with pride! There are only two ways to really be out of the game quit or die. You can always find more money. Never gamble, be right or be wrong.

[@denvercolorado811]

I love ur point of "not caring about what happens with ur money/account size". I agree with u that people will get shaken out, get in too early, get stressed. It is stressful to have a small account and have any losses so that leads to Fear of Loss and scared money doesnt make money. like u said urself stick with your setup (1 or 2 setups) that have given u consistent wins. Finding one or two setups that you can spot frequently in the stock market in my opinion is what causes drawdowns. However once you find a set up that works for u the hardest part is trading only on your setup.

[@bennettv123]

Truth bro, I'm learning the same thing right now. Thanks for the honesty :)

[@LocalChannelTrading]

Good luck!

[@willcamp6685]

traders salute

[@RenaissanceBoss]

Thanks for the candid sharing Phil. Quite invaluable lessons you got there. I had a similar experience risking just 1.5% per trade and trod water for over a year and a half. Like you, I realized (the hard way) that change of strategy without real-time verified paper testing is extremely dangerous. You almost immediately lose consistency. I've also come to learn that while risk management is extremely important (hence the 1.5% rule), other factors such as consistency, reward per unit risk and costs (commissions) are equally as important. My overall statistics after my blowup indicated I had a win-rate of 49%, a risk-reward ratio of 2.1:1 and was actually positive gross of costs. This is exactly how much commissions as a factor is important and pivotal to small account trading. Like you've said, you'd rather risk more or trade with a relatively larger account to mitigate the commissions challenge. Great lessons there brother. Right on where I was a few months ago. Presently crawling out of the woodworks. Keep up the great work Phil. Much appreciated.

[@jdbaker82]

Dude u only lost $700 and are this worked up over it?

[@GarenPhillips]

not about the money, it's about not improving

[@indiestripper5374]

given the account size it makes sense.

[@bluelinesportsman]

Jonathan, everyone is different when it comes to financial situations.

[@romanbcn528]

just like the stock market we go up and down in our operative + luck, sure you improved with this experience, actually it was cheap ride, some people blow huge amount , still I understand the mental part of it, I went through that many times ... better time ahead! cheer up man!

[@morethanhuman8834]

I wanna share smth.Now you feel crap.In few weeks or months, after bit study, you will be happy it happened.Belive me, you'll love the fact that loss made you learn.

[@9awan]

Hi, Garen. First off I completely understand what you're going through in this video. In fact, I've been following your journey learning about the stock market since last year. We actually both started about the same time and have very similar backgrounds. It's amazing how much dedication you've shown. I jumped the gun a little faster than you and opened up my first intro account with Tradenet this past summer. It was within a few days that account was gone. I risked too much and was stubborn when things would go against me. I guess my risk to reward was out of line. At the time I didn't give two sh*ts about commissions but you're right they do add up and can easily eat away at a profitable day. I also overtraded and could not be profitable at the open. I'm glad I realized these problems but this was after blowing the account in merely two days (on a Friday). It really was depressing! I spent the entire weekend in the blues. It wasn't until weeks thereafter that I finally started to come to grip with what really happened. I guess I was in a state of shock as you seem in this video. I studied for months to come even though at one point I started to think that this is not cut out for me. My wife was really supportive of me and I owe her a ton for keeping me in the game. I've started paper trading again this past Sept. and focusing on taking better set-ups. I still am not the best but some days are way better than others. I'm going to stick to this plan for the months to come. I've also tweaked my hot keys (via keytweaker software for alternative key mapping) so I'm really not using the mouse anymore to trade which helps tremendously with scalping, or getting out break-even after partial profit. I've actually picked up another Tradenet account (took advantage of a sale) and this time I went with the student package. I'm risking more money but have a bigger cushion as well because of the bigger drawdown. I'm in no way ready to trade it yet and have left it alone for the time being. I wish you the best of luck on the days to come and remember life's not all about your P&L and I urge you to not soley rely on trading for income as multiple streams of income are best. I've kept my day job and work hard toward keeping it.

[@RandyandPetraJ]

Great video, very candid...kudos and good taking responsibility. I'm still learning this too and hope I don't "blow up" my accounts, but you know, it happens and it's all part of the process. Learn and move on. If it was easy everyone would be doing it and nobody'd be at the office 9-5....so keep grinding away, blow up another if you need to but do not surrender! Best of luck.

[@robert_iacob]

I’ve blown up two tradenet accounts. I take the failed experiences as the most valuable part in my journey as a trader. It’s part of growing and acquiring knowledge about trading! The mistakes I made will never be repeated again.

[@rbuck145]

Nothing to be embarrassed about this bro...this is success in the making and realizing your mistakes is like step 5 so your already way ahead of most.

[@ruiruivo83]

Dear Garen I have almost 10 years on paper trading, and I still blew my first account not long ago. Small timeframes are losing timeframes and only sophisticated bots can make money on them, especially considering the commissions on each trade compared with the positions you are forced to have with a small account. Best timeframes for trading stocks are 1W 1D 1H where support and resistance are much stronger. Good luck for you. Take some days off and then come back. By the way, i have positions opened on the 1W chart with much better results. Best of luck. Rui

[@LocalChannelTrading]

I’ve blown 2 before I found consistency, no worries it’s a process

[@gogetta6691]

LocalChannel your channels content is amazing

[@LocalChannelTrading]

Go Getta Thanks, Been working hard to let out some quality content

[@ifm5678]

How can I be you. Still blowing my account.

[@LocalChannelTrading]

Aiseosa Erhabor By doing the things a profitable trades does, which is knowing what you've done wrong and then adjusting yourself so that you're still trading the same strategy but when you go in a trade you have a different perspective, mind is clear and you know how to take money from the market

[@wetradewaves]

@@ifm5678 you need to learn first... learning and knowledge is a key to success

[@clkersting]

Key take aways - adrenaline, impatience, over trading, low float, high commissions, etc. Been there done that. You’ll find the secret in time. Until then it’s trail by fire. Recommendations - save enough (25K min) and open an account with IB in order to cut down on commissions and gain access to multitude of information. When you’re bored and making money you’re doing something right. Stay away from high risk “low float” stocks. Find a hand full of favorites or a sector and study their cycles. Stick with them. Lastly, add some fundamental analysis to the mix. Good luck. Enjoyed your video.

[@denvercolorado811]

thank u for being transparent and public. It helps u get it all out (#1) and number 2 you can see other traders also support u (#2) and number 3 it shows other traders how to avoid blowing up their account.

[@Freedom-DTL]

Cheer up bud! You will bounce back.

[@dakaodo]

You are not wrong about the opening bell. When a major market opens, a lot of REALLY big money has orders or strategies ready to fire, and it only takes one of their orders to eat up the order book going against your trade. A lot of the time, there is little to no warning for us retail traders to know whether the wall is real or fake (re: support/resistance) at a price level, before a big order either blows through, or someone removes an existing order. I'm not a stocks guy, but from what I've learned about hidden buyers and sellers, even if you had level II quotes, the visible order book is just another way to fake you out. I've taken to waking up just before the market opens, see where it is, then go make a quick breakfast. Then I follow price and get a read on the action as I eat, and by the time the initial volleys have been fired (after the first 30-60 minutes), the market either settles into business as usual for the morning with more predictable ranges and trend channels, or (more rarely) is trending non-stop like a horse with the bit in its teeth -- both of which can be approached methodically. I have about 4 major market opens every day, and when London overlaps with New York, there's a LOT of high volume churn at the NY open, the London close, and around every hour, when the market players either anticipate or respond to an H1 candle close. As I write this, I JUST watched EURUSD price gap up, then gap down on the M5 chart within 15 mins after the London open -- and gaps are largely unheard of on major forex pairs. For me, it's been best to sit on the sidelines in cash until I feel out the traffic and know when I LESS LIKELY won't be blindsided by a semi-truck going 80 mph (could still happen, but that's the game). You mentioned not being patient enough to let your trades play out, getting faked out by your impatience. I went through this phase, as have a lot of people. I haven't followed your videos regularly, but I did watch some of your early videos. From what you've referenced in this video, it sounds like you've definitely learned a lot along the way. If you continue scalping or day trading (you did say it's not your end goal), then you'll probably find a need to massively streamline your decision making process under pressure -- if flags are your go to, then like you said, don't try to also trade 3 other types of set-ups simultaneously. I'm coming from forex, which also has to account for spread+commission costs, but my impression is that it's not nearly as large a percentage chunk of profits in scalping. That said, there is still a net-negative point of overtrading, but that can be somewhat calculated and accounted for. My personal experience is that I have to count stop loss PLUS spread + commission as my total risk, find set-ups with preferably 3R (3:1 reward:risk), in order to come out ahead. When we scalp too quickly on the M1, M5, or even on tick charts, then we take profits that are too small to put us ahead of our stop losses on losing trades AND total spread/commission costs. What helped me overcome the "wanting things to happen NAO" was to constantly have my higher timeframe support/resistance targets constantly visible on one of my screens. My total risk per trade is about $25 (SL, spread, commission) per standard lot traded, so as I scalp, I keep my higher timeframes open for reminders and reference: M5, M15, H1, H4, D1. At one standard lot, 1 point = $1, so I force myself to look for price support/resistance levels that are 50-200 points (5-20 pips, for any forex readers) apart. I often see ultra short term S/R levels that are smaller than 50 points, but I only use them for reference in continuing my trades. It's like the mile markers between exits on a highway -- you can't, don't, and shouldn't drive off the road every mile just b/c you see a marker. You have to wait for the next good exit with signs for food, gas, and hotels. Higher timeframe swing trading would be like looking past the next exit, to focus on getting to the next major city on the map -- often 500-1000 points (50-100 pips) apart. By looking for where the next $100 scalp set-up might be, I stack my mental odds in favor of getting out with at least $50-80 even if I exit early. That way I don't chew up my account with commission and spread. When I'm at my worst, with about 40-50% accuracy, I can break even, and when I'm on a good run with 60%+ accuracy, I end up ahead solidly (though not amazingly huge). I don't know what spreads you were looking at, but your commissions were $5/trade, right? If you're trading stocks in the $1-10/share range, then my first impression is I'd filter trades by going off of major S/R. i.e. buy at $4.50 support, targeting 4.75 or 4.90. x100 shares, that's a target profit of $25-40 in this example -- enough to exceed commission and hopefully spread. If those targets are unrealistic, and your commission is fixed price (not scaled according to trade size), then yeah, def scale up ONCE YOU IMPROVE ACCURACY to reduce the % impact of commission costs on your net profit/loss. Ooor you might find yourself with more reasons to shoot for longer holds on open trades (though 10 hrs avg is pretty long already, if you say you're scalping!) if you're not giving your trades enough time to play out. In my own research, I saw a reference to a study on positive correlation between trade hold time and profitability. Yet in the majority of day trading videos I've found on KZbin, I've found little to zero reference from the guys blogging and trading that they really pay attention to key price levels. Many of them seem to simply be feeling out momentum second by second. It impresses and terrifies me, though I get why -- the constant risk of gaps and trading halts would have me in fits. :P Overall, thanks for sharing some solid thoughts, and please don't take my comments to be negative.

[@ericchdjdjnx]

~5 dollars on commission each trade in a 500 dollar account is not workable, you give too much money away. I do not day trade so I am not really trying to give advice but in my view even day trading with 3% of 10k as you said is way too small of a trade. My trades cost me 5 in commission per trade (so at least 10 after closing position) and I only trade/adjust positions in increments of at least 2k at a time for that to feel like it is worth it. Otherwise I feel I'm paying too much commission relative to trade size regardless of account size. In such a small account as 500 is, that isn't even possible with going all in every time, so I wouldn't bother at that point and just continue to paper trade (the statistics you show at the end that the site provides you are cool though, but ultimately you can work those out for yourself for much cheaper). Day trading seems hard enough without your account size getting in the way, better to save up enough for that not to be part of the equation. Best of luck in the future.

[@XxzeppelinxX]

"With a small account, you HAVE to wait for perfect setups." - Most people start with a small account. These are the words of wisdom. If you have a small account but every stock you review does not follow your technical/fundamental rules...do not trade, just wait, your account isn't going anywhere when you do nothing, it sure would if you get over ambitious. Dr. Alexander Edler said it best "You actually have three options: buy, sell, or stand on the sidelines."

[@BABYNUNNUN]

Shaun Smith perfect setup is everything

[@zaidchalabi1599]

True Sometimes setup with news so good U go in heavy

[@GarryPatricio]

I'm right there with you on trading after 10 am. I've lost the most money trading at or close to the opening bell. A couple of years ago, I blew a $2000 cash account and felt really bad about it. Now I'm trading with a $1300 account and really not caring whether I win or lose - and I win more because there isn't any pressure. My mind is clearer and I'm more analytic rather than trading with my emotions. I haven't seen your other videos to know if you're still trading or not but if you are, best of luck to you!

[@TheMrSowarm]

I started paper trading a few months ago and from the hundreds of trading videos that I have watched this one is hands down the most honest, transparent, genuine and informative I've seen. I've been following you since the start of your adventure Garen, and your strong will is what will make you a successful trader for sure. I think your choice to go with spartan is a good one, you will be less oppressed by commissions on higher time frames, can't wait to see you turning consistent on your next live account 👍

[@espocartoons]

If your impatient and having success in 10c scalps i would focus on your strengths. Brett Steenbarger videos of you havent watched them really helped me. Thinking slow and fast is good read too. I am slow rationale thinker and fast thinking isn't my strong point. I cant scalp as my emotions define my proifts not my logic. The first 30 mins usually move too quick and have a lot of shake outs. As soon as 10am comes i begin to trade the setups that show themselves. After 1030am you will start to get long plays where they squeeze out morning shorts. Look for stock thats consolidated and holding around vwap. Then they have 2-3 key levels above the current price action - HOD - PMH - LOWER HIGH BOUNCE OFF HOD These offer 3 key levels to squeeze out shorts. Its what will get you good risk vs reward. Play to your strengths and limit your weaknesses. Im in a similar position to yourself after 6 months. My small size is really affecting my P&L and commissions are cripppling me. Im at a point now where i have 2 plays that work well for me and offer good risk va reward. If you ever want to chat and bounce ideas about strengths and weakness let me know. Really wanting to expand my network of like minded traders to help speed up my learning curve. You seen really focused so success will eventually come $YTEN $CREX are good examples of stocks whixh recovered and squeezed in last few days

[@espocartoons]

Im short bias trader but i am working on my long trades again as i now see where shorts are position and are going to get squeezed out. The best approach is understand the short and long plays and then identify where traders are going to trapped Once they are trapped and have to market out their position this is where you will get those explosive moves

[@ornizjquinonesrivera3695]

I feel for you, Garen I am a Mechanical Engineer too, Aziz and you now are my prospects Im unemployed I blowed 1/4(thats 7 times your loss) of my savings after failing to risk manage my daytrading restricted Robin Hood account(I averaged down and risked one day without stoploss) ( both tendencies an effect of the day trading limit(I learned the hard way). Thankfully I stopped my caveman instincs to keep thriving and concentrated on education. So I cried and got th F& Up and we continue. Thanks for the videos we come from a background and sometimes we expect that background to have an edge, the edge is minimal. It is always day 1. Im only half as smart as you are, dude you are doing and editing videos at the same time. So man Up, as I would want a mate to tell me.

[@paulkelleway8032]

Best video on trading I have seen on youtube because it shows the truth, that is that trading is not easy and very soul destroying. I commend you for showing what it feels like to lose an account regardless of if it's £100 or £100,000. I watched your early video 'how I learned to day trade in one week', when you look at all your enthusiasm and energy you had in that video compared to the beginning of this one, it shows the real effects of trading and that it's not some golden goose, its very, very tough to be successful long term. Again, I applaud you for doing this video and I hope you will one day make it.

[@8thleostellium734]

I’m just learning trying to self teach and I really appreciate your honest and how you take your time and break down everything. so many people online try and claim they never have any big losses but I’m sure they all have at some point and just aren’t being forth coming. I’m sorry for your losses but since you’ve been generous enough to share your hard learned lessons with us I’m sure you will win back those losses by at least 10 fold. Thank you for your vids!

[@ryanjames5799]

Great video, I feel your pain....I am new and experience my own mistakes daily! in fact I have made every mistake possible. In your video you said you were making $50 trades, if you got a 3% return on those trades that would be $1.50 per trade. Trade commission is $5, so you would lose $3.50 per trade. You would need a 10% return to break even. It is hard putting that hard earned money out there and let the trade play out. My biggest fault is I exit the trade with a small profit...then it sky rockets for the rest of the day lol. Thanks for the video, I'm sure it was very helpful to many other new traders like me.

[@qualitycutlawncareservices4653]

I haven't totally blown up an account yet in 2 years of trading but have lost a good amount both years . Around $400-600 annually out of a 3k account . Honestly I am happy with that considering Im am still learning . Claim the capitol loss and move on . When I am down like I am currently , I just look at the 'bright' side .. Ive learned a lot and still have money in my portfolio . Keep your chin up and trade on ! Also I agree with others on here , starting with less than a couple grand is very difficult because of commissions/size of trade . Maybe try and use Robinhood and swing trade until your account is larger so you can afford larger size and commissions .

[@philipmoukhtara]

Those feels at the beginning. I feel ya. Ever since I switched from a 3digit account to a 5 digit account, my caution got to me. With the 3-digit, I was making approx 3% a week. With my 5-digit, I’ve made 90 bucks :/ I’m impatient too Thank you for making this video. Sharing your failures teaches us. It’s brave of you and very helpful. Thanks!

[@asxfdar]

I had 700 in my account and lost 400, it bothers me but I learnt from this. I saw the market dropping so I got greedy. I’ll learn from this and become better. If you don’t fail you won’t succeed

[@yassirawan2336]

Commissions are so high per trade. Well are they same with analaytical trade and fundamental trade? Or the other is cheaper? And can you kindly tell gow can we analyse a companys annual or quarterly financial report that its in profit or loss. I mean what to calculate

[@aadhilnihas1499]

this by far is one of my favorite videos of yours.. learnt so much from this.. thanks !!

[@shivandana]

A fellow engineer here. Sorry to hear about your account man, I'm glad its not a big sum. I do want to say that I'm new to the stock market, I have been looking at several KZbin channels to learn and understand. Your channel is the only one I come back to. It could be because its an engineer's view on the stock market, which resonates with me. You are competent, and I'm sure a lot of people other than me are learning from your videos. Wishing you all the best.

[@vaynety9153]

We fail our way to success. As long as your learning on those red trades then your improving. Welcome to the 90% club! Wear it like a badge of honor as we’re all in the trenches together.

[@benshaw7993]

Newbie question...trade and commission fees eat up smaller accounts. So why not just use a platform like Robinhood? I don't trade yet. I'm just getting into paper trading. But I've been curious about this.

[@particleconfig.8935]

What you call your successful scalps... are my edge lol :) Because... there's certain behaviour in these ups, and the higher they go and depending on various factors as volume and foresight, these are most probable moments of selling while it's about to collapse (a short overbought moment+uncertainty). Put a buy at a percent lower and dinner's served, most of the time in my experience. Absolutely wait wait wait for what you deem most probable, most of my waste is overtrading indeed. Cheers for sharing bud !

[@svcobra1992]

Hey Garen! Mad respect for you being forthcoming about you trading. I actually blew up 2 live accounts last year and stopped trading for a while. This year I started paper trading and I have gotten much better! I have actually taken the AJ and Spartan courses too! They are very informative but everyone has their own style of trading. Once I combined what worked for me then I started seeing more profits. I am a very very impatient person but I have a couple things that helped me bypass my bad habits...1 Try using only hourly chart before 10am. This will help you see the bigger picture on the quick moving stocks and it will weed out most of the noise...2 Watch support and resistances on the charts as they will be key reversal/breakout points which you can use to keep tighter stops without hitting your stop loss constantly. Good luck in your trading career. You haven't failed yet. You only fail when you give up. I look forward to watching more of your videos!

[@kchan6941]

Don't use tradenet. They make money when you lose. I used them recently and i was like up +$5,000($19,000) from my intro account. I tried to withdraw after 3 months but they refused to give instead they stated I can only use for upgrading my account. They are totally a fraud.

[@sl5946]

Wow, that's crazy

[@kchan6941]

Now you can buy intro funded acc. Package for $299!! They would give you $14,000 with max. Losses of -$700.!!!!

[@sl5946]

@@kchan6941 It's $425 on their website

[@kchan6941]

Scott Lee cause you are not using their discount link. Don’t ever use tradenet lol. They are a fraud. Let’s say you make a lots of money after you are on pro account, they would charges you a lots of fees, and change your acc. From CFC to equity. So, you won’t be able to short most stocks! They would sometimes freeze your account while you are trading. Remember they make money when you lose.

[@sl5946]

@@kchan6941 They probably get away with that because they're located outside of US laws

[@Sci-Fi_Fan296]

I know that this is an old video now and I'm sure that you are in a different position by now hopefully, I must say that this was a helpful video to come across. I commend you for being so candid and as a result allowing your audience to see you as a person who just like anyone else, makes mistakes. Bravo Garen! Keep up the good work.

[@michaelbadar]

We all been there! We learned and moved on to be better traders. This is only a suggestion- Try Day Trading micro-penny stocks or OTC stocks. With a small size acct, you can make huge profits with a 1 cent move and you can lose to. I started there in the beginning. I’ve made enough profit on one trade, where it was significant enough to the point where the fees didn’t hurt as much. Hope you start making profits soon. Cheers!

[@bottomphishing7377]

Been watching u for a while man keep it up I've blown up countless accounta but it's market tuition and I've seen the light at the end of the tunnel. Best job in the world!!

[@LeoICalifornia]

I have seen that at 9:30 it is not really trading that is going, but computers executing orders. It is like me placing an order at night, and at 9:30 it will be executed. I have seen that in 3 minutes it is about 20million shares processed. There is no way to trade, those computers doing their job, and you are nothing compare to millions of trades execution. Interesting, that level 2 does not show how many shares are waiting before 9:30.

[@fonzfonzy7246]

Your struggles are what every one of us are dealing with, the beginning until you do learn to control your fears/feelings, and control the system that works for you, it takes time, you might blow a couple of accounts - before you will get to the point where you control your trades. Paper trading can't teach you real money trading, its good for practice and techniques, but while trading with real money, the emotions take control, and we all battle those, to try and concentrating on the Technique and Rules, and decrease the effects of the emotions that effect us all :) We all been there mate :)

[@johnjohnson1997]

So much of this applies to sports gambling. Damn right. You cant care. Fear is the most destructive emotion during any pursuit. Only be cautious. Never scared. After you lose and realize you didnt die. It gets easier.

[@GirafeStudio]

Dude, just blew my first funded account today. Worked so hard to pass the steps and now I feel ridiculous also 😂Thanks for the vid, cheered me up! I guess that’s what it takes to learn! Live and learn...!

[@JavierGarcia-ts5xr]

Hello Garen, I think that you should try supply and demand strategie and forget about the ema, sma, vwap... all those indicators. I've been testing naked trading using the price action combine with supply and demand for high probability market turning points on a demo forex account with 1:2 or 3 rate shield and I have great result. The majority of my losses are because in some way I bend my rules or don't stick to them. One more thing look for a direct access plataform which I don't think ToS is it, like interactive broker, ninja trader, tradestation and in my case for forex oanda.

[@spencert94]

why ur shirt changing color 17:51

[@dothedashkj]

I just started and I’m wondering is it’s best to buy multiple shares at a small volume or high volume?

[@GarenPhillips]

join the discord, easier to have a conversation in there

[@benevolent9420]

Hey Garen, I know it sucks to make a video like this and it's embarrassing and all that but this is very useful to beginning traders - being able to pass on the lessons you learned and mistakes you made to other people so they don't have to make them is invaluable and part of what makes the internet so great. So thank you very much for making this video and sharing your knowledge with us, and your whole journey, much appreciated.

[@reed3330]

where can we get that spreadsheet

[@babylonian977]

how can you work around PDT rules?

[@epr1]

Thanks for the honest video garen. You’re going to kick the stock market’s ass one day. Good on you

[@catllionare]

I'm in the similar boat in the sense that I am also very impatient. I have some money to invest and day trade but I'm not sure if I should risk my entire savings. I'm anxious to make this work so I can quit my job but what if... things don't go well. I'm impatient af. The fact that you made this video and shared with Humility your past difficulties and mistakes put me so much faith in you and I know that if you keep pursuing and try to learn from your mistakes you'll succeed in the way you want. I see too many youtubers just sharing the glory sides of everything, not just stocks, like van life, full time freelancer. It's rare to come across honest and humble people who all the difficulties and the "ugly" stories, bc they're too focused on presenting what looks "good". But to me, I trust more in people who are real enough to share warts and all. In the end, isn't that how we can grow and learn from each other? Thank you for your vids. Super awesome!

[@S4h4r4s]

"Waiting for your setup" is definitely key and important in trading profitable

[@petezilahy4462]

Keep your head up bro. Tomorrow's another day. I appreciate you making these videos for people who are just starting out. Today I see and learn it's not a walk in the park. One question tho. What happened to "Robin Hood"? Thought you were using that for free trades?

[@addjuan_andrade7401]

Keep your head up man! It’s a small amount of money and the experience you’ve gained through it all is worth more. From your first video, I have to say I think you’re over complicating everything. Start with learning just one strategy and master it, and use it to become profitable before you go ahead and start trying something new. And look for help from someone who’s experienced, the advice they give to you will help you immensely.

[@Scints]

For most folks 1 year is just too short to take you around the block. Trading with consistency isn’t easier than being a neurosurgeon. Think of how long med school is.

[@natel3917]

Hi, Garen. How would you recommend building or finding a "cheat sheet" like the one you've displayed in 2 or 3 of your videos. I'm very interested in some guidance on that topic.

[@RyanTehPyro]

Do you have a link to that position size cheat sheet you use? Do you think your outcome would have been different with, say, $7k? I only risk 1% max - usually around 0.5% of total capitol. Numbers are more in favor with commissions with that account size too. I feel for ya! But maybe more capitol will help cause of the math?!

[@ramsesp5009]

You need to be brutally honest with yourself in this game or just quit right now, otherwise, you'll not only lose again but waste a TREMENDOUS amount of time you'll never get back. Until you find something that works FOR YOU, don't bother. Now you can be stubborn and go watch meir barak videos 10x a day like everyone else and wait for the "A+ Setup" before market opening, only to end up losing the trade and feeling frustrated, then try rationalizing it with some excell sheet by saying "I'm sticking to my "system""Only to feel more frustrated the next day..Look Garen, I've been around the block, it's not even about the money, it this feeling of not improving and wasting time... The ONLY edge in this game is how fast you cut your losses, and building a system that follows that principle, whether you trade futures, equities or Options. Don't expect different results if you're entering in "breakouts" just like everybody else with loose stop losses JUST like everyone else, you won't make it in the long run. Tweak your entries in such a way your losses are SO tight, your average trade setups offer you minimum of 1.75:1 BACKTESTED,FORWARD TESTED AND QUANTIFIED, while watching newer setups that MAY interfere your trade (Don't be like those guys that put profit target and Stop loss then sit there and WATCH the trade come back against them..), Only then will you be bound to be successful at some point. I'd recommend you watch Ross cameron's profit trifecta video to REALLY give you a perspective on trading success if you haven't. I've blown up 4 accounts before finding success that enable me to make back all my losses and then much more, so if a moron like me can succeed, i'm pretty sure a disciplined guy like you, who post videos damn near everyday, will be profitable. Cheers mate :)

[@zaidchalabi1599]

Well said I blew up 3 accounts even though i was in warrior pro class But i was doing good 3 days on gap and go making 2000 then 1 day i decide to short a stock that is too extended and keep adding by shorting higher and lose all week profit then some. Until i blew up 3 accounts sizing 3k, 6k, 12k. I recently started being more focused. Only gap and go and couple of large caps small shares And started with 10k 2 months ago Currently at 53k Granted had couple of huge days on PECK and MESO which was good strategy, news, some luck but im hoping i can keep it going and get to 100k then start pulling monthly profits Scary part is i havent had a red day so far so im worried it will set me back when it happens and previous fear comes back and i lose focus Took me some time to lose the fear and trust myself. Had to read books on psychology and forced myself to trust myself Not easy

[@blueghost5344]

Day trading stocks is like playing a low-resolution 2D game with an old simple Nintendo controller, versus day trading options which is like playing a high-resolution 3D game with a new complex Playstation controller. Day trading stocks has too many disadvantages and is too risky for many reasons, the main ones being 1- stocks require a lot more capital to leverage and 2- you don't get enough strategies to win the game. You're playing a complex game in handicapped mode with only up&down buttons. I encourage you to start investing time in learning Options. Discover the 3rd and 4th dimensions of trading (Time and Volatility) and unlock more secrets to trading. FYI, I started by learning the basics from Bullish Bears free courses (which is a channel you recommended), then learned the complex strategies from Option Alpha who also has free courses online. Also do a YT search "How to trade stock options for beginners" by thebrownreport is very informative

[@hashemfathi1646]

how did you have that many trades with a small account aren't you under PDT rule?

[@tradelogikk8182]

Yeah I quickly realized that to cover commissions on my trades with a small account ($550) I had to risk a lot more. And I'm fine with that. Once I grow the account more then I'll start working the numbers in a more proper fashion. I've run really tight metal stops to try and help combat the higher risk but that has its own issues as well... The struggles are real man... Hang in there, you'll get it!

[@citywitt3202]

Allow me to make you feel better. I’ve been trading and running a portfolio now for 6 years, and this year I lost over 50% of all funds. Now, obviously not a blow out, but that was a big number. A fucking nightmare. In fact it was such a hard pill to swallow I ended up taking it with straight tequila instead of tap water. But ya know what? I’ve learnt more this year from my x thousands in losses than I ever did from my x thousands of gains. You’ll understand more about your identity as a trader, you’ll trade better, you’ll become more consistent and disciplined, and you’ll stay on the road. It hurts now, but you’ll be thanking your lucky stars you went through this. Good luck. Sincerely, a multi-asset portfolio manager.

[@kevinanderson9752]

0$ commissions has really changed the game , I'm happy to take a .50 to 3$ profits all day long. Consistently making 80$-200$ a day while risking less than 1% of total account.

[@Onelove313]

New trader here. Can you share some of your strategy? Perhaps a technique or video that your helpful. Best, x

[@willeypickett9749]

Yesssssssssss^^^^^what he said

[@kevinanderson9752]

@@Onelove313 I'm relatively new to be honest , I just try to follow obvious trends but never picking tops and bottoms. Small move I'm out , no greed and no fomo. Yes it can be kind of boring sometimes but It's way easier. Execution speed is crucial also, I'm on TD's Thinkorswim.

[@Onelove313]

Thank you for your insight!

[@petersmith2112]

Watching someone blow up an account is just as, if not more, educational than watching someone make there money. You won't be able to copy there trades in the moment. But it's about the psychology of trading I think. Make sure you know that you won't be right on all your trades and when you do get stopped out it's just feedback and learning, not always a lose. No successful business would wipe out their failures because it got them to their successes. I'm trading with £300 account and so far I've been up and down but no big losses, stop loss has to be at the right point so scale your entry price accordingly. Good luck and I'm going to subscribe to you now, to see how you carry on 👌

[@lland3979]

This is such a great video! I'm trading the paper account with TOS and still a noobie. I have thought the same thing about all the trade commissions. Live and learn...you will be a success with your next account!!

[@jameshinesfarrier709]

Hey man, keep moving forwards. Fascinating to watch your progress - keep up the good content 🔥🔥👍

[@jacobmorris3295]

That's true. Robinhood doesn't allow day trading, so I've been swing trading for 3 months now. I've bombed a few trades where I sunk too high of a percent in. I was up 12% in 3 months, but now am down to +1.81% over the last 3 months. It's all abo it developing a consistent strategy and fixing mistakes! Keep it up bro, we're all working on getting good together! For me: Mistake #1 not finding new patterns after break point and not selling fast enough! (Example is whem snap recently peaked to $18.30 and I calculated the new resistance and support line. If I sold out of it at $18.10 like I had the hunch to I would have been up another 2% on my entire portfolio Mistake #2 being impatient while buying in Mistake #3 investing in Zynga ONLY because the motley fool says it's good (I'm up 3.74% in last month, but still a terrible reason to buy-in without researching first!) Mistake #4 - Swing trading while working 70 hour work weeks! Mistake #5 - trading during the first 15 min! Mistake #6 - Using Robinhood because it's easy haha!

[@jonnyblanton2358]

Honestly I’ve found after losing a little over 4K and finally becoming consistently profitable that it is a process guys. I’m serious. Just try to stay in the game and be very observant. DO NOT TRY TO MAKE MONEY IN THE BEGINNING. Sit on your hands and watch. You will see patterns develop over and over again. Once you’ve seen it enough in live action then you can take the calculated risks to try to profit. It’s a process guys. Stay in the game, and only take the trades YOU HAVE LEARNED. Don’t try to make a quick buck on silly setups, you might get lucky but ultimately you are reinforcing the bad habit and eventually you will pay. Best of luck you guys, never give up.

[@jonnyblanton2358]

And don’t be impulsive, controlling your emotions is HUGE

[@Scott.Farkus]

There's no such thing as the Perfect set up, you have to wait for good setups and be ready to get out if it goes wrong, and let it run a bit when it goes right. The 1st time I started trading I won a few of my first trades, still got out way too soon and abandoned great picks for hopes of better. Then I blew up my small account by about 50%, then got into a losing stock and purposefully rode it down to near nothing in hopes it would some day be big(UNXL now trading at $0.0016 per share) I was actually looking at a $58.00 gain on that and stayed in thinking it would go higher(it didn't). I still have 106 shares(maybe some day) lol makes a good reminder of how green I was. Needless to say, I spend more time looking for good setups and I trade a lot more conservatively now.

[@amgineco]

I m an experienced proprietary futures trader.. I don't share my work. I hv been impressed by your self analysis and assessment of what went wrong! MOST traders don't ever get that right and struggle. The only other thing I can say is that you WILL SUCCEED eventually if you learn patience.. remember we're dealing with risk reward and odds when we trade.. best to you going forward!!!

[@avijit2769]

Dude I know how you feel, same thing happened to me last year. You have expect your mistake and keep moving forward. I learned what I did wrong and changed new strategies

[@kevhov1]

Are logging your exact statistics? Winners, losers, how much of each, etc

[@stevewitte2501]

Start listening to Akil Stokes and Jason Graystone. It sounds to me like you didnt have a strict strategy, you didnt do any backtesting, you had a mindset that was focused on the outcome rather than the process according to basic principles of price action, and you have no sense of capital management. You have to understand this is a marathon and not a 100 yard dash. I have one strategy and one strategy only that has better than 100 backtesting samples over a 2 year span against historical data. August, I dropped 10% of my account, September, I made it back and gained 5%. Im still up 150% for the year. Hardly broke a sweat, because I knew exactly what to expect over the long term. Drop this "adrenaline junkie" attitude. Hollywood wants to sell you a sexy version of what makes a successful trader, and we are anything but that. Bottom line, you need to treat this like a business and not a night at the casino. Most importantly, stay disciplined.

[@smanmman8078]

I gave up day trading when I almost lost 40k, Swing trading is less stress and if your do you research less risk. Possibly less money but I would rather gain slower and feel secured than to possibly lose a mass amount of money within seconds. Good luck, you'll come back stronger !

[@wetradewaves]

You rly need to contact us... you need to learn first... learning and knowledge is a key to success

[@rosen9425]

Yikes. "Possibly losing" anything sounds like lack of any risk management. How are you dealing with that mentally?

[@lombardo141]

Well losing 40k in one sitting means your size is too big. You could have still day traded with less risk so you give yourself a chance to learn the craft. 🤷‍♂️

[@stevzor]

It can be really tough with such a small account (under 2-3k) because even more odds stack against you from the get go, whereas having say a 10k account you have much more room to diversify with your shares by scaling in or out plus risk % as you mention is much more to the point commissions are nothing when you hit profit, and when you take a loss it's small but nothing in comparison to your wins. Trading is a game of odds right? so by using a really small account you're starting with a huge disadvantage simply because you cannot size in or out. Also FYI momentum trading is very difficult because new people like yourself are not wired to getting in and out as fast as the veterans which usually means you get on the wrong end of it by getting a crap entry or a bad exit etc etc.

[@johnjohnson1997]

I know this is a year but at least you took your lumps early. You have a position now to catch this flame on the come up. Congrats. I'm just starting now. Wish I had ur knowledge base. Keep grinding.

[@johnk1639]

Slow down man, you don’t have to trade every day. Set your max loss to $10 per trade and stop getting wrapped up on what days you do good or bad, your batting average and your average win and loss per trade is all you need to know. Your main job as a new trader is to manage your account and stay out of trouble. If you break even on your first year you’re doing very well. You have to last before you get good, but to get good you have to last. Either way, it’s ok to make mistakes! Learn from them and move forwards.

[@gambaridup]

Hi Gareth - it is April 2020, are you still blowing yr account ?

[@otis52]

Keep fighting bro. This will only make the success sweeter. You are going to do great. You have positioned yourself for success. A tweek here and there and you will be gaining 10X more than you lost. This is going to be a great year for you. Your humility has answered your prayers.

[@rationalthinking1st]

sharing knowledge freely is how we progress. much appreciated.

[@feliciafuehrer741]

j child yes!!!!!

[@nielsdaemen]

What sound did it make when it blew up?📉🤣

[@perkycloud]

This is why you need in my opinion at least 25k to honestly start trading to make some decent profits. And plus, you don't have to worry about the PDT rule. For accounts smaller than that, commissions just eat you alive. Save up until then and in the meantime, study and practice. I have both a 50k and 5k account. A typical trade in my smaller account would be 50-100%, whereas it would have been only 5-10% in my bigger account. It's the same trade, but it's inherently riskier just because it's a smaller account.

[@thomascoatesjr175]

Started with $250 trading options. Bought contracts around the $50 dollar range. With options its hard to make money with really cheap contracts, keep in mind they are cheap for a reason. I also had a good risk management strategy - like cutting losses before the contract lost 50% of its value. Eventually, If you are keeping up with stock news, Price action and overall trend of the market, then you will hit on a play. Some will be big some small just make sure to take profits. And I rarely let contracts expire, Since %90 of contracts expire worthless. Ive worked my capital up to 3k and am now buying contracts around the $200 range. Moral of the Story- Start cheap but not too cheap where you wont see worthwhile profits.. Practice Risk Management.. Then scale up as your capital grows..

[@gonzalopq]

If you want to do a simple test...just toss a coin 10 times...pick your win (head or tail)...and give your self -1 point when you lose and +2 points when you win. Repeat this a few times (10 flips each time) and see your results. Most likely they will be on your favor. When trading you are doing something similar, but reducing the probability of failure thanks to your analysis, research and experience. Aim for being right 50% of the time and you’ll kill it.

[@ThatOtherRaccoon]

You're not still doing engineering are you? I went on your channel to see that lightsaber video but I'm seeing more trading than anything so I thought that maybe you were doing trading 100%. I also wanted to say that this video and others like it really help because you outline psychological and broker issues that traders deal with when trading. I haven't seen a new video in a while, hopefully things have turned around.

[@ProjoFTW]

Thanks for making this video garen, I like that you’re explaining all your mistakes because I learnt a lot from this video on what to look out for!

[@Kostas1989]

dude no worries at all started trading in 2010 and I can't even count how many accounts I ve blown up ... for at least 7 years in a row I was blowing up accounts. just relax take it easy and keep learning as long as you love what you are doing you will find your way

[@CraigStine90]

How can I get that position sizing cheat sheet?

[@GarenPhillips]

It's in the discord under "Garen's Trading"

[@lasas22]

You will be totally fine, everybody have been there. What i have learned from you videos is that you seem to be trading everyday which is overtrading. Not trading is better than trading average setups.

[@benjones6004]

tylenis bobas, trading everyday is only overtrading if you are a newbie, professional traders trade the same small group of stocks for consistent profits daily.

[@TheLuxeLifeCollective]

I've watched you over the months and I'm sorry you've blown up your account. It sucks, it happens to all of us. Good lesson to learn. If I could give you advice... you need to limit your screen time.. to max 3hrs a day. I see you online all day. It's not healthy. I spend about 30min trading and go about my day. You said you made $10, thats great!! You dont earn a salary right away coz you're inexperienced. Profit will follow your experience. Any profit before experience is luck. If you make $1, keep at it. You dont need profits right now... you need experience and consistency. I hope you keep at it coz you definitely have the drive. I only trade Nasdaq stocks. I use the 20 n 200 MA and watch for big block trades. Keep it simple. Also, you need 2 to 3 months of sim not 2 to 3 weeks!!! Ive been at this for almost 2yrs. You dont need to show everyone your trading or profits. Everyone got an opinion but its ur money. I definitely dont post my business online coz I'm working on my capital and its mine and nobody elses. Keep at it!!!!!

[@oscarmacho2798]

You're 100% right

[@chrislamptey6924]

Lisa, your absolutely amazing.

[@davidrhysroberts3641]

Rule applies no matter how much coin you're risking. If you're not sure and you've got an itchy trigger finger, don't pull it. Having a flat p&l is better than having a negative one. Patience is the key.