Why Beginner Day Traders Should Be Trading Bitcoin (cool trick!)
If you are a beginner day trader I wanna talk about why you should be trading Bitcoin. And really it's a cool trick. And this will make me sound kind of like old and get off my lawn. Like, you know when I was a kid but when I was getting started as a day trader in the markets, this was not a possible strategy. This just didn't exist. And it was, I mean, it's a cool trick that just was not possible when I was getting started.
And now when people are coming into the markets, whether you're, you know, younger or older or anything, and I mean it's fantastic. It is a great strategy that you should be using and it has to do with trading Bitcoin. Now, let me set up a little context here. Let me set up a little bit of a premise so that you're like, oh, well that was all click bait. And no, none of this is click bait at all.
It is relying very much so on Bitcoin. But let's just focus on, like I said the general context of. Well if you're a beginner day trader, then well you're a beginner and beginners need to learn, right? That just goes without saying. You want to learn the skills so that you can make consistent money.
And this is whether it's for a full-time job or as a side hustle, but because you're a beginner you need to learn this skill and okay, well how do you learn a skill? Well, you got to practice. And like I said, I'm not proclaiming any of this as some sort of rocket science, but to set up the context but let's peel back some layers of practice. Meaning, well we want to practice in the best way possible, right? We want to practice in the most efficient way possible. I mean, none of this happens overnight so I'm not implying that.
But I think we'd all agree that let's practice in a way that's going to help us make money as fast as possible. Once again, I'm not saying that happens overnight but from an efficiency standpoint, that should be the goal. What is the best way? What is a wise way to practice? So we can learn the best, so that we can learn the quickest and make money the fastest. So I want to kind of go through a couple of different types of practice you could do, and then show you the trick now that I would definitely say, needs to be done.
And it's a smart way to go about it. And it's a very time effective way to go about it. But one way of practice is this.
Is you pick up a book and a book is going to be doing something like this. It's going to say, well you have that thing right there called a tread line. And then you have that support, and the buy point was right there. And then, you know, eventually you would probably want to you know, sell it some other way. But a book is just going to say, Hey, this is the pattern.
And it's going to draw it all out for you. And you're going to have, I mean you're just going to see it all. But I mean, this kind of learning is absolutely worthless. I take that back. It's not worthless. There is some value to it, but it's very little value.
It's, there's not much efficiency in the value that this type of practice gives you because. Well, yeah I mean, when you look at the page of a book, right and you see a picture and you see, okay, well, of course, yeah, I see that. Well, I'm in, of course, of course you buy right there.
Well, why? Well, because you know that it goes up. So of course it makes sense to buy right there. So when you have full hindsight, and this is why, you know if a trade was as easy as just buying a book, you know, you would think success rates would be a little bit higher than what they are.
But this is exactly why. So it's a form of practice, not a very good practice. Now, the type of practice that I did when I was a kid, right. When I had to walk up school, you know walk to school, uphill, both ways was something like this. Where I would sit here and I'd be looking at the chart and then you would scroll, right. The kind of the scrolling approach, meaning, all right what would I do next? All right. Well, let's, let's see.
Well, okay. Okay. Now what would I do? Would I do anything? Would I just, okay. Then you scroll to the next, and these are for, you know depending on how much of a beginner you are, how new you are to the markets, these are what are known as candlesticks.
So you just scroll right. This scrolling strategy, which is, you know what I did. And when I, I mean I still recommend there's value to it, but it's okay. Okay, well, what's next? Then you keep going and you have.
But the problem here is that when you scroll to the next candlestick, you just, you have the candle. It's just there. The candlestick is formed. It's there. It is what it is.
And you know, that's just. Same thing right there. You have a candle right there. Boom. You have the candle.
So there is more value out, argue accept that that's a strategy. That's the perspective that I had to use most of the time. But I mean, that's still also valuable. But now we get to the awesome part.
And the best part of practice is this let's scroll over. And now what I want you to pay attention to is this right here. Notice how that candle is changing right before our very eyes. Why is it changing right before our very eyes well because this is real time. This price movement is happening right now.
In other words, literally, and I'm not trying to I guess I'm just trying to be a little dramatic here but in the history of mankind at this exact moment in time nobody knows what's coming next. Looking to the right, this big void of darkness, nobody knows what's coming next. And that's, that's good practice because that's as real as it's gonna to get is when trading occurs you don't know what's happening next. Nobody in the history of mankind knows what happened is happening next. But notice when you actually watch these bars form again the type that I had to do was when you scroll, scroll, scroll, you still don't know what's happening next.
But you do just automatically get to see what the candle is looking like and what the, but in this situation we don't know. We do not know. And these are one minute candles. Meaning each one of these will take one minute to form.
But for the next minute, we just have a big question mark of, okay, not only do I not know what's coming next. So you look over here, and you have no idea what's coming next, but you also don't even know what that candle's ultimately gonna look like for the next minute. Hey, that that's realistic. That's good, solid practice. However, well Clay, you can do this with stocks.
Good point. But the flaw here is that, you know what? People are busy. You're busy.
You maybe have other side hustles. Maybe you have kids. Maybe you have a job. But for whatever reason you're busy and a choice for you. A valid strategy for you may not be the normal set of circumstances. And I'm defining normal as given I'm in the United States.
So normal for me would be a the United States stock market. Like that's what, that's what I would want to invest in. That's what I would want to trade. But when it comes to practicing that, well, the the markets are only open a certain amount of time. But this is the power and why you should be trading Bitcoin.
I don't mean trading Bitcoin now, per se in sense of with real money. But if you have a platform that's gonna allow you to paper trade it and allow you to just practice it. That's what you want. Because at the end of the day, you are practicing the tools. You are practicing the tools that you know to help you trade whatever you want. So maybe the goal is I want to trade stocks.
That's fine. But when it comes to practicing. You're not gonna be able to look and see all this stuff that I talked about. You're not gonna be able to look and see how a stock is. You know, how the candlesticks, that pertained to a stock is going to be forming now. And that's a beautiful thing about candlesticks is all candlestick is telling you is what a price is doing.
Now is that price for Bitcoin? Is that price for a stock? is that price for Forex? Is that price for a futures contract? Who cares? That's why you want to learn charts. Because when you learn a chart, when you understand how to read these candlesticks and all of that and base trade plans off off of what you're seeing here well then you can base a trade plan off candlesticks for Bitcoin. You can base a candlestick trade plan for a stock. You can try it for anything but the point here is you just need to get good at understanding the tools.
And the main tool here is tactical analysis, tactical charts. But in order to get good using the tools, you gotta be able to practice it the best way possible which is what we're seeing right now. Just watching these candlesticks form, and the cool thing here is and I think it will. Yeah. I mean, I don't know. You might have to squint, but you just you'll just trust me. I'm doing this on a Saturday, right? So this choice is not available right now.
If you're someone that works at job and you're like, ah I'd like to do this sort of, you know, simulator trading but I can't because it's Saturday, the stock market's closed. Well, that's okay. Come here on the simulator and use well, Bitcoin. Because Bitcoin is open 24, seven, 365.
And you can come and watch this anytime you want. So again, I've never traded Bitcoin. But I can easily sit here again, and I can pretend that this is apple. I can pretend that this is Tesla. I can pretend that this is a futures contract. You can pretend that this is some sort of Forex pairing.
Because again the idea here is just to learn how to start to say, well what do I think is happening next? And what do I think happening next has nothing to do with it. If it's a Bitcoin or a stock or a Forex it just has to do with the fact of, okay, I'm using this. And as of now, I'm thinking it's this thing's going down. So let me, so, so, and I, and I have no idea like since this, but, and this also gives you the, okay now you can start to practice with, you know, your platform. So, I mean, if you want to go out there and okay well I think the price could come down to there.
Well, now I'm getting practice. Okay. Well, what happens if I want to, you know drawings? What, what does that do? Okay. You know, charts, settings, what does that? Okay. And then you can eat and just, you start to
it allows you to, to, okay so I'm going to do this, actually, let's move this line up. I think of that line right there is broken. No, again, I don't care about the price.
I just care about the line. Right? Cause that's what I'm trying to practice right now is if that line is broken, I think that there's a chance that it happens to be Bitcoin, but whatever this is. If I want to pretend that well, you know, for example let's just say that I know that I want to trade stocks. So in my mind, yes, I'm using Bitcoin. Yes, I'm trading Bitcoin from a simulator standpoint but my mindset is all right. If this stock breaks down through that line I think this stock is going to go lower.
Now, if your goal is, you know I want to trade Forex pairings, okay. I think that this Forex pairing if it breaks through this line, it's going to go lower. And I mean, this is a pure pure form of practice, but again, it's using Bitcoin you're using coins to trade it.
And you know that, that's just thinking about it. And it's on a Saturday afternoon right now. And I'm here actually able to get good solid practice based on the definitions that I've already mapped out by using Bitcoin. Now, if you are curious about the platform here and the simulator, then this is Weeble.
And I mean, it's a fantastic platform. It's one that I recommend for people that are just getting started. I really liked their charts. So I mean, if you're looking at this and saying, wow that's a great looking chart. And then of course you have all this simulator stuff over here. So if I wanted to, I could be buying.
I could be selling. I could be trading Bitcoin again. Not because I necessarily want to trade Bitcoin. I mean, you can but it's just because, well, the markets are open. I can use this type of practice. And that is what it's all about.
And also in full transparency. If you use the link that I'm talking about right now then that is an affiliate link. So I will get something.
But this is not the only reason why I'm recommending it. I mean, you have it right before your very eyes. If you, if you think these look like garbage, if you think you know, you don't, you don't like it and that's fine. You can go find another simulator, but it it's totally free. And well I take that back, if you make the deposit or if you sign up and create an account you do have to deposit $100. But that's just the deposit that you can get the hundred dollars back.
That just is what unlocks everything. So you deposit a hundred dollars. And if you use the link down below then you'll usually they're giving away free stocks and stuff like that. So basically if you use the link you get free money to practice in a good way. And look at this movement going crazy right now. I still contend, especially with this.
I mean, I, if this line falls, especially let's see what kind of candle here, candle stick here forms. But if this, like I said, I'll make a prediction. We'll see if I'm right or wrong. But I got to see how this candle closes first. Right now I'm thinking that line's about to fall. I think the price is about again, but it got away for the candle close, right? That's the tricky part is we got, I don't know what kind of candle is this actually going to be.
But right now I got to say that line is going to fall. I think that line the price is getting ready to head below that line. Yup. I'll go with that. I think that soon the price is going to head down below that line. Maybe I'm going to look stupid here. If so, we'll then we'll have a lesson of, Hey there's no such guarantees in the market.
But I mean, notice, look the price just keeps seeming like bouncing up above level. But in my mind this is some sort of stock. In all actuality, it's Bitcoin. That's being kind enough
to provide this example but that's, that's what I'm looking at right now is I think that line is going to the price falls below it. Let me, I think if it, you know, it comes down here. I think at this point it's looking highly likely that the price is going to fall down below that line. Now, how long is that going to take? I don't know. Where are we at? Time-wise on this at 12 minutes. Maybe I'll just pause the video so we can actually see what happens so you can just see kind of what but I mean, think about it.
I'm practicing right now, just thinking and depending on where you're at. So if you're going from my classes, for example maybe you're on candle sticks combined with support levels. Okay. Well now you can practice in real time, without knowing what's coming next, candle sticks combined with support levels. And you know that's just a something that's and it's on a Saturday afternoon right now, but I, I think so.
Yeah. If you use that link down below that'll give you access to the platform, but with with a couple of free stocks. So like you were saying, you're getting paid to learn in a good, solid, practical, efficient way. Which seems like a good bargain to me. But like I said, that is an affiliate link.
So if you click on it, then I will get something too. But, and you do have to, like I said deposit the hundred dollars, not because it costs a hundred dollars but just because you know, it's a deposit. So if you were to be like, no, I don't like this. I want a new simulator, new platform. All right. Well, you
just can take your a hundred dollars back out. But there we go, come on. Don't make them look stupid on YouTube. Come on.
Here we go. I'm holding strong. I still believe that this thing wants to head back down below there.
But maybe this thing just wants to keep bouncing along above that line. But at this point I'm thinking that this thing wants to, oh yes. Come on, get down through there.
All right. I will actually go ahead and pause because I think I've conveyed the point. If you're curious to kind of see what happens next but I will come on and look, it's getting so close. So for example maybe you're saying I want to practice shorting. And if you're a big beginner, like, wait, what's shorting, shorting means you can make money when prices go down. So in this, yeah. Believe it or not, that's possible.
And the market's pretty cool huh? But. So this is where I was saying, I want to go short. If this thing does go down, I can make money on it. And that's what I think is going to happen.
Therefore, I'm going to quote unquote go short and it's knocking on the window. Oh yeah. This is looking fantastic from a, so I'm like, okay well I see this trend line right here. Okay. And I see that area right there. So maybe you're practicing patterns.
Okay. This is basically like a descending triangle. And yep that descending triangle is broken. It should get moving to the downside.
Now, no guarantees. And I don't know what's happening next because there and there's the break. So I got part number one, right.
It did break down to that level. But now of course you need continuation, right? You need the thing to actually pick up some a little bit more momentum to the downside. So as of right now I'm sitting here from a practice perspective saying, oh that was kind of a weak breakdown and oh great. Now look at it! Right? Now this candle is going green.
You know, I don't want to see green. I want to see, let's see. Well you know actually. Oh, look at that! There we go! Look at this thing, starting to pull back, oh now bounce back up.
But you see the emotions, like I'm feeling emotion. Cause I want this to keep breaking down so I can sit here and say. But do you see the practice right? Now just the candles thing. Can you give him more pink candles here? Now that the cool thing about the program is you can change these to whatever color you want. But you get the idea where are we at time wise? All right. Over 15 minutes.
But this is why, beginner day traders, you should be trading Bitcoin. You should be training in the simulator, because it gives you an awesome opportunity whenever you want to practice in a good valid way. And that's what we want.
You want. There we go. I'm so stalling right now because I want to see what happens. But you at the idea, look at this thing, go down fantastic. Fantastic. So think about it as a beginner now. Okay. That's, that's good for confidence because you know when you're beginning and you're like I don't know, is this confidence coming from the fact of it's a picture and I, I have full hindsight and I know what happens is that really and you start to doubt yourself, but in this situation look at this thing drop.
I would have true confidence. Like, wow. I literally called that without having any idea. In fact, it was literally impossible for me to know what happens next, because this is a sure it's a simulator in the sense of, maybe I'm not using real money.
But it's not a simulator in the sense of when we were looking to see what would happen next. I had no idea at that point. And then to see this happen, talk about building true genuine confidence as a trader which is very, very important. So yeah, in my mind, this is such an awesome trick. Like I wish cryptos were around when I got started so that I could have, you know pulled up and done this exact same tactic to practice you know, whatever, you know you're learning about at that point in time.
So just remember this is good combined with some sort of structured learning, but I mean it's a fantastic way to. Now I'm wondering. So now you have this line down here. Can it actually break down through that level? But over here completely would have worked out very nicely from a short-sighted standpoint, meaning, you know making money when prices go down. So if you have any other, you know thoughts on this, let me know.
But I think that this is a great tactic. Thoughts in terms of other tricks to learn. But as far as the best type of learning to do when you can officially sit there and say I don't know, what's happening, look at this thing just completely fall and fall and fall. So from a, a confidence building perspective that's what it's all about. Did, if it, did you enjoy this video? Do you enjoy kind of these practical tip videos? I ask cause I will do more of them.
But I'm as always, always looking for feedback. So if you enjoyed this video, a couple of things to do to communicate that to me that you do enjoy these, hit the like button and then also leave a comment down below. Even if it's just the thumbs up emoji, that's totally fine.
And also, like I said, I'll put the link down below if you want, if you like what you see and you're like, wow, that's cool looking platform. I liked the set up. I mean, I've done other videos on the platform but I mean, it, I mean, especially when it's as a broker itself is free, no commissions, no fees. It offers some good quality stuff.
So, I mean, I'll leave that up to you. But like I said if you want to get paid to learn in an efficient way because they're going to give you some free stocks. If you use the affiliate link. Then, then so be it. Click the link down below, put the hundred dollars in and get practicing in a good, effective type of way.
But if you have any other suggestions for videos, please let me know. But yeah, get out there, practice wisely, practice in a way that's gonna allow you to, to learn the fastest and learn in the most efficient way possible. in Bitcoin because it's open 24/7, is going to be a great way for you to do that and fit into really anybody's time schedule. So thank you for hanging out. Everybody take care, get out and use this cool trick. First off, thanks so much for watching the entire video real quick.
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