[Tutorial] How To Get Started Day Trading for Beginners | Complete Instructions with Download Info
![[Tutorial] How To Get Started Day Trading for Beginners | Complete Instructions with Download Info [Tutorial] How To Get Started Day Trading for Beginners | Complete Instructions with Download Info](/pic/_tutorial_how_to_get_started_day_trading_for_beginners_complete_instructions_with_download_info/V3NjVl9QT1ZRek0_.jpeg)
we've had so many people come to us at day trade to win over the years who have tried day trading a number of different ways and ultimately they realize i need to go and try something called price action and if you don't know what that is that means just using price on your chart we'll get into that a little bit later but that's what we specialize in we have a bunch of different courses and software that focus on price action trading and uh most importantly probably for you if you're watching this video is we have a free get started trading guide that can be found up here in the menu go to get started and then click on get started guide this will put you on this page where you can submit your information and then get a pdf email to you and within that pdf you will see a number of things that describe how we go about trading what we recommend general concepts explained how to get a professional trading platform what to do when you get the platform such as installing a data feed and many more things so now we will look at downloading the platform that we use which is called ninjatrader yeah so to get ninjatrader you could just go to ninjatrader.com in your browser and you'll see this large area here input your email and you'll get the download but if you go by our get started trading guide you're going to click this link here in part three and then use this license key to generate the download and that page here looks something like this this is where you put the key click on submit and then you download a setup program and that setup program installs ninjatrader if you've been using a computer at all for some time you should be fairly familiar with installing software if not it's pretty straightforward just keep clicking the next button agree to the terms by all means read them if you want to and eventually you will get two icons on your desktop you will get a 32-bit ninjatrader icon and a 64-bit ninjatrader icon most of the computers these days are 64-bit machine so use the 64-bit version typically what i do for our clients is i delete the 32-bit icon it's still installed if you need it as a 32-bit application the 64-bit application though is much better at taking advantage of all your computer resources though in most cases the way we go about price action trading you won't actually need to use all those resources your computer will probably do just fine even if it's a few years old upon opening ninjatrader for the first time you may see a few pop-ups and so forth you can close those things and eventually you will see in the background this control center it may be a different color it may be a lighter shade i've changed mine to this darker color because it's easier on the eyes i feel in any case this is called the control center and i think of it as the main headquarters of ninjatrader this is where you would go to do just about anything from opening a new chart or a superdome or the trade performance window for tracking your practice performance to a number of things but ninjatrader isn't so useful from the get-go you could actually look at historical data that means charts with data from prior days but the main advantage of ninjatrader is actually the practicing of trading in real time conditions and to do that you need to set up a data feed and a data feed is really a connection to a data provider that gives you real-time data on your charts once you have one of these data feeds set up you go up here to the connections menu and you click on it and then within a short period it should connect but if you have an expired data feed this is what will happen you will get an error message so keep in mind these data feeds typically last for about 14 consecutive days maximum if you have a real time rather a funded brokerage account you won't run into this issue if you are a client of day trade twin and you need further assistance with data feeds by all means email us support daytradetowin.com and we can help assist you so yes a data feed is really just a username and password that allows you to connect to the market and we feel that this is really essential because if you're not practicing real time then how are you practicing what's the value in your practice so let's go over setting up one of those data feeds so to do that connections configure and then we have a bunch of connection providers if you are seeing very few connection providers it's possible that you installed ninjatrader using a license key that provides fewer options and you can change your ninja license key by going to help and license key but for 99 of the people watching this video you'll probably just go to configure and see all these different options here now the one that you're looking for is called ninjatrader continuum and when you see that double click it and then at that point it will drop down here click on it here and then you can enter a username and a password again if you don't have one you can email us at support daytradetowin.com and then we will assist you in getting a data feed once you have a username and password or a data feed input that information here and then click on ok and then we can go to connections and go to the data feed here my ninjatrader continuum click on that and then we should have the connection when connecting you will click the data feed here and you'll notice that there is a yellow circle up there and down in the bottom left and it turns green once it's connected you should also hear a sound and at this point you have live data coming into the platform that's available to you so you can open a chart by going to new chart or open a superdome or both you can do what you need to do to begin practicing because you now have that really important real-time data next why don't we take a look at opening a chart because after all a chart is the main way to see how price moves over a period of time you've probably seen charts in the news on various websites maybe even in researching various day trading courses and software we primarily work with charts because we work with price action which is the movement of price on charts so to open a chart in case you didn't see what i just did i went to new and then chart this opens up a window here they titled it data series in the instrument box that's a prompt saying what market do you want to open so here you would select the instrument or the market that you want and you've probably seen on the news how different markets have different abbreviations the data fee that we set up is for futures you can look up the definition for futures trading in a few different places and get a sense of what it's about that's really for another video but in ninjatrader they have a category here in this drop down for futures and here you would select the market that you want in this case we will be looking at the e-mini s p 500. the abbreviation for that is e s right now i'm recording this video in november so the current contract period is the december contract i am going to click there for on this es1221 the reason why we like the e-mini s p 500 is because it's very liquid and the price patterns that occur work really well with our systems so now that we have the e-mini selected we can begin specifying the type of chart that we want there are many options here but we don't really go in and tinker with all of these settings some of the main settings are right here at the top right of this panel we like a minute based chart minutes are good it's a standard time based chart there are other different chart types that are fancy in other ways but using a regular interval of time which you're probably comfortable with already because you look at time on a regular basis this is going to be easier for you to understand and it's also the type of chart that we work with we work with a one minute chart and a five minute chart by default a one right here one minute chart is selected but if you wanted to use a five minute you would type in five and then you would open up a five minute chart once you click on ok so let's go a little bit further and see if there's anything else we may want to change going down we see ah days to load what could that mean it is actually the amount of historical days that you want to see on your chart so if you have a value of five here that means you can scroll back five days ago and see what occurred through each of the last five days so that's a lot of price data it's not really going to cause a problem to load all that data if you go beyond 30 days though you might experience some slowness in terms of downloading all that data so typically we recommend a maximum value of 30. in most cases we will use 5 or 14 so we get about 2 weeks of historical data this won't really impact any signals that you're using but sometimes it's nice to go through and review and see what price has been doing how prices have been moving how volatile things have been and so forth so let's keep it at 14 the value at five and we can ignore the remaining settings clicking on ok we should then have a chart which i will bring over here now this chart is kind of small it's kind of crunched up compared to the display dimensions that we're working with i'm going to drag this here and position it so that it really takes up the full width and height of the display the price candles in my opinion are still a little bit small and for this video you might have a hard time seeing the various values on the two axis here so we have a vertical axis which is price and then one here on the bottom the horizontal one which is time so you have time from left to right up and down as price so throughout the day price is plotting so on and so forth at different values and it begins to take a personality and appearance uh price action really that's what we look at and from this you can deduce certain patterns and then make decisions on how you want to trade that's really the art of price action trading that we specialize in at day trade to win now let's make things a little bit easier to see for our eyes here let's make the text bigger on the chart i'm going to right click the chart properties and change the font drop down let's make this a little bit bigger so all of the viewers can see it maybe 20 would be good how does that look okay that's a little bit better 20 okay now if we click and hold here the time axis on the bottom and drag to the left we can now have a clearer view of what price is doing i'm doing this video late in the day us eastern time and you can see here the time format is 24 hour time sometimes it's called military time the time is currently 6 22 p.m local time but if you were to compute that
in 24 hour time you would be looking at the 1825 chart and with 24 hour time keep in mind that it sort of matches the regular local time until you hit the afternoon and then instead of 1 pm you have 1300 and you count up from there throughout the evening that is a little run-through of 24-hour time and how price appears on a chart we have over here the price axis that i mentioned before you can click and drag this one but when you do that it really stretches it out and isn't of much use if you ever drag your chart in such a way that it becomes difficult to navigate you can look to the upper right and you should see this little f button f as in fixed it's the fixed scale button i call it the focus button because it brings the candles back into focus and that's what you like to see because otherwise we're trading in the dark we want to be able to see price moving at all times so that we can make decisions based on real-time movement remember what i was just covering the importance of real-time trading and when you're trading price action seeing real-time movement is really important you don't want to be making decisions based on what happened too long ago either you want to make decisions based on what price can reasonably do in the given moment and how do we get informed decisions well it's good to have a strategy in mind and it's going to have a strategy that has some consistency one of the things that we advise all traders of or at least recommend is using something called the average true range the atr another name for it can be applied to the chart by right clicking the chart and going to indicators there's also a way to get to the indicators panel by going up here to the top but i like to right click because that gives me a full listing of everything i want to see there's many other options here to configure and adjust things so indicators and what is an indicator an indicator is a way to inform yourself so that you can make a trading decision it can be a visual cue such as a signal such as a wavy line something that will give you an idea about what the market is doing what may happen what's happened in the past there are no guarantees of course indicators that give you signals those signals can be excellent but there's no guarantee that any signal will produce a successful result the market is going to do what the market wants to do that's just the way it is risk is a part of trading and we always tell that to our clients back to the point atr average true range what is it it is a measure of price activity for the last x number of bars x as in a variable i'm going to use a period value of 4. i believe 14 is what is typically here but we're going to switch that to a 4. why is that same as i was describing moments ago we like to see a more recent picture of time to give us more real-time informed decisions 14 means it's going to look 14 bars back to give us an average of what price activity has done is that gonna be so helpful no because that's a snapshot of a bigger time period if you were trading maybe on a 15 minute chart or something like that or had another chart that was that kind of a time frame and you want to cross reference and get all complicated maybe you could find some use with that 14 value but we always keep it at four now you can customize the appearance of the atr if you want by going down here ninjatrader likes to use these little drop down triangles they're kind of tricky to click on they're pretty small but look for them click on them if you want customize things how you like them width of three change it to gold if you're on a dark chart and voila you should have this atr at the bottom highly legible and giving you its value the current atr value all the way on the right right now it's 1.78 so the market is not too volatile in terms of how we at day trade to win measure the market we look for an atr value between two and four points to say this is a good time to trade if it's above five which is right here that's a little too volatile for us and we're going to switch it from a five minute to a one minute and you can do that right up here you can switch the time frame easily up here by the way if you need to go into your settings again and really fine tune the chart the way you want it by all means do so right click data series and you're brought back to that display we had earlier we can change the historical data and really the other aspects of the chart the chart type and so forth so this is a little bit more customizable than the quick access drop down here and by the way if you want to switch among the different futures markets you can select here and then eventually you'll have a listing of recent chart types up here that you can easily click to bring up that chart type so just some tips there for navigating through different types of charts back to the point atr useful period value of four gives you an average of the last four bars thus computing to 1.78 at the present moment above five too fast below two probably too slow follow the guidelines of your trading method we give really clear instruction at day trade to win so you know what to do for the given conditions and by the way if you ever see this arrow here in the upper right that means you're not looking at the current condition so let's refocus on the current conditions that jumps us to the current plotting candle since this is after hours price isn't moving around too much but i will point out that the present price here for the e-mini is 4642.75 you can see how the little point of this black sort of tag thing is is pointing right now to the let's really zoom in here to the bottom of this candle this whole thing here is a candle and the reason why it's red it's because it's closing this price right here is lower than the last candle so the red is determined by the position of the current price relative to the prior candle so if price shot up here was up hanging out over here this would be a green candle but it's not it's down here so that's how you look at the candles in the candle color and if you go back in time you can kind of see how that makes sense with the opening and the closing price and how do you know what the opening price is well that depends so we can tell that this candle for example this green one opened here and closed here because it was overall a green candle it closed higher than it opened thus it is a green candle this one here the current candle it must have opened here and seems to be closing here but we don't know when it closes right we're on a five minute chart each candle is five minutes in duration we're going to show you how that works in a minute oh it just closed okay well you get my point then so it closed lower so it turned red and that's set in stone pretty much this is always going to be a red candle for the current date here at the 18 30 candle the 6 30 pm local time candle is a red candle historically it's now recorded we are now on another plotting candle now the focus here is real time trading so we're in a candle right now we're always going to be in a candle the market does close for a period of time during the day you can look that up or email us we will tell you about when that is so how do you actually confirm when a candle is about to close well we use something called a bar timer if you right click and go to the indicator section you will see that there are many many indicators here but we only use so many the bar timer conveniently is just below the atr this is an alphabetical list if you haven't noticed so if you double click on bar timer great there's nothing to configure if you click on ok it will be added to the bottom right of the chart and you can see we have about three minutes and 50 seconds remaining in this candle we are using a five minute chart every candle represents five minutes so this will start counting down from about five minutes each time when this reaches zero you will then have a new candle start and the countdown will begin again so again at the concept here looking at the overall concept we're looking at price movement over time represented as candles opening and closing at various prices this is just how most traders view price and time to make decisions certainly price action trading the way we do it at day trade to win yes you can use a different chart type if you want you can change it to a squiggly line or something like that but that just doesn't give us the same representation the same picture all right so you're looking at a chart now what do you do with it do you just look at it no you want to trade you want to hopefully make money trading but it's important to practice trading first with this real time simulated paper trading data feed as they call it to paper trade you need to have a way to actually place trades or place orders as they're also called ninjatrader provides a way of doing that within the chart it's called chart trader and if you go up here to the top you'll see this little icon here it's hard to describe what it is it's two small boxes connected to a larger rectangle if you click on that and go to chart trader you'll have this panel on the right and you can place different types of orders day trading the way we do it you're pretty much taking an educated guess in the current moment as to whether price is going to go up or down that's it there's more to it but that's essentially what it boils down to and you probably can't see the distinction too well but in the left panel these are the buttons that will let you buy and that says i think the market is going to go up i think price is going to go up so i'm going to place an order because i want to make profit with that expectation conversely if you think price is going to go down if you click one of these sell buttons you will begin placing an order that will hopefully be filled so that you can get in with a possible downward movement you can place these orders almost at any time providing the market is open and your brokerage account is set up a certain way we are using the sim 101 account which is the built-in account for paper trading within ninjatrader and as you place these paper trades over time in practice you will actually build a history of account performance that you can look into later on to measure your success and that can be accessed by going to the control center and going to new and then trade performance and here you can generate a report i haven't really done much paper trading recently but if i wanted to i could genera generate a report from the the start date here to the end date clicking generate and this would fill in with a summary this the statistics of my paper trade so a cumulative total an expose on how my performance is very useful to have and something you should check on every week two weeks 30 days six months and so on back to the chart we have now a way to paper trade there is a more advanced way to place orders and that is something called a superdome so if you go to new and go to superdome dynamic the static is a different story for now just focus on the dynamic you will have a superdome window and this superdome window i think of it as a remote controller for interacting with the market for placing orders just like the superdome so this is a more complex version of the chart trader i feel you can do a few more things with it in fact it gives you a breakdown of the buyers and sellers here this is the sell column here on the right the buy column on the left and you can interact with the price accordingly you can place a market order to buy right here whereas the buy market would be up there in the upper left of this chart trader panel very useful the super dome typically what we recommend but chart trader will work fine as well if that's what you're more comfortable with by the way we do have more advanced videos that we can send you regarding the superdome in placing orders and the different order types so if you are interested in that reach out to us support daytradetowin.com
and of course our get started trading guide does have some content in there that will help you okay great we know how to place orders or at least we know what we can use to place orders but how do we make informed decisions well yeah you can understand price patterns look at them and say aha i know when this happens i'm going to do this and so on but that takes years of experience typically to develop that sense of timing that sense of pattern recognition and so on what we provide at daytrade to win are a number of trading methods and these methods are transduced into something called indicators we've already looked at two indicators but these are kind of simplistic they do give us a measurement and they do have a lot of utility but our indicators go well above and beyond those two indicators i have discussed for example we have the atlas line if you double click on the atlas line if you happen to have it if not you can purchase it from our website daytradetwin.com you can then configure the settings we again fully teach this we have live training we have a course the whole nine yards once you have the atlas line on your chart though it can really be helpful to aid your trading for example here we have the atlas line and it's giving us a short signal and that would have had us enter in somewhere around here and that may have well been some profit now the prior signal may be not so good but that's part of trading the idea is overall the consistency should give you the results you are looking for or at least something to work with we have additional signals here these pullback and strength signals which give us additional opportunities to enter assuming that price will go down so again we fully teach this method this is one of many that we offer at day trade to win in fact we offer a full eight-week mentorship program that includes over 10 trading methods we teach you how they all work together to form one complete trading plan so if you just want to go fully into day trading you're that serious about it by all means check out our mentorship program so look forward to that this for example is our blueprint indicator giving us a short signal right near where the atlas line gave us a signal and when we have two different systems giving us signals around the same time we like to see that so the blueprint is something that we're pulling out of the mentorship program and we're making it available as an independent system very soon so maybe by the time you're watching this video will be on our website and we really like this method it's all price action based and you can compare it here with the atlas line so you can see it's actually an overlap which is quite interesting but we see these two confirming signals so this was you know double the reason why we felt comfortable entering here if i had placed a trade and was showing you at this time maybe we would have done a real time trade but nevertheless we can look at historical performance and scroll back and see what happened as discussed earlier so just two indicators we have many more to show you and share with you again check out the website daytradetowin.com and i really encourage you to look at the get started trading guide that we talked about or that i talked about earlier in the video because you may want to save these settings and the best way to do that is to save a template we go into saving a template saving a workspace recalling all this stuff just configuring your screens and your charts to make it super easy to get everything back the way you want it the next time you open ninjatrader you can also go to the contact page we have fill out this form or give us a call here at 888 607-008 we are us-based so just give us some time in case we don't respond to you right away thank you for watching we appreciate you here at day trade to win and we want to help you succeed and learn how to day trade using our unique approach to price action if you're new to day trading and want to learn more on the benefits of trading the markets visit daytradetowin.com join the next mentorship class starting later this month and subscribe to the day trade to win youtube channel we focus on price action and work exclusively with new and beginner traders who want to learn more on how to prosper from trading
2021-11-16 02:42