Although I've been trading actively (1-2 Times a day) I have been using TOS with a cash account and I switch to magin when I can. The reason why I didnt go to CMEG is this process has allowed me to become more meticulous with my trades rather than over trading. Started with $500 In March, and will hit $10k By the end of may :)
What is your strategy my man, I’ve basically been doing the same thing with IB and being successful but I am thinking about going to CMEG so I can use the DAS software and being more efficient
I’ve watched a handful of your videos and I appreciate you spreading the wealth of knowledge. Thank you for not shoveling a whole bunch of nonsense our way, but for the most part seemingly straightforward and honest.
This guy has the best day trading insights and videos I have ever seen so far. And I’ve seen a lot of videos from other people. Ross goes right into it and actually tells you stuff unlike other people where they just provide tips and generalize everything.
I am a 30 year old high voltage electrician..got a great career but im tired of looking death in the face daily. I have two very young children and a stay home wife. I am looking to build a small portfolio to learn this game inside and out! Thank you so much for the info!. Awesome job
Good Luck. My 6 figure career went overseas, I researched oil and gas rights. When it went overseas, I went to doing title in real estate, the pay sucks and I'm so used to working solo, a 1099 contract worker. So, I'm also looking to build a new business. Trading, affiliate marketing, I just going to go for it.
Age isn't a barrier in making millions, when you utilize all necessary opportunities you'll see yourself making huge profits after a successful business, I like where good investment are talked about.
Thanks Ross , I’ve been on sterling simulator . I was hesitant on CMEG after adding all my commissions in excel. I was profitable but only 100 or 200 dollars a week . Which isn’t bad , but then I slowed down, stopped taking every trade , started taking larger positions on better setups and my profits and p/l ratio went through the roof . Even with commissions! So CMEG it is , till 25k then transfer to light speed. Thanks for the video.
Shwagks J The setups I’m talking about here are just strong patterns(bull flags, triangle patterns, momentum pullbacks etc.) on strong daily charts . Or did you mean something else by setup?
Shwagks J I use sterling pro, a demo I got from CMEG for free, so I can get used to the platform I will use. Then I have a free account with Td ameritrade. I downloaded “think or swim” from them so I can use the “on demand” feature for my practice account . On demand is great because you can go back in time and play and practice , on any day you want. It replays days and allows you to trade in them like they were going on now . Also you can practice whenever you want instead of only when markets opened . Lastly there is a TH-cam channel called “precision day trading” this guys streams scanners from trade ideas everyday . And has a year of them back stocked on his page. So I go in the past on “on demand” and find the video of the scanner for that day from precision day trading then sync up the times with in demand. That way I can simulate and practice with scanners for free. It’s very hard to practice without retro active , real time scanners, but this way it’s pretty realistic to the real experience . Hope this helps get you practicing at least!
With Etrade Pro in the last month I've lost about $2000 (a lot for me) just from quote/order execution lag and being unable to sell shares i didnt want for up to 3 hours. I'm switching to Lightspeed and I'll never use Etrade again. What a nightmare. Thanks Ross, I should have listened to you sooner lol!
Nice video! I've seen many people in the trader education space dodge this topic and/or make fun of or belittle aspiring traders for asking it. No doubt some of that is because it depends so much on the type of trading you plan to do and the trading strategies you use. You addressed this topic very well and gave enough information to provide context to your audience about how to select a broker depending on the individual need of each trader and their strategy. Thanks for taking the time to say it right! You lined up the horse, cart, and wagon in the right order!
Thanks, Ross! Although I'm not close to trading with real money yet (hoping to be profitable in the sim soon, trading 500-1000 share sizes, up to $10 stocks), I've decided to sign up with CMEG now. It took only 7 days from application to approval. My Warrior Trading journey has been amazing so far!
The free commission brokers like webull and robinhood are great for beginners or dabblers. If you decided to stick with it and actually make a career out of trading. You need the next step up. Just like any profession.... You need the right tools and vehicle to do your job as good as you can. But when youre just learning, stick with the free brokers and work out some kinks. Youll know when/if you're ready to commit to a better broker that costs you money to use
I am currently using Webull and have tried Robinhood. I blew my small Robinhood account trying to day trade with their terrible charts. On webull I have been successful and should be profitable. The software though at opening bell has caused me to lose big on trades that I should’ve profited on (the issue is that trading the open, I guess lags the system, so the time it takes my orders to actually show up in my account the stock has already went up and went way down by the time I was able to sell). That’s why I’m opening a CMEG account so I can trade properly. All I’m saying is that you’re absolutely correct 😅
@@thatonejokr8419 I agree. I currently use Webull and like their user interface, charting features, mobile app (for checking market data), and other tools, but their system has been known to lag at times. Also (and I don't know if this is common across the board on all trading platforms), the P&L data is very slow in updating so you never really know the "true" value of your open positions until after a couple seconds of price change. In many cases, I have to do the math in my head or just focus on my exit plan (Stop loss -Take profit) based on the current price and 2:1 risk/reward ratio. I also had a situation where I sold about 1000 shares and not all 1000 filled (which is common), but their system notified me that it was filled, AND that it was filled at a stated price. It turned out I still had unfilled shares so I had to rush and sell the remaining while the price was falling, and the portion of shares that did fill didn't fill at the price notified. I reached out to their customer support- which is a JOKE BTW, provided all the documentation and NEVER heard back from them. Lastly, I occasionally run into issues where the execution prices shown in the account doesn't match the trade confirmations...and I'm not talking about rounding. So I agree, when you're serious about taking trading to the next level and feel you've got a firm grip on the basics, then an upgrade (and the added cost) might be worth it. Other than the issues noted above, I still think Webull is a good choice for someone just getting started or still getting a feel for trading as it's pretty user-friendly and isn't as complex/intimating as ThinkorSwim. It's also more robust/advanced than some other platforms such as those offered by Fidelity, Merrill, etc which aren't really geared towards active traders IMO. E*TRADE's web platform is OK, but I find it too boring to use. :)
Live&Learn I just switched over to CMEG so hopefully I’ll be able to do something with them. I was positive with webull on my day trades but 3 a week is rough, especially if you have a bad one one day and there’s no way of breaking even
no problems with TD here! I like to think I'm trading "BreakOut or Bailout" so as soon as I'm in I want it rip or I'm already flattening the position.So my wins are really small cause I already have the limit sell placed $.10 , $.15 , $.35 out but the winning percentage is higher. it actually counteracts the data lag as well. Sometimes my sells are already filled before I even get see the candlestick reach that price action oh but definitely can't trade in first 10minutes sometimes it's okay, but I step away
Agreed you CAN NOT Trade Ross's strategy in the first 30 min of the day with TD. Your fills are actually not that bad, but the info lag will take you as many as 2-3 min to get a confirmation that will allow you to sell, and then wait another couple minutes for the sell confirmation. Put it this way, I would not trade anything faster then 5 min candles in the first 30 min of the day with TD. I had to open a LightSpeed account for day trading and kept the TD for Swings, Investments and Charting. Yes, the LightSpeed charts suck so you will either need to use TD TOS for charting or if you can afford it E-Signal Charts.
Are you trading at the open, if so did you have problems this morning (Friday)? I have had, and have read multiple complaints about the serious lag 15-20 minutes in order execution confirmation... Only have this problem at the open, but that is a serious issue for day traders who want to use the momentum strategy.
@@RichardFioreJr: If TDA's TOS lags so bad, why are you recommending using it for charting?.. If I am trading fast with a different broker - wouldn't their charts also be slightly behind? I have been paper trading on TOS for some time - and compared to ESignal or Sterling Pro - it seems the candle moves in spurts - about every 10 - 2- seconds - and not instantly - as do the others... I find that frustrating as well.. I am now quitting TOS and TDA for CMEG and Sterling Pro... Thoughts??
You are hilarious and very easy to learn from. I'm still broke, looking for work so I can fund my account. Starting from $0 with barely any clothes or possessions. Thanks for your help.
CMEG def seems like the winner. Ive tried TONS of them and the PDT became the biggest thing holding me back. Ive been in trades with a 1.15 entry. Got out at 2 for a nice profit. But then watched it go all the way to 4.86. I Coul dnt get back in due to PDT and it mentally sikes you out. That was a long time ago but i remember it like it was yesterday
Hi, Ross- Great video and thank you for all your advice- question: would it make sense to open say 2 accounts with 500.00 each (instead of 1000.00 in a single acct.)? Then one could trade one acct. on Mon/Wed/Fri and the other Tue/Thur? We could trade 5 days a week albeit with less money? Thanks
Great Video Ross! I've bounced around from Fusion to ETRADE and Interactive Brokers. I settled almost 2 years ago on TD. Very unique platform. I love how you can trade the charts, manipulate them in any manner ( position on chart, color code etc.). You have a visual stop loss or target price on the charts. No, it's not a scalping plat form, for me, but it works well on pullbacks and retracements. You also can write scripts for indicators, such as weighted VWAP. It does take practice, which is available through on demand historical data or live paper trade. Due note live is different than simulator, fills. Level II is lacking, the tape, but if you don't use it as much all is well. At the end of the day I feel around 100 hrs. of practice on whichever platform is a must! You don't want to fumble around with live money, entry and exits, for sure! Thanks again Ross.
Love the content, Ross. Had a solid green month having found your channel recently and used the free info / webinars available. Hoping to trade up to the amount to get Warrior Pro for the year.
If you haven't had a chance to attend yet, the best way for you to learn more about trading and how you can get started would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of my best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
@@DaytradeWarrior thanks for all your doing on this channel I’ve learned a ton on here about day trading, I’ve been practicing with simulators and done about a month of trading on several accounts (damn pdt rule 😂) and I feel ready to get started with a offshore account! The biggest thing I’ve learned from you is controlling your emotions and setting limits for losses in a given day. Thanks again!
Thanks Ross for giving me the passion back again in stocks! You have a great delivery in the way you speak and teach, very informative! I worked on Wall Street for a few years and got burnt! I'm going to crawl back in😳 keep up the great work🤙
Thanks for the advice as usual Ross. Sorry you had a bad time in this here state of Wyoming. Probably more deer than people here and I wouldn’t change that 😊 . Keep rockin 👊👊👊
This video needs to be rerecorded to not distract the viewer to the autofocus mishaps... Please don't take my comment wrongly, I just found your channel and already love your style.
Hey ross. I have two brokers. Because of the pdt rule I trade with Ameritrade think or swim on Monday and Wednesday. I trade with E-trade Power on Tuesday and Thursday. I made 1 trade a day. I don't trade on Friday. Tell me what you think.
If you are not using a 100% of your capital every trade why don’t you use a cash account so you don’t have to worry about the PDT rules? Yes, it takes two days for funds to settle but it is an easy work around if you aren’t using the margin.
Hi Ross, as one of your graduate students I used CMEG, and I am extremely disappointed. 1) Horrible customer service, during business hours they rarely answer the phone specially their tech support they just hang up on you and never pick up your calls. Their platform also freezes at least once a week during the morning trade which can make you lose all your money at once. They almost never respond to any tech support email you send them. Lastly, their platform lags and slows down often during the morning trades. I dont recommend CMEG to no one.
Hey Ross quick question! What top 3 simulators should I use to get started? I appreciate the help in advance! New subscriber! Love your stuff! -Thanks 😊
I use E*trade. I will do some day trades with small cap but usually swing trade large cap. Zero commissions are great since you can have a profit instantly with smaller share size.
Hey Mark, These are two offshore brokers that people in our community or our educators have used that you can research. For accounts under $25,000 (as little as $500), you can take a look at CME Group (US and all international residents except Canada). CME Group review: www.warriortrading.com/capital-markets-elite-group-review/ CME Group Rebate Program: www.warriortrading.com/cmeg-broker-rebate-program/ CME Group website: cmelitegroup.com For accounts under $25,000 Minimum deposit of $1000 available to anyone outside of the USA Even Canadians: TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/ TradeZero WT rebate program: www.warriortrading.com/tradezero-broker-rebate-program/ TradeZero website: tradezero.co/
Good video. If your first starting out, i would suggest a low commission broker, like TD. Unfortunately, TD is for amateurs due to the execution speed and lag. When your first starting out, it doesn’t matter bc you’re just learning to trade and build a strategy. You’ll know when it’s time to step up your tools.
Great content Warrior! I just started trading and you've answered not only questions that I had but also new things that I would've eventually ran into like PDT rule. And great music!!!!
Great video, Ross! Thank you for insights. I'm European trader, have my account with Interactive Brokers, but don't really like their trading station. What is your opinion about it and, do you have any video lessons about their software? Thank you.
We do offer the Warrior Trading simulator, but it doesn't come with a replay feature. One thing to consider if you're looking to practice trading when the market is closed is take a look at TD Ameritrade's Thinkorswim (TOS). Their onDemand feature allows trading with historical market data at any time of the day. This can be great for practicing at your convenience, including while the market is closed. Please refer to their site for more information: www.thinkorswim.com/t/trading.html
I appreciate videos like this that think through the issue. I've been trading in TOS for a while with a cash account while slowly increasing share size. I'm in the process of setting up my CMEG account and plan to start using that in June. This video confirms I'm making the right decision at the right time. Thanks Ross
@@SJR24 I'm no longer with CMEG. I've been with Cobra now for a couple years. I can't really speak to CMEG at this point because I don't know if they've changed anything, but I remember their locate process being expensive when I was there so I really could only be long biased.
I've been with IBKR for the past 2 weeks! Love it. I defs use your strategy in the morning. Only 1-200 in share size so far but my commisions are only 1.00 and my execution is always super solid. I'd recommend them for people in Cananda! Not sure about execution above 1000 shares tho :p
@@jasonm8755 no problem! A lot of people don't use IBKR as they enforce the PDT rule and their platform TWS takes sometime getting used to but they are fast with execution even with big share size and charge possibly the lowest commissions of all brokers
@@nathanhumphreys7206 Another question bro! What's you commisions on 1000 shares?? And are you on the fixed plan or tiered? Cause I find myself paying the same commisions on 100 shares that I do on 200... :O which is sweet obviously lol.
@@jasonm8755 yeah it's it's the same for 100 and 200 shares but 500 is $2.5 and 1000 is about $7 from what I can remember. I have lowered my size to 500.
FYI Just wanted to say that I am Canadian and use Interactive Brokers Canada... Canadians that use Interactive Brokers Canada are also not subjected to the PDT Rule, they do not follow FINRA's/SEC Rules...
I use TD with a cash account and divide my funds between 2 days and then divide my daily funds to make 3 day trades. Keep putting more money in regularly so I can use more funds daily. Doing thise method I can stay away from the PDT rule since I'm under 25K and trade every day
Do you know you can day trade all you want in a cash account. And not limit your self with 3 day trades in a day. I sometimes trade 4 to 5 trades on my cash account in one day. And yes I divide my cash in half like you, so I can trade everyday.
franklin Johnson yea exactly. It's up to you WHT percentage you want to allocate for 1 day trade. Some people like to trade 3 times a day and use more cash and some like to trade 5 times but use less cash for the trade.
Lightspeed has payment for order flow, they were recently fined by Finra in Feb 2021 for misleading customers. They now mention that they can ignore your order direction to various exchanges and just use payment for order flow: "If you select a venue for order routing, Lightspeed may handle as not held. Regardless of the route selected in the dropdown, hot button, or hot key, the Firm may first direct that order through a vendor and may receive discounted execution fees and/or payment for order flow through that vendor that it does not pass on to its clients."
Hi Ross, I have a question, what's the best way to start a trading account? Would it be with a retirement account and how can I do that? Or with a regular account when my funds are under 5k?
I would use a cash account losses are tax deductible. Save retire account for when you become constantly profitable. Any money lost in a retirement account is not tax deductible. Double check that though.
Ross ive done well with your Top Gainers pre market scanning strategy finding the rite set up to squees at open bell i grew my demo from 6k to 22k in 15 days Now im using cash account real money and am setting up HOT KEYS what settings on the bid and ask would you reccomend. I was thinking buy bid +.01 and sell bid -.02 ?
Hello Ross - do you have special pricing with Lightspeed? The $2 per trade and $55 platform fees that you mentioned in the video seem to be far less than what Lightspeed says on their website ($4.50 per trade and $130 platform fees). Is there a way we can access this special pricing?
Ross has a special deal running with Lightspeed. His students use it to learn trading, which means they have more customers, so they give Warrior Trading a discount.
HI Ross. I'm a new member at your Pro level and I highly recommend it. Just one questions... I'm a very experienced trader and have 1m in my account and have been with Etrade for years but have filled out an application at lightspeed. I'm confused why you say you don't have "Buying power" for short trading in some of your videos. With Etrade buying power is never an issue with day trading. Can you guide me on that? Thanks again for all of your work.
Some brokers restrict shorting of certain stocks under a certain Price- Normally Stocks under $2.00 cannot be used with margin and sometimes shorting- There is also the issue with just not having shares to borrow to short for small cap stocks as there are less shares in their float. That's why Shorting is more easy and popular for large cap stocks. To learn more shorting, and the risks of shorting you can watch a video ross has made here : th-cam.com/video/c5HU_4ukSw8/w-d-xo.html
So, Ross, this is the problem I have been struggling with. I want to eventually get into trading full time, but right now I can only trade a couple times a week because I work 4-5 days (usually 5). I am currently using Fidelity Active Trader, but there are no hotkeys, vWAP on the chart, or a trading simulator. I have a $2000 account right now. From a previous question I asked you, you mentioned CME Group and TradeZero. I was under the impression that TradeZero doesn't allow US citizens to open accounts with them? I have looked into CME Group, but don't think the extra software expenses would be worth it until I can trade regularly. I am just getting into this and have been watching tons of your videos (premarket trading, recaps, and learning videos) and read your book. I really want to sign up for Warrior Pro, but I am concerned about how much time I would have to give to it and practice in the simulator. Until I can find a supplemental stream of income to allow me to take more time off, that will be hard. How do you feel about Tradestation if only able to trade a couple of times a week for now? Is there a better advantage for Tradestation vs Fidelity vs TDAmeritrade vs ETrade? Sorry for the long post. I haven't felt this passionate about anything in a long time and really want to get more and more into it. Thanks again.
Hey John, You can look up reviews on all of those brokerages on my Warrior Trading website. warriortrading.com. I personally recommend CMEG because I think they are the most reliable offshore brokerage that you can go with.
Ross the reason we are all asking you is because we trust you the best good sir! Keep up on the great stuff for us and please consider staying online more after the bell in the mornings for us!!!
I trade on Cashapp, have a Robinhood account just to watch the market in real time. I've only invested $417 but profited about $45 in a little under a month, so only 10% gain. This has basically been my simulator & introduction to trading. Thinking about getting a Cmeg account and wanna thank you for being authentic and spreading knowledge and your experiences.
threw you a sub just for the vibe you gave me! love the video, actually meaningful and included valued information! appreciate you. **And the advice was free lol.**
I trained on the TD Ameritrade simulator for my first 2 years. I've been trading with real money since last summer. I have a consistently rising p&l curve but I'm only trading with $6,000. My next step is CMEG. Ross if it's not too much to ask can you do a video in detail about how to use CMEG and what to expect when setting up an account and the fee structure ect. Thank you sir.
2 years on the simulator? We’re you trading only periodically? Or daily? I’ve been using TOS since the coronavirus started and I’m already considering Cmeg. But maybe I am moving to fast. 🤷🏼♂️
I might have seen it but I'll check. Hey thanks for all your helpful videos over the years Ross. Can't tell you what an eye opener it has been. No one does it quite like you do. I look ahead to paying it forward in the future.
Hey Investing. I've got about 4000 hours in the simulator. More would be better but I feel comfortable enough to trade real money and bigger size. I did take a lot of big losses when I first started over 3 years ago. After that I made a promise that I wouldn't trade real money again till I could prove consistency. No doubt I could have achieved my goal quicker if I had purchased the course Ross offers. Hindsight is 20 20. Good luck to you. Always embrace the risk!
I am currently with Td thinkorswim. Lets just say slippage is a real issue with that platform. Their platform crashed this week so i decided to apply for lightspeed. Ross seems to have great success with them so it was a no brainier. I did select warriortrading as my referral. Great video ross weeks like this i think a lot of Td Ameritrade broker like my self is looking for better and more stable platform.
Great video! I'm new to this. I'm not actually day trading yet. I'm still learning and gathering info. I'll probably do some courses and simulators next. But I didn't hear Trade station mentioned. I was wondering how does it rank among the others mentioned in the video?
In your video about equipment starting out, you recommended a gaming laptop with 16-32 Ram, 256 GB solid state hard drive and two ASUS Usb portable monitors. Is it alright if the laptop is not a gaming type laptop as long as it has all the other requirements? Thank you
So glad to be turned on to you. I’ve been silently interesting day trading for years. Just finishing the literature you’ve suggested. It’s an awful lot of info. I can see this is going to be a huge undertaking. I’m down for it.
Thank you Ross, Alot of options when it comes to brokers. Way to break them down. Sounds like cmeg and trade zero would be best for small accounts as long as your profitable. Thank you for the video.
I contacted cmeg and they said minimum to Open a new account is 2500. I was confused. They have 2 branches. Us and overseas. Overseas won’t open us resident account? Us new account is 2500? Confusing. Thanks Ross. Your videos are always so full of important and vital info. One of a kind. You’re an inspiration to us beginners. 🙏🏻 Thanks.
Good info. For anybody on the fence, I've been learning from Ross for about a year now. He's a great teacher and he WILL make you profitable if you put in the effort. I'll be renewing my membership when it runs out.
Hi Cameron, like your videos as a newbie. Would you definately recommend Trade Zero and is the wire system safe to transfer funds??? Appreciate your advice, Many thanks, John
CMEG is awesome you'll love it. 0.002 cent per share commission is totally worth it if youre at the point where youre finding PDT one of the biggest things holding you back.
Hi Ross! I found you about a week ago and you've been incredibly informative. I'm gathering and sharpening the tools to be a day trader but not quite there yet. How can we find this simulator took you're talking about? Looking forward to following you for years to come!
Hey Samvel, I'm not sure. I recommend reaching out to a local CPA in your area to get more information. All CPA's should be knowledgeable about trading transactions, be sure to confirm if they have dealt with these kinds of situations before. In the meantime, here are a few links to some helpful articles we wrote about trading and taxes. www.warriortrading.com/tax-tips-for-active-traders/ www.warriortrading.com/maximize-tax-returns/
I’m looking at IC markets or plus 500 as I’m in Australia, have been doing well with my paper trading but have noticed a few problems with mt 4 and the plus 500 app , so will be trading on my computer only , have saved enough to start my account with a healthy balance, just not sure what kind of trader I am as I don’t mind waiting for things to happen but also like how quickly things can change , wish me luck as I’m going to start this week 😎👍
Canadians also use Interactive Brokers, the reason Questrade is more popular among Canadians is that you can trade directly from a TFSA account (tax free savings account) which is similar to trading from a retirement account. I use IBKR because of very low commissions (as opposed to Questrade) The taxes have to be paid under Capital Gains but with the Brokerage costs I don't think it really makes that much difference between the two, depends on your trading style and experience. Also be very careful about TFSA rules regarding what constitutes 'non professional' use, best talk to an expert its like deciphering Einsteins theory, you dont want them nailing you with huge fines for filing incorrectly. The other advantage to not using TFSA is that if you blow up your TFSA account you absorb the loss. If you are not using TFSA and you blow up your account you can claim the loss under Capital Gains/loss rules. Also Canadians are exempt from PDT rule.
If you haven't had a chance to attend yet, the best way for you to learn more about trading and how you can get started would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of Ross' best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
New Trader here.. I opened up with Fidelity cash account and although it does take a few days for the cash to settle, they’ll allow you to continue trading with cash you would have. They keep a running tally, even though it’s not “settled”. I hope this helps someone
Hi Ross, Firstly i'd like to thank you so much for putting out so much great material you are definitely instrumental in helping me to make a career transition. I used to to do spread betting until i realised i was getting crappy pricing and ridiculous spreads. I'm based in the UK and I just started using IBK and to be honest I've found it clunky and slow and I cant get my head around it so i'm gong to try lightspeed and watch all your tutorials again. Is that your current goto broker and do you receive data from them for execution?
Hi Ross, thank you so much for what you do its so useful! I want to know more about taxes before I put real money in. Do you have a video or an article or anything that goes through the various taxes etc, I am a UK citizen by the way! Thank you :)
You're welcome! We are unable to provide any personal tax-related advice and cannot recommend a specific CPA. Tax questions will depend on your individual circumstances. I recommend reaching out to a local CPA in your area to get more information. All CPAs should be knowledgeable about trading transactions, but be sure to confirm if they have dealt with these kinds of situations before. For our Warrior Pro members, chapter 18 of Day Trading: Strategies & Scaling (formerly the Small Cap Day Trading Course) (Part 2) is focused on taxes for day traders. We also have a few links on our website with some helpful articles we wrote about trading and taxes: www.warriortrading.com/day-trading-taxes/ www.warriortrading.com/maximize-tax-returns/ www.warriortrading.com/mark-to-market-definition-day-trading-terminology/ Taxes for Day Traders Video: th-cam.com/video/WJHgMDyNXKo/w-d-xo.html
@@DaytradeWarrior Hi Ross, i want to go for CMEG but i saw alot of negative comments about them. can you share ur experience with them are they good and trusty?
Thanks for the breakdown! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How should I go about transferring them to Binance?
I used TD212, the interface just wasn't built necessarily for day trading even though i managed to become profitable out of it. The layout and everything ju8st wasn't meant for it so i switched. Use what works well for your strategy
I switched from Robinhood to streetsmartedge from schawb. Their platform is very similar to you Ross, their scanner is very efficient too. Their execution is quick, their chat help live is very good. I trade 30 min every morning, about 10 to 15 trades and everything is free on top of that. 2 week with them and two weeks green....
Was it hard to switch brokerages? I’ve been trying to switch from Robinhood but am finding it difficult to do. Did you have to speak to someone over the phone?
ross, using a direct access broker and not going through broker dealer like citadel. would you say theres less manipulation of the bid and ask from the market maker. in other words is it more competetive
@@TexasGent3808 I use robinhood when I first started after that I went to td ameritrade. Ross has some good videos on it. I watched them all. The On demand part of td ameritrade. Is amazing and it help you take trade so you can get comfortable like a paper account. Feel free to ask me any questions.
@@hussayain7231 it's pretty complicated, I always just go to my bank with the information and they take care of it, I advice you to let your bank handle it
Hi Ross, new to your channel and new to trading, just started the theory so far... If you were in Australia and just starting your trading journey as novice, what platform you will choose to do trade in simulation and how you will take care of the scanner (i assume each platform will have this capability)? I am thinking of opening an account with cmeg and do the learning in simulation...
Hey Ajay, These are two offshore brokers that people in our community or our educators have used that you can research. For accounts under $25,000 (as little as $500), you can take a look at CME Group (US and all international residents except Canada). CME Group review: www.warriortrading.com/capital-markets-elite-group-review/ CME Group website: cmelitegroup.com For accounts under $25,000 Minimum deposit of $1000 available to anyone outside of the USA except Canadians: TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/ TradeZero website: tradezero.co/ TradeZero WT rebate program: www.warriortrading.com/tradezero-broker-rebate-program/ (Keep in mind that participation in a Broker Rebate Program is not required to trade or to be a member of our community. Rather, they can be an opportunity to receive discounted commission rates if any of these brokerages are a good fit for you.) This article can be a helpful resource for exploring your options for day trading with less than $25k! www.warriortrading.com/how-to-day-trade-without-25k/
Interactive Brokers is working ok for me here in Canada. Just started trading Micro E-mini S&P 500. Have to put $3000 CAD and then apply for margin type account. Once approves you can ask for Futures permissions and there is a 12 question exam. The $3000 only lets me trade 1 MES though. Building it up to be able to swing with a bigger stick. Made $111 realized profit yesterday trading 1 contract over 30 trades over 6 hrs. Beginner.
Although I've been trading actively (1-2 Times a day) I have been using TOS with a cash account and I switch to magin when I can. The reason why I didnt go to CMEG is this process has allowed me to become more meticulous with my trades rather than over trading. Started with $500 In March, and will hit $10k By the end of may :)
What is your strategy my man, I’ve basically been doing the same thing with IB and being successful but I am thinking about going to CMEG so I can use the DAS software and being more efficient
wow awesome!
TOS ? what is this?
@@brianwiles7955 Think or Swim.
That’s great. I’m thinking I’m going to keep my CMEG this time and open a new US account and fund both so I can use both of them
I’ve watched a handful of your videos and I appreciate you spreading the wealth of knowledge. Thank you for not shoveling a whole bunch of nonsense our way, but for the most part seemingly straightforward and honest.
You're way cooler than them loud af guys that talk forever and say nothing. Thanks for the post m8!!
I appreciate that, thanks!
Mckinley Acy what kind of friends are you
buying 7vt
@@DaytradeWarrior pp
@@WholeHerbs hzy
This guy has the best day trading insights and videos I have ever seen so far. And I’ve seen a lot of videos from other people.
Ross goes right into it and actually tells you stuff unlike other people where they just provide tips and generalize everything.
Agreed.
I love it… its calming
Agree 100 percent
I am a 30 year old high voltage electrician..got a great career but im tired of looking death in the face daily. I have two very young children and a stay home wife. I am looking to build a small portfolio to learn this game inside and out! Thank you so much for the info!. Awesome job
You're welcome!!
Good Luck. My 6 figure career went overseas, I researched oil and gas rights. When it went overseas, I went to doing title in real estate, the pay sucks and I'm so used to working solo, a 1099 contract worker. So, I'm also looking to build a new business. Trading, affiliate marketing, I just going to go for it.
@Raw_Roots 2 years later I hope your day trading is going Amazing
How's the Trading ?
Age isn't a barrier in making millions, when you utilize all necessary opportunities you'll see yourself making huge profits after a successful business, I like where good investment are talked about.
Yeah, nice comment I agree with you, investment talks are really interesting
Artem Steve is the best, I met him in a conference in London last year
His strategies are just superb
Are you serious, I work with Steve too
+44 74 51 27 59 8 0
Thanks Ross , I’ve been on sterling simulator . I was hesitant on CMEG after adding all my commissions in excel. I was profitable but only 100 or 200 dollars a week . Which isn’t bad , but then I slowed down, stopped taking every trade , started taking larger positions on better setups and my profits and p/l ratio went through the roof . Even with commissions! So CMEG it is , till 25k then transfer to light speed. Thanks for the video.
if you don’t mind share what set up is that. Kinda new on to this
Shwagks J The setups I’m talking about here are just strong patterns(bull flags, triangle patterns, momentum pullbacks etc.) on strong daily charts . Or did you mean something else by setup?
VirtuosoJo_ AZDZ all this included
Shwagks J I use sterling pro, a demo I got from CMEG for free, so I can get used to the platform I will use. Then I have a free account with Td ameritrade. I downloaded “think or swim” from them so I can use the “on demand” feature for my practice account . On demand is great because you can go back in time and play and practice , on any day you want. It replays days and allows you to trade in them like they were going on now . Also you can practice whenever you want instead of only when markets opened . Lastly there is a TH-cam channel called “precision day trading” this guys streams scanners from trade ideas everyday . And has a year of them back stocked on his page. So I go in the past on “on demand” and find the video of the scanner for that day from precision day trading then sync up the times with in demand. That way I can simulate and practice with scanners for free. It’s very hard to practice without retro active , real time scanners, but this way it’s pretty realistic to the real experience . Hope this helps get you practicing at least!
VirtuosoJo_ AZDZ Glad to hear you are doing well! what are you paying ecn fees with cmeg?
With Etrade Pro in the last month I've lost about $2000 (a lot for me) just from quote/order execution lag and being unable to sell shares i didnt want for up to 3 hours. I'm switching to Lightspeed and I'll never use Etrade again. What a nightmare. Thanks Ross, I should have listened to you sooner lol!
E*trade doesn't have a direct stop loss. What an L. Have to set up a convoluted order just for a stop loss. SMH.
Bro how is your experience on lightspeed after etrade?
Nice video! I've seen many people in the trader education space dodge this topic and/or make fun of or belittle aspiring traders for asking it. No doubt some of that is because it depends so much on the type of trading you plan to do and the trading strategies you use. You addressed this topic very well and gave enough information to provide context to your audience about how to select a broker depending on the individual need of each trader and their strategy. Thanks for taking the time to say it right! You lined up the horse, cart, and wagon in the right order!
thank you!
pray for the horse 🙂
Thanks, Ross! Although I'm not close to trading with real money yet (hoping to be profitable in the sim soon, trading 500-1000 share sizes, up to $10 stocks), I've decided to sign up with CMEG now. It took only 7 days from application to approval. My Warrior Trading journey has been amazing so far!
thank you!! Welcome!
Hey out of curiosity how are you doing now?
so how are you doing ?
Protecting the capital is the most important part of being a successful trader. Hands down.
👍
The free commission brokers like webull and robinhood are great for beginners or dabblers. If you decided to stick with it and actually make a career out of trading. You need the next step up. Just like any profession.... You need the right tools and vehicle to do your job as good as you can. But when youre just learning, stick with the free brokers and work out some kinks. Youll know when/if you're ready to commit to a better broker that costs you money to use
Can I use DAS trader with light speed?
I am currently using Webull and have tried Robinhood. I blew my small Robinhood account trying to day trade with their terrible charts. On webull I have been successful and should be profitable. The software though at opening bell has caused me to lose big on trades that I should’ve profited on (the issue is that trading the open, I guess lags the system, so the time it takes my orders to actually show up in my account the stock has already went up and went way down by the time I was able to sell). That’s why I’m opening a CMEG account so I can trade properly. All I’m saying is that you’re absolutely correct 😅
True!
@@thatonejokr8419 I agree. I currently use Webull and like their user interface, charting features, mobile app (for checking market data), and other tools, but their system has been known to lag at times. Also (and I don't know if this is common across the board on all trading platforms), the P&L data is very slow in updating so you never really know the "true" value of your open positions until after a couple seconds of price change. In many cases, I have to do the math in my head or just focus on my exit plan (Stop loss -Take profit) based on the current price and 2:1 risk/reward ratio. I also had a situation where I sold about 1000 shares and not all 1000 filled (which is common), but their system notified me that it was filled, AND that it was filled at a stated price. It turned out I still had unfilled shares so I had to rush and sell the remaining while the price was falling, and the portion of shares that did fill didn't fill at the price notified. I reached out to their customer support- which is a JOKE BTW, provided all the documentation and NEVER heard back from them. Lastly, I occasionally run into issues where the execution prices shown in the account doesn't match the trade confirmations...and I'm not talking about rounding.
So I agree, when you're serious about taking trading to the next level and feel you've got a firm grip on the basics, then an upgrade (and the added cost) might be worth it. Other than the issues noted above, I still think Webull is a good choice for someone just getting started or still getting a feel for trading as it's pretty user-friendly and isn't as complex/intimating as ThinkorSwim. It's also more robust/advanced than some other platforms such as those offered by Fidelity, Merrill, etc which aren't really geared towards active traders IMO. E*TRADE's web platform is OK, but I find it too boring to use. :)
Live&Learn I just switched over to CMEG so hopefully I’ll be able to do something with them. I was positive with webull on my day trades but 3 a week is rough, especially if you have a bad one one day and there’s no way of breaking even
no problems with TD here! I like to think I'm trading "BreakOut or Bailout" so as soon as I'm in I want it rip or I'm already flattening the position.So my wins are really small cause I already have the limit sell placed $.10 , $.15 , $.35 out but the winning percentage is higher. it actually counteracts the data lag as well. Sometimes my sells are already filled before I even get see the candlestick reach that price action oh but definitely can't trade in first 10minutes sometimes it's okay, but I step away
Agreed you CAN NOT Trade Ross's strategy in the first 30 min of the day with TD. Your fills are actually not that bad, but the info lag will take you as many as 2-3 min to get a confirmation that will allow you to sell, and then wait another couple minutes for the sell confirmation. Put it this way, I would not trade anything faster then 5 min candles in the first 30 min of the day with TD. I had to open a LightSpeed account for day trading and kept the TD for Swings, Investments and Charting. Yes, the LightSpeed charts suck so you will either need to use TD TOS for charting or if you can afford it E-Signal Charts.
Yea not good at the open
Are you trading at the open, if so did you have problems this morning (Friday)? I have had, and have read multiple complaints about the serious lag 15-20 minutes in order execution confirmation... Only have this problem at the open, but that is a serious issue for day traders who want to use the momentum strategy.
@@RichardFioreJr: If TDA's TOS lags so bad, why are you recommending using it for charting?.. If I am trading fast with a different broker - wouldn't their charts also be slightly behind? I have been paper trading on TOS for some time - and compared to ESignal or Sterling Pro - it seems the candle moves in spurts - about every 10 - 2- seconds - and not instantly - as do the others... I find that frustrating as well.. I am now quitting TOS and TDA for CMEG and Sterling Pro... Thoughts??
earned a subscriber. refreshing to be someone actin so real and not flexing. hoping to learn more
Appreciate it! Welcome 🙂
Thank you Ross. This is what I needed to hear. I’ve made all my trades on a phone app. Ready for the next step
Great to hear, keep in touch as you continue. Thanks for watching!
You are hilarious and very easy to learn from. I'm still broke, looking for work so I can fund my account. Starting from $0 with barely any clothes or possessions. Thanks for your help.
Keep going
CMEG def seems like the winner. Ive tried TONS of them and the PDT became the biggest thing holding me back. Ive been in trades with a 1.15 entry. Got out at 2 for a nice profit. But then watched it go all the way to 4.86. I Coul dnt get back in due to PDT and it mentally sikes you out. That was a long time ago but i remember it like it was yesterday
Good to hear its working for you!
Always on point Sir.....
Who else is watching from W. Africa (Ghana)
Helen
thank you
Hi, Ross- Great video and thank you for all your advice- question: would it make sense to open say 2 accounts with 500.00 each (instead of 1000.00 in a single acct.)? Then one could trade one acct. on Mon/Wed/Fri and the other Tue/Thur? We could trade 5 days a week albeit with less money? Thanks
Yeah that is possible to do. Ross trades in two accounts, a main account and a retirement IRA account.
@@DaytradeWarrior Thank you so much.
Great video Can't wait for the "Warrior Trading Platform" You definitely understand the problems small part time trader are having
Haha we'll see! Glad you enjoyed the video!
Great Video Ross! I've bounced around from Fusion to ETRADE and Interactive Brokers. I settled almost 2 years ago on TD. Very unique platform. I love how you can trade the charts, manipulate them in any manner ( position on chart, color code etc.). You have a visual stop loss or target price on the charts. No, it's not a scalping plat form, for me, but it works well on pullbacks and retracements. You also can write scripts for indicators, such as weighted VWAP. It does take practice, which is available through on demand historical data or live paper trade. Due note live is different than simulator, fills. Level II is lacking, the tape, but if you don't use it as much all is well. At the end of the day I feel around 100 hrs. of practice on whichever platform is a must! You don't want to fumble around with live money, entry and exits, for sure! Thanks again Ross.
i hear you, it's hard to find the right platform. When you find what works for you, stick with it!
Love the content, Ross. Had a solid green month having found your channel recently and used the free info / webinars available. Hoping to trade up to the amount to get Warrior Pro for the year.
Good stuff, glad to hear it Chris!
I learned more in these 23 minutes than I did in 2 years of grad school - thanks! where do I sign up? and how will i know if you replied?
If you haven't had a chance to attend yet, the best way for you to learn more about trading and how you can get started would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of my best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
@@DaytradeWarrior Im reading this now. Is there another webinar coming up? How do I receive newsletters from you for upcoming events etc
@warrior trading What offshore account do you use on your small account challenges?
Never mind I just heard it
Glad you found that info!
@@DaytradeWarrior thanks for all your doing on this channel I’ve learned a ton on here about day trading, I’ve been practicing with simulators and done about a month of trading on several accounts (damn pdt rule 😂) and I feel ready to get started with a offshore account! The biggest thing I’ve learned from you is controlling your emotions and setting limits for losses in a given day. Thanks again!
Thanks Ross for giving me the passion back again in stocks! You have a great delivery in the way you speak and teach, very informative! I worked on Wall Street for a few years and got burnt! I'm going to crawl back in😳 keep up the great work🤙
Thanks for sharing!
Ross is the kind a guy you need as your bigger brother, always having great advises, can't thank you enough
Thanks for watching!
Thanks for the advice as usual Ross. Sorry you had a bad time in this here state of Wyoming. Probably more deer than people here and I wouldn’t change that 😊 . Keep rockin 👊👊👊
Thank you!!
This video needs to be rerecorded to not distract the viewer to the autofocus mishaps... Please don't take my comment wrongly, I just found your channel and already love your style.
Thanks for the feedback!
Hey ross. I have two brokers. Because of the pdt rule I trade with Ameritrade think or swim on Monday and Wednesday. I trade with E-trade Power on Tuesday and Thursday. I made 1 trade a day. I don't trade on Friday. Tell me what you think.
If you are not using a 100% of your capital every trade why don’t you use a cash account so you don’t have to worry about the PDT rules? Yes, it takes two days for funds to settle but it is an easy work around if you aren’t using the margin.
Friday is the best day to trade out of all days
That works!
Hi Ross, as one of your graduate students I used CMEG, and I am extremely disappointed. 1) Horrible customer service, during business hours they rarely answer the phone specially their tech support they just hang up on you and never pick up your calls. Their platform also freezes at least once a week during the morning trade which can make you lose all your money at once. They almost never respond to any tech support email you send them. Lastly, their platform lags and slows down often during the morning trades. I dont recommend CMEG to no one.
This is how I felt about Robinhood.
Downside to cash account is you cannot short stocks which is essential esp in a down market.
True, though there is still opportunity to the upside in a bear market.
Hey Ross quick question! What top 3 simulators should I use to get started? I appreciate the help in advance! New subscriber! Love your stuff!
-Thanks 😊
www.warriortrading.com/paper-trading/
I use E*trade. I will do some day trades with small cap but usually swing trade large cap. Zero commissions are great since you can have a profit instantly with smaller share size.
If you use Etrade, do not think about day trading. You can't be profitable with etrade
Everpector Evarestus nah you can
cool!
His Ross. Which broker do you recommend for Spanish residents? Thanks
Hey Mark, These are two offshore brokers that people in our community or our educators have used that you can research.
For accounts under $25,000 (as little as $500), you can take a look at CME Group (US and all international residents except Canada).
CME Group review: www.warriortrading.com/capital-markets-elite-group-review/
CME Group Rebate Program: www.warriortrading.com/cmeg-broker-rebate-program/
CME Group website: cmelitegroup.com
For accounts under $25,000 Minimum deposit of $1000 available to anyone outside of the USA Even Canadians:
TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/
TradeZero WT rebate program: www.warriortrading.com/tradezero-broker-rebate-program/
TradeZero website: tradezero.co/
Good video. If your first starting out, i would suggest a low commission broker, like TD. Unfortunately, TD is for amateurs due to the execution speed and lag. When your first starting out, it doesn’t matter bc you’re just learning to trade and build a strategy. You’ll know when it’s time to step up your tools.
Thanks Hugo!
I think your the most honest guy on this topic, would love to be taught by this guy
Appreciate that!
Great content Warrior! I just started trading and you've answered not only questions that I had but also new things that I would've eventually ran into like PDT rule. And great music!!!!
Thanks a lot Jerry!
thank you soooo much for the info your awesome and direct to the point. thanks again.
Glad it was helpful!
Ross... you are certainly the truth ✊🏾✊🏾✊🏾
Thanks Ryan!
Great video, Ross! Thank you for insights. I'm European trader, have my account with Interactive Brokers, but don't really like their trading station. What is your opinion about it and, do you have any video lessons about their software? Thank you.
You're welcome Eduard! www.warriortrading.com/interactive-brokers-review-warrior-trading/
Thanks for going around our questions and address them in an honest way. I appreciate it.
My pleasure Amir!
Hi Ross, what day trading Simulator with Replay would you recommend since I work full time , I would appreciate your help
We do offer the Warrior Trading simulator, but it doesn't come with a replay feature. One thing to consider if you're looking to practice trading when the market is closed is take a look at TD Ameritrade's Thinkorswim (TOS). Their onDemand feature allows trading with historical market data at any time of the day. This can be great for practicing at your convenience, including while the market is closed. Please refer to their site for more information: www.thinkorswim.com/t/trading.html
I appreciate videos like this that think through the issue. I've been trading in TOS for a while with a cash account while slowly increasing share size. I'm in the process of setting up my CMEG account and plan to start using that in June. This video confirms I'm making the right decision at the right time. Thanks Ross
Matt. What platform are you going with at Cmeg? Sterling or dos?
@@investing2089 I'm going with DAS. I've used their simulator in the past so I think I'll be comfortable jumping back into it.
right on!!
How has your experience been with Cmeg up till now? Thinking about opening an account
@@SJR24 I'm no longer with CMEG. I've been with Cobra now for a couple years. I can't really speak to CMEG at this point because I don't know if they've changed anything, but I remember their locate process being expensive when I was there so I really could only be long biased.
Hi Ross first time i am watching your vedio i am from uk i am beginner how can i set up trading system which broker i can use in uk please reply me .
I've been with IBKR for the past 2 weeks! Love it. I defs use your strategy in the morning. Only 1-200 in share size so far but my commisions are only 1.00 and my execution is always super solid. I'd recommend them for people in Cananda! Not sure about execution above 1000 shares tho :p
IBKR is just as good for 1000 shares. I haven't done anything like 5000 so can't comment. But 1000 works the same as 100.
@@nathanhumphreys7206 Thanks for the heads up man! I was hoping I wouldn't have to switch brokers when I started going up in size.
@@jasonm8755 no problem! A lot of people don't use IBKR as they enforce the PDT rule and their platform TWS takes sometime getting used to but they are fast with execution even with big share size and charge possibly the lowest commissions of all brokers
@@nathanhumphreys7206 Another question bro! What's you commisions on 1000 shares?? And are you on the fixed plan or tiered? Cause I find myself paying the same commisions on 100 shares that I do on 200... :O which is sweet obviously lol.
@@jasonm8755 yeah it's it's the same for 100 and 200 shares but 500 is $2.5 and 1000 is about $7 from what I can remember. I have lowered my size to 500.
FYI
Just wanted to say that I am Canadian and use Interactive Brokers Canada...
Canadians that use Interactive Brokers Canada are also not subjected to the PDT Rule, they do not follow FINRA's/SEC Rules...
Thanks for sharing!
I use TD with a cash account and divide my funds between 2 days and then divide my daily funds to make 3 day trades. Keep putting more money in regularly so I can use more funds daily. Doing thise method I can stay away from the PDT rule since I'm under 25K and trade every day
Do you know you can day trade all you want in a cash account. And not limit your self with 3 day trades in a day. I sometimes trade 4 to 5 trades on my cash account in one day. And yes I divide my cash in half like you, so I can trade everyday.
@@Freddy-wc1fm The dude literally said he uses TD with a cash account.
He only makes 3 trades because he is using a certain amount of money for 3 trades a day
franklin Johnson yea exactly. It's up to you WHT percentage you want to allocate for 1 day trade. Some people like to trade 3 times a day and use more cash and some like to trade 5 times but use less cash for the trade.
I use a TD Ameri cash account and can only trade like 5 times a week. I started with only 300 dollars though.
Lightspeed has payment for order flow, they were recently fined by Finra in Feb 2021 for misleading customers. They now mention that they can ignore your order direction to various exchanges and just use payment for order flow:
"If you select a venue for order routing, Lightspeed may handle as not held. Regardless of the route selected in the dropdown, hot button, or hot key, the Firm may first direct that order through a vendor and may receive discounted execution fees and/or payment for order flow through that vendor that it does not pass on to its clients."
Very interesting, thanks for letting us know
Hi Ross, I have a question, what's the best way to start a trading account? Would it be with a retirement account and how can I do that? Or with a regular account when my funds are under 5k?
I would use a cash account losses are tax deductible.
Save retire account for when you become constantly profitable. Any money lost in a retirement account is not tax deductible. Double check that though.
Ross ive done well with your Top Gainers pre market scanning strategy finding the rite set up to squees at open bell i grew my demo from 6k to 22k in 15 days
Now im using cash account real money and am setting up HOT KEYS what settings on the bid and ask would you reccomend.
I was thinking buy bid +.01 and sell bid -.02 ?
This is great. What platform did you build your account on?
Hello Ross - do you have special pricing with Lightspeed? The $2 per trade and $55 platform fees that you mentioned in the video seem to be far less than what Lightspeed says on their website ($4.50 per trade and $130 platform fees). Is there a way we can access this special pricing?
Ross has a special deal running with Lightspeed. His students use it to learn trading, which means they have more customers, so they give Warrior Trading a discount.
@@WreckerR Thanks. If that is the case, then I think the video should have mentioned that.
Yes! If you are a Warrior Pro student!
Another INCREDIBLE video. Thanks Ross!!!
How, just how, you went from $500 to $53K in less than a month!!! I need that lol
Thanks for watching!
@@DaytradeWarrior CMEG? is that Capital Markets Elite Group?
@@orlandorealestateconsultan6656 yes CMEG is Capitol Markets Elite Group
HI Ross. I'm a new member at your Pro level and I highly recommend it. Just one questions... I'm a very experienced trader and have 1m in my account and have been with Etrade for years but have filled out an application at lightspeed. I'm confused why you say you don't have "Buying power" for short trading in some of your videos. With Etrade buying power is never an issue with day trading.
Can you guide me on that? Thanks again for all of your work.
Some brokers restrict shorting of certain stocks under a certain Price- Normally Stocks under $2.00 cannot be used with margin and sometimes shorting- There is also the issue with just not having shares to borrow to short for small cap stocks as there are less shares in their float. That's why Shorting is more easy and popular for large cap stocks.
To learn more shorting, and the risks of shorting you can watch a video ross has made here : th-cam.com/video/c5HU_4ukSw8/w-d-xo.html
So, Ross, this is the problem I have been struggling with. I want to eventually get into trading full time, but right now I can only trade a couple times a week because I work 4-5 days (usually 5). I am currently using Fidelity Active Trader, but there are no hotkeys, vWAP on the chart, or a trading simulator. I have a $2000 account right now. From a previous question I asked you, you mentioned CME Group and TradeZero. I was under the impression that TradeZero doesn't allow US citizens to open accounts with them? I have looked into CME Group, but don't think the extra software expenses would be worth it until I can trade regularly. I am just getting into this and have been watching tons of your videos (premarket trading, recaps, and learning videos) and read your book. I really want to sign up for Warrior Pro, but I am concerned about how much time I would have to give to it and practice in the simulator. Until I can find a supplemental stream of income to allow me to take more time off, that will be hard. How do you feel about Tradestation if only able to trade a couple of times a week for now? Is there a better advantage for Tradestation vs Fidelity vs TDAmeritrade vs ETrade? Sorry for the long post. I haven't felt this passionate about anything in a long time and really want to get more and more into it. Thanks again.
Hey John, You can look up reviews on all of those brokerages on my Warrior Trading website. warriortrading.com. I personally recommend CMEG because I think they are the most reliable offshore brokerage that you can go with.
Ross the reason we are all asking you is because we trust you the best good sir! Keep up on the great stuff for us and please consider staying online more after the bell in the mornings for us!!!
I appreciate that Jon, thank you!
Love the background music Ross
Thank you!
I trade on Cashapp, have a Robinhood account just to watch the market in real time. I've only invested $417 but profited about $45 in a little under a month, so only 10% gain. This has basically been my simulator & introduction to trading. Thinking about getting a Cmeg account and wanna thank you for being authentic and spreading knowledge and your experiences.
threw you a sub just for the vibe you gave me! love the video, actually meaningful and included valued information! appreciate you. **And the advice was free lol.**
Thanks!
@@DaytradeWarrior of course! Appreciate you boss!
Are there any platforms that don’t freeze? Are there any that don’t have stale markets? I won’t name the ones I’ve used but I have been disappointed.
I trained on the TD Ameritrade simulator for my first 2 years. I've been trading with real money since last summer. I have a consistently rising p&l curve but I'm only trading with $6,000. My next step is CMEG. Ross if it's not too much to ask can you do a video in detail about how to use CMEG and what to expect when setting up an account and the fee structure ect. Thank you sir.
2 years on the simulator? We’re you trading only periodically? Or daily? I’ve been using TOS since the coronavirus started and I’m already considering Cmeg. But maybe I am moving to fast. 🤷🏼♂️
that's fantastic!! Great job! Check out Day 1 from Decemeber to see how I was trading with CMEG, that video I believe talks about it.
I might have seen it but I'll check. Hey thanks for all your helpful videos over the years Ross. Can't tell you what an eye opener it has been. No one does it quite like you do. I look ahead to paying it forward in the future.
Hey Investing. I've got about 4000 hours in the simulator. More would be better but I feel comfortable enough to trade real money and bigger size. I did take a lot of big losses when I first started over 3 years ago. After that I made a promise that I wouldn't trade real money again till I could prove consistency. No doubt I could have achieved my goal quicker if I had purchased the course Ross offers. Hindsight is 20 20. Good luck to you. Always embrace the risk!
I am currently with Td thinkorswim. Lets just say slippage is a real issue with that platform. Their platform crashed this week so i decided to apply for lightspeed. Ross seems to have great success with them so it was a no brainier. I did select warriortrading as my referral. Great video ross weeks like this i think a lot of Td Ameritrade broker like my self is looking for better and more stable platform.
Thanks!
Great video! I'm new to this. I'm not actually day trading yet. I'm still learning and gathering info. I'll probably do some courses and simulators next. But I didn't hear Trade station mentioned. I was wondering how does it rank among the others mentioned in the video?
While Ross has not used Tradestation himself, we do have mentors and students in our community who have used them and find them to be a great broker
Thanks for making this complicated
In your video about equipment starting out, you recommended a gaming laptop with 16-32 Ram,
256 GB solid state hard drive and two ASUS Usb portable monitors. Is it alright if the laptop is not
a gaming type laptop as long as it has all the other requirements? Thank you
Yeah definitely!
@@DaytradeWarrior curious ! so for the two extra monitors is that where you watch the list of movers & the other monitor for TA charts ??
So glad to be turned on to you. I’ve been silently interesting day trading for years. Just finishing the literature you’ve suggested. It’s an awful lot of info. I can see this is going to be a huge undertaking. I’m down for it.
Thank you Ross,
Alot of options when it comes to brokers. Way to break them down.
Sounds like cmeg and trade zero would be best for small accounts as long as your profitable. Thank you for the video.
My pleasure Jose!
I contacted cmeg and they said minimum to
Open a new account is 2500. I was confused.
They have 2 branches. Us and overseas.
Overseas won’t open us resident account?
Us new account is 2500? Confusing.
Thanks Ross. Your videos are always so full of important and vital info. One of a kind.
You’re an inspiration to us beginners. 🙏🏻
Thanks.
ZelicOG awesome. Thank you.
that's interesting, i haven't heard that
Good info. For anybody on the fence, I've been learning from Ross for about a year now. He's a great teacher and he WILL make you profitable if you put in the effort. I'll be renewing my membership when it runs out.
thank you!
Hi Cameron, like your videos as a newbie. Would you definately recommend Trade Zero and is the wire system safe to transfer funds??? Appreciate your advice, Many thanks, John
You can read our thoughts on them here: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/
I’m going with CMEG, thank you for this Ross.
can I please ask you a question? I dont have my passport yet, but I have my drivers license. What was the 2nd form of US govt ID did they require?
CMEG is awesome you'll love it. 0.002 cent per share commission is totally worth it if youre at the point where youre finding PDT one of the biggest things holding you back.
@@auxripper while not trade with an expert and earn your insured profit weekly
auxripper I used my passport. Sorry didn’t help much.
auxripper permanent residence
certification of naturalization
Hello, for canadian, do you think questrade is a good broker if not, what do you think is the best for canadian
Hey I wrote a review about Questrade that you can check out here: www.warriortrading.com/questrade-broker-review/
@@DaytradeWarrior thank you ross
Hi Ross! I found you about a week ago and you've been incredibly informative. I'm gathering and sharpening the tools to be a day trader but not quite there yet. How can we find this simulator took you're talking about? Looking forward to following you for years to come!
how is your experience so far
This was an awesome video! Thanks for the info!
Thanks for watching!
444
@@DaytradeWarrior 4
4th 4
@@DaytradeWarrior 4
Hey Ross. If I trade the American market and American shares. Will I have to pay US tax or my country tax which is Australia or both?
Hey Samvel, I'm not sure. I recommend reaching out to a local CPA in your area to get more information. All CPA's should be knowledgeable about trading transactions, be sure to confirm if they have dealt with these kinds of situations before.
In the meantime, here are a few links to some helpful articles we wrote about trading and taxes.
www.warriortrading.com/tax-tips-for-active-traders/
www.warriortrading.com/maximize-tax-returns/
I’m looking at IC markets or plus 500 as I’m in Australia, have been doing well with my paper trading but have noticed a few problems with mt 4 and the plus 500 app , so will be trading on my computer only , have saved enough to start my account with a healthy balance, just not sure what kind of trader I am as I don’t mind waiting for things to happen but also like how quickly things can change , wish me luck as I’m going to start this week 😎👍
Fot CFD trading CMC Markets is also good
hey, i don't trade CFD's, i'd avoid them.
Canadians also use Interactive Brokers, the reason Questrade is more popular among Canadians is that you can trade directly from a TFSA account (tax free savings account) which is similar to trading from a retirement account. I use IBKR because of very low commissions (as opposed to Questrade) The taxes have to be paid under Capital Gains but with the Brokerage costs I don't think it really makes that much difference between the two, depends on your trading style and experience. Also be very careful about TFSA rules regarding what constitutes 'non professional' use, best talk to an expert its like deciphering Einsteins theory, you dont want them nailing you with huge fines for filing incorrectly. The other advantage to not using TFSA is that if you blow up your TFSA account you absorb the loss. If you are not using TFSA and you blow up your account you can claim the loss under Capital Gains/loss rules. Also Canadians are exempt from PDT rule.
right okay that makes sense
Hello what's the way to get started with trade Cos I've been making my personal research for a while now
If you haven't had a chance to attend yet, the best way for you to learn more about trading and how you can get started would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of Ross' best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/
New Trader here.. I opened up with Fidelity cash account and although it does take a few days for the cash to settle, they’ll allow you to continue trading with cash you would have. They keep a running tally, even though it’s not “settled”. I hope this helps someone
Thanks for sharing!
It's funny I have Charles Schwab and Webull and I like Webull way more lol.
👍🤓
Agreed... Schwab StreetEdge is garbage
I'm looking at momentum and break out trading. I am using WT simulator, and did my first trade today and won!!!!!
Thank you
Stew
Hi Ross, Firstly i'd like to thank you so much for putting out so much great material you are definitely instrumental in helping me to make a career transition. I used to to do spread betting until i realised i was getting crappy pricing and ridiculous spreads. I'm based in the UK and I just started using IBK and to be honest I've found it clunky and slow and I cant get my head around it so i'm gong to try lightspeed and watch all your tutorials again. Is that your current goto broker and do you receive data from them for execution?
Yes it is.
Warrior Trading ..What a coincidence I have already contacted E-signal earlier this afternoon. I presume it will work with light speed?
Hi Ross, thank you so much for what you do its so useful! I want to know more about taxes before I put real money in. Do you have a video or an article or anything that goes through the various taxes etc, I am a UK citizen by the way! Thank you :)
You're welcome! We are unable to provide any personal tax-related advice and cannot recommend a specific CPA. Tax questions will depend on your individual circumstances. I recommend reaching out to a local CPA in your area to get more information. All CPAs should be knowledgeable about trading transactions, but be sure to confirm if they have dealt with these kinds of situations before.
For our Warrior Pro members, chapter 18 of Day Trading: Strategies & Scaling (formerly the Small Cap Day Trading Course) (Part 2) is focused on taxes for day traders. We also have a few links on our website with some helpful articles we wrote about trading and taxes:
www.warriortrading.com/day-trading-taxes/
www.warriortrading.com/maximize-tax-returns/
www.warriortrading.com/mark-to-market-definition-day-trading-terminology/
Taxes for Day Traders Video: th-cam.com/video/WJHgMDyNXKo/w-d-xo.html
Ross, I saw that Lightspeed has a 10k min to open an account. Is that true? I am a warrior pro student and love it btw.
Yes that is correct. Great to hear you're enjoying the Warrior Pro!
@@DaytradeWarrior Hi Ross, i want to go for CMEG but i saw alot of negative comments about them.
can you share ur experience with them are they good and trusty?
Thanks for the breakdown! Could you help me with something unrelated: My OKX wallet holds some USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How should I go about transferring them to Binance?
It's there a good simulator to use without opening an account with a broker?
Hey Tim, There sure is! www.warriortrading.com/paper-trading/
I used TD212, the interface just wasn't built necessarily for day trading even though i managed to become profitable out of it.
The layout and everything ju8st wasn't meant for it so i switched.
Use what works well for your strategy
👍🤓
Does lightspeed have faster execution than Td , assume I would trade scalp for 10 cents
Oh yeah big time, that's why I use them. www.warriortrading.com/lightspeed-trading-review/
How do you think Fidelity rates for day trades. ( breakout trades). It’s the only one I’ve used but seem fast.
I switched from Robinhood to streetsmartedge from schawb.
Their platform is very similar to you Ross, their scanner is very efficient too. Their execution is quick, their chat help live is very good.
I trade 30 min every morning, about 10 to 15 trades and everything is free on top of that.
2 week with them and two weeks green....
Was it hard to switch brokerages? I’ve been trying to switch from Robinhood but am finding it difficult to do. Did you have to speak to someone over the phone?
@@TexasGent3808 it definitely easier yo put back your money to your account and then deposit in your new broker.
Romain Lemaire Oh okay. Thank you! I’ll definitely do that.
@@TexasGent3808 you're welcome
Wow nice!
I'm on etrade w cash account, but could just as easily start fresh on another platform. Signed up and hoping to join your webinar tomorrow.
Enjoy the webinar!
Hey Ross, so when you say TD AMERITRADE are referring to their Think or Swim platform?
He is. =)
Sorry for the late reply, but that is correct!
Trying to get ready for the webinar
👍
ross, using a direct access broker and not going through broker dealer like citadel. would you say theres less manipulation of the bid and ask from the market maker. in other words is it more competetive
👍🤓
Love your videos I'm at 27k now looking to get to 50k now that I'm passed pdt
How long did it take for you to get pass the PDT rule? What platform did you use?
@@TexasGent3808 I use robinhood when I first started after that I went to td ameritrade. Ross has some good videos on it. I watched them all. The On demand part of td ameritrade. Is amazing and it help you take trade so you can get comfortable like a paper account. Feel free to ask me any questions.
@@TexasGent3808 it took me about 3 months ago but I started with $2000.
Thanks and good luck Reggie!!!
I'm really excited about geting your day trading course😆
Just getting into day trading. Love this. Thank you. Superb overview. Watched this 5 times.
Just opened an account with TradeZero.
@@hussayain7231 Tradezero is great, been using them for a year. You have to wire your funds to them.
@@hussayain7231 it's pretty complicated, I always just go to my bank with the information and they take care of it, I advice you to let your bank handle it
nice!
Hi Ross, new to your channel and new to trading, just started the theory so far... If you were in Australia and just starting your trading journey as novice, what platform you will choose to do trade in simulation and how you will take care of the scanner (i assume each platform will have this capability)? I am thinking of opening an account with cmeg and do the learning in simulation...
Can any one give me a list of international broker btw i resides in Mauritius and it is difficult for me to get a broker i cant download robinhood
Hey Ajay, These are two offshore brokers that people in our community or our educators have used that you can research.
For accounts under $25,000 (as little as $500), you can take a look at CME Group (US and all international residents except Canada).
CME Group review: www.warriortrading.com/capital-markets-elite-group-review/
CME Group website: cmelitegroup.com
For accounts under $25,000 Minimum deposit of $1000 available to anyone outside of the USA except Canadians:
TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/
TradeZero website: tradezero.co/
TradeZero WT rebate program: www.warriortrading.com/tradezero-broker-rebate-program/ (Keep in mind that participation in a Broker Rebate Program is not required to trade or to be a member of our community. Rather, they can be an opportunity to receive discounted commission rates if any of these brokerages are a good fit for you.)
This article can be a helpful resource for exploring your options for day trading with less than $25k! www.warriortrading.com/how-to-day-trade-without-25k/
Interactive Brokers is working ok for me here in Canada. Just started trading Micro E-mini S&P 500.
Have to put $3000 CAD and then apply for margin type account. Once approves you can ask for Futures permissions and there is a 12 question exam.
The $3000 only lets me trade 1 MES though.
Building it up to be able to swing with a bigger stick.
Made $111 realized profit yesterday trading 1 contract over 30 trades over 6 hrs.
Beginner.
good to know!
How much does it cost to be your student Ross?
Hey Ramon, You can check out our courses here: www.warriortrading.com/trading-courses/
Too much.