Welcome to episode 20 of the "Day Trading for Beginners Podcast." Following our journey through options trading, we've explored buying and selling options and how their prices are determined. Now, it's time to understand the Greeks—key indicators that help predict how option prices might change.

 
Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

This Episode Covers:

• Introduction to Option Greeks: We break down the concept of Greeks in an easy-to-understand manner, avoiding complex strategies or deep dives into individual Greeks. This episode continues our learning curve on options, setting the stage for future discussions on practical applications within your brokerage account.
• The Greeks Simplified: Using analogies, such as comparing the Greeks to flight instruments, we illustrate how they guide traders in navigating the options market. The Greeks—Delta, Gamma, Theta, Vega, and Rho—serve as tools for assessing risk and predicting price movements, similar to how a pilot uses altitude, speed, and fuel gauges.
• Delta and Gamma: Learn how Delta acts like a speedometer, showing how fast an option's price might change with the underlying stock, while Gamma indicates the acceleration of Delta itself.
• Theta, Vega, and Rho: Understand how Theta measures time decay, Vega shows sensitivity to market volatility, and Rho relates to interest rate changes.

Watch the video on YouTube:

https://youtu.be/NmzESzIGvlA


Read the full article here:

https://stokestrades.com/option-greeks/

Next Steps:

• As we wrap up our series on options, stay tuned for a practical guide on locating and trading options within your brokerage account. This upcoming content, including YouTube videos, will demystify the process of using Greeks for real-world trading decisions.
• Technical Analysis Ahead: After concluding our discussion on options, we'll venture into technical analysis, marking the next phase of our day trading education.

Resources and Community:

• Chat GPT and Learning Tools: Discover how leveraging AI like Chat GPT, along with finance blogs and YouTube channels, can enhance your understanding of complex topics such as option Greeks.
• Join Our Community: For more resources and a supportive learning environment, visit our website and join the free community on Skool. Here, you can access all podcasts, videos, and a dedicated section for the resources I've used to learn about options.

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading

Welcome back to the "Day Trading for Beginners Podcast," where we document the journey towards becoming a full-time day trader. Today we're pausing for a moment to reflect on the first 3 months of our journey. As we hit this milestone, it's a perfect time to assess our progress against the 6 Month Blueprint we've set out with and discuss the mental resilience required to pursue day trading or any ambitious goal.


Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

The Importance of Mindset in Day Trading

In one of our previous episodes focused on mindset, we discussed the ups and downs you'll likely face on this journey. March has been a challenging month for me personally, juggling family commitments and unexpected hurdles while staying committed to learning day trading. It's a stark reminder that success is not a straight line but a path filled with setbacks and victories. Remember, persistence and adaptability are key to overcoming the valleys of despair.

Where We Stand

Over the past three months, we've covered a wide range of topics:

• Basics of stocks, bonds, ETFs, futures, Forex and options
• Choosing a brokerage account and setting up for paper trading
• Understanding different types of stock market orders
• An introduction into options trading

Looking ahead, we plan to explore the intricacies of technical analysis and the importance of maintaining a trading journal. While we have laid a solid foundation, there's still much to learn, especially about options and developing effective trading strategies.

Staying Consistent

The journey to becoming a proficient day trader is long and requires consistent effort. Regardless of the challenges life throws at us, it's crucial to keep moving forward, learning something new every week. Join me in committing to this process, knowing that each small step takes us closer to our ultimate goal.

Join Our Community

For additional support and resources, consider joining our community on Skool. It's a fantastic space to connect with fellow beginners, find accountability partners, and share your learning progress. Visit StokesTrades.com and click on the community section to join for free.

Looking Forward

Next week, we'll tackle the topic of options and the Greeks, wrapping up our discussion on options by the end of April. As we approach the halfway mark of our 6 month journey, we're gearing up to learn about technical analysis and setting up a trading journal. Stay tuned, and let's keep pushing forward together.

Thank you for tuning in to this week's episode. Don't forget to subscribe to the podcast and check out our YouTube channel for more visual content on day trading. Here's to a productive April and beyond!

Image referenced:

https://stokestrades.com/day-trading-mindset-of-a-beginner/

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading

Welcome to Episode 18 of the "Day Trading for Beginners Podcast". In this episode, we're talking about how options are priced. It's our third chat about options, building on previous ones about what options are and buying and selling them.

 
Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

What We Cover Today:

• Option Prices: Why do you pay what you do for options, whether buying puts or calls?
• In the Money, At the Money, Out of the Money: Simple explanations to help you understand these key concepts.
• Intrinsic and Extrinsic Values: Breaking down the two main parts that make up an option's price and why it's important.
• Time and Volatility's Role: How the time left until an option's expiration and the implied volatility affect its extrinsic value.
• Implied Volatility: How the market's guess about a stock's future movement can change the price of options.
• Learning Tools: Sharing useful resources and platforms, including a free community platform and an options course module filled with my go-to resources.

Wrapping It Up:

This episode aims to make understanding option pricing straightforward, focusing on intrinsic and extrinsic values—key knowledge for dealing with options.


Stay in Touch:

For more resources, including videos and a community of traders, head over to StokesTrades.com. Let's learn and grow together in trading.

Stay tuned for more simple explanations of trading concepts. Let's make trading easier to understand, one episode at a time.

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading

Welcome to episode 17 of the "Day Trading for Beginners Podcast." Today, we're continuing our exploration into the world of options trading. This episode can be considered part two of our introduction to options, focusing specifically on selling options, including both call and put options.


 
Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

Watch the video version here:

https://stokestrades.com/selling-options/

In this episode, we talk about:

• Selling Options: Building on our initial discussion on options, we now examine selling call and put options. We clarify the concepts of being "covered" versus "naked" in option selling and the implications of each.
• Understanding Assignment: A crucial aspect of selling options, we explain what it means to be "assigned" and the responsibilities it entails for the seller.
• Risks and Strategies:
  • Covered Calls: How owning the underlying stock can provide a safety net when selling call options.
  • Naked Calls: The higher risk associated with selling call options without owning the underlying stock.
  • Cash-Secured Puts: The benefits and precautions of selling put options when you're prepared to buy the stock at the strike price.
• Closing Out Positions: An essential strategy for both buyers and sellers to manage risk and secure profits. We discuss how to "buy to close" your positions and the strategic advantages of doing so.

Key Takeaways:

• Selling options can be a strategic way to generate income, but it comes with obligations that traders must understand.
• The difference between "covered" and "naked" positions significantly impacts the risk profile of selling options.
• Understanding assignment and how to manage your positions through closing strategies is crucial for minimizing risk and maximizing returns.

Resources Mentioned:

• Educational websites and YouTube channels for learning about options trading is ideal for this phase of the journey. I emphasize the value of free resources for beginners to grasp the fundamentals without the need for expensive courses.

https://www.optionseducation.org/

Closing Thoughts:

As we peel back the layers of options trading, it's clear that a solid grasp of the basics is foundational for success. Selling options introduces new dynamics and risks, but with the right knowledge and strategies, it can be a valuable part of your trading arsenal.

Subscribe:

Ensure you don't miss out on further insights into options trading and other day trading strategies by subscribing to the podcast. For a visual learning experience, check out the video version of this episode on the YouTube channel, where I'll break down these concepts with whiteboard examples.

Stay tuned for our next episode, where we'll dive into the pricing of options, including intrinsic and extrinsic values, to further our understanding of options trading.

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading

Welcome to episode 16 of the "Day Trading for Beginners Podcast." In today's episode, we review the definition of day trading and the critical role of trading psychology.

 
Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

In this episode, we cover:

Understanding Day Trading: An exploration of what day trading truly entails, beyond the simplistic notion of buying and selling financial instruments within a single day. We discuss the speculative nature of day trading, focusing on profiting from short-term price fluctuations through technical analysis, news events, and market sentiment.

Personality Traits for Successful Day Trading: Highlighting key personality traits such as discipline, independence, and decisiveness that align well with the demands of day trading. Understanding that the right mindset and characteristics can significantly impact your trading success.

The Importance of Trading Psychology: Why mindset and psychological preparedness are paramount in day trading. We look into the insights offered by one of the leading books on trading psychology, "Trading in the Zone" by Mark Douglas, focusing on the first chapter's discussion on the psychological aspects that set successful traders apart.


Key Takeaways:

- Day trading is not merely about technical skills. Emotional intelligence, discipline, and a keen understanding of one's psychological responses play a crucial role.

- Successful day traders possess a unique set of attitudes, allowing them to remain disciplined, focused, and confident amidst the market's volatility.

- Embracing and managing risk, rather than fearing it, is essential for achieving consistency and success in trading.


Resources Mentioned:

Trading in the Zone by Mark Douglas: A must-read for understanding the psychological foundations of successful trading. Available on Amazon as an audiobook and in other formats.


Closing Thoughts:

As we continue the journey into day trading, it's clear that mastering the market's technical aspects is just part of the equation. Cultivating the right mindset and overcoming psychological barriers are equally, if not more, important. Stay tuned for upcoming episodes where we'll cover options trading and further explore the mental fortitude required for day trading success.

Read the full article and watch the video here:

https://stokestrades.com/what-is-day-trading/


Subscribe:

Don't miss out on future insights and strategies to aid your day trading journey. Subscribe to the podcast for more educational content, and check out the resources and community at StokesTrades.com for a supportive learning experience.

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading

Welcome to episode 15 of the "Day Trading for Beginners Podcast." I'm Tyler Stokes from StokesTrades.com. In this episode, we're reviewing the various order types for buying and selling stocks, a crucial aspect of day trading. As we continue our journey to become full-time day traders, understanding how to effectively use order types is a basic task we need to master.

 
Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

Watch the YouTube Video Here:

https://youtu.be/o8swFxqEHGU

In this episode, we explore:

• Market Basics: An introduction to bid price, ask price, and the spread. Understanding these concepts is essential for navigating the stock market.
• Liquidity: Discussing the importance of liquidity in stocks and how it affects the spread and your ability to execute orders effectively.
• Order Types: A detailed guide to using different order types, including market orders, limit orders, stop orders, and more advanced options like trailing stops and bracket orders.
• Market Orders: How they work, when to use them, and the implications of using market orders for liquid and illiquid stocks.
• Limit Orders: Explaining buy limit and sell limit orders, including how to set them and the conditions under which they are executed.
• Stop Orders: Understanding buy stop and sell stop orders (stop loss) and how they can protect your investments or lock in profits.
• Advanced Order Types: Diving into stop limit orders, trailing stop orders, and bracket orders, providing strategies for using these orders to manage risk and secure profits.
• Visual Learning: Highlighting the importance of visual aids in understanding order types. A video version of this episode is available on the StokesTrades YouTube channel, featuring whiteboard presentations and live examples from my paper trading account.

Closing Thoughts:

This episode offers a comprehensive overview of the various order types available to traders and how to use them strategically. Whether you're a beginner or looking to refine your trading technique, understanding these tools is crucial.

Read the full article here:

https://stokestrades.com/how-to-buy-and-sell-stocks/


Subscribe:

Stay tuned and subscribe to the podcast for more insights into day trading. Check out the links for additional resources, including the YouTube channel for a visual guide on order types, and join our community at StokesTrades.com for a supportive learning experience.

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading

Welcome to episode 14 of the "Day Trading for Beginners Podcast." I'm your host, Tyler Stokes, and today we're diving into a critical step for every aspiring day trader: choosing the right broker. Plus, I'll share the broker I've decided to use on my journey to becoming a full-time day trader.

 
Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

In this episode, we explore:

• Choosing a Broker: The importance of selecting the right broker as your gateway to the markets. I'll cover the essential features to look for, including the ability to paper trade with real-time data, desktop platform availability, market access, and fee structures.
• Why Interactive Brokers?: I reveal my choice of broker and explain why Interactive Brokers stands out, particularly for Canadian traders like myself. I'll quickly discuss their competitive fees, broad market access, and the pros and cons of their platform.
• Next Steps: An overview of the upcoming tutorials and video demonstrations on setting up and using Interactive Brokers, ensuring you're well-prepared for paper trading and beyond.

Closing Thoughts:

Choosing the right broker is a foundational step in your day trading journey. It's crucial to select a platform that aligns with your trading goals, offers comprehensive resources for learning, and doesn't eat into your profits with excessive fees.


Full Article and Video:

https://stokestrades.com/how-to-choose-a-broker-for-day-trading/


Subscribe:

Stay tuned for our next episode, where I'll guide you through setting up an account with Interactive Brokers, navigating their platform, and embarking on the practical aspects of day trading. Subscribe to the podcast and our YouTube channel for video tutorials and more educational content. Join our community on Skool for access to exclusive lessons and updates.

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading

Welcome to episode 13 of the "Day Trading for Beginners Podcast". As we navigate our journey to becoming full-time day traders, this episode offers a recap of our progress and starts a discussion of the crucial aspect of mindset.


 
Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

In This Episode, We Cover:

• Journey Recap: A review of our journey so far, from stock market basics to exploring various trading domains like stocks, bonds, ETFs, commodities, futures, short selling, options, and Forex.
• Brokerage Account: A teaser for the next episode, where we will discuss everything about choosing your brokerage account, a crucial step in actualizing your day trading aspirations.
• Mindset Matters: Discussing the significance of having the right mindset for day trading, emphasizing discipline, minimizing losses, and the importance of a strong psychological foundation.
• Common Failures: Exploring why many fail in day trading and how mindset plays a pivotal role in overcoming these challenges.
• Process of Wealth Creation: Introducing the five stages of wealth creation, from uninformed optimism to achievement, and the importance of perseverance through the "Valley of Despair."
• Personal Reflections: Sharing personal insights into my own weaknesses and how I'm addressing them to strengthen my day trading journey.
• Identifying as a Trader: The power of shaping your identity around your goals and how identifying as a trader can help solidify your commitment and discipline.

Closing Thoughts:

Mindset is a cornerstone of successful day trading. Understanding and addressing common pitfalls, alongside personal weaknesses, can significantly influence your trading outcomes. As we continue to learn and grow, embracing the identity of a trader is crucial for long-term success.


Subscribe:

Stay tuned as we transition into actionable steps, starting with choosing your brokerage account in the next episode. Subscribe for more insights into day trading strategies and join our community on Skool for support and accountability on your journey.


Resources Mentioned:

• 6-Month Blueprint: StokesTrades.com/blueprint
• Community on Skool: Join us for support and accountability.
• Next Episode: Detailed guide on choosing and setting up your brokerage account.

Thanks for listening to episode 13. Remember, day trading is not just about strategies and market analysis. It's also about building a resilient mindset and shaping your identity to align with your trading goals. See you in the next episode!

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading

Welcome to episode 12 where we talk about Forex trading. I'm your host, Tyler Stokes, and as we wrap up the first phase of our journey into day trading, we're exploring the basics of the Forex market—a market to consider for anyone looking to become a full-time day trader.

 
Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

In this episode, we cover:

• Introduction to Forex Trading: We start with a beginner-friendly explanation of what the Forex market is and how it operates, using a fun analogy provided by the AI tool Grok. 
• Understanding Currency Pairs: Learn about the basics of currency pairs, including the base and quote currencies. We discuss how traders make money by predicting the movement of these pairs and how leverage can both amplify profits and losses.
• Leverage in Forex Trading: A key concept in Forex trading, leverage allows traders to control large positions with a relatively small amount of capital. We explore the potential benefits and risks associated with using leverage.
• Why Forex is Popular Among Beginners: Discover why the Forex market is attractive to beginner day traders, including low entry barriers, the flexibility of a 24-hour market, and the high liquidity that reduces the cost of trading.

Closing Thoughts:

Forex trading offers an exciting opportunity for day traders to diversify their portfolio and engage in the world's largest financial market. While it comes with its own set of challenges, understanding the basics is the first step toward successful trading.


Read and Watch the Video:

https://stokestrades.com/forex-trading/

Subscribe:

Don't miss out on the next phase of our day trading journey, where we'll recap our learning and take the next steps toward opening a brokerage account. Subscribe to the podcast for more insights into day trading strategies and visit StokesTrades.com for additional resources and support.

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading

Welcome to episode 11 of the "Day Trading for Beginners Podcast." Today's episode is a beginner-friendly introduction to options trading. We're on a journey to become full-time day traders, and understanding options is a key part of this process.

 
Note: This episode was originally released under the podcast name Day Trading for Beginners, now rebranded as Stock Trading for Beginners.

Resources:

Join our FREE Skool group: https://Skool.com/trading

Download the 6 Month Blueprint: https://stokestrades.com/blueprint

In this episode, we cover:

• Introduction to Options: Understanding what options are and how they function as contracts in the stock market.
• Types of Options: Exploring call and put options and how they differ in terms of buying and selling stocks.
• Key Concepts in Options Trading: Discussing strike price, expiration date, premium, intrinsic value, and time value.
• In the Money vs. Out of the Money Options: Explaining what these terms mean and how they relate to options trading strategies.
• Examples of Options Trading: Walking through real-life scenarios of buying call and put options, including potential profits and risks.
• Options Trading Strategies: Discussing how day traders can use options for speculation and the strategy of selling options before they expire.
• Community and Resources: Learn about our online community on the Skool platform, a supportive environment for beginners in day trading.

Closing Thoughts:

In this episode, we've laid out the basics of options trading, an essential concept for aspiring day traders. Remember, options trading can be complex, but starting with a solid understanding of the fundamentals is crucial.

Check out the full article here:

https://stokestrades.com/what-are-options/

Subscribe:

Don't miss out on upcoming episodes where we'll talk more about options trading and other strategies. Subscribe to the podcast for more educational content, and be sure to check out the resources and community at StokesTrades.com for further support on your day trading journey.

Send me some feedback!

Join Our Free Community on Skool:

https://www.skool.com/trading