Transcript:

we're goodHow much does it cost to be a day trader?This is a very common question I getfrom beginners and people that are just getting startedin the stock market or really any financial market.And it's a good question.It's a very wise and valid question.I mean, trading should be treated as a business.And part of business building is okay well,I mean, what sort of expenses, what sort of costs comealong with whatever business I'm looking to to do?And that is exactly what you should be doing here.I mean, even if it's not a full-time thingif trading is going to be some sortof side hustle or whatever, well, then youyou still need to know, okay, wellhow much is this side hustle going to actually cost me?And I'll just, I won't spoil anything.I have no idea.What do I mean by that?Well, let's kind of quickly go through thingsand then I'll show you what I mean, but as faras sort of what you actually need to be a trader, wellthe very first thing that you're going to need,no questions about it is you're going to need the internet,You're going to need to actually be able to connectto the markets in order to operate and try.I mean, I suppose you could do it old school styleand call up your brokerbut those fees and commissions are going to be crazy, crazyand just not very effective,especially if you're looking to day trade, rightwhere you need to operate relatively quicklyyou don't have time to be dialing the phone right.But the first thing you're gonna need is internet.Now how fast of internet?Basic internet is just fine.So you are going to have some costs associated with that.But again, looking at internet,I mean could you go out there and be like no,basic internet, not good enough.I want such and such, just some sort of crazy internet.Well, right there, that is totally possible.If you just want crazy, crazy fast internetthen right there, you're going to be paying morethan somebody else where, hey, you know what?I don't need crazy, crazy fast internet.So I'm just going to pay that.So internet, one of those things where rightoff the get go, yeah you need it.But I mean, how much is it going to cost you?Well, that really is up to you.And in all actuality, this is one of the only thingsthat's going to be an ongoing cost to you,to an extent, and what I mean.So what else do you need?Well, you need equipment, right?You need to actually be able to access the markets.And of course, equipment ties in with the internet, right?Whether that be a phone, whether that be a computer,whether that be some sort of tablet, laptop,you're gonna need some sort of equipment, againin combination with the internet to access the markets.Now, how much is the equipment going to cost you?I have no idea.Here's one example.You can go and you can lookon Instagram or Twitter or any social media.And you'll see some traders sitting there,and then they're looking at some sort of set up like thisand they got about 45 different monitors.They got one up here.They got one down here, they got more up here.I mean, they have computer monitorsall over the place and it looks awesome.I'm not saying that it doesn't look awesome.But do you actually need to haveall those different monitors?I mean, can you actually even pay attention to them all?I suppose that's a different video, but noyou definitely don't need those monitors.In fact, I'll put a link down belowwhere I show my monitor set upand my setup does not look anything like that okay.Now, now could you, could you go out thereand yeah, you could, you could go out thereand load up and get 500 different monitors.So in that situationit is going to cost you more to be a traderthan somebody that's like, no, I'm going to just do itfrom my phone or no, I need two monitorsor no I'm good with my, you know, tablet.Right, so that is something that you're going to needbut how much cost is going to go intojust how much stuff, how much fanciness do you want?But again that is just still going to be a one-time payment.Whereas the internet, you know,is going to be an ongoing payment.So that will be an overall cost to be a trader.But again, you're going to be using the internet.That's just kind of a commonplace thing anyways.How about this, your broker?So the broker is the person that's going tohelp you execute the trades.So your broker in combinationwith the equipment in combinationwith the internet is going to allow you to buy a stockbuy cryptocurrency, buy options or Forex or whatever.And you're going to need that.So again, how much does a broker cost?Well, again, that depends, there are free brokers out thereso you could go the free route and in that situationokay, it doesn't cost you anything to be a trader.You could, now for me personally, I do pay commissionsand I pay commissions because I want somethingthat is very very fast,in order to get something that is very, very fastyou're going to need to pay some commissions.So for me, I do have the cost of a broker associated withyou know, the overall expense of being a trader.But again, that just depends on your situation.You could do a broker totally free.and then this, another one, your charts,technical charts, if you're any sort of trader,I would highly recommend including chartswithin your your set of toolsthat you use to make decisions.But again, same exact thing.A lot of times your brokeris going to offer you free charts.So thanks to the broker.If it's a quality brokerthey're going to offer you charts that are includedright into the platform itself.And in fact, I'll put a platform down below,a recommendation that I would say has beautiful chartsand they're totally free.And they're also a free broker.So I'll put that link down below.If you want to just kind of get a jumpstart on, you knowgetting signed up with a broker from that regard.or again like me, you could be in a situationwhere you're actually going to go and pay for charts,which is what I do.I pay a separate chart provider from my broker.And in that situation, it is costing me more to be a traderthan what somebody elsethat is just like, no, I don't need that stuff.I'm going to use a free broker and the free chartsand that could work totally fine for you.So just that person's going to have a much lower cost.And then down here you have, how about scanners.in order to find stocks, in order to find something to tradethat meets your criteria,that meets your strategy, there is you know, there are bitsof software out there that will scan, hence the name,for you and find those opportunities.Now some, again, right up here, we'll drop this downare going to be free.Some brokers offer scanners built right in, againthe one that I linked down below that is, againone of those things where it has scanners builtinto the platform itselfand it's a free broker, free platform.So it could be that way.You could also go to a site.There are lots of third-party start sitesout there that offer free scans, or you could just goand you could very well pay money for scanners.And I mean, you could pay big moneyfor scanners if you want.I'm not saying there's anything right or wrong with that.I'm just saying that is a trader by trader perspectivewhere you could be spending money, you knowso much more right here.Me personally, I don't pay for scanners,I just use the free things out there,because for me personally, I don't need to be, you knowpaying the amounts of moneythat I see out there for scanners.Once again, I'm not saying that'sbecause I'm right or wrong.I'm just saying that's, you knowfor my personal situation, how it works out.So right here you can seeall these different components that are goinginto being a trader.Again everything, you need all this stuffbut to what extent do you need it?How in depth, how fancy are you going to get about it?Then that's going to ultimately depend on how much you pay.But again, as far as ongoing costs,internet would be ongoing,charts would be ongoing,scanners would be ongoing.Now a broker, if you choose to pay the commissionsthat's going to be ongoing in the sense of, okaywell for every trade I'm going to have commissions.Some brokers will also charge you a platform fee.So you know, that that's something where it's a potential.So I'll put the maybe here.So maybe just maybe a broker going to be an ongoing costbut really you can make it have youronly ongoing costs, be the internet, if you want,if you want to structure it that way.So at that point, after you get this other stuff takencare of really the only question for you becomes, okay,well how much am I paying per month for internet?And there you go, that is your cost to be a trader.So I don't mean to be, you knowall shady about it and not actually offer up an answerbut there is no right answer for these reasons above,it is all dependent on you, your strategy,how fancy you want to get.Do you need 15 monitors?Are you good with a couple?So that's all dependent on you.So how much does it cost?I don't know.You're going to have to go through your business planand figure out just how much, just how,like I said, nitty and gritty and fancyyou want to get with all these different items.So if you found this video helpful though, or I should sayif you have any other questions about thisplease leave those down below in the comments section.But if you enjoyed the video as a wholeplease hit that like button that goes a long wayin letting me know that I'm using my time wiselyin putting together videos like this.Also, like I said,if there's any other sort of suggestions or questionsleave those down below in the comments section.And then finally check out the channel as a whole.And you can see all this kind of come together,especially in my live trading videos that I offer.And you'll see exactly what I mean,but check out the channeland hope you decide to hit that subscribe buttonbecause I'd love to have you as a subscriber to the channel.So get out there, start to piece some things togetherand that'll help you quickly quickly realize howmuch it's actually going to cost you to become a day trader.First off, thanks so much for watching the entire video,real quick, before you go,I want to invite you to a live webinar,web class, training, workshop, online eventwhatever you want to call itbut it will be me live revealing to youWhat I've discovered that has allowed me to transform myselffrom being an employee, to being my own bossincluding how I had only one losing dayout of 73 days in total.I'm going to cover three keys that havehelped me unlock profitable consistency within the markets.The first key is super weird,but in a productive type of way.The second key is super awesomebecause it quite literally is wired into our DNA as humansmaking it very easy to use, but in a cruel waythis becomes a pitfall for many traders.I'll explain it all thoughincluding how to avoid the pitfall that it creates for some.And yeah, the third keywhen you hear it sounds way too good,way too good to be true, but it's not,and I'll show you how it all works.Then at the end, I open it up for a questionand answer session that is again, totally live.Even if you can't make the live sessionplease still sign up as it will be recordedand you can go back and watch the replaythat I will send you.Click the image on the screenor click the link down in the description boxso you can get the date and time and claim your spotwhich I should note is limited dueto the fact that this truly is a live event.If you have any questions, let me know.If not, I'll be seeing you soon.