Week 1 Recap | $500 Account 

Hey Garren, I just wanna take a moment to thank you. I wasn't blessed with opportunities to go to college and be what I want to be in life. I've been working jobs since I was 15 years old. I've been getting into option trading as a means to create new sources of income. You have inspired me to pursue this seriously. Your Frank and educational videos speak to me more than anyone else. Sincerely thank you from the bottom of my heart.

Looks like the real winner was the brokerage/guru industry

Its Garen from Demacia?

Dang bud.. this is basically 40 minutes of you telling us how you screwed up.. lol.. Keep at it bro.. the only thing all successful traders have in common is they never gave up

glad you stuck through with quitting your job man, i can really see you blowing up soon just hold through and keep making these videos man. You're going to break through!!

Nice, you made it through 1 year of learning to daytrade, only a few more years to go (hopefully) before you are profitable. I have been trading for 3 years now and would finally consider myself profitable at this point. I believe I'm a lot luckier than most people because at the age of 20, I'm starting to make life changing money. I also want to point out that 97% of people that trade with tradenet are losing traders a stat told to me right over the phone with a tradenet account manager. A few of the guys you mentioned are not real traders, they are just marketers. However, some of them do have some good advice but just don't believe everything you see or hear in this industry because a lot of it is bullshit.

Dude, you keep saying. I was right but inpatient. When you lose money, your WRONG!! Your trading for the sake of having a youtube account? This is why the market for youtube trader is so saturated. Your making videos for the sake of views...

This is why 90% of retail traders blow up in the 1st couple of months. Amateur day traders are investment banks' and online brokers' wet dream. Instead of gambling this garbage, study stocks you love and accumulate them over time. That is how you get rich.

check out trick trades videos. ive been trading a year as well. ive become a very profitable trader from his knowledge

You quit your job to trade $500? Dude I admire your enthusiasm but you've got some serious character flaws that have attracted you to trading. At least most people try to get good at trading before they start trying to make money from affiliations and trading education. Just saying

Brave for showing this. This at least shows how difficult it is to trade at a profit. Also. Fking Options. Get educated on em. Waàaaaaay easier to make money on em at much higher amounts than this scalpy gamble shit.

The great advantage and thanks to you Garen, is that we're learning from you as your teaching and learning yourself at the same time. This wouldn't happen if it wasn't for your kindness. Your such a gentleman.

Mister Garen Phillips you need open a RU-vid channel that's only focus is on your Trading and your strategy and stream it to others if you are especially wanting to reach others just open up a stream for that purpose only and then keep to your normal Channel

" Ricky Gooty Air Ez "

Can't use the discord links? Would be really interested in joining the community, very interesting to see a trader who isn't claiming to be all knowing. Keep up the great content Garen!

Hey Mr. Phillips, can you share some information on the excell cheat sheet? The sources you used for the formulas and how you managed to create it (or anything related for that matter). Thank you for sharing your journey and insights on trading. We are definitely witnessing a history in the making. Keep up the good work!

Nice video, looking forward to more!

i appreciated the commentary on the mistakes. I feel like I learned a lot without having to make costly mistakes.

Your charts look a complete mess, you are trying to trade way too many things at once and you are trading too low time frames. If you want to have any chance of making money as a beginner then forget individual stocks for a start. The reason being is because single stocks are way too volatile and are prone to news spikes. My advice to you would be the following: 1: Only trade baskets such as US 500, US Russell 2000 and US Dollar Index. 2: Do not try and trade anything below a daily chart because the daily chart is the lowest reliable chart on time based candlesticks in my opinion and you are paying way less in broker fees. 3: Use a top down approach, mark out your levels on monthly / weekly charts only. 4: Get 50% of your risk off the table as soon as possible (nearest trap or swing) and then move your stop to -50% of your entry so if you lose the trade after that you will walk away with a break even. 5: NEVER risk more than you can afford to lose on any trade, treat every trade as if you are in a casino, how much money would you risk before enough is enough for the evening? Trading is the same, set your maximum daily loss level and then walk away if you hit it. 6: Know where you want to take profits on a trade before you even enter it, do not mess with the trade, do not look at lower time frames in trade because you will be spooked out most likely. 7: NEVER trade any time based chart below the Daily, if you want to trade lower time frames (which I do not recommend), then use volume based tick charts only. If you do not follow my advice, you will be sitting where you are now in 5 years time, you will never, ever make any money doing what you are doing now, you are simply donating your money to the markets, sorry but that's the truth of the matter!

Hey Garen even before l watch this video l want to say a big thank you for all the information and content you bring to this channel, Inspiring keep at it man.

I have found that trading a very specific strategy really works. For example I heavily focus on trading breakouts and bounce plays. By focusing on these two plays, I have really multiplied my account size. I had a 1 year learning curve but it was all worth it in the end. All the best bud!

@3:16 basically the video

$500 ain't alot. with that small amount, you basically are force to trade penny or cheap stock. penny stock = garbage stock. save up some more money. learn the basic and develop your own strategy base on your risk and your personal style of trading. you don't need to follow others.

Check out a channel called InstitueofTrading

Big fan of the recap. watching since the beginning. keep on trucking!

Hey Garen. How do you find your stocks to watch? I watch a lot of warrior trading and he uses scanners that looks for penny stocks with high relative volume with news on it. I believe its key and want to know if you have any tips.

I recommend reading The Diciplined Trader, and Trading in the Zone by Mark Douglas. They are pretty much the bible of trading psychology. Also you dont have to listen to this next recommendation but look into the Forex market. It's still trading but instead of commodities you trade currencies. It's by far the largest market in the world. You dont have a limited number of trades during the day and the market is open 24 hrs a day 6 days a week (only on the weekdays but on our Sunday Asia is on their Monday) Keep at it though, good luck!

So in all of these videos I never see you selecting your entry and exit prices... any I missing that? What am I missing here? Maybe it is because I don't see you setting your brackets or how you are opening the trades themselves and that would help. In ThinkOrSwim you can use the active-trader along the chart to set up OCO's and brackets.. So you would just fire off a buy order at the price you want and the amount you want to make and set up your stop loss as trailing and go eat lunch... if it fires it fires, if not flatten it out and move on. One major tenet of the market is knowing your exit, and I see you talking about stop losses but not exit targets.

Very informative video Garren... I started day-trading this week as well and impatience/overtrading were two huge factors that magnified losses in my portfolio. Also , another one of my biggest issues would have to be taking profits and avoiding being greedy. There were times where I was up about $30-$40+ on a single trade, which immediately caused me to try and push my original goal of about 3-5%. There were a number of other things that I did wrong, as expected, but next week offers new opportunities, continued learning and the ability to make some money! Thanks for the content and best of luck

Awesome man! I’m just getting into trading myself gonna start with a $500 account as well. Best of luck!

I don’t know why people waste their time and money on trading, its hard! Those stock brokers know all you’re moves and have the huge capital to control the market

Love how he has casey neistat in the back playing

Dont listen to the critics. Do what you have to do because I see alot of potential in you. You ever tried forex? Also I highly recommend you to create a tradingview as it would help your videos get more views and help struggling traders in the process.

so the 5 days challenge. Did you completed the +$500 profit within a week to get that free intro class on trade net?

Focus thoughts, recap in a nutshell, cut the video into a anxious child 5 minutes......

Literally everyone you gave credit to are the most controversial traders/scammers in the trading industry

I am in a similar position as you are. Can you publish a curriculum (what to learn and in what order) of who you learned off and in what order. There is so much material out there I am drowning in it and I dont know where to start

How did you determine when you were ready to move from paper trading to actual trading? Personally I still suck and will continue with paper trading until I've doubled my principle and it's abundantly clear that I know what I'm doing.

Great job, You get a A for honesty, but the first thing you have to do is get rid of the eye tracker.

Something I talk about all the time in my videos is to trade different patterns depending on the overall market volatility whether you're long or short. For instance, trade bull flags and flat top breakouts RIGHT at the open when you're in a volatile bullish penny stock market vs. trading dip buys and cup and handle formations in a slow penny stock market, etc...

Garen, not sure your time stamps are correct for day 5. Your first trade was around 60 minutes not 9:53 min.

Keep at it mate , love your videos , anybody who thinks this is easy is crazy, keep your stop loss tight and you will do fine 👍

am a beneficiary of mr. kelvin too. Much blessing to you

How do you have so much buying power on a 500$ account. You short alot of shares then you buy. When you buy its 1800$ roughly but you have less than 500 in account. How is this possible?

Hey Garen, awesome vid. Learned a lot. How are you trading so much per day on a $500 account? What about the PDT?

Thanks Garten. Great learning experience. That mouse bubble is a little distracting though.

If this help anybody i always use mental stop, never hard stop and pay really close attention to the behavior of the stock that day using 1 minute chart. This helped me a lot where i would have been stopped out

Aren't commissions .006 per share with a $1.5 minimum?

Major shout out to Ricky Gutierrez 🤘🏾

Gained a subscriber from me!

which technical analysis software you use

Can't wait for you to get back man. Love the content.

Where did you learn how to read charts and make them on think and swim? Was it from a combination of all the people you mentioned or a course? Keep up the trading!

What sites do you use to track your stocks?

WHAT PLATFORM ARE YOU USING?

Fantastic video, keep up the good work, stay green, stay lean

I'm subscribing because Im going through this journey too bro. Tradenet and everything.

dont give up! youre super smart. Thanks for the help

Inspiring man. Love the ledger and review you're doing. I can't wait to have enough consistency to get out of my paper account!

You forgot to mention that the $500 account gives you 14k in buying power

Ricky Gutierrez and others recommend Paper trading first. I don't know if you tried that.

Knowing that the green blob are your eyes makes me really anxious. I hate it!

thank you garen

Yeeeayhh finally! :D

A lot of pumpers I see mentor you lmao sheeps

your better of trading forex

How do you make so many day trades with such little amount?

Is there no pdt rule on there?

What exactly did you learn from Tim Sykes, were you part of his challenge group. Did you buy any of his dvd’s

Wait how did you trade six times in one day with a $500 account? Doesn’t PDT come into effect?

Why did u choose to day trade stocks?? Futures are rly good for daytrading.WIns per tick/points is rly much better.

Do yourself a favor and stop trading stocks ASAP bro

Become a winner and then put it on youtube.