5 Trading Tips for Broke College Students

Today I’m gonna give you five tips to learn how to trade, and even execute trades as a broke college student.

So today, we’re gonna talk about learning how to trade and actually branching off in executing that first trade, even if you’re a college student and particularly, if you’re a broke college student like I was.

If you know my bio, I actually tried trading mutual funds back in the mutual fund boom in the mid-to-late nineties. I started out putting 50 dollars a month into these mutual funds an it never worked out.

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The beauty of low price stocks is you can make it work.

Taking Time

Tip number one is, listen, as I mentioned, I started out trying to trade mutual funds in the nineties, the internet kinda existed, but there wasn’t that much out there.

It was Usenet newsgroups, and email lists, that dates me, maybe you might’ve had a IRC chat channel back then, but take advantage of the technology we’re in. I talk about this all the time, I think this is the greatest period in history of mankind, you can learn anything, you can find out about anything, you’re watching a video, teaching you how to learn how to trade.

This was not accessible to me 25 years-ago when I was in college. Use YouTube, we’ve got hundreds of videos on our channel, that are great to learn, use the SteadyTrade Podcast, check out steadytrade.com, you can listen to learn how to trade, while you’re on the treadmill, while you’re driving, maybe you’ve gotta job that you don’t necessarily have to engage with, you can listen to that podcast, and there’s other great podcasts out there.

Absorb as much free information as you can, don’t discount the value of all of this out there, just grind, absorb, live it, love it, I’ve been watching stocks since I was in the fourth grade, and if I had the tools that you have today as a college student, when I was in college, wow, I wonder what I could’ve accomplished when I was 22 years-old, versus 35 years-old.

Pay Off Debts First

Second thing I want you to do is listen, I know everybody wants to make money today, you wanna make those trades today, you wanna get rich today, remember stock trading is not a get-rich-quick scheme, this is something you build over time but, something I wanna talk to you about is please pay off debts first.

You’re going to struggle when you get started. Anybody that tells you that you’re gonna find instant success in day trading, run away. This is hard. There’s a million of different things to learn, you have to make mistakes over, and over, and over again before the learn the lessons, before you build the discipline to make the right decisions, if you’re paying interest, if you’ve got those debts while you’re learning, it’s just gonna make it that much harder.

Absorb the information, study paper-trade, but put that money to work, reducing your debt, it lowers your stress, it lowers your burn-rate, and it just makes everything easier when you don’t have to worry about those debts and paying interest is just throwing money away, it’s reducing your buying power, reducing your trading power, by giving money to someone else.

Start Today

Third thing, I talked about taking time and paying down those debts, but this is the biggest thing and this goes for anything, if you’ve stumbled across this article because you want to learn to trade, or you wanna learn to be an architect, or you wanna learn how to be a sculpture, I don’t care what it is, start today.

One of my favorite sayings is, it says the best time to plant a tree is 20 years-ago, the second-best time is today. Take advantage of your youth, take advantage of today, and start learning.

As I mentioned in lesson one, there’s always these resources, there’s books, I’ve got hundreds of trading books, there’s educational videos, there’s YouTube, there’s podcasts, there’s all of this information out there and the best time to start is today, and there’s no time like the present, and if you can get that 1% better a day, that is exponentially better.

1% better a day over a year, is 3600% better, because you’re slowly growing, slowing growing better each and every day.

Pick a Broker That’s Great For You

With StocksToTrade we’ve got what’s called Tradier, it’s a great low-cost broker. We actually have a deal with them, where it’s $15 a month for unlimited trades. Remember, if you’re getting started, if you’re that new trader, expenses matter, minimize your expenses as much as possible.

Tradier is a great choice to get started, and you know what, Robin Hood, I know sometimes is portrayed good and bad in the media, but when it comes to just actually pressing buttons, learning the mechanics of trades, Robin Hood’s a great choice, it’s free, there are downsides, there are market orders only, there are sometimes selling off your order-flow, but when you’re just getting started, getting the mechanics of actually entering a trade, keep your costs as low as possible, and look at these discount brokers like Tradier, or even Robin Hood.

Focus On Is Diversification.

If you’re young, if you’re in college, man when I was in college, I didn’t know what I wanted to do. Pursue different interests. Even today, as a 45 year-old guy, I love to do construction, I’ve got rental properties, I do stock market education with StocksToTrade, I trade my own money, I’ve got multiple sources of income.

Be willing to try everything, be willing to fail, I think that’s one of the most important things as a young person that I want to tell to you, as an old guy, be willing to fail.

That’s important in trading, it’s important in business. Pursue your passions, pursue your ideas, and focus on creating as many sources of income as you can. If it’s selling affiliate links on Apple, brings in a couple hundred bucks a month, you can drop that in your trading account, if it’s just doing stuff on Instagram or YouTube, maybe you’re doing videos on YouTube that’s your hobby, if it brings in a few hundred bucks, that’s money you can put in your trading account.

And, if your trading’s not going well, it’s other income. You’ve got that day-job, those side hustles, maybe you’re working construction on the side, maybe you’ve got a job in retail, keep your options open, ’cause you’ll never know what could be the next big hit, and it gives you multiple areas to bring in income to help fill up that trading account.

The sooner you can get that trading account built up, the sooner you can put that trading knowledge to work and start growing that account.

And realize the dream of all of us, of being that full-time stock trader. So let me know, are you in college? Drop me a comment below, and did you find these topics and these ideas helpful to you, as that inspiring stock trader.

Beer buff. Incurable zombie guru. Amateur introvert. Avid writer. Typical bacon junkie. Trader.