Unlike the haters in the internet world, I like to give credit and compliments when due. My good buddy Billy just crossed the one year mark in being a full time day trader and he rocked it with an amazing day of profits over $89,000.
Now to give you an idea of what it takes to make this change in life lets recount how he did this. He gets up every day at 4 am to do his research to be ready for the market. He takes this seriously as it is his profession. This success came with hard work.
I just spent all day yesterday helping another friend with how to get into day trading and giving them the honest truth about the good days and bad days. There are no smoke and mirrors to being successful, it takes hard work.
You have to be prepared to study hard and learn the market. We went over basic steps which I’m sure you all have heard me say.
- Study the market terminology and phrases.
- Study the price action
- Practice with paper trading – to find your strategy, consistency and confidence
- Practice with small amounts of real money
- Trade humbly with proper risk management.
15% of your trades will be stellar the other 85% will be small gains. I always say Carpe Profit take each gain one at a time because they will all grow your account.
Once you make the decision to learn to day trade, be kind to yourself. There is soooo much information that you have to learn and it will grow daily with your constant efforts. This is a marathon not a sprint.
When you find your mentor to help you along in the journey make sure it is someone that you find a similar personality to yours. Also make sure that they do not guarantee profits. In my opinion, anyone that guarantees profits is a scam artist just trying to take your money. It is important for your educator to tell you that there are risks.
Back in 2015 there was a gentleman who experienced that unfortunate risk being short a low float stock when it went against him. You can read how he ended up owing over $100,000 when the stock ran from 2 to 18.5. No one can forsee the exact date that a spike like that will happen, but there are indicators.
I’m not sure of his experience in trading at that time, but it is very unfortunate for him. Those sorts of stocks are life changing in the best way and worst way possible. For my buddy Billy he happened to be short $ADPT when it filed bankruptcy and short $IMGN and he banked! He was positioned at the right time and right place.
That is what trading is about to me. Seeing the calculated risks and opportunities and seizing them. There are thousands of stocks out there, but you need to be able to learn the patterns and the corresponding market action to those patterns.
It will not happen overnight. You have to study hard, but the truth is you can do it. If you want it bad enought then you can and will make it happen. You need to make it part of your day to make it your career. Yes you can be done work by noon everyday, but you need to start working hard today for that shortened workweek. You will have the opportunity to work anywhere in the world with your laptop and a good internet connection.
If you are working a job you hate and want a change. Don’t wait start today. The more time you devote to learning now the faster you will get there. It is possible but there is not set timeframe on when it will click for you. The more work you put in the more likely you will start to see the patterns quickly. You need to practice and have hands on experience.
These success stories on the internet are real and it takes hard work. You can be in that 10% that succeed with passion and drive to make it happen.
I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you have questions or comments you can contact me here or on Profitly, Twitter (@jane_yul), Instagram (missairplanejane), LinkedIn and Facebook (@sugarairplanejane). firstname.lastname@example.org or YouTube
And if you reach out to me and I dont respond immediately please don’t take it personally as I might get to it at a 2 or 3 am feeding while reading on my phone.
Working on my book to be released this spring of 2017 available on Amazon and major retailers. Sign up here list for updates about when and where to preorder.
Also testing out Stocks To Trade that has a 1 week $1 trial
For my charting and level 2 I use Equityfeed.
This blog is for information purposes. I am not a registered securities broker-dealer or an investment adviser. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund.