My Day Trading Experience Post 1

So this video caught my eye and made me curious about Day Trading. Since I’m a blogger I thought I would share my full experience with the public as I move forward.

I welcome any feedback or help anyone can provide me on this project. Jump in anytime if you have an idea, questions, or can provide direction.

What I learned from the video comes down to a few points:
  • Trading with real money too soon is a bad idea, instead first start on a simulator and develope a strategy that works. He directly talked about his use of the TD Ameritrade simulator. While in the simulator build your stategy around the following guidlines:
    • Analyze profit to loss ratio (Average winners VS Average Losers)
    • Analyze your percentage of success (Out of 100 trades what are the actual number of Winners VS Losers)
    • Consistancy with winns over losses (How many weeks are you a winner (3 being a good number))

He mentioned three ways he personally makes money in day trading:

  • Momentum Stocks
  • Gap and Go
  • Reversals
When you go live and start using real money keep these things in mind:
  • You need a trading plan just like any business.
  • You need a broker that favors Day Trading.
  • You want to have hotkeys to make fast trades.
  • Accept small losses. He stated he losses about 30% of the time.
  • Keep a log of all trades made.

Have a good PC with good visibility of your trade windows don’t try to do this on a phone. Have trading tools but keep it simple, you don’t want too many tools.

Categories: Day TradingTags:

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