Is Day Trading a Viable Option?
Of course it is! In fact, day trading is a lot simpler than one might think. Once broken down into its key components it’s a cinch!. Historically trading has been made out to be something only mathematical genius’ can do. Its been suggested that there is an extremely high barrier to entry because of capital requirements etc. Both of which, in 2017, are NOT TRUE! With discount brokerages offering round trip trading commissions as low at $9.95 and capital requirements being as low as $500 in some cases the barrier to entry is extremely low…as in ANYONE can open an account and start to trade. With it being so easy to trade the capital markets we are now seeing record numbers of “would be” retail traders hit the street trying to trade, seeking out their fortune. It’s that very level ease of entry that leads to 90% of people getting burned in the market. Most of the time the majority “take a crack” at trading and fail gloriously! It’s not because they’re not capable of being successful, it’s simply due to the fact that they are leaving out key components that lead to success. It’s those key components that separate winning traders from losing traders!
In the past I have written about the importance of having a strategy. I’ve touched on the topic numerous times. Having a viable trading strategy and an understanding of pattern recognition is the absolute difference between succeeding and failing. Needing a strategy to compete in the markets is a non-negotiable. Now, Back to the title of this blog: “Is trading a viable option?”… the answer is 100%, absolutely yes! As I mentioned a moment ago there are key components to trading, they offer us a path to success. I have developed a FREE 7 step video guide (click the link to sign up) for you to follow to get you on the road to consistency. You’ll see that trading is all about a specific focus. It’s about doing 1 or 2 things repeatedly very well that will lead to you becoming a successful trader. With respects to day trading, and you’ll see this in the FREE 7 step video guide, there is a process that one must go through daily.
"My goal as a Day Trader is to find trending stocks that are in play intraday and put on a position based on a high probability set-up."
When I’m about to day trade and I’ve competed my general pre-trade check list I’m looking for something specific on the charts. What I’m looking for is a high probability pattern. Something that has a better chance of succeeding than not. Pattern recognition is of absolute importance when trading. For myself, when I’m day trading I’m focused on a few different high probability patterns. Their success rates are so high that if I’m given a signal to trade in the direction of the lead-in trend I’ll trade it…no questions asked.
When I’m triggered into a trade I already know where I’m buying in, my size, my risk and my primary profit target. I’ve now reached a point in my trading career that the entire process is straight forward. I simply check off all my pre-trade boxes and wait on a technical entry. Once I’m in, the sentiment of the market does the rest. Day Trading is not difficult to do. I say that respectfully because I know exactly what it took to get to this point. With that said all one needs to succeed is to be disciplined and committed to the learning process. If you’re someone that has been trying your hand at day trading but have been met with little to no success email me [email protected], I want to hear about your trading journey. If you’re someone that believes that becoming a successful day trader is viable and are committed to the path of profitability then let’s connect so I can help you take the NEXT STEP in your trading career!