Well guys, it has finally happened. Since starting stock market trading a little over a year ago, I had yet to break the milestone of making $100 in a single trading day. Now I have surpassed that and made over $170 in one morning of trading. Part of the reason for never making over $100 in a day was because I was always trading with a smaller sum of money, usually $5,000 or less and my knowledge for trading was not that great.
However, as I have grown my account to over $25,000, I am trading more confidently than ever before. With more knowledge and expertise than in the past, I have seen major growth in trading this month alone.
Here is a look at my profits as I closed each position today:
Ending Profit for the Day:
Here are the keys that led to my success today:
Key #1: Confidence
Before I started taking day trading as a means to make a full-time income, I didn’t take it too seriously. I would trade here and there, but I woudn’t take the time to study patterns and understand what they meant.
Now the story is flipped.
I have great confidence in my abilities because I have taken the time to put the effort in learning this craft. It takes a lot of patience, and mistakes will happen, but if you are truly serious about making money in the stock market then there is a way that you can.
I am even in the process of publishing a book so that you can learn from all of the expertise that I have to over.
So stay tuned for that.
Key #2: Direction
Today, I was able to focus on the overall direction of /NG.
As it was a downtrend pattern that began to uptrend, I took the opportunity to make some money on both UGAZ and DGAZ today (with the majority of my profits coming from UGAZ).
The reason why I made money on UGAZ was that once I saw /NG uptrending, I was able to ride the flow and profit.
I did not try to predict sudden changes in direction, all I did was ride with the ongoing current.
This is what led to my success. Not trying to predict and hope. Day trading is not gambling, and if you do it correctly, you can consistently make a profit night in and night out.
Key #3: Waiting for the Right Opportunities
Riding with the ongoing current can be difficult to do if you don’t wait for the right opportunities.
Not all directions are clear, and not all trades will be worth your time. As you can see in the screenshot below, I did not always enter at the perfect time, but I was patient enough to trust my analysis to come out with a profit.
Tips for next time: Wait for Confirmation of a Pattern
I tend to get into my positions a little too early which causes me to be down in the beginning. What I can do better in the future is wait for confirmation of a clear direction before adding or entering into a position.
I will talk more about confirmation in later posts, however, if you want to learn more about getting started, I recommend you read this article:
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Have a great day!