Today is a beautiful Friday morning! I was able to cap off my trading week with another huge milestone of making over $500 profit from day trading stocks in one day.
I believe the key is to continue to try to be consistent at this point in my trading journey in order to take advantages of all of the opportunities that present themselves (without getting too greedy of course).
Here is a screenshot of my profits for the day:
As you can see, I trade DGAZ and UGAZ today. These are two ETFs that follow the overall future contract /NG (Natural Gas).
A few posts ago, I talked about why I didn’t trade these two ETFs as much because of the large bid and ask spreads, however, I saw the pattern to be consistent today and the opportunity for profit to be there.
Here are the keys that led me to being successful today:
Key #1: Identifying a Proper Direction
There were plenty of trades this week in general that I could have performed better. As I look back, the majority of my red trades came from when I was trying to predict a reversal.
I found that I am much more successful when I am able to ride the trend of the ongoing direction instead of trading against.
Today, I did trade against the overall direction a little, but I was always ready to lock in profits or cut losses at any sign of a resistance or a reversal.
Key #2: Being Patient
I was able to wait and let the opportunities present themselves today which led to me being successful day trading today.
Although Fridays can be somewhat of a slow day most times, I found the volume today to be fair enough to try to make some money.
Below I will show you a screenshot of my stock chart from by buys and sells of DGAZ and UGAZ today:
If you want to learn more about getting started investing/trading in the stock market, I recommend you read this article:
and here’s the book that led me to begin investing in the stock market in the first place. I highly recommend!
Thanks for reading!
Have a great day!