WOW! Milestone after milestone, we are achieving so much this month! A few days ago, I wrote an article about my first $100 day trading in the stock market (You can read more about that here), and today I broke the $200 milestone!
What a month!
I took only two day trades today, and here is a screenshot of my P/L:
Now let me tell you how I did it.
Key #1: Focus on Direction and Opportunity
I haven’t talked a lot about what “direction” exactly means. When I say direction, I mean confirming whether something is uptrending or downtrending. You can still make money on a downtrending pattern if you know what you are looking for.
Here are a few pictures for reference.
In an uptrend direction, the stock is typically making higher highs and higher lows and the day progresses.
In a downtrend direction, the stock is typically making lower highs and lower lows.
If you want to grow you account consistently, you should focus on stocks that are up trending and not trading reversal of down trending patterns.
This is the difference between most traders who fail to make money in the stock market, and those that are successful.
Key #2: Recognize when to lock in profits
There was a point in the day where I could have held DGAZ for a little bit longer to try and make more money on it.
But then I thought, will the extra $50 be a life changing amount of money if it doesn’t go in my favor? It could have stopped right there and dropped and I would have loss all of my profits, making the trade useless.
So instead of waiting and being greedy, I decided to lock in profits and look more more opportunities.
No one can go broke locking in PROFITS!
I finished the day $104 above my daily goal of $100 which is amazing. My goal is to continue to stay consistent and profitable as this month and year progresses.
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!