+$1,004 Day Trading 16 Jan 2019

How to day trade for a living?

Many people would like to learn day trading, but often don’t know where to start, or they start by making some very dangerous mistakes. There is more than one way to learn trading, and there is definitely more than one correct way. The following is my suggested approach for starting a career in day trading. You may of course find different correct ways to learn trading from others:

1. Day Trading Education
2. Trade in a Real Time Simulator
3. Join a Community of day Traders
4. Trade with Real Money

HOW TO START TRADING? – Check out these Day Trading resources:

Education and Book: How to Day Trade for a Living http://amzn.to/2pnfccr
NEW BOOK https://amzn.to/2LN2wGf
Live Classes Outlines: https://www.bearbulltraders.com/class/
My Trading Platform: DAS Pro http://dastrader.com/
My Stock Scanner: Trade Idea https://goo.gl/KHZQyQ
Broker SpeedTrader https://www.bearbulltraders.com/go/sp…
Or Interactive Brokers https://www.interactivebrokers.com/
Chat Room: https://www.bearbulltraders.com
Forum: https://forums.bearbulltraders.com/

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Comments

Bear's Trades says:

Good job as usual Andrew. Keep it up.

wunchh says:

Hi Andrew. If you trade based of 5 min candles, and if your average hold time is ~5min, shouldn’t you use 5MA?

Munish Mahajan says:

Andrew I love your “rant”. Thanks for helping us everyday to be better traders.

Bogdan says:

Thx Andrew for the honesty, for everything, you’re doing a great job

Zlisc says:

It’s amazing to me on how good your risk/reward actually is. On the first trade you get stopped out the second it goes against you for an extremely small loss. The next trade you let it ride for more than a point. If anyone is wondering how Andrew is so consistent, that is exactly how. He isn’t afraid of getting stopped out and is willing to take multiple stabs at the stock as long as the setup is there.

Beatlab 7 says:

Love the trades. Love the rants. Keep up the great work, man. In this space, people need someone who will tell them the truth.

DollarTrader says:

Andrew, you can review a book without buying it. This guy was a hater, not a trader. Keep cool my G…

Zeppelin says:

I agree with you on advertisement that different trading community spend, especially penny stocks comm. Not to call names here, but the most difficult trading strategy is penny stocks(low floats). Not every one can master trader penny stocks, they also give false notion of turning 5000 into 100k in one year, which is possible but only a very skilled trader can achieve that. penny stocks trading communities spend a ton of money on google ads, youtube ads, facebook ads and side banners ads, its like all they care about is their subscriptions.

Marcel Perez says:

I have been on/ and off between Live and SIM for a year since I joined the chat and now doing SIM again (haven’t blown up account but preferred to use paper than my real money). I think it can take more than a year or two to become successful because building that psychological strength takes time and a lot of bad trades to learn from. Every day I feel I am 1% better than the day before but i dont know how to explain with numbers. You intuitively start learning how to read the market better and decision making skills will continue to improve. I think many people quit because it does not work for them but also because they are impatient. You need to have a journal and understand what you are doing wrong in order to improve. You need to dedicate about 2 years or more than 2k hours to become an expert, some books say its even 10k hours. Day trading is like doing a bachelors degree or an advanced study, technicals and setups are the easy part. Building that intuition is what makes you profitable and if you compare it with other careers it is the same. Technical knowledge helps at entry level but to become an expert you need that qualitative part also.

Also, the statement that day trading will never be profitable and only institutions make money is dogma in our society. People are afraid of the stock market and of losing money, so they try a couple of times , some months, maybe some years but they give up because it didn’t work for them and it is easy to blame someone else and say “its just a casino” or “if everyone loses money it just doesn’t work, instead of understanding which part was not working and finding ways to fix it.

In any profession, if you want to be the top 10%, 5% or 1% you need to dedicate time to it. So in order to be successful, you need to change your mindset.

-GDF - says:

Andrew, I respect you even more for taking time to even try to explain that ignorant review comment. The person who wrote it is clear frustrated in life and possibly an under-achiever; who thrives on trying to bully, abuse, etc. others. It fits perfectly in psychology text book profiles. Nevertheless, he/she is trying to make it happen in trading now, however, their description of ‘facts’ indicate he/she is potentially a gambler – where the money goes into the bet and cannot be withdrawn, hence the stupid comment of risking $30k to make $1k.
Over the last two or so years there’s been a massive increase in the offers for trading services/education and a lot of BS to go with that as well on social media. However, you’ve always kept yourself away from that all and that says a lot about you.
Keep up the good, honest work. I’m sure that for every 1 person who criticises you without any sort of foundation to their argument you’re helping 10 others to learn a bit more about this game with your free content.

Marcel Perez says:

Great trade! Carlo’s trades are always so clean and good for learning as they are textbook opportunities. What I most like about him is his patience.

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