I have mastered the art of Simplifying Day Trading making it accessible and fun for all levels of traders from newbies to seasoned traders.
My goal is to help you become a consistent, confident trader.
Why would anyone want to become a day trader?
There are plenty of reasons to jump in with both feet into this amazing world. The real question is how to get started.
Here are a 6 reasons day trading CALLS to us:
- To leave your soul-sucking jobs
- To increase your side income
- To create a lifestyle you've always dreamed of
- To start making money for yourself instead of for others
- To travel and enjoy your life outside the constraints of a 9-5
- To trade in hours for free time with family
You can achieve all this, but... It boils down to your commitment and belief in yourself and your strategy.
Over 20 years ago, living in NYC was the perfect time to learn about the financial markets. The energy of Wall Street and the constant seminars made it simple to dip your feet in. However, those seminars were mainly promos for the real courses, which cost anything from $5,000 to $15,000! Not including the $25,000 you needed to front your account to start day trading.
The prices were out of reach for me back then. So I had to go a different route.
I knew that I’d need to find a trading course to learn the ropes. After all the self-education I’d worked on, it was obvious that I wasn’t going to become a successful trader on my own. But sifting thru what was real and what was a scam was practically a full time job in itself.
If you want to become a full-time day trader, it’s essential to really narrow your scope. It’s nothing like investing where you can play with different positions, funds and markets.
Diversification is your enemy when you’re day trading.
To become a successful day trader, you need to choose one market. Master it and stick with it. It is the only way to become profitable, otherwise you are too scattered and will lose more than you make.
After months of attending every webinar and seminar online, as well as joining every online course that didn’t break the bank, I finally decided to focus on Futures (E Mini - S&P 500 Futures).
Day trading courses are not cheap, but they are critical. And after too much time lost on self educating and way too much MONEY DONATED to the markets by going live when I was sooo not ready, I decided it was time to educate myself properly.
I ended up spending over $20,000 (not all at once) on my education.
I did it all - online academies, private one on one mentor ships. Small retreats and workshops. Seminars, conferences, summits, the list goes on and on.
Every instructor and every trading room taught you their 'system'. Without truly having you understand why you are going for those specific trade set ups. Leaving you to depend on them for any changes they spot or software / indicator updates.
I was sitting in trade rooms, watching how the instructors were taking trades, not understanding why that trade worked, only to take their word for it. And jumping in, usually when it was too late, and losing money.
And if I asked a basic question like, 'Can you explain what you mean by a sideways trend. Or what is a reversal pattern. Or what's a divergence?" I would almost always be ignored, or the answer would be snippy as in how do I not know this basic information?
It's as though I am born with this innate knowledge.
I felt like a music student, who just got started, and was thrown into an orchestra pit expected to join in and play with the experts, when I was never taught the basic notes and scales.
So, of course, I lost. BIG TIME
Over and over again, not accepting that I simply didn't understand what the market was doing and was relying too much on the strategy of the instructor, their indicators and in some cases, their software!
After a massive lose of over $3,842 in a spam of 5 minutes, and 2 more days of revenge trading with another cumulative loss of $1,643, I decided to step away and reevaluate.
Or, in other words, I had a major breakdown.
Only 2 things can happen when you have a breakdown:
HAVE YOU NOTICED HOW DAY TRADING KEEPS US COMING BACK FOR MORE AND MORE
It's like an itch that doesn't go away. You need to scratch it over and over again, because you know that if others are doing it, you can too.
So I didn't give up, and after taking a few weeks off from trading, I came back with a revelation. I realized that I never learned the LANGUAGE OF THE MARKET!
So I threw myself back into the charts.
Going for the BIG PROFITS looks great on paper.
Sure, who doesn't want to go for a target of $200 - $400?
Here's what happens when you go for such a big target for an inter-day trader:
THIS WAS ABSOLUTELY KILLING ME, and the main reason I lost so much money day in and day out.
After my breakdown, and massive chart studying, when I finally decided to go for the trade set ups that I had been seeing over and over again, I realized one thing!
Most of my trades get to a 1 point profit over 85% of the time.
What does this mean?
When you look for a small profit, that means you have small risk on the table.
What it also means, is that each trade that I was now looking at lasted 3 - 15 minutes tops.
I was able to sit thru each trade, without the stress and anxiety.
And with a 85% - 90% probability it would hit the small target.
That's when something clicked in me!
When I finally, after years of failing, started to consistently hit my profits I realized that my confidence level was what was truly changing. And it had nothing to do with the money I was earning. Because my spirits were just as high when I took a VALID trade that simply didn't work out.
Instead of the nonstop degradation that had been going on in my head such as: "I can't believe I did that again, what the hell am I thinking, why don't I just stick to the plan, I suck at this, I hate myself, why am I doing this to myself and my family", etc...
Good thoughts started to pop up: "I can do this! I'm making the right decisions. I love sitting here and watching the markets. I love hearing the target bell go off."
The bad mouthing that was going on in my head didn't stop when I closed my charts. But continued on through everything else I was doing, like hanging out with my kids. Being with my husband, around my friends. I was so emotionally drained and total lack of confidence and full of doubt that it leaked into everything else I was doing.
By focusing on smaller targets, it became so much easier for me to follow my strategy and stay disciplined to my trading plan.
But the best part, my EMOTIONAL CAPITAL was getting filled up again and it was remarkable how it affected everything in my life.
The Trader Chick is part of MKB5 Enterprises LLC
The following statement is furnished pursuant to Commodity Futures Trading Commission (“CFTC”) Regulation 1.55(c).This brief statement does not disclose all of the risks and other significant aspects of trading in futures, forex and options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures, forex and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
The risk of loss in trading commodity futures contracts and foreign currency can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware of the following points:
You may sustain a total loss of the funds that you deposit with your broker to establish or maintain a position in the commodity futures market or foreign exchange market, and you may incur losses beyond these amounts. If the market moves against your position, you may be called upon by your broker to deposit a substantial amount of additional margin funds, on short notice, in order to maintain your position. If you do not provide the required funds within the time required by your broker, your position may be liquidated at a loss, and you will be liable for any resulting deficit in your account.
The funds you deposit with a futures commission merchant for trading futures and forex positions are not protected by insurance in the event of the bankruptcy or insolvency of the futures commission merchant, or in the event your funds are misappropriated.
The funds you deposit with a futures commission merchant for trading futures or forex positions are not protected by the Securities Investor Protection Corporation even if the futures commission merchant is registered with the Securities and Exchange Commission as a broker or dealer.
The funds you deposit with a futures commission merchant are generally not guaranteed or insured by a derivatives clearing organization in the event of the bankruptcy or insolvency of the futures commission merchant, or if the futures commission merchant is otherwise unable to refund your funds. Certain derivatives clearing organizations, however, may have programs that provide limited insurance to customers. You should inquire of your futures commission merchant whether your funds will be insured by a derivatives clearing organization and you should understand the benefits and limitations of such insurance programs.
The funds you deposit with a futures commission merchant are not held by the futures commission merchant in a separate account for your individual benefit. Futures commission merchants commingle the funds received from customers in one or more accounts and you may be exposed to losses incurred by other customers if the futures commission merchant does not have sufficient capital to cover such other customers’ trading losses.
The funds you deposit with a futures commission merchant may be invested by the futures commission merchant in certain types of financial instruments that have been approved by the Commission for the purpose of such investments. Permitted investments are listed in Commission Regulation 1.25 and include: U.S. government securities; municipal securities; money market mutual funds; and certain corporate notes and bonds. The futures commission merchant may retain the interest and other earnings realized from its investment of customer funds. You should be familiar with the types of financial instruments that a futures commission merchant may invest customer funds in.
Futures commission merchants are permitted to deposit customer funds with affiliated entities, such as affiliated banks, securities brokers or dealers, or foreign brokers. You should inquire as to whether your futures commission merchant deposits funds with affiliates and assess whether such deposits by the futures commission merchant with its affiliates increases the risks to your funds.
You should consult your futures commission merchant concerning the nature of the protections available to safeguard funds or property deposited for your account.
Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit (“limit move”).
All futures, forex and options positions involve risk, and a “spread” position may not be less risky than an outright “long” or “short” position.
The high degree of leverage (gearing) that is often obtainable in futures and forex trading because of the small margin requirements can work against you as well as for you. Leverage (gearing) can lead to large losses as well as gains.
In addition to the risks noted in the paragraphs enumerated above, you should be familiar with the futures commission merchant you select to entrust your funds for trading futures positions. As of July 12, 2014, the Commodity Futures Trading Commission requires each futures commission merchant to make publicly available on its Web site firm specific disclosures and financial information to assist you with your assessment and selection of a futures commission merchant. Information regarding this futures commission merchant may be obtained by visiting the websites of the respective FCM partner of NinjaTrader Brokerage: Dorman Trading (www.dormantrading.com), Phillip Capital (www.phillipcapital.com), FOREX.com (www.forex.com) and Oanda (www.oanda.com).ALL OF THE POINTS NOTED ABOVE APPLY TO ALL FUTURES AND FOREX TRADING WHETHER FOREIGN OR DOMESTIC. IN ADDITION, IF YOU ARE CONTEMPLATING TRADING FOREIGN FUTURES OR OPTIONS CONTRACTS, YOU SHOULD BE AWARE OF THE FOLLOWING ADDITIONAL RISKS:
Foreign futures transactions involve executing and clearing trades on a foreign exchange. This is the case even if the foreign exchange is formally “linked” to a domestic exchange, whereby a trade executed on one exchange liquidates or establishes a position on the other exchange. No domestic organization regulates the activities of a foreign exchange, including the execution, delivery, and clearing of transactions on such an exchange, and no domestic regulator has the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, customers who trade on foreign exchanges may not be afforded certain of the protections which apply to domestic transactions, including the right to use domestic alternative dispute resolution procedures. In particular, funds received from customers to margin foreign futures transactions may not be provided the same protections as funds received to margin futures transactions on domestic exchanges. Before you trade, you should familiarize yourself with the foreign rules which will apply to your particular transaction.
Finally, you should be aware that the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting therefrom, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised.
THIS BRIEF STATEMENT CANNOT, OF COURSE, DISCLOSE ALL THE RISKS AND OTHER ASPECTS OF THE COMMODITY AND FOREIGN CURRENCY MARKETS.