How to Start Day Trading (with ZERO experience)
Ross Cameron - Warrior Trading・2 minutes read
A trader shares a successful day trading strategy that led to significant account growth, focusing on specific patterns and criteria for selecting stocks. The speaker emphasizes the importance of trading discipline, strategy, and risk management to achieve consistent profits and avoid emotional trading pitfalls.
Insights
- The speaker's successful day trading strategy involves finding specific stocks trending higher, with a 5% stop loss and selling half at a 10% increase, emphasizing the importance of volatility, relative volume, and limited float for profitable trades.
- Utilizing stock scanners with specific criteria, sorting by percentage gap, and analyzing news headlines and chart patterns are crucial steps in identifying potential trades, with a focus on real-time recognition of patterns, tight stops, and quick loss-cutting strategies to maximize profits and minimize losses.
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Recent questions
How did the speaker grow their trading account significantly?
The speaker started with $583.15 in their account and managed to grow it to $177,000 in just a month by implementing a specific day trading strategy. They focused on finding stocks trending higher, using a 5% stop loss and selling half of their position at a 10% increase. By taking an average of two trades per day with 87.8% accuracy, they were able to capitalize on volatile stocks within the $1 to $20 price range, emphasizing the importance of high relative volume and limited float stocks for increased profitability.
What criteria did the speaker use for their stock scanner?
The speaker's stock scanner criteria included searching for stocks with five times relative volume, a stock price between $1 and $20, at least a 10% increase, a float of less than 20 million shares, and a news catalyst. By focusing on these specific parameters, the speaker was able to identify potential stocks with significant movement potential, allowing them to make informed trading decisions based on real-time data and market trends.
How did the speaker suggest traders handle profits in different market conditions?
In a hot market, the speaker recommended considering holding the entire position and monitoring for exit indicators after a 10% profit. However, in a colder market, they advised selling half of the position at a 10% profit and using a trailing stop for the rest. By adapting their profit-taking strategies to market conditions, traders can optimize their gains and minimize potential losses, ensuring a more balanced and strategic approach to trading.
What trading psychology tips did the speaker provide?
The speaker emphasized the importance of trading psychology, advising traders to avoid selling winners too soon and holding losers too long due to fear. They encouraged traders to capitalize on the fear of missing out (FOMO) without falling victim to it by being more aggressive during volatile market times. By distinguishing between gamblers who focus on profit and traders who prioritize risk management, the speaker highlighted the significance of having a statistical edge and maintaining discipline in trading practices.
What advice did the speaker offer for recovering from significant losses?
After experiencing significant losses, the speaker recommended traders to return to basics by taking one or two trades a day to gradually rebuild confidence. They suggested tightening risk management, trading less frequently, and focusing on higher quality setups to recover from losses and avoid emotional trading. By emphasizing the need for discipline, setting rules to protect accounts and emotional states, traders can navigate challenging market conditions more effectively and work towards long-term success in trading.
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