NINE TIPS FOR SUCCEEDING IN DAY TRADING

Eight years ago I dreamed of sitting in front of the computer and treating the market like a kind of ATM.

It's like pressing a button and money comes out from buying and selling stocks thanks to this marvel of the internet.

The first time I bought and sold a stock, I made $5. Within 30 minutes, I had an Excel spreadsheet projecting how much I could earn if I did this with more capital. Fully optimized. I was going to be a millionaire! And in no time.

Who hasn't felt this? Who hasn't had that feeling of greed and that moment of enlightenment when everything about trading seems to make sense?

Day trading is not a serious career, they said

Eight years after that episode, after taking all the blows you can imagine, precisely because of the poor handling of expectations, I can say that all that blood, all that sweat and all that time, energy and capital invested, has been worth it.

“Get a job, Eduardo!” “You’re in a casino, Eduardo!” “Do something serious, Eduardo!” they’d tell me. All those tears of frustration at not being good enough. It was all worth it. It was truly worth it.

After generating $1.2 million starting with very little capital (account verified on Kinfo), with 4 years without having a single loss month in my career.

Today I would like to give you, in the most effective way possible, the advice I would give to the Eduardo of 2015, when nobody believed in me.

Nine tips for success in day trading

Trading isn't a get-rich-quick scheme. Far from it, you'll have to invest in your education and experience. Treat it like starting a career or building a business from scratch. I imagine you don't want to recoup your investment in a month, do you? Detach yourself from the money and remember that trading is about growth, not just survival. Enjoy the process.
Choose the market you want to dominate. And since I'm talking to my past self, go for small caps. It's the simplest way, as there are more market inefficiencies due to their illiquidity, volatility, and lack of large players. Does everything else work? Maybe, but we want to get there sooner rather than later, right?
Find a mentor who has achieved what you want to achieve. Ask for their track record. Believe me, anyone who is profitable and provides training wants everyone to know it. Make sure they give you market-leading strategies (the famous "edge"), and if they trade live, even better! This will shorten your learning curve. And yes, pay for quality training. Stop looking for free stuff everywhere; that's not the mindset of successful people.
Study and practice these edge trading strategies in a demo account (paper trading) for at least two weeks and no more than four. Prepare and plan your trades. When you finish the demo, trade a real stock. If you want to keep your experience inexpensive, try to use brokers with low overhead costs. At first, you won't make money; you'll develop a skill—the most lucrative of all.
Keep a trading journal. This is where you'll get to know yourself. Understand your statistics. They'll tell you what you're good at and what you need to avoid.
Adapt to change, because the market is cyclical and constantly evolving. What works today might not work in a few months, but it might work in a few years. One of the most important characteristics a trader possesses is resilience—use it!
As Jim Rohn says , spend time with people who are more advanced than you, so you can learn and grow; time with peers at your same level for motivation and support; and time with those behind you, those with less experience, to help them and reinforce the knowledge you've gained through your own experience. Join a trading community, and if you can participate in trading events, even better. That's your place and your people.
Remember Mel Fisher, who spent 15 years searching for treasure, which he finally found (no less than $450 million). He was convinced there was treasure, he was 100% sure he was going to get it, and he knew it would be worth it. If you're having doubts about any of these points regarding trading, stop, reflect, and reconnect with your true purpose.
Accept defeats. Losses in trading are part of the business, and without them you won't grow as a trader. They are even more important than wins. They shape you as a trader and, more importantly, as a person.

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What do I need to do to become a trader?

If at the end of this article you still have doubts about whether you can make money with trading, the best advice I can give you is: DON'T TRADE.

My best contribution to society is to steer clear of people who are still unsure about this profession, those who are still skeptical, or who still think there are easy ways and shortcuts to make quick money.

The best thing I can do for someone in that situation is to save them energy, time, and money so they don't pursue trading as a source of income to survive.

On the other hand, if you are as passionate as I am, and you can't wait for Monday to get to work, despite all the obstacles you will encounter in this beautiful profession, my best advice is to not stop, be consistent, like that idealistic lover who fights for his dreams.

You're one of us, and I'll give you all the resources you need to succeed. You're the reason I'm transparent and continue to share my victories and defeats, my successes and mistakes, my joys and frustrations with you every day.

Be better than you were yesterday and always stick to that philosophy. It's worth it. Have no doubt about it.

Edu Trades( Professional Day Trader )

Day trader of small caps. 8 years of experience. Track record verified by Kinfo. Coach at Stocks Trading Club

About the author:

Eduardo Briceño Villasmil, better known in the trading community as Edu Trades, is a professional day trader and trader coach at Stock Trading Club. His career as a trader has been documented on several occasions in various media outlets, with his track record (of $1.3 million) being compelling evidence that it is indeed possible to make a living from trading.