👉 You dont need $50,000 to start daytrading. If I had only $500 to trade with, heres what I would do: 1. Stick to a simple trading plan My first matter of business would be to come up with my trading strategy. This includes the setups and stocks I am going to trade, along with my sizing and risk per each trade. 2. Set realistic goals I’d focus on making incremental progress on the account. With proper sizing and risk management, $50-$100 a week is a good goal with $500 3. Focus on consistency Id follow my plan to a T every single day no matter what. Even if the gains are small, I will think long term and choose consistency in the long run over quick money now. 4. Scale slowly Once I find consistent profits with my trading plan and current sizing I will begin to SLOWLY scale up my size to increase my profits. This also comes with larger losses, so I need to make sure Im mentally ready to scale up as well. 5. Be persistent Trading isnt an easy task to accomplish, and on the road to success you will face many failures. You need to able to pick yourself up and keep going no matter how hard the journey gets.

👉 5 years as a full time daytrader, $5M in profits. Heres 10 crucial things I’ve learned on this journey: (1/10) Process > Profits Becoming a process-oriented trader will greatly benefit your long-term success. Concentrate on identifying good setups and practicing discipline. The profits will follow naturally. (2/10) Dont be greedy To become a consistent trader, it's essential to get comfortable with taking profits. Many individuals let their trades turn negative due to greed, always desiring more. (3/10) Cut your losses. If a trade moves against me, I stick to my plan and cut it, then patiently wait for the next favorable opportunity. I learned the hard way that holding onto losing positions and averaging down led to significant losses early on. (4/10) Simplicity is key For me, a basic trading plan based on supply and demand has consistently outperformed complex ones relying on multiple indicators and entry systems. (5/10) Size up slowly As soon as I achieve consistent profits with my current trading plan and size, I'll gradually increase my position to boost my earnings. However, I must be mentally prepared for larger losses that may accompany this scaling up process. (6/10) Be prepared to lose Realizing that losses are an inevitable aspect of trading enabled me to handle losing trades without emotions interfering. Before taking a trade, it's essential to accept the possibility of encountering losses. (7/10) Discipline is everything While motivation can kickstart your journey towards a goal, it may fade over time, especially when facing obstacles. On the other hand, discipline will drive you forward, even during the most challenging moments. (8/10) Be patient The most crucial trait for any trader is patience. (9/10) Forget yesterday Whether I had a big loss or win the day before, I approach each trading session with a renewed and clear mindset. I make no attempt to recover losses hastily, nor do I become overconfident after successful days. (10/10) Never give up Trading is a game of endurance. Mastering it may require one year or five

👉 DONT SKIP THIS POST Here's One Big Mistake Responsible for Blowing Your Trading Accounts Trading is logical and not an emotional venture, and you've got to open your charts each day with a proper plan and a well defined approach. One wrong move and your money vanishes, trust me you don't want to be trapped on the wrong side. Truth is loses are inevitable in trading and this is the major reason why risk management can't be overemphasized since it's the only tool you can leverage on to keep the balance even when you or your strategy fails. Now let's get to the point, Many traders due to unawareness make some irrational decisions in the market especially when it comes to the subject of risk Cont. in Part 2...

👉 I've blown up 5+ accounts in the first 2 years of my trading And did a 30-day "deep dive" to figure out why it happened Almost all blown-up accounts happen quickly Typically from only 1-3 trades There are 2 main causes for this: 1. Risk Management 2. Emotions Let's dive into both👇 Risk management is crucial to becoming a successful trader The best way to grow an account is to risk the same % of the account per trade I suggest no more than 5%, but the lower the better For example... If you're risking 3% of your account per trade, you have to lose 33 trades in a row.. to blow up your account. That's very unlikely. The reason most traders blow up is because they "full port" or go all-in on every trade and risk way too much This is the fastest way to destroy your account. ALWAYS risk a small % of your account per trade It not only will prevent you from blowing up... but will also be the fastest way to help you grow your account The second way is Emotions. Maybe you are using risk management, and are only risking 3%. Then your stop hits and you don't get out And price keeps dropping and dropping and dropping... "It will come to my breakeven and I'll get out," you tell yourself But it never does Then once you finally get out, your account is gone. I've done that LOADS of times So how did I fix that?👇 I realized that I wasn't getting out at my stop because I didn't trust my strategy At the time, I wasn't trading with conviction I'd take a trade because it just looked like price was going to move higher No real strategy or reasoning for the trade It's extremely difficult to control your emotions when you shouldn't be in a trade in the first place! Once I noticed this I got a grip on my strategy and really started being strict on my entries I also made sure to have a stop in place BEFORE getting into each trade After clearly defining my strategy, it gave me more confidence in my setup and my edge which ultimately led to me becoming more disciplined and allowing myself to take the loss

👉 99% of trading advice is terrible. I’ve met many amazing traders and have been in the markets for more 5 years: Here's a list of widely accepted "wisdom" that you should ignore. Here are 7 “smart” sounding pieces of advice that are actually worthless:” Before we get started I want to be clear: Reading this post alone will do nothing. I challenge you to write down key takeaways and keep them by your trading desk so you don't make these same mistakes. Let's get started. 1. Tight stop losses are a must to make money Many start trading see people posting 10R trades with a 3R stop loss and think this is real, when 90% of the time this is marketing and these people aren't trading. I've made more with low RR with less stress and more consistency I always focus on RR but sometimes setup should be respected too 2. You can't be too cautious, the markets are risky Caution is commonly confused with fear. Many traders always have a reason why not to trade. This isn't responsibility, it's the fear of being wrong. Fear is the root of failure in trading. 3. Learning to trade will unlock daily opportunity People think that once you learn how to trade, you can look at any market, any day, and "know" what the market is going to do. Trading is just as much about knowing when not to trade as it is taking trades. 4. You can't go broke taking profits NOOOOO If you lack the patience to let the market pay you, it never will. If you won't let a win run 2R to TP but let your losses you are blowing your account Trust the process, be ok to let a winning trade go red sometimes if you are confident with setup 5. You need a plethora of trading strategies You only need one. In fact, the more you have, the more you will search the market, and oftentimes the more you will make mistakes. Your mental equity is preserved when you know exactly what you're looking for. 6. Always trust the Social Influencers Nonsense. Take lessons with you from experts, but be you. Trading is a solo sport. You will never find your lane riding the coat tails of another trader. Never let me change your mind.