How to Succeed as a Day Trader [Beginners Guide, free download PDF]

Tthree core concepts essential for a day trader aiming to make at least $10,000 per month:

Where to Start

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1. Be Cold-Focused

• Focus on the process of trading, not just the outcome (profits).
• Detach from emotions like greed and fear, which can cloud judgment.
• When you concentrate on your trading system and manage risk, profits will follow naturally.

2. Start Small

• Start with small positions, regardless of your account size. This helps you:
  • Maintain emotional control
  • Build consistency
  • Develop your “edge” – the advantage you have over other traders
• Suggests trading limits:
  • Options: 1-3 contracts
  • Futures: 1-3 micro contracts
  • Penny stocks/Stocks: start with $1000-$1500 positions

3. Scalability

• Trading is a uniquely scalable business. To make more money, you don’t need to fundamentally change your operations.
• First, prove your strategy is profitable and consistent on a small scale.
• As your consistency grows, you can increase your position size responsibly.
• $10,000 per month breaks down to $500 per day, which is attainable with smaller trades and good risk management.

Additional Tips

• Journal your trades. Analyze what works and what doesn’t to improve.
• Don’t chase losses with bigger positions.
• Remember, making money is a byproduct of following your process!

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