hey traders welcome back to another daily profit and loss recap video today is Wednesday July 26th
I just finished up trading for the morning and I locked in 571 dollars in profits with two winning
trades and in this video we're going to break down these trades talk about my entry points my exit
points as well as my thought process behind the trades so that hopefully you can take something
from my trading and apply it to your own so the topic that I want to kind of focus on in
today's video is going to be what it takes to trade full time or what it takes to trade for
a living okay so with that being said the first trade for me today was with the stock abvc abvc
we can see was a stock that was gapping up this morning in pre-market a very typical setup that
I like to trade when I'm trading a stock that's gapping up in pre-market typically what I then
look for is an opening range breakout for that momentum to continue into the market hours so
if we take a look here at some of the posts from the pre-market session here in the market Master
group we had quite a few stocks that were gapping up this morning we had Simo for example of 81 at
that point in time in pre-market Awin 57 pac-w 28 and so on and so forth and on top of that once the
market opened we have these opening range breakout levels for all of these major Gap ups that were
happening from the pre-market session so that kind of leads to the question why did I choose abvc
to trade this morning and why did I avoid all of these other stocks that were gapping up the very
simple answer is that abvc had an opening range breakout level here of 5.66 so if we zoom into the
price action here at the market open and we draw ourselves online at 5.66 this is going to be our
opening range breakout level we want to wait for the price to clear that level in order to buy into
that breakout for the next move up we can see that abvc has a very nice push through that opening
range breakout level then it ramps up through that pre-market High hits a high all the way up at 6.87
and kind of just chops around v-wap for a bit before starting to sell off so there was a really
solid opportunity from that opening range breakout to have a scalp to the upside and the key word
here is scalp when we're trading the opening range breakout strategy unless the stock is able to pull
back and start to form some support above that opening range typically all we're looking for is
just a very quick scalp usually within a couple of minutes to take some quick profits so that's how I
traded this stock today I bought into that opening range breakout I only had 1 000 shares on this
trade and my average price was right at about 5 dollars and 74 cents and just a few minutes later
we can see it pushes up into that pre-market High the pre-market high was six dollars in 20 cents a
lot of times we see the price reject pre-market highs and turn it into a level of resistance so
I locked in profits into that area and ended up with a 405 dollar profit on that trade okay so to
summarize that is kind of rule number one of what it takes to become a full-time day trader and that
is stock selection as a day trader or someone that's trying to become a day trader it's very
natural to want to trade all of these stocks that are moving in the morning for example pac-w was
a stock again that was gapping up this morning in free market we had Awin gapping up in free market
and we also had wrnt but the difference between all of these stocks and abvc which is the one that
I traded is that none of them had an opening range breakout at the market open and they all started
to pull back and so far really haven't come back to life very much and really haven't provided any
solid trading opportunities so stock selection and trading quality over quantity setups is very
important when it comes to becoming a full-time day trader and minimizing your losses all right
so moving on to the second trade that I placed today this was with the stock apld and we can
see that apld on the daily chart has kind of been a bit of a mover over the past couple of months it
started off with this big gap and go that happened back in May from that Gap and go there was a nice
continuation and then it started to kind of just consolidate for the span of a couple of months
and recently over the past couple of days we've seen it start to push back up from the bottom
range of that consolidation Zone and started to pick up some momentum from their said earnings
release that happened on July 24th so anyway this morning I noticed that it was starting to
push up towards the previous day's High I posted in the market Master group morning dip was bought
up very quickly and the daily chart is looking bullish for a scalp up to the 11 area this morning
so pretty much the exact same time that I posted that I started to buy into this stock
um it was just breaking out above that opening range and it was getting up near that previous
day's high again so I took a starter position of just 500 shares in the 1050s and sure enough
it has that nice push up to 11 like I was looking for starts to reject that area a bit so I lock in
my profits take a very quick and small profit on that trade of 165 dollars which brought my
overall profits for the day up to 571 dollars so rule number one that we talked about was
stock selection in choosing the best stocks for the strategy that you're trading in rule number
two I would have to say is going to be to have a plan in place and not only to have a plan but to
also make sure that you stick to that plan like I said in the post in the market Master group I was
looking for a quick scalp up to the 11 area that was my plan getting into the trade it's very easy
at that point in time once the price does push up to 11 to start getting a little bit greedy and to
start thinking that maybe this can go to 1150 maybe it can go to 12 and from there you might
end up having to watch your winning trade turn into a losing trade but since you have a plan in
place and you stick to that plan you're locking in profits at a predetermined level and you're
preventing yourself from getting greedy if you do these things and you practice choosing the
best stocks to trade for your strategy and on top of that you have a predetermined Plan before you
get into any trade and you stick to that plan you're going to really be setting yourself up
nicely to become a successful Trader all right so very quickly I want to give a quick shout
out to trading trucker 12 in the market Master group they said today was their first day in the
group they're still in the free trial period and they already made nearly enough from the trades
with abvc in bntc to join for an entire year they said fingers crossed that I'll be able to
trade like this consistently soon seems like a ton of valuable input here in the group so
I'm feeling hopeful thanks everyone for a warm welcome so that's what the group is all about
we're all working together to try to collectively Master the market and collectively make consistent
profits from the stock market so it's really great to see Traders making enough in their
first day to be able to afford an entire year into the group so if you want to come try out
the group yourself there is a free trial period for you to try out and there's going to be a
link Down Below in this video's description for you to get signed up all right but anyway those
were my trades today I locked in 571 dollars in profits hopefully you found some value in
this video and if you did please make sure to give it a like And subscribe to the channel but
anyway thank you again for watching I hope you enjoyed and good luck with your Trading
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