what are my rules when day trading and what did I change in my system to become
consistently profitable I'm gonna talk about it in this video so stay tuned so
if you guys are new to this channel and you haven't already hit that subscribe
button help me help you if you're a longtime subscriber thanks for watching
so I want to talk about today what rules I'm using and what I've changed in the
last three to four months that'ss helps me become more profitable working more
consistently profitable how did I become consistently profitable and what rules
do I use every single day some of those rules I'm gonna talk about in this video
are number one rule is to not be greedy I talk about this all the time
bears and Bulls make money in the stock market but pigs get slaughtered that's
very simple idea if a stock is going up it's going up up up up up it's just
going higher and higher there's a point where it's just like okay this is insane
this is all enough this is nothing but greed now there's a big chance that
starting to crash and I don't want to be the last guy sitting here holding the
bag so I'm gonna take profit when I got it if I go into a trade if I get a 40 50
cent and jump in the stocks you know starting to find some resistance I'm
gonna take the number one rule really is to keep your greed in check it's very
very easy to get overly greedy to want a big win to get into a trade and say hey
I'm gonna take profit when he goes up a dollar and the stock goes up 80 cents
and you're like whoa I need 20 more cents and all of a sudden starts
crashing you have seconds there's only second sometimes the stock goes up and
you only have a split second to take profit and sometimes you might be up
$1,000 and all of a sudden it drops and you're only up a hundred bucks and now
you're like well I was up a thousand dollar so I'm gonna keep holding and
then before you know it's going down down down you really this cannot be
greedy when you're day trading gonna set your goals go into the day with a
realistic goal if you have a ten thousand dollar account be happy with
making $203 a day it really it's it's so simple another rule that I'm focused on
right now is figuring out when is good to trade for you are you better at
trading early the morning pre market right before open an open are you better
trading intraday are you better trading at the end of the day do you find that
you're better finding the overall trend once it's
actually set up or are you better at buying the dip are you better at buying
the breakout find that strategy and focus on it if you find that you know in
the morning a lot of times you get into a trade it doesn't work out and you cut
your loss and then later on it goes higher and you know figure out what's
going on there and focus on that if you're not having good luck with
those fast movers stay away from them find different situations different
setups that work best for you every different trader is gonna have their own
kind of strategy it's all the same kind of strategy the way we trade but
different people trade different ways I know people who are really good at
trading kind of the overall intraday trend I know guys who are really really
good at trading that open spike I know guys who are really good at trading too
close so just kind of figure it out there's no right or wrong way to do it
as long as you're profitable that's really what it's about when you're day
trading my third rule is this kind of goes back to number one but not a third
if it's too good to be true it normally is if a stock is up a thousand percent
don't think that's gonna go up two thousand percent stay away from stocks
that are just too crazy I know it's easy to be like wow this stocks going up it's
going up it's going up I can jump in I can take profit really quickly and get
out but the problem is you might get in right before it crashes there's always
gonna be another big mover coming if you can't get in early enough if and it
comes down to the idea that you're chasing if you're chasing a stock if you
feel like you're chasing if you feel like a stocks were already ran up too
much it probably has so just stay away from
it it's better just to stay away to play safe and I think if you look at the
bigger picture if you're looking at the overall picture when you're day trading
if you're looking at the yearly plan at the end of the year when you're up you
know a hundred percent in your account and you've made a ton of money you're
not gonna look back at those stocks that were up a thousand percent that you
didn't rate you're gonna look at back and be like wow I had a really good year
I grew my thousand dollar account to twenty thousand dollars and I had a good
year how do you know consistently Green Day's that's really what it's all about
so it's too good to be true stay away from it I've really been focusing on
that if I see his talk it's just going crazy I just okay I'll hold off on that
one and number four if it doesn't work out cut your loss if you get into a
trade and you're like hey this is my plan I'm gonna short right here at 280
and I want this to go to $2 well if you get into it
and it short at 280 it starts to go up it's $3.00 you need to get out just cut
your loss do not force trades if you're in a trade and your plan is to short it
to 80 and you want to go to $2 it doesn't work out starts to go to $3.00
320 340 350 you gotta cut your loss get out of the trade the worst thing that
can happen is if it goes higher and higher and you don't cut your loss
you're stubborn and you force yourself to cover $1,000 higher and it's not a
good idea the best thing to do really is as a cut your loss if it starts to come
back if it starts to turn the other way it turns the way that you wanted to then
short it again but the last thing that I want to do is get into a trade and be
stubborn and force it and end up losing a ton of money because I can't accept
that I was wrong that's really the one thing I think about when you're day
trading there's always a chance you're gonna be wrong even if you're hundred
percent sure that a stock has bad news that stocks going to crash there's still
a chance that something crazy could happen I've seen stocks have really bad
news that everybody says it's gonna crash in the next day it goes higher and
higher so do not try to force the trades if it goes against you just cut your
loss and move on rule right now that I'm really focusing on is not over trading I
know I do it I see the video sometimes the live streams you guys call me out
for it but I've been trying to work more and more on it really just kind of
focusing on that first 30 minutes of the day taking profit when I got it and not
over trading I find myself you know really racking up commissions going
crazy trading over trading making 20 30 trades in a day and I'm like what did I
just do and then I look back at it I'm like that was a really bad idea I should
just take a profit when I had this morning if I'm up 200 $300 I just need
to be done let it be if it's not gonna work out it's not gonna work out
normally my best days literally the best days that I ever have are the days where
it's just like too easy where I just buy a stock he goes higher and higher and I
make $1,000 $500 in that first 30 minutes my worst days normally are the
days where I'd try to force it where I try to trade all day long or I try to
make multiple multiple trades back to back to back and I don't really have a
real plan so if it doesn't work out just walk away and just focus on that but
really it's important to not be greedy to not try to force trades to not over
trade and just kind of focusing on those small gains every single day if you
my videos trading the thousand our account and seeing how I grew the
thousand our account from $1,000 to $3,500 in the last two weeks if you
watch those videos I'm just taking profit you know I'm up a
hundred bucks take profit I make a hundred bucks every single day it grows
it grows really fast so don't you don't need to hit homeruns all the time you
don't need to make a million dollars in your first year day trading you just
need to be consistently profitable and over time it'll grow and grow and grow
and compound before you know you'll have a million dollars but just takes time
you got to get there first you got to go the long the long way it's not always
just right to it and on that note I hope you guys enjoy the video if you haven't
already hit that subscribe button help me help you every new subscriber puts
another penny in my pocket thanks for that guys talk to you later