Could a trader really have made over $11,000?
In all honesty that is really subjective.
One of the things that we try to do at the Day Trading Academy is try to have an objective way to look at the results.
To give you an example, the beginner results that we post on the site are only trades between 9:30 AM Eastern and 1 PM Eastern.
Our morning session. .
They also only include trades that are valid as per the rules and our curriculum. We call them legacy trades. Could you have made more than $11,000? Absolutely.
The concept here is to try to be as objective as possible. We have traders that made anywhere between 3 to 20 points today. We always assume 10 contracts because that is the magic number that everyone strives for. Even with a minimal two points at 10 contracts that’s roughly $1000 for the day.
On the flipside, if a trader assumes 20 or 30 contracts that is upwards of roughly $35,000.
Not a bad trading day.
When most traders ask us what is possible it is very hard to give a objective direct answer. One can see in the recap the amount of advanced and pros trades that are available. These are trades that are extremely subjective based on momentum and understanding market structure.
This is the sole reason why we only want to quantify the legacy trades that are in the curriculum with a strict set of rules.
It is great to hear that someone can make up words of tens of thousands of dollars a day even in a recession. The reality is that the focus that we try to instill in all of our traders is to just make a profit every day.
The concept here is that if we are able to make the right decision over and over again every day we can make a living day trading.
It’s not necessarily about making $1 million dollars every day, it’s about making a living.
If a trader can be consistent then he can make a living. When a trader can make a living he can work from anywhere in the world at practically any time of day. Our CEO and founder, Marcello Arrambide, runs a travel blog called WanderingTrader where we talk more in depth about day trading and traveling.
The best thing about this scenario is day traders can even do extremely well in a recession or a crisis. No matter what a person’s goals are or what their vision is of success, day trading can provide that.
One of our student graduates is taking his entire family to Italy in the summer.
We are always surprised to hear that people aren’t aware of the fact that we make more money when the market goes down when it goes up. When a crisis or recession hits (which is causing the massive surge in volume and movement for the last week or two) it is a day traders paradise.
The stock market is a game of psychology and those who understand it usually come out on top. Is it not surprising that most extremely successful investors by when there’s a crisis and sell when the markets are booming?
Without paying attention to indicators or software we can better understand market dynamics. The market is constantly changing and it’s important that we can on making the right decision.
So as this recap is being watched consider not if you can make a thousand dollars in one day.
Consider the thought of trying to be consistent every day.
Most problems that arise in day traders is the suggestion that they have to be someone else. Everyone migrates toward success but it is not necessary to make tens of thousands of dollars a day.
Every single person and trader that we have met has a unique set of circumstances. We are exposed to a certain culture and have certain risk tolerances based on personality in addition to current economic circumstances. To say that traders are all the same would be the biggest fallacy that anyone can come up with.
Most of the industry is filled with scams and misleading notions that software and “proprietary indicators” or the answer. The truth is the indicators that everyone uses today were invented 20 years ago.
After making color modifications and creating unique names they are touted as unique and proprietary. This makes for a great sales pitch but not great for learning how to trade.
You may be reading this for entertainment. Or perhaps you have perused this post because consistency is lacking in your trading.
At the end of the day there’s only one right decision and that is with momentum.
Don’t try to trade like anyone else. Don’t try to make $1 billion a day. Let’s not pretend that we need indicators to trade. Do what you feel comfortable with and pay attention to what is important, the market.
Hope this has been helpful.
Stay profitable my friends
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Thanks God cave men didnt trade, so they could have stolen our profits 🙂