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As a day trader, you need to find a trade strategy that best fits your personal risk tolerance and needs. There are a variety of strategies that exist by traders to make money in the markets. An extremely part of any trading strategy is the rules of entry. If this part is messed up, then you are setting yourself up for an uphill battle the entire trade. If you do it right, you are allowing yourself an even better chance at making money in the trade. In this video, you’ll see exactly what I mean as I “start small” knowing that it will give me flexibility later in the trade. Had I started too big, I would have never been able to operate under the rules of the strategy. I want to be very clear, in no way am I saying that what you see in this video is how “you” should trade. The point I’m trying to make is the importance of understanding the entire trade plan and strategy before you ever enter. You must have a rules based strategy that you’ve practiced in a trading simulator or demo trading platform. When you can build confidence in a day trading strategy, you can begin to scale up your positions and put yourself in a great spot. Whether it be as a side hustle to create additional income, or attempting to make it a full time job, day trading opens up many doors of opportunity!
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