How To ACTUALLY Day-Trade Profitably (For Beginners)

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Intel Corp (NASDAQ:INTC) is facing challenges as it continues to receive takeover proposals from major chip companies, with the latest offer coming from Arm Holdings Plc (NASDAQ:ARM) after a previous proposal by Qualcomm Inc (NASDAQ:QCOM). Despite these acquisition interests, Intel is not looking to sell its business division. The company has been struggling recently, with a 31% stock plunge due to its inability to capitalize on the artificial intelligence shift, a sector where Taiwan Semiconductor Manufacturing Co (NYSE:TSM) has excelled. In contrast, Intel has secured significant wins, such as a U.S. chipmaking deal with Amazon Web Services (AWS) and a U.S. chip grant.

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Stay informed with today's rundown:

Today, we will dive into “How To ACTUALLY Day-Trade Profitably (For Beginners)" 👇

Trading is a very attractive career choice that unfortunately many people (95%+) fail at. Over the years I’ve seen countless “gurus” make a fortune by selling dreams to people who want to get rich quick by trading.

In this post, I’ll tell you what they aren’t telling you — the actual way people make money in this business.

But before I do, I’d like you to know that I am not a master of trading. I’ve been trading for about 3 years and I’m still on my road to long term consistency. I do not sell a course, nor lie that I got rich by trading.

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What should I trade?

Let’s start from the very beginning. You need to pick something to trade.

While forex and crypto can be traded, I find futures much better for the following reasons:

• Forex and Crypto are over-the-counter markets. That means that they’re far less transparent.

• You’re technically trading a different market on each Forex or Crypto exchange.

• Future markets are traded on official exchanges which makes them a lot safer and prune to manipulation.

How do I trade?

This is the tricky part. Over the years, I’ve tried countless strategies, indicators, mechanical strategies, discretionary trading and this is my honest opinion:

I personally do not use any indicators other than a Keltner Channel (for a general idea of how big moves can be) and a momentum indicator named LBR310 (for a general idea of how strong moves are).

Step 1: Screen Time is everything

How can you trade if you have no idea how the market acts? You need to study why certain things happen on a paper account. Trading is NOT easy and you will definitely lose your capital if you start with your own money, even if you get a few wins early on. Here are a few things you can study on your own:

Why the price didn’t go lower or rally higher?

• Because there weren’t enough people to keep up the move or trend.

Why did the market stop at a certain price point?

• Because it reached a turning point. This can often be a support or resistance, a large timeframe moving average, the market reaching a swing or just people taking profits and the absence of people that want to continue the move.

Why did the market move sharply at a certain time?

• Because bigger institutions are entering or leaving the market. This mostly happens when there are news. We are little fish that swim in a market moved by the big fish.

Why did my trade hit a stop loss?

• Because you can’t always win. There will always be times when you get stopped out and the market rallies or plummets into your trade direction.

You also have to think of the market as a bunch of people. People have emotions and so does the market. For example:

• When we reach a potential turning point, many market participants will take profits and close their positions. That means that the market will bounce a little, which will make it seem that the market will in fact turn. If there’s a lack of momentum or volume, the people who entered on the turning point can get scared and exit their positions which will boost the market to the other side.

Step 2: Screen time is NOT everything

While screen time can help you understand the general idea of the markets, you will need a system to trade.

You need a system to trade. Engrave that in your mind because this is probably the best tip one will give you. Discretionary trading (aka free-mode trading) can work as well, but you’ll need far more screen time to do it profitably.

Finding a system can be challenging. You have to search for something that consistently happens under x market conditions. That doesn’t mean it has to work 100% of the times. You have to find something and then refine it to the point where it works more often than it doesn’t.

I personally have a few momentum systems that I’ve properly backtested and I’m confident in. Here, I’ll even share one with you:

This happened yesterday (6 February 2023). See these 2 highs? The market was in a clear downtrend and we were trying to get out of it. The 2nd marked high broke the first one, but the momentum wasn’t even close..

There was lack of volume and price movement and after a climax candle, we headed down. That means that the buy power wasn’t enough to push the price further.

Step 3: The truth about trading systems

Now, things would be very different if the market wasn’t in an overall short-term downtrend and we weren’t near a turning point. You have to remember that even though this system worked this time, it all depends on the market context.

It also feels counter-intuitive and uncomfortable to enter against a move like that. Unfortunately, the truth is that the best trades are often very uncomfortable.

You may take this system and make it yours. But remember, you have to backtest it and see for yourself when it works, and when it doesn’t.

But I don’t have a lot of capital

After trading on sim for a while, I would recommend trading with a prop firm account. You risk way less money like this.

I personally use a prop account from Apex. They are one of the biggest prop firms and their plans are quite cheap.

I’d also recommend opening an investing account at a platform like Robinhood (or Trading212 if you’re in Europe — they are actually currently having a free share promotion).

You can put away a small percentage of your monthly income into a safe index fund like the S&P 500 or FTSE. If you want to be super safe, you can instead earn 5% yearly interest just by holding your money on these platforms. In the long run, you’ll have a nice passive income stream.

Conclusion

In the end, it’s all about hard work and perseverance. To summarize it:

• You need to learn about market context and that comes with screen time. I personally also recommend watching some Linda Raschke videos — an actual trader with 40 years of experience that doesn’t sell you a course.

• You need to find a system (or systems) that works for you and backtest the sh*t out of it. Discretionary (free-mode) trading works but only after you’re VERY familiar with the markets (takes years of experience).

• You need to stick to your systems and refine them. It has to be something that happens consistently (possibly every day) and you have to take it every time, as long as it fits the requirements, to build up confidence in it.