This is the story of how I made $1,000,000 dollars day trading stocks. Well…This is my goal for 2017. Crazy right? You can’t reach the moon if you don’t shoot for the stars, right?
So this is my first post, declaring my goal for 2017. It is a Monday night, December 19th, and it’s about 9 degree’s outside and Carolina Panthers are beating the Washington Redskins 13 to 3 on Monday Night Football.
So this is my journey. From start to finish, I will document my trades (success and failure) in 2017. I will make $1,000,000 in 2017. I will find a way to learn from my mistakes, manage my emotions, and help others along the way.
I started trading stocks in July on a RobinHood App. I quickly moved to a TDAmeritrade Broker in August. I changed Brokers in October, made 2 silly trades that cost me 10% of my account and so I decided to Paper trade for November and December.
As of this post, I have lost a total of $1180.60 in the last 6 months. If you look at this, I’ve paid a monthly market tuition of $196.76. Not bad, could be better…but could be worse!
My Trading Plan
Here is a simple trading plan that I’ve put together. This may change before the 1st of the year, and I hope to revisit it weekly/monthly to ensure that I am following my trading plan.
Why do I want to Day Trade??
- Flexibility and Freedom- I want to spend more time with my family and enjoy life. Trading affords this opportunity.
- Love numbers and charts- Very analytical and can use my knowledge to power. Plus I am an indoors type of guy
- $360/Day is my current Goal- This is what I currently make at my employment. If I can consistently make as much as I do or more, I will quit my job to trade as my only source of income. Obvious I’m about 10% of what my plan is ($1 million!)
- Long Term Goal is to make $1 Million in a Year
My Trading Plan
- Start out with $26,000- Gives me ability to Day trade and avoiding the PDT Rule. If I go under in a month I will paper trade the remaining month.
- Max loss of $500 per day or $1000 a month- Need to risk a certain amount so that I don’t draw down too much. This may change as i become more profitable and more consistent.
- Create watchlist night before- I’ve been doing this the last two months, even on days I know I can’t trade. I will work on fine tuning my night watch list and
- Track trades on a spreadsheet/Profit.ly- Google Sheets is amazing and I want to be 100% transparent on my trades. You can see all of my trades on Profit.ly
- Trade no more than 4 Stocks a given day- I don’t want to overtrade so having a set number of stocks to trade will help me
- Recap after every trading Day- Reflection of what worked and what didn’t is crucial to day trading.
- Recap after every week and every Month- I will post on youtube so you can see my trades and my thought process
- Trade from 8:30am-11:00AM- I still have a day job and I can’t trade every day but the days that I can trade with minimal distraction, I will trade only in the morning.