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Day trading is a high-paced, high-risk, and potentially high-reward career. For those who have the knowledge, patience, and discipline, the rewards can be substantial. One such day trader shared his trading activity on June 23rd, demonstrating the possibilities of this exciting profession.
Understanding the Game: Day Trading
Day trading is the practice of buying and selling financial securities within the same trading day. The ultimate goal of day trading is to profit from small price fluctuations in highly liquid stocks or currencies.
The Inner Workings: Elliott Wave Principle
A critical tool many day traders use is the Elliott Wave Principle. This theory asserts that crowd behavior trends and reverses in identifiable patterns or ‘waves’. Understanding these waves can be crucial in predicting market movements.
June 23: An Analysis
On June 23rd, Ted made five trades, four of which were profitable, netting a $520 profit. Let’s break down these trades.
Trade 1: Capitalizing on the 3rd Wave
Ted identified a 3rd wave forming in BTC, predicting an increase in price. He bought 2000 shares of BITO, an ETF for BTC, at $17.13 each. When BTC broke out at 30,720, he sold his BITO shares for $17.31 each, netting around $360 profit.
Trade 2: Navigating a Pullback
During the 2nd trade, Ted bought during a pullback to $17.38. However, he missed a massive Wave 3 spike that took it to $17.67. Despite this, selling at $17.45 allowed him to pocket a $150 profit.
Trade 3: Seizing a Breakout Opportunity
Identifying another breakout opportunity, Ted bought at $17.56. When BTC hit 31,300, he sold for $17.63 and $140 profit
Trade 4: Surviving a Wave 2 Correction
The 4th trade turned into an adventure. Ted bought 2000 shares at $17.69 just as a corrective Wave 2 began. At its lowest point, the price dropped to $17.40, threatening to wipe out his entire day’s profit. However, by averaging down at $17.59 and $17.41, he managed to limit his loss to a minor $150 when he sold at $17.57.
Trade 5: Dodging a Potential Disaster
The final trade could have been a catastrophe. Ted bought 2000 shares at what he thought was the 5th wave low at $17.39. Unfortunately, the price dropped further to $17.30. But when it reversed over $17.40, he sold at $17.39, narrowly avoiding a major loss as it hit at low of nearly 17.20 later in the day.
The Final Tally: $520 Profit
Despite the ups and downs, Ted ended the day with a $520 profit. This highlights the potential of day trading when done right.
Transitioning to Day Trading
Ted mentioned that he only transitioned to day trading recently. Despite this, he managed to achieve a commendable performance, going 7 for 8 with a $960 profit over two days.
The Goal: $1000 a Day
Ted’s goal is to make $1000 a day. He believes that on good days, this target is easily achievable.
The Takeaway
Day trading is not for the faint-hearted. It requires extensive knowledge, patience, and discipline. However, if done right, it can be a lucrative profession. As our trader’s activity on June 23 demonstrates, understanding market patterns and making informed decisions can lead to profitable results.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your research before making any investment decisions.
