+$1744 on 2 Gap and Go Trades
What an awesome start to the month! I finished last month with over $32k in gains. This was based on trading 4-5 times/day with a 75% success right and a 17 cent average gain vs 12 cent average loss. These are the metric we discuss as part of our risk management chapter of the day trading course. In order to be a profitable trader you need a combination of a profitable profit loss ratio plus a good accuracy rating. I usually set the bar at 1:1 profit loss and 60% accuracy for our students. That is the min required to be profitable. Of course, higher is better!
I have a history of starting months with a big red day! It’s a pattern in my trading. I think it’s a strong desire to get myself into the drivers seat, and into a profit cushion, as quickly as possible. That has lead me to make some poor decisions in the past. But not today!!! I said today I’m going to focus on just taking 2-3 trades with smaller size with the goal of simply booking a greed day.