Basics To Making 100 A Day Trading

Choose one stock to watch and get to know it’s movements like the back of your hand. Make sure it has good volume (at least 1M) and buy a share size that will allow you to reap the $100 (excluding the $14 round trip commission) based on expected intraday movements.

For example; if you are watching a stock that routinely moves 12 cents with ease intraday, then you could buy 1000 shares and place a limit sell at 12 cents higher, your net = $106. If it takes off and far eclipses your target just set a trailing stop to lock in your profit. If it declines you need to establish a comfortable loss point to close out the position, it should not be more than the profit target imo.

I’d advise on picking a quality stock (whatever that is these days 😉 ) and I’d also try to use less than 50% of your working capital at least until you get the hang of it. Don’t be tempted to buy as many shares as you can to shorten the move that you need in the stock; if the price goes against you after you buy, your heart rate will have a much tougher time dealing with it if you are all in like a Texas hold ’em tournament.

Don’t do revenge trades when you lose one, where you alter your trading plan to make up for a loss, it usually just compounds itself.

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