Beginning to Day Trade
In early 2019, I did some casual day trading at work and the results were disastrous. I simply was not ready for the psychological aspect of gaining and losing money so quickly and I broke every rule in the book:
- Trying to use mental stops and not hard stops
- Risking too much money
- Not calculating risk versus reward
- Jumping from strategy to strategy
I was also treating day trading as something I could do during convenient blocks of time within my actual job. If I had twenty minutes of free time, I would
desperately try to find a trade worth taking, even if the reality of the situation was that there were no good setups. I was being completely impatient.
Luckily, about this same time I read Andrew Aziz’ book, How To Day Trade For a Living
, and it really resonated with me. Andrew described strategy price patterns that I had also seen over the years. He also stressed the importance of key support and resistance levels such as daily highs and lows, things I had noticed way back in my stock market watching days back in 2010.