Home > Beginner education > $Deb On: Is there a key to making money as a day trader?

$Deb On: Is there a key to making money as a day trader?

As a new trader if I had to pick one single “key” to being successful at trading equities it would be knowing what kind of day it is and what kind of moment it is and following what you said you were going to do based on “that” day and “that” moment. This is particularly true for traders who are not scalpers but want to build positions and capitalize nicely on them.

Pete, Erik, Dc, and Mario constantly drill all of Keystone’s traders with this idea, but I still see many trading away like there is something to do when in actuality there is very little to do. This was the most difficult thing for me to master as a new trader. I have been guilty of this and I can fall into this psychological trap at any time as I am human. We all do and can!

Let’s talk about some of the things we trick ourselves with that cause us to trade when there is nothing to do or there is no edge. We say things like:

1. The set up was there!

It may have been but what were the SPY and other indices doing at that time?

2. I accidently hit the wrong key!

You may have but did you have a plan of action if a mistake was made and if so did you follow it despite the fact that you were “in the money” on the trade by accident?

3. I got shaken out!

You may have but did you identify your risk reward prior to the trade and is it realistic and based on logical support/resistant/breakout levels and does it “mesh” with what is happening now in the stock and in the market?

4. This market and stock suck today!

It may but the market does what it will and by reacting negatively to what it does is indicative of unfulfilled expectations which turn into psychological “road blocks” for skill development.


My list psychological tricks that we play on ourselves could go on and on. The point is in order to make money these tricks need to be extinguished from our vocabulary, thoughts, and our very being.



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