A Beginner guide to stock market day trading, following my day trading strategy, using candlesticks, support and resistance lines and price action plus a little bit of luck.
Is it possible? how long does it take? can It be done!!!!.
Who knows this is my first challenge broadcasted online for all to see about my day trading strategy !!!.
I have deposited £500 to turn into £1000 yep that`s right 100% interest.
I’m heading home today 27/10/21 just finishing off writing this on a train from Aberdeen so should hopefully have a day or two. Day trading this week.
The screenshot above is plus 500 is a CFD stock trading broker. CFD = contracts for difference this is the platform I use to open and close my trades.
I have made a list of stock market terms that I might be using throughout my blogs to see an explanation of the various terms used check out my jargon buster here.
I’m going to be documenting all of my trades with photographic evidence explanations charts the lot to be as clear as I can.
I feel no one on the internet is honestly doing this they are just wanting you to watch an explanation of a strategy on previous results with nothing to back up the claims.
In my experience anyone can do this, I could create thousands of charts and stories but it’s just all hearsay unless you have the results to back it up all these so-called traders saying if you bought bitcoin 10 years ago and spent £1000 you would be multimillionaire now so why are you not on a beach in Hawaii???.
10 years ago!!! what the hell was bitcoin and why would you spend £1000 on something you know nothing about.
They are just cashing in on speculation let’s see what we can do here sticking to a strategy with a few tweaks along the way.
Please sign up for my email reminders, then witness what’s really going on.
Follow my progress, my downfall, frustrations but hopefully our success.
I will be posting my results on various channels so any comments likes or shares will help me get my message across and spread around to others ultimately helping them as well.
Please don’t be shy click and comment away.
inc futurepivots, YouTube, medium, ticktock, Pinterest.
The timescale for me doing this is unknown as at this moment in time I Sadly still have a job bills to pay so I will be trading around this I do a rotational job so have plenty of free time.
if you want to find out more about me Read more
work will probably slow the process down so it will take longer than the results below but fingers crossed not too long.
My trading back ground
I have been day trading for a few years now read three or four books on the subject lost a lot of money got scared and never really committed again since.
so this is me and my commitment to myself and to you, I am going to and will do this.
I have a strategy fund and a plan so buckle up and come join me let’s see what we can achieve.
Why now you ask what’s changed, well I have turned 40 during lockdown and had some time to reflect read a few self-help books check out my reviews here they can make quite an impact on your thinking and actions.
I have also tried to set up a few different businesses in the past which haven’t worked out for one reason or another.
I always blamed someone or something else external factors.
After reading these books it all points to me, I need to take responsibility it’s up to me to make that change now realise my errors learn from the mistakes and move on.
If we don’t move forward what’s happening we are treading water or sinking.
Day trading strategy
Check out futurepivots to see some strategies and info about trading that I have put together in the past.
The strategy I am looking to use is a combination of the following things.
- Heikin ashi candlesticks 5 min candles
- 1 hour pivot and support lines
- 20 pip buffer zone
- elliot wave theory
- EMA Exponential Moving averages
Don’t worry if it all seems very strange you’re not sure what or how to do it
What I will do is start from the beginning, document and explain what I am doing why I’m doing it with images to back up all of my trades.
The good the bad and the ugly is going to be on show here.
A win rate is the number of times you win against the number of times you lose.
I am hoping this strategy gives me a 50/50 win rate. If I trade 20 times 10 will hopefully be winners and 10 unluckily could be losers making it a 50/50 win rate.
But and it’s a big but is that the winners need to be bigger than the losers so that you can make a living from trading that’s why we set ourselves us with a golden set of rules which make sure we achieve this.
This for me is one of the hardest parts to comprehend, we all had it drilled into us from our first steps to be right do it right not like this strive to be right and success will follow.
People who are wrong are losers who won’t make anything of themselves get good grades get a good job don’t fail or be wrong.
Day trading bucks this trend and trail of thought you have to leave it at the door, you cannot do anything about losses they happen end of accept them move on very easy to say very hard to practice.
I’m hoping the strategy creates more winners than 50% more than the losers anyway but only time will tell today I am on my second trade first one is a loss and the second is in a profit I’m desperate to close but I need to hold out and follow my rules.
That’s why in all of my predictions I’m trying to be modest and honest.
I will explain below, but its one of the most important parts of any traders arsenal to have a plan and stick to it.
Risk / Stoploss
i`m happy to risk 6% a day 2% risk a trade most trades say no more than 1% but im happy with 6% its up to you my stop-loss will be set at will be £10 per trade below is the calculation.
£500 in my account and risk is 2%
2% of 100 is £2 so times 5 = £10
£10 risk per trade I only allow 3 losses in one day which is a max of £30 loss a day.
Traders also call this your stop-loss a specified place in which the broker ie plus-500 will close the position for me but it’s not guaranteed and slippage can be seen sometimes if the market moves a lot.
with my 50/50 win rate, i am looking at ten losses which will be 10 x -£30 = -£300
Whilst trading you have to have realistic goals on risk-reward.
I am aiming for a 1:3 risk reward so risk £10 Make £30 sometimes it might be less sometimes it might be more this is dependant upon the market and my strategy
I set the stop-loss and don’t move it click here for an explanation of all the jargon and terms used whilst trading to help you out it’s a lot to take in.
For both risk and reward, you have to see what the market wants to offer and use it.
Sometimes it will do the opposite to what you think sometimes it goes right it’s out of our control we will get losses and prob a lot but we just need to plod on and try again.
Based on my 50% win rate I hope it’s more but I am been realistic with this.
Using a win rate of 50% below are the results and expect the time it could take to achieve my goal.
I will document it all as i go with charts graphs win rates losses and gains for you all to see with screenshots of my account to back it all up.
|Risk ratio||Trades||Account balance|
|£10||10 wins £300 – 10 losses -£100 = £200 total||£500 + £200 = £700|
|£14||10 wins £420 – 10 losses -£140 = £280||£700 + £280 = £980|
|£19||10 wins £570 – 10 Losses -£190 = £380||£980 + £380 = £1,360|
The above shows my expected time to achieve my goal its 60 trades if I took one trade a day it would take 60 days.
20 trading days a month on average so three months for me to create 1000% interest.
I know what your say wow that seems so easy it isn’t, as I`m writing this it feels easy.
My risk ratio will change after every trade so it will evolve differently to the above chart according to winner or losses.
Hopefully, it will be quicker and I don`t have to top the account up but time will tell.
This is by no means the only way best way or how everyone else is doing it I have just kind of bogged along with put a few things together and this is what I have come up with.
I will do a few various blogs covering how to get set up and what to use and how to use it below is a list of the pages that are created I will pop back and link to them.
- Uk.investing.com for charts
- Explanation of what’s on the charts
- Plus500 for trades
- My setup at home or anywhere I am
- how to use and create wealth
How it will help you
Im doing this to show people that its possible,also to prove to myself that its possible.
More than 70% of day traders fail who start without a plan if you were looking to start a business you would plan. A business plan what could go wrong projected income outgoings profits and cost to buy and sell.
Trading isn’t any different and with a robust day trading plan, we can be part of that 30% who succeed and make trading turn into a living.
I won’t lie I have tried before in fact all I have done is lose money trading.
Over the years I have traded, opened stupid trades in stupid places, moved stop loss studied charts for days, weeks even years then failed again.
So hopefully with Recording, documenting make myself responsible for my mistakes as it’s me, not the market’s fault it’s mine.
You don’t need to be right 100% of the time I think that’s the hardest part for me trying to succeed all of my life teachers telling me I would amount to nothing yet I was trying my best.
I have always struggled and failed at exams, businesses, I even struggle with my own language being dyslexic and all.
But I’m not letting any of that stop me my glass is always half full not half empty.
Only time will tell, won’t it !!!!
If you’re still reading I really appreciate every single one of you and hopefully, you will follow the journey and join in.
I am creating this blog to create a group of like-minded people to follow my progress and make living for yourselves following me from home as well.
Once I am organised and prove the system works I will create charts on futurepivots daily for people to trade with me.
Then you can see how and when to trade just like I do.
Let me know what you think in the comments and wish me luck.
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