day trader Archives | Bulls on Wall Street

5 Lifestyle Differences Between A Day Trader and 9-5er

Kunal Desai — Thu, 04 Oct 2018 22:46:42 +0000

Everyone idolizes the day trader lifestyle. It does have a ton of amazing perks, but it also comes with a major shift in habits and lifestyle changes from the traditional job. In order to understand the lifestyle of a day trader, you have to know the key distinctions and responsibilities that come with this profession.

This article is not to shame you if you have a 9-5, but to give you a realistic perspective of the transition it will take to become a serious day trader who does this for a living, and the perks of doing this full-time. Here are 5 differences between the lifestyle of a day trader, and someone with a full time job:

1. Freedom

The thing I love most about trading is not the money. It is the freedom. It is the freedom to work for 60 minutes and then go drink at the beach the rest of the day. The freedom to choose how I structure my day. The freedom to choose pretty what, when, and how I do everything in my life. No boss to control me, and no one who can tell me what I can or cannot do. The freedom does come at a price. Full-time traders have to deal with income uncertainty, and must take on a ton of personal responsibility and self-discipline.

2. No Salary

There are no salaries for a day trader. As a trader you have to earn your pay check from the market. Nothing is handed to you. The stock market is random by nature, so it is impossible to predict how much money you will make on any given day, week, month, or year. However, when you develop the requisite skill, you will know that you will be green at the end of most months. Once you can prove that you can be consistently profitable over an extended period of time, you can scale your income a ton more than you could in a traditional corporate job. You decide when you are deserving of a raise. There is no ceiling to the money you can make in trading if you put in the work.

3. Control

Working for someone else you don’t have much control of what happens day to day. As a day trader, you are in control of every facet in your trading business. You chose what trading software you use, how much capital you trade with, what strategy you use, and when you are going to trade. You essentially become the CEO of your own small business when you decide to become a trader. This means you are responsible for all the outcomes in your trading. The market is random, but it is your duty to control your process. Every outcome in your trading is the byproduct of a decision you make. That is why all our students in our 60 day bootcamp create their own trading plan that we review and grade.

4. Ability to Travel

One of the best perks for me about trading is the ability to travel. As a day trader, you can work from anywhere where there is internet. But if you are going to travel and trade you have to make sure you are going to be staying in an environment conducive for successful trading. I strongly recommend researching the wifi situation of wherever you are staying in advance. Trading in poor wifi can cost you a lot of money, and make trading even more difficult than it already is. Be mindful of the time zone of where you are traveling to. Check out this article for more tips for trading on the road.

5. Self-Discipline

There are a select few professions that require as much self discipline as a day trader. As a professional trader, you are your own boss. Most corporate jobs don’t involve you losing money. They are relatively low risk compared to day trading. But any outcome in life that is worthwhile does not come without risk. You can work a 9-5 job, not have much self discipline, and you will still get a paycheck every month. If you are a trader with no self-discipline, you will lose money and not be able to make a living from trading. But as you can see, there are huge rewards for developing the self-discipline to become a profitable trader who has no boss, can work from anywhere, and has no ceiling on his income.

Free Trader Assessment

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Dear Trader This Is For You – My Story

Kunal Desai — Wed, 27 Jun 2018 19:55:43 +0000

Learning to trade stocks was the greatest decision I ever made in my whole life. Finding trading success was not an overnight process. It took me years of toil and bone headed mistakes to learn how to do this for a living. Here is a video where I go into detail about my trading journey, and what I had to do to become consistently profitable:

The Beginning

I started trading stocks during the Dot-Com boom. It was the late 1990’s and literally every stock that had anything to do with the internet was going up. I was in college at the time and I was buying everything with everything that I had (which was just $500 to start).

I was on top of the world. I was growing my account every day. My plan was to quit college and trade stocks, and become a millionare in the next a few months.

The Bubble

Then came March 2000. The bubble burst. Everything crashed hard and fast. I lost everything. I didn’t know anything about trading. I knew nothing about short-selling, and was completely unaware that I could’ve profited huge on all the tech stocks crashing at the time.

I kept trying. During college I kept trading, but I was at a standstill. I would go on huge runs where I would go six months or so of consistent gains and then I would lose it all in one month. Still couldn’t figure out how to make money consistently from the stock market.

After I graduated college I got a job. I was still trading on the side, and still failing miserably. The pattern was the same, and the same mistakes getting me over and over again. No risk management. No trade plan. No trading system. No discipline. I had no idea when to buy and sell.

Finding A Mentor

Then I met Paul Singh. I stumbled across his blog in the mid-2000’s. At this time there wasn’t really any trading education services. So I started to bombard him with questions via email, asking him every little detail about his trading system and how he was making money.

Eventually he got sick of me and I begged him to let me pay him to mentor me. Luckily he agreed, and he examined my trading system.

He told me,”Kunal you have a great knack for picking stocks. You understand the fundamentals, but you don’t know anything about actually trading to profit off of your ideas.” You could have the best stock in the world, but if you don’t buy it at the right time, sell it at the right time, manage your risk, and size your position correctly you won’t make any money.

Just after a few weeks of mentoring with him I started to see big changes in my trading trajectory. After a few months of working with Paul, I started seeing more consistent profits, and I would actually keep my profits this time.

This made me realize that mentors are critical to finding success in any venture. There is no reason to make all the mistakes yourself when you can learn from others. Mentors can save you years of pain, suffering, and money. The lesson from my story is to find mentors as soon as possible when you begin something new.

That being said, even with mentors you still have to put in the work yourself. Trading is the one of the hardest endeavors you will ever try. But there is no profession that gives you the same type of freedom, independence, and scalability of income. All the pain and suffering is worth it. This what has given me a real passion to teach and help my students achieve trading success.

I look forward to teaching you.

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How To Use A Daily Max Loss As A Day Trader

Kunal Desai — Thu, 21 Sep 2017 16:01:37 +0000

It is essential to have a daily max loss set for your trading account to become a successful day trader. A daily max loss is the maximum amount of money you permit yourself to lose in a given trading day. Once you hit this number, you stop trading for the day.

Having a max loss is especially important when you’re new trader, when you’re more susceptible to revenge trading and overtrading. Here’s how to use it:

“I’m going to make it back just one more trade”

Ever have those days where you lose on every trade but you keep on trading? You kept telling yourself, ”I’m going to make it back.” Next thing you know you have given back a whole month’s worth of gains in 4 hours. Every trader has been there.

You need to know when to call it quits to prevent this snowball effect. This is why you need a max loss. Looking at the past trading data of your losing days will tell you what that number should be. The number should prevent you from losing no more than 1-3% of your account on a given day (% will depend on the size of your account and how aggressive of a trader you are).

Don’t Risk it All on One Trade

It is important to understand how you should use a max loss in addition to having a defined amount. If you typically take 2 or more trades per day, you cannot risk your whole max loss on one trade. Risking it all on your first trade of the day might cost you to miss an A+ opportunity where you could have made back the money you lost from your first trade and then some.

You have to leave yourself multiple bullets throughout the trading day. Every trade has the possibility of not working, so don’t blow your max loss just on one trade.

Communicate With Your Broker

With most brokers you can create a daily max loss on your account. Once you define your max loss, you can tell your broker to lock your account once you are down that much unrealized on a given trading day.

This will prevent you from getting in the destructive “I’m going to make it back just one more trade” mindset. Protective measures like a daily max loss are just as important as the big wins on the path to becoming a successful and consistent trader.

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Great People Do Great Things – Summer Bootcamp With Mentorship Students

Kunal Desai — Tue, 09 May 2017 17:24:21 +0000

What happens when 11 traders gather in one house on the beach and trade together?

If you didn’t know, in addition to our live trading bootcamp, we also have a more exclusive mentorship program. This program is a very small group of dedicated traders. I work with them one on one to perfect their own trading style. We also meet every morning as a group to go over watchlists and stay in contact through the trading day.

Last week I had the honor of meeting them as they came down to my place in Florida for the week. The best part was they came from all over. Henrik from Finland, Simon from Sweden, Vince from New Jersey, Mrs. Jolley from Dallas, Cody from Venice, The Larkin sisters from Utah, Charles from Austin, Chris from Colorado, Billy from South Carolina, and Todd from New York.

It was great getting to know them on a more personal level and learning about all the interesting things they have done.

Henrik travelled through Asia after finishing school and competed in the World Fencing Championships.

Simon travelled through the USA going coast to coast on a Harley Davidson.

Vince was a top hairstylist on Madison Ave as a go to hairdresser for the rich and famous.

Mrs. Jolley built and sold her own business.

Cody works in the entertainment business and frequently travels through Europe and attended the Cannes Film Festival.

The Larkin sisters own a clothing store and have recently sold it.

Charles works for IBM and travels all around the world, selling servers to large businesses.

Chris owns his own software company.

Billy is a real estate developer and experienced the highs before the crash and lows after it and got through it all.

Todd is a corporate attorney in New York City and owns his own firm.

Meeting everyone and learning more about them made me realize how fortunate we are to be in a group of this calibre. Also, it made me think of the type of person that joins a more exclusive group and commits to it. They’re all confident individuals that have achieved success outside of trading and have always looked for a new journey or adventure. Whether it was starting a business or traveling around the world, normality isn’t in the cards for them.

Now they have looked to trading as their next mission and are willing to do whatever it takes to achieve the success they want. Henrik and Simon travelled 18 hours to come to my place. Others left their families and jobs. Overall it was an amazing week filled with lots of trading, learning, great conversations, and plenty of fun. We will definitely be bonded for life through this experience.

Here is the schedule we all did together:

Sunday we started off with a class on building watchlists and we discussed each other’s lists. Henrik also showed us how he tracks his trades.

Monday to Friday we woke up bright and early (Billy was always the first one up) and went through the morning gappers, narrowed down our watchlists, and started to trade. My housekeeper Wanda would make us all breakfast whether it was bacon and eggs or shrimp and grits.

As each of one of us was done trading for the day we would begin to make our way to the beach. Usually Charles or Cody would pack the cooler with drinks and we would have some fun.

Every night we would have class and go over everyone’s trades for the day. As the week went on, as a group we identified specific weaknesses in everyone’s trading and established accountability partners to make sure each person stuck to their own trading plan.

On Wednesday night I set up a bonfire on the beach and hired a company to cater food for us. It was a beautiful night by the fire especially once the s’mores came out.

All in all, it was a fantastic week.

If this sounds like something you would like to participate in then go to our Trader Assessment form and fill it out. We will contact you to discuss the details further and see if you’re the right fit. We don’t take everyone since it is a small group so we like to have a discussion and make sure it is the right fit for both of us.

Here are some more pictures from the week.

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Market Speculator Part Time | Swing Trade Report

Paul Singh — Mon, 21 Jul 2014 04:21:21 +0000

Quick Summary:

The Market

Key SPY Pivot Levels: 198.20 : new high resistance, 196.58 20 dma, 193.23: 50 dma

Under the Hood and Trading Game Plan:

I was not expecting the move on Friday. Sure, I thought we could get a remount of the 20 dma, but I didn’t think we would also retest the highs. Keep in mind this does not negative any patterns. We still need to see a break of the highs. What it has done is change my market bias from negative back to neutral.

Many of the regular high momentum focus list stocks we regularly watch have pulled back to good entry levels near supports. I have had mixed feelings on how to play these. On the one hand there are a high number of good pullback setups on low volume. However, we still don’t know the direction of the market until we get a breakout or breakdown, and the market will greatly influence these stocks. I have decided to take some shots, again with low aggression. Position sizes will be smaller. I am also going to continue to closely watch a few more short setups.

Current Trades

I am still holding AAPL short, and EZCH and TSLA long. Note that while not on the focus list since they are current trades, they are all still worthy of being on the focus list.

The Trade Journal (I will fully update tomorrow post market)

The Focus List

Last week we talked about having a few stocks in five different categories to key on, but no real entry level focus list stocks. With the pullback and many stocks pulling back to key support, or breakouts that have pulled back, I am going to include the regular focus list this week.

Notice on all of my picks, they are momentum stocks that have pulled back quite a bit, but are still technically sound. Volume on the pullback has not been damaging, and price is either above or remounted major support levels. Stochastics are usually very oversold. I won’t comment on it for each setup, just look at the chart annotations.

Most of these are trend pullbacks. BKS, BLUE and BWLD are differentiated as breakout-pullbacks.

BKS is at the bottom of the breakout bar and holding well. Entry $21.50-22.15. Initial Target $23.50. Stop under breakout bar or gap level.

BLUE is a breakout that broke down below the breakout bar, but there is a huge gap so that’s not a concern. It bounced strong off the 50 dma. Enter on pullback with stop below Friday bar. Target at $40-42.

I’ve already been burned by BWLD twince, but still love the pattern. Remounted 50 dma. Enter on slight weakness. Stop under Friday bar, target as high as $167.

CTRN bounced strong off 5o dma. Enter on weakness. Target around $23.

FB is above the breakout level, but it’s not a breakout due to the low volume and levels of the bar. Watch for a clean break. Another entry would be on pullback to the 20 dma.

Another 50 dma bounce play. Entry on slight weakness. Target $127. Stop $115-117.50.

Strong remount of 50 dma. Enter on slight weakness. Target $30-31. Stop under breakout bar.

Z is not the best setup due to concerns about pullback volume. However, there is so much room to move you can get a really good reward to risk–this makes it worthwhile for me. Entry at $123, with a sto at $120 and target at $134 gives 3:1. If target is the old high you’ve got 7:1.

I am not ready to set buypoints here, but these are a few of the short setups I am watching.

Market Leaders

These are stocks that I always watch, though they might not be in my tradeable watchlist, nor are they actually always leading the market.

GOOGL broke out nicely post earnings. We will watch this closely, as I expect it will be a focus list stock soon. Many here are on our focus list, and those that aren’t are still technically healthy. For the market to break, these will have to start breaking as well.

Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way. It is important to know these rules if you trade off the Report.

New subscribers and trial members please leave me any feedback/comments in the comments, via email (singhjd1@aol.com) or twitter (twitter.com/PaulJSingh).

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Market Speculator Part Time |Swing Trade Report

Paul Singh — Fri, 18 Jul 2014 06:23:18 +0000

Quick Summary:

Thoughts on charting, big money and inside information. SPY and IWM analysis. DAL added as short setup. Key oversold bounce setup levels for market leaders.

The Market

Key SPY Pivot Levels: 198.20 : new high resistance, 196.47 20 dma, 193.02: 50 dma

Under the Hood and Trading Game Plan:

We have been waiting for a day like today. A day where we get a good clue in finding out what the market wants to do. SPY backed off from highs and took out the 20 dma with ease. The key here is that it was on high volume. Even if we bounce here, I believe we are still in pullback mode and the 50 dma will come into play soon. That is my current market bias, that we will get to the 50 dma.

Does that mean we load up on shorts here? No. The move today was too big. However, if we get a bounce to the 20 dma, or even a little higher, I will deploy a few short positions.

IWM broke the “line in the sand” we talked about yesterday at $114, easily taking out the 20 dma. It is now sitting right at the 50 dma. It is tough to short here, but a bounce would be a good opportunity.

Notice on this chart the “hammers” or long tail candles that have been circled at support levels. These have been fantastic areas for getting long. We will stalk these candles at support levels and try to enter near the close of the day when they develop. They could print anywhere in the $108-111 range.

So if trading IWM, the trade is to short strength and enter on extreme weakness, best when hammers have formed. For those looking for extra leverage, use TNA or UWM to go long, and TWM to short (you short by going long TWM).

While I have noted some trades around the indexes, this is no time to get aggressive. We can still let things play out more. I am going to look at the indexes and some oversold bounce (rubber band) plays for individual equities, along with shorts on pullbacks to resistance, but these will be smaller positions and I will not be using even close to all of my capital.

Thoughts about Charts, Big Money and Inside Information:

Often you’ll hear some money manager talk down on trading charts, or you’ll have someone say your analysis on SPY was “lucky” because of the Malaysian Airliner event (this happened to me today). While charts may not be the be all end all, they offer clues that you just can’t find anywhere else. They offer clues to what the big money and insiders know. Did they know an airliner was going to get shot down today? No, I am not that much of a conspiracy theorist. However, I do believe that certain “very important persons” were privy to more information, inside information, that tensions were on the rise and that there were increased odds that *something could* happen. That was reflected in the charts, even while we were reaching new highs.

The charts helped us prepare. They were speaking to us, letting us know it was time to pullback a little. That something was going to happen. That is why we have been less aggressive (and some of you wisely not trading at all), over the past week. Losses, while more numerous than normal, have been kept to a minimum. In time the charts will talk to us again, letting us know when to get aggressive (either short or long). We’ll be ready when that time comes.

Current Trades

I am still holding AAPL short, and EZCH and TSLA long. AAPL is breaking down just as our negative divergence setup predicted. Those looking to enter still can on slight strength. EZCH is holding the breakout range. TSLA is close to stop out, but the pattern is still fine.

Today I also entered, and was stopped out of DUG. This one was frustrating as the analysis was spot on, we just got stopped out before the stock bounced back. It happens . . .

I talked yesterday about stop gunning and I fear this is what happened with DUG. Notice that the low today was just under the low from yesterday, right where many likely had stops.

The Trade Journal

The Focus List

CODE has pulled back and still looks good. I would allow for a deeper pullback due to market conditions. Same goes for BKS. EZCH is still holding support. MATX is still a nice breakout setup, but with market conditions I would wait for a pullback into the gap fill area to increase the reward to risk ratio. GWPH is right at a key support level at $80. If that breaks it would become a good oversold bounce setup in the low to mid 70s.

Note that KS is a short setup–but not near entry right now.

New Additions:

We’ve had DAL on our shorts watchlist recently, and today it broke down off a textbook breakdown-pullback setup. I would like to short it on strength.

All of the stocks in the shorts category below are in the midst of forming nice setups. I am watching them closely.

Here are the categories we started watching during last week’s pullback. Click on stocks for charts.

1) get extremely oversold and near major support for bounces (rubber band setup) I am not just looking for oversold readings here, I am looking for extremes. We are not there yet on most of these. There needs to be more selling, price nearing important support levels, and extreme readings. At that point we increase the probability of a bounce. If SPY can pullback to the 50 dma (see chart below), a bunch of these will setup. GWPH, IPXL, KS, EZCH, Z, TWTR, YY, Z, TSLA

2) stocks and sectors that are holding up well (possible rotation or new leaders) Energy, metals, gold, silver, apparel BKS, FANG, PTRY, BWLD, CTRN, TAP, CODE, GMCR, X, FCX, XOM, COP, CZRO, NOV, CLR, AA, MATX

3) stocks that reverse off big down days intraday (hammers) UAL, LUV, JBLU

4) Select shorts AAPL, AKAM, KS, SDRL, GRMN, MSM, SDRL (GOOGL removed)

5) Pullback shorts (bounce to resistance after big drop–often was a rubber band trade) We need to wait and see for this list. Many will come from the stocks that bounce after extreme drops. Big Drop – – -> bounce – – -> short setup if bounce on weak volume and price action

Market Leaders

These are stocks that I always watch, though they might not be in my tradeable watchlist, nor are they actually always leading the market.

I was actually rather impressed with how our market leaders held up. Usually big momo stocks like these get hit very hard. We did not have any technical breakdowns. I actually would have liked to see a few to get some rubber band (oversold bounce) plays in motion. Right now I am targeting TSLA at 200, AMZN at 330, NFLX at 400, FB at 62, GOOG around $560 and Z at 110. We likely only hit these numbers if SPY pulls back near the 50 dma. If it does, it wouldn’t be until next week.

Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way. It is important to know these rules if you trade off the Report.

New subscribers and trial members please leave me any feedback/comments in the comments, via email (singhjd1@aol.com) or twitter (twitter.com/PaulJSingh).

The post Market Speculator Part Time |Swing Trade Report appeared first on Bulls on Wall Street.

Watch List 07/14/2014

szaman — Sun, 13 Jul 2014 16:50:45 +0000

Slow summer trading day on Friday as both SPY and QQQ bouncing 20 day moving average. Another great week in Bulls chat with real time trade alerts gaining $7,800 for the week. If you are struggling with your trading or learn how to trade you need to join our 60 day Bootcamp course. Our program is designed in such a way that you come out of it ready to trade live in just 3 months. We teach you everything from risk management to scanning to trading strategies. I also share my profitable intraday trading strategy which will make you money short term regardless of Market condition. The class is one of a kind, see why you should sign up for the course here . You will also have access to a private community where you can ask questions, share charts and talk with the instructors or other traders.

Also if you are interested in our trade alert services check them out here.

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and on StockTwits @szaman

ANET Trend line break out watch.

BDSI Breakout watch.

DDD Holding onto that 20 MA here.Watch for a move either way.

EDAP Continuation watch over 5.58.

FEYE 50 MA resistance so far. Watch for a move either way.

QIWI Range break watch.

SUMR Breakout watch.Better if it waits a bit.

WDAY Indecisive action here. Watch for a move either way.Similar pattern in DATA,SPLK.

The post Watch List 07/14/2014 appeared first on Bulls on Wall Street.

Market Speculator Part Time | Swing Trade Report

Paul Singh — Fri, 11 Jul 2014 01:16:05 +0000

Quick Summary:

SPY holds 20 dma. BWLD confusion. Latin Banks. Mostly waiting for market to play out. Holdig DUG and AAPL short.

The Market

Key SPY Pivot Levels: 198.20 : new high resistance, 195.63 50 dma, 192.02: 50 dma and old high

Under the Hood and Trading Game Plan:

If you have not already, please read Monday evenings Report, along with the update with stocks. It still very much applies.

SPY held the 20 dma today, which is positive but does not predict the future. We will continue to wait and see if it holds.

The best place we can enter long is a combination of the 50 dma and stochastics hitting oversold levels. This would give us a strong probability of a bounce trade.

Take note that since mid-May, there have been 4 strong down days (both volume and price), with only one strong up days. The move has been a “float” to new highs, which does not build momentum. We have continued to play the float up, but understand that the likelihood of a strong pullback is high.

The game plan is the same. We mostly sit on our hands until the market gives us some clues. If taking positions, do so with small position size.

Current Trades

I am currently holding DUG and short AAPL. I exited BWLD when my stop was hit.

There was some confusion today about BWLD due to my second BWLD alert detailing the bounce. It was my mistake confusing my BWLD daytrade with the swing trade. Those of you who were stopped out, I was too.

Here is the Trade Journal. YY, AAPL and BWLD entries still need to be added.

The Focus List

We are doing the focus list a little differently for the time being. Here are the stocks being watched in different categories as the market shakes out.

Most stocks did little or bounced within range. Not much setting up yet. The hammer reversal stocks were all up big (JBLU, UA, LUV). Today we have 3 stocks that put in big reversal hammer candles: Z, COP, FANG. If trend resumes, these should mark the bottom for these stocks.

1) get extremely oversold and near major support for bounces (rubber band setup)

I am not just looking for oversold readings here, I am looking for extremes. We are not there yet on most of these. There needs to be more selling, price nearing important support levels, and extreme readings. At that point we increase the probability of a bounce. If SPY can pullback to the 50 dma (see chart below), a bunch of these will setup.

GWPH, IPXL, KS, EZCH, Z, TWTR, YY, Z, TSLA

2) stocks and sectors that are holding up well (possible rotation or new leaders)

Energy, metals, gold, silver, apparel

BKS, FANG, PTRY, BWLD, CTRN, TAP, CODE, GMCR, X, FCX, XOM, COP, CZRO, NOV, CLR

3) stocks that reverse off big down days intraday (hammers)

UAL, LUV, JBLU

4) Select shorts

GOOGL, AAPL, AKAM, KS, SDRL

5) Pullback shorts (bounce to resistance after big drop–often was a rubber band trade)

We need to wait and see for this list. Many will come from the stocks that bounce after extreme drops. Big Drop – – -> bounce – – -> short setup if bounce on weak volume and price action

I usually don’t add the breakouts/breakdowns that I am watching to the focus list until it is close to entry, but since we are playing the watching game right now, here are a few that I am watching develop.

Breakout: AA, MATX,

Breakdown: GRMN, MSM, SDRL

Market Leaders

These are stocks that I always watch, though they might not be in my tradeable watchlist, nor are they actually always leading the market.

Lots of meaningless bounces or holding the line. The healthiest action was in FB.

Sector/ETF analysis

Latin Regional Banks . . .that’s where it’s at right now. It may be time to dig deeper here. If the market corrects, this, along with airlines, have a chance to be the new leaders.

Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way. It is important to know these rules if you trade off the Report.

New subscribers and trial members please leave me any feedback/comments in the comments, via email (singhjd1@aol.com) or twitter (twitter.com/PaulJSingh)

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