Hey there, Ross Cameron here! In this blog, I’m excited to break down my day trading results for 2023, where I finished with over $300,000 in net profit. I’ll delve into the four steps that I followed in 2023, leading to my profitable year. I’ll also discuss my goals for the upcoming year and reflect on valuable lessons learned. Let’s dive in!
Reflecting on My Day Trading Journey
I’ve been engaged in day trading for over two decades, with 2023 marking another year of growth and learning opportunities. I’ve experienced various market conditions and challenges, which have contributed to my extensive knowledge and intuition in the field of day trading. In the following sections, I’ll outline the key steps that have been pivotal in my success and share insights that can benefit aspiring day traders.
Step 1: Risk Management
Risk management has been a crucial aspect of my day trading strategy. Acknowledging the inherent risks in trading, I’ve prioritized understanding and mitigating risks before focusing on potential profits. Through analyzing my historical data, I’ve refined my approach to risk management and developed a strong sense of discipline in cutting losses and managing risk effectively.
Step 2: Finding the Best Stocks to Trade
Identifying strong stocks with high relative volume and substantial potential for growth has been essential in my trading success. Utilizing my proprietary scanning systems and harnessing technology to identify favorable trading opportunities has been a significant factor in my profitable trades. For example, I’ve observed that stocks exhibiting five times relative volume and experiencing significant price movements have often yielded the best results for my day trading endeavors.
Step 3: Taking Setups with High Probability of Success
In 2023, I’ve learned the value of patience and discernment in choosing trading setups with the highest probability of success. Focusing on high-quality setups, dips off support, micro pullbacks, and ABCD patterns has contributed to consistent and profitable trades. Additionally, I’ve emphasized the need to avoid overtrading and have recognized the significance of the 80/20 rule, where 20% of trading days produced 80% of my profits.
Step 4: Discipline
Maintaining discipline has been a guiding principle in my day trading journey. I’ve realized the importance of recognizing FOMO (fear of missing out) triggers and exercising restraint when market conditions are not conducive to successful trading. Embracing gratitude, being mindful of greed, and knowing when to walk away have been critical elements of maintaining discipline in day trading.
Goals for 2024
As I look ahead to 2024, I am committed to pursuing continuous improvement and growth in my day trading. My goals for the upcoming year include:
- Conducting a Small Account Challenge: I aim to undertake a small account challenge in 2024, leveraging my expertise to demonstrate successful day trading strategies with a smaller trading account.
- Improving Accuracy and Profit-Loss Ratio: I aspire to elevate my trading accuracy back towards 70% and enhance my profit-loss ratio, emphasizing the importance of high-quality setups and disciplined trading practices.
- Supporting Members at Warrior Trading: I remain dedicated to mentoring and guiding members at Warrior Trading through daily market commentary, educational content, and interactive trading broadcasts, fostering a supportive and learning-focused trading community.
Conclusion
In conclusion, 2023 has been a year of valuable insights and growth in my day trading journey. By prioritizing risk management, identifying strong stocks, taking high-probability setups, and maintaining discipline, I’ve achieved significant success in day trading. Looking forward, my goals for 2024 reflect my unwavering commitment to continuous improvement, supporting fellow traders, and leveraging my expertise to navigate the dynamic landscape of day trading. I am eager to embark on the upcoming small account challenge and further refine my trading strategies for a successful and profitable year ahead. Thank you for joining me in reflecting on my day trading journey, and I look forward to sharing more insights and experiences in the future.
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Warrior Trading was founded by Ross Cameron in 2012, and is now a thriving community of thousands of traders. You can learn more about joining the Warrior Trading community here.
Check out Ross’s newest book, How To Day Trade: The Plain Truth.
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