Hey everyone, Ross here! Today, I’m going to share the journey of how I became a profitable day trader. You might have heard stories of traders making it big right off the bat. That wasn’t me. I faced failure over and over before finding success. Let me guide you through my journey and share three steps I’d take if I were starting over today.

Discovering My Interest in the Stock Market

My first exposure to the stock market was back in the late 1990s. My school offered a course on the dot-com bubble and the stock market, and I found myself fascinated. We had a pretend portfolio, and though it wasn’t real money, it was thrilling. This ignited my interest in day trading.

Eager to invest, I attempted to get started with $100, but the fees made it impossible. It was a small letdown, but I didn’t lose interest. Eventually, I opened my first real money account with $1,000. Yet, I didn’t know how to day trade, so I just parked my money in big companies. Even though I didn’t make significant gains, I learned a lot about tracking trades.

Early Failures and Persistence

My first real failure came when my high school friend made $166,000 on a penny stock, while my investments remained stagnant. Determined to succeed, I tried day trading during the Great Recession. However, I got flagged by the PDT rule (Pattern Day Trader), limiting my trades. I tried options trading, but again found myself digging a hole, losing money.

At that point, I realized I needed to learn a proven strategy. If I were starting over today, I’d follow these three steps:

Step 1: Learn a Proven Strategy

Find a trader who is profitable and learn their strategy. When I started, I didn’t have anyone to learn from, which was a big mistake. You can learn from me or anyone else, just make sure they’re successful. If you do want to learn from me, you can find my small account strategy worksheet here.

Step 2: Practice in a Simulated Environment

Use a trading simulator to practice your strategy. This allows you to learn the mechanics without risking real money. Focus on making small, consistent gains. Trading with a simulator helps you get comfortable and refine your skills before diving into the real market.

Step 3: Transition to Real Money Early

As soon as you’re comfortable with your strategy, switch to real money trading. Start small, even with just 10 shares, to experience the real emotions of gains and losses. This transition is crucial because you need to handle the psychological aspects of day trading.

Overcoming Big Losses

I faced another major setback when I was down $30,000 in my second year. I maxed out six credit cards, trying to cover my living expenses. The turning point came when I reviewed my metrics and forced myself to stick to strict rules. I also found a trading coach to help me stay disciplined.

From there, I started making consistent progress. I grew my account to $50,000, suffered a significant loss, but then recovered. This time, I knew I had the skills to bounce back. Over time, my confidence grew as I put together streaks of profitable trades.

Conclusion

Becoming a profitable day trader wasn’t easy for me. I faced numerous failures and setbacks. But by learning a proven strategy, practicing in a simulator, and transitioning to real money early, I managed to turn my trading around. Remember, consistency and discipline are key. If you navigate through these steps, you too can find success in day trading.

Day trading is risky, so always manage your risk and take it slow. If you want to learn more about my strategies, check out this page.

I hope you found this helpful–happy trading!

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Warrior Trading was founded by Ross Cameron in 2012. Today Warrior Trading is a thriving community of thousands of day traders learning to trade under the curriculum designed by Ross.

Learn more about me at RossCameron.com and Tirekickers.com

Check out my articles on Business Insider and Entrepreneur.

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Disclaimer: The results shared are based on my personal trading experiences and are not typical. Trading involves significant risk, and past performance is not indicative of future results. Always practice in a simulator before trading with real money.