How Much Money Do I Day Trade With?

TL;DR

Day trader Ricky explains how much money he trades with, focusing on learning rather than making money, and recommends starting with a one-share test to gain experience.

Transcript

what's going on team it's Ritchie with techno solutions today is January 29th 2020 I'm eating some Chipotle so if my breath smells I do apologize 15 you can't smell right so all together on the day what I did want to show you guys is I closed a little bit over $1500 profit on the day that's a total of 33 orders all positions close as you guys can s... Read More

Key Insights

• 🤑 Ricky's main focus is on learning and mastering day trading rather than solely making money.
• ❓ He believes that finding a comfort zone for account size is crucial to his trading success.
• 🤑 Starting with a one-share test can help beginners focus on the opportunity rather than being solely driven by money.
• ⚾ Ricky emphasizes the importance of continuous learning and adjusting strategies based on personal preferences.
• ✳️ The stock market requires discipline, structure, and the ability to manage risk effectively.
• 💄 Learning from trial and error and making mistakes is an essential part of becoming a successful trader.
• ❓ Ricky advocates for finding mentors or courses that resonate with individuals to enhance the learning process.

Questions & Answers

Q: How much money does Ricky trade with?

Ricky typically trades with around $35,000 to $40,000, as that is his comfort zone, but he has traded with over six figures before.

Q: Why does Ricky pay himself back to $35,000 to $40,000 monthly?

Ricky found that when he traded with more money, he became too focused on making money rather than the opportunity. By paying himself back to his comfort zone, he can maintain a balance.

Q: What is the purpose of the one-share test?

The one-share test allows beginners to focus on learning and the actual opportunity behind a trade, rather than being obsessed with making money. It helps develop discipline and structure.

Q: How does Ricky suggest beginners approach trading?

Ricky recommends focusing on learning and understanding the market before trying to make money. Starting with a one-share test allows for gaining experience without risking a large amount.

Summary & Key Takeaways

• Ricky closed over $1500 in profit from 33 trades, with most of it made from trading D gas.

• He explains his comfort zone of starting with $35,000 to $40,000 in his account and why he pays himself back to that amount monthly.

• Ricky emphasizes the importance of focusing on learning and suggests starting with a one-share test for beginners.