How I Made $985 Profit Day Trading | Investing For Beginners | Summary and Q&A

TL;DR

Trader Rick recaps his successful day of trading and emphasizes the importance of locking in profits and focusing on principles rather than dollar value.

Key Insights

• 🥳 Locking in profits and focusing on principles, rather than dollar value, contributed to Rick's successful trading day.
• 😥 Identifying and understanding resistance levels can help traders make informed decisions on entry and exit points.
• 🥺 Being patient and waiting for confirmation of a reversal can lead to more profitable trades.
• 🧑‍💼 Taking advantage of sell-offs and recoveries can be a viable strategy for certain stocks.
• 🫒 The Learn Plant Profit Group offers live trading sessions and guidance to help traders improve their strategies.
• 💰 The success of a trade should be measured by consistent profitability rather than reaching a specific dollar value.
• 🍧 The importance of controlling variables and having a clear trading strategy is emphasized.

Transcript

hey what's going on guys it's Rick you've a technical solution tip that you guys are all having an amazing day I'm gonna do a quick little recap on my trade today what led to my success actually just finished going live with the learned plant profit group we went live for I think about an hour to an hour and 20 minutes so for the learn plant proper... Read More

Questions & Answers

Q: What is the Learn Plant Profit Group, and what is its purpose?

The Learn Plant Profit Group is Rick's private group where members can watch him trade live every morning. Its purpose is to provide insights and guidance in trading strategies.

Q: How did Rick determine his entry and exit points on Jaehnig?

Rick observed consolidation around the $7.40 to $7.50 resistance level and used the MACD indicator to identify potential overbought conditions. He locked in profits as the stock approached this resistance level.

Q: How did Rick handle potential buy opportunities during the trade?

Rick explains that he did not take positions during pullbacks or when the stock bounced off the EMA or SMA indicators. He focused on the MACD and overall pattern, waiting for confirmation of a reversal before entering the trade.

Q: What strategy did Rick use for trading Dgas?

Rick waited for a sell-off on Dgas after the natural gas report came out, and as it began to recover, he entered a position. This strategy has been successful in the past, as the stock tends to make higher highs after recovering.

Summary & Key Takeaways

• Rick recaps his trading day in which he made nearly $1,000 in profit solely from day trading one specific ticker.

• He emphasizes the importance of focusing on locking in profits rather than trying to maximize dollar value.

• Rick mentions his trade on the ETF Jaehnig and explains his entry and exit points based on resistance levels.