DaytradeMillionaire - From 100 Dollar to one Million Dollar in one year

7 Signs that you Are Ready for Full-time Trading

noreply@blogger.com (Arslan) — Sat, 07 Jun 2014 04:29:00 +0000

1. You Have Developed a Solid Trading Plan
Having a trading plan and deploying it consequently is on of the first things an aspiring full-time trader should check for since it marks the guidelines that determine the decission on when to enter or exit a position. A decent trading plan should also cover Moneymanagement rules, thereby make manageing emotions and risk more achievable through a objective approach.
Creating a trading plan is the easy part, since the majoroty of traders fail at execution due to a lack of discipline. Sticking to the plan is inevitable if you want to avoid devastating losses or even worse lose your entire capital eventually.

2. You Desire Freedom But don't shy Responsibility
Trading for a living comes with nice benefits like having no boss to take orders from and being in charge over your destiny, but make no mistake that doesn’t mean that you have to work less, quite the contrary is more likely the case. You left 9 to 5 but now you have to adapt to the market in order to benefit from its activity, what can mean longer hours and more flexibility. Even tough today you can trade from everywhere in the world with various devices in your swimwear its still important to stay focused in order to deliver profits.Trading should be now seen as business not a hobby.

3. Your Trading Profits Excel Your Salary Constantly
“Ramen-Profitability”might be a avid expression of commitment when it comes to bootstrapping a startup, but if you are serious about quitting your job to follow your inner calling and become a fulltime trader your profit should at last match the income from your former job. You have to be mentally and financially prepared for facing as yet unknown income instability too. Some say you have to hold a one year’s worth of expenses cash cushion ready, but It all depends on your individual situation therefore everyone must calculate the particular risk/reward-ratio for this one.

4. You Admit and OvercomeYour Weaknesses
Beeing honest with yourself is one of the hardest and most important things when it comes to trading-psychology. If you can't take self-criticsm chances are you will most likely never make progress and become a profitable trader. The first step is to admit mistakes and stop blaming everyone and everything else but yourself for bad decisions. Hereupon the mistakes should be avoided by applying the “Kaizen”-methodology wich is japanise for slow, gradual but continuous improvement. This takes time but is very efficient.

5. You Keep a Trading Journal
Even if it may seem trivial or appear as a learning aid for novice traders, a trading journal is as essential for seasoned traders since it
enables the analysis of former entry and exit decisions. By recognizeing weak spots in a strategy or ones trading behaviour, the trader is able to improve by avoiding to repeat mistakes or develop strength further. Analyzing prior performance is common practice also in sports in order to maximize athletes efficiency.

6. You Have Built a Positive Track record

If you managed to stay profitable over a longer period of time, congratulations you have proof of your trading skills and have earned a good reputation. This is important if your goal is to manage Investors money, since they want to keep the risk for their investment as low as possible. Even tough past performance is not indicative of future results, a positive trackrecord can definitely attract investors.

7. You Have a Healthy Work-Life Balance
Since trading can be quite stressfull, especially on a full-time basis, it is crucial not to neglect the health-aspect that goes with
it. Stress is a well known cause for several diseases and a lower life expectancy. Through frequent exercises and movement the stress-level can be scaled down to a healthy measure. Meditation and deep breathing can help you to counter stressors just as a healthy nutrition keeps your body fit. Spending time with family and friends has a positive impact on your longevity too.

Are You Ready to Take the Jump?

Your toughts may already spin around the ,markets all day long so why not pursuing your dream and do anything necessery to become the trader you have to be, in order to succeed. Confront your weaknesses and overcome every single one of them to get where you know you truly belong to. Never quit improving your skills and constantly remind yourself what your ultimate goal is. If you really want to become successfull and dont fear change, you most certainly will make the transition to full-time trading.

Good luck dear traders, stay strong and never give up.

Best Regards,
DaytradeMillionaire

Making Lemonade out of lemons or how to profit from the crisis

noreply@blogger.com (Arslan) — Sun, 02 Oct 2011 18:05:00 +0000

Maybe you guys already stumbled upon this interview already, if not I would recommand you to watch it. Sure Rastani was quite provokative with this dream-thing, but actually this should not be as shocking as it obviously is. everyone knews that you can pocket in when the market is heading north aswell as when it is about to meet new lows. Speculators have done this over the past centuries and todays Traders do aswell. There were many grat Investors wich recognized the opportunity and build fortunes. Legends as Jasse Livermore & Paul Tudor Jones are just two of many that did not miss to do the right thing at the right time. So what is all that hype about with this interview i.e. Rastanis Statement?! I guess the only shocking thing is that actually someone tells the truth in front of a camera. What do you guys think about the stuff he said in the interview? Some people called him a psychopath and wanted him dead and the theory that this whole interview was a hoax shows how uncomfortable the truth can be. The question is, when its wrong to capitalize on the crisis, what is the alternative for a trader? Wait untill the the market has stabilized itself and hort the cash under the mattress while you sit on your hands. The big institutions are going to get their piece of pie that thing is for sure, but when small traders proclaim that everone can cash in during the tough time when appropriately prepared the fingerpointing starts.

DaytradeMillionaire plan part day 44 to 365

noreply@blogger.com (Arslan) — Sun, 28 Aug 2011 19:35:00 +0000

"DaytradeMillionaire reloaded" Back from blogcation

noreply@blogger.com (Arslan) — Sun, 28 Aug 2011 14:06:00 +0000

It's been quite a while since the last post, but as I said "I'll be back". Lot of things happened during the period I kept my project paused. I was not able to trade all the time because I was pretty busy and had to get a few private things done before I could move on, because as you know the psychological factor must not be underastimated when you aim for successfull trading results. I however did experiment with some new strategies the trial & error way and made some conclusions for my further trading path. I want to thank all of you guys wich sticked to the project even it was on hold for so long. I tried to answer all mails, and plan to inplement the answers to your questions as the requests and suggestions into the articles in order to improve the blog for you readers. For the first part I would like to write obout some points I find crutial for successfull trading, since many readers are obviously interested in this topic. For the second change, I would like to involve you more in the project by providing better statistics and the option to kind of mirrortrade my trades, in order to make this possible I have choosen a particular broker wich offers the fitting services. I will explain the details on this very soon, so keep updated by subsribing to the blog if you haven't already.
I will continue my trading with the amount of 379,72 $ wich is obviously 11 cents less then 379,83 $ (the balance at the moment i paused the projet) the reason is that I started the account with less money and traded it up to 379,72 $. I tried hard to get the exact ammount but as you know the volatility of these days is not a help in this matter. So after a few invane attempts to reach the axact ammount of 379,83 (the problem is that if the position goes to much positive I have failed too). I was tired of trying and decided that even as a perfectionist I can live with that number and I will simply add to my first daily profit target 11 cents in order to reach the ammount. I assume that some of you find this quite irrelvant but Im a details guy, so I found it hard to accept irregularities such as these. Actually ist ok because the amount does not exceed the former balance, so I did not made the project softer buy adding some cents extra. Btw with a daily gain rate of 2,5 % the 0,11 cents are after 322 days eventually worth 312,23 $ thanks to the effect of compound interest, so 11 cents are as a matter of fact not insignificant as they may seem.
Daily updates on the trading results will continue in a few days, so stay tuned.

The Personality of a Trader

noreply@blogger.com (Arslan) — Tue, 12 Jan 2010 03:08:00 +0000

Its hard not to trade, and also without the posting but the Pangs of remorse reminded me that Ive taken a "Trader Personality Test" a while ago and I tought it might be interesting for some of you to check it out yourself. Its complitely free and there are a couple of other tests, but I took just the trader's personality test. Beneath you can see my results, unfortunately the details are not clickable since you would have to log in in my account but I guess you are more interested in your own results anyway ;)

PERSONALITY FACTORS
Conscientiousness : Very High
Emotionality : Very Low
Extraversion : High
Openness : Very High
Agreeableness : Above Average
For Details Click here

BIAS REPORT
Confidence Biases
Overconfidence : High
Over-Optimism : High
For Details Click here


Risk-taking Biases
Risk Aversion : Very Low
Emotional Vulnerability : Very Low
Holding Losers too Long : Low
Cutting winners short : Above Average
For Details Click here


Impulse-control
Self-discipline : Very High
Immediate Gratification : Below Average
Excitement-seeking : Below Average
For Details Click here

Intellectualism
Intellectualism : High
For Details Click here

Herding
Trend-following : High
For Details Click here

Special Post

noreply@blogger.com (Arslan) — Fri, 08 Jan 2010 18:51:00 +0000

Dear Readers,

first of all Im sorry that I havent updated the blog the last few days. As you know I did not trade as much around the new years eve I wrote that in the last post. But now im facing a realy stresfull time (Uniersity) since I have to finish two projects on which I have worked this semester, and there is still a lot of work to do, not to mention that I got to work to earn some bucks between that all. I tought about my one year project considering the progress so far. The way I see it, Im way to far back to catch up the plan again especially when I know that I can hardly trade the next 2 -3 weeks. Im not a pessimist belive me that, but this week I placed like 4 trades in the whole week simply because I did not have the time, so I figured out a solution. Its not perfect but its th best I can come up with in this situation. Some clever people say "don't change a working strategy" so i will not change the project uttely for that reason, but I have to adjust some details since I cant stick to my former plan at this moment. Now the solution is pretty simple, maybe you wondered why I wrote in the header "from 100$ to 1 Million in 365 days" ofcourse thats more time then my former plan allowed me to trade (one year has araound 265 Trading days) so I will adjust the project to 365 days. im not sure if its better to take the exact daily growth percenage for 365 days but I will calculate this as soon as possibleand update the blog with my decission.

Im also sorry that I did not had the time to answer your emails yet so please bear with me. But to those of you asking me "how can I double 100$ in one day?" please be patient and read Books (There are definitely good ones some of them are even linked above). So read, practice with a demo account (or papertrading) before expecting such huge profits or expecting to get the holy grail from me or anyone alse. No offense, but you got to know that even in Forex, Stocks, Options Trading, you got to work for your money mates and the first step is to educate yourself about this stuff.

And ofcourse I thank all those of you which had encouraging words for me and shared this journey with me untill this moment.

" I'll be back "

Day 43 - "Good Bye 09"

noreply@blogger.com (Arslan) — Thu, 31 Dec 2009 20:46:00 +0000

The last trading day in good old 2009 as expected the market does not behave in a way which I would cosider as tradable (to much risk).

Targeted Day-profit: 15,91 $
Achieved Profit: 8,02 $
Targeted Cash Balance: 448,18 $
Current: 379,83 $

Day 42 -"Minimal movement"

noreply@blogger.com (Arslan) — Wed, 30 Dec 2009 20:36:00 +0000

Today I realy didn`t want to take to much risk and so I closed both positions pretty close to the opening price, so I did not get much profit but also maybe avoided a huge loss.

Targeted Day-profit: 15,37 $
Achieved Profit: 2,79 $
Targeted Cash Balance: 432,82 $
Current: 371,81 $

Day 41 - "finally some movement in the market"

noreply@blogger.com (Arslan) — Tue, 29 Dec 2009 20:23:00 +0000

After the last few days with no trading or no movement in the market this day was a blessing. I hope tomorrow I can pocket in some profit, but it will be hard since Ill be most of the day offline :/ Ill do my best.

Targeted Day-profit: 14,84 $
Achieved Profit: 32,29 $
Targeted Cash Balance: 417,98 $
Current: 369,02 $

Day 40 - "Groundhog Day"

noreply@blogger.com (Arslan) — Mon, 28 Dec 2009 20:54:00 +0000

Dont worry I did not forget how to count :) This post is the second 40th day because of Dec 25th (market was closed) and I tought it would be easier to correct it rthis way then to change the plan. I dont know how you guys and Girls did today but the market was like asleep (no volatility). And call me a chicken but I just did not found good entering spots today even if I really would need some to get some pips. But as I wrote recently, its not a good idea to trade for a trades sake so I will stick to this prinicipe. I dont expect that the market will change "drasticly" the next few days (untill new year) but I think there will be some chances to place a couple of trades when the market gets little more volatile. So because Im not a good gambler (nor do I gamble at all) I placed just one trade today which I did not close.

Day 40 - "Market closed"

noreply@blogger.com (Arslan) — Fri, 25 Dec 2009 22:48:00 +0000

Oops, obviously I did make a mistake since today the market is closed I could not trade even If I wanted to. I think ill correct my plan. Actually its not a big deal (one day) but it certenly is when Im behind my plan as I m now. I will update the plan as soon as possible. So of course no change today.

Day 39 - "No trading"

noreply@blogger.com (Arslan) — Thu, 24 Dec 2009 10:46:00 +0000

Nothing forexrelated done today. Im I'll spend the next few days with my family.

Day 38 - "Ho Ho Ho"

noreply@blogger.com (Arslan) — Wed, 23 Dec 2009 20:59:00 +0000

As anounced I did not trade (much) today. I just closed two trades which I placed yesturday thats why there is no big profit change for today.

Targeted Day-profit: 12,91 $
Achieved Profit: 7,64 $
Targeted Cash Balance: 376,45 $
Current: 336,73 $

Day 37 - "loss after win"

noreply@blogger.com (Arslan) — Tue, 22 Dec 2009 20:52:00 +0000

After successful yesturday now a "bad day". Atually I dont belive in bad days, there are just days you better stay away from the market if you dont see a good entry. Today I should have done this, but the lack of time let me do it. The first trade (EUR/CHF) i mentioned in the last post and the second i placed today. Never trade for a trades sake (even if you have a plan with daily targets like I do). The next few days I will not spent at home so the next three posts might come later. I will try to post them es soon as possible. Wish you all a nice holliday ;)

Targeted Day-profit: 12,46 $
Achieved Profit: -11,04 $
Targeted Cash Balance: 363,54 $
Current: 329,09 $

Day 36 - "Strike"

noreply@blogger.com (Arslan) — Mon, 21 Dec 2009 20:59:00 +0000

Only winners today :) ok not really, one trade (EUR/CHF long) went negative and I closed it like 2 minutes after midnight with a loss of ca 3 $. So the day was really successfull but not as perfect as it seems, even when the loss was not significant compared to the winners.

Targeted Day-profit: 12,04 $
Achieved Profit: 22,36 $
Targeted Cash Balance: 351,08 $
Current: 340,13 $

Day 35 - "here I am on the road again"

noreply@blogger.com (Arslan) — Fri, 18 Dec 2009 20:36:00 +0000

Today I had finally some time for trading and voila I did some nice moves which brought me nice profit of 20,83 $. I traded in pretty short timeframes since the market was quite active, and secured the profits by closing the positions even if there were more pips to expect. Im pleased with this trading day.

Targeted Day-profit: 11,62 $
Achieved Profit: 20,83 $
Targeted Cash Balance: 339,04 $
Current: 317,77 $

Day 34 - "One step closer to the plan"

noreply@blogger.com (Arslan) — Thu, 17 Dec 2009 20:59:00 +0000

Today was simply perfect, since I was able to save a profit of 14,33 $. Thats a blessing after the last days which put me back behind my plan. the market was pretty active today and there were many opportunities for nice trades, unfortunatey I didnt have much time so I just placed the trades in the morning and then in the evening so again I did not close all trades, since I expect more movement into my favour. Obviously I'm still behind my plan, but Im positive about the catching up.

Targeted Day-profit: 11,22 $
Achieved Profit: 14,33 $
Targeted Cash Balance: 327,42 $
Current: 296,94 $

Day 33 - "tough times"

noreply@blogger.com (Arslan) — Wed, 16 Dec 2009 20:59:00 +0000

Today I again did not have much time for trading so I placed just few trades, this time things went better then yesturday though.I havent closed all positions yet, I expect USD/JPY to fall deeper.

Targeted Day-profit: 10,84 $
Achieved Profit: 7,23 $
Targeted Cash Balance: 316,19 $
Current: 282,61 $

Day 32 - "Less time less profit"

noreply@blogger.com (Arslan) — Tue, 15 Dec 2009 20:51:00 +0000

Today I againd had hardly the time to place orders and check the market. I closed the open orders and just placed anothe rone wich was a loss in the end. Certainly not my best day so far.

Targeted Day-profit: 10,47 $
Achieved Profit: -8,70 $
Targeted Cash Balance: 305,35 $
Current: 275,38 $

Day 31 "Becoming a Daytrade Millionaire is no picnic "

noreply@blogger.com (Arslan) — Mon, 14 Dec 2009 20:56:00 +0000

Today was great, I placed 2 positons pretty early in the morning and both were quite a success. Then after I secured the profit of the first two trades, I opened 2 another but with half the size of the first two. I used SL and TP since I knew tat I would spend all the day offline. As I came back neither SL nor TP were activated so I have now two open positions left. Unfortunately I was not able to catch up the plan, which of course bothers me a little, but all told I'm satisfied with the achieved profit.

Targeted Day-profit: 10,11 $

Achieved Profit: 10,60 $
Targeted Cash Balance: 294,89 $
Current: 284,08 $

Day 30 - "Decent revenue"

noreply@blogger.com (Arslan) — Fri, 11 Dec 2009 20:28:00 +0000

Today I placed some pretty decent trades, and pocked in 8,86 $ which is below the daily target. Im now ca. 11 bucks behind the total net worth target. I will give my best to reach the plan again next week, in this project patience its all about.

Targeted Day-profit: 9,76 $

Achieved Profit: 8,86 $

Targeted Cash Balance: 284,78 $

Current: 273,48 $

Day 29 - "The nightshift pays out"

noreply@blogger.com (Arslan) — Fri, 11 Dec 2009 11:36:00 +0000

Today i knew that I again will not have much time to trade so I decidet to place some positions during the night. I had one position open from yesturday which I expected to turn Into my favour and traded 2 other. In the end the nightshift endet perfect, No losses. Even when I was able to top the day target, I'm still behind my plan.

Targeted Day-profit: 9,43 $

Achieved Profit: 12,03 $

Targeted Cash Balance: 275,01 $

Current: 264,62 $

Day 28 - "No change"

noreply@blogger.com (Arslan) — Fri, 11 Dec 2009 11:26:00 +0000

Today I placed just a few trades and in the end broke even, unfortunately I did not had much time for trading again.

Targeted Day-profit: 9,11 $

Achieved Profit: 0,61 $

Targeted Cash Balance: 265,58 $

Current: 252,59 $

Day 27 - "The race to catch-up has begun"

noreply@blogger.com (Arslan) — Tue, 08 Dec 2009 20:17:00 +0000

Today was pretty sccessfull since I had more time for trading today and so was able to place some profitable trades. Blessedly after this day could catch up with my plan again, which makes me certainly more comfartable. I pocked in a profit of 16,15 $ today and lm looking vorward to the rest of the week.

Targeted Day-profit: 8,79 $

Achieved Profit: 16,15 $

Targeted Cash Balance: 256,48 $

Current: 251,98 $

Day 26 - "The singing Trader"

noreply@blogger.com (Arslan) — Mon, 07 Dec 2009 20:45:00 +0000

Today I was pretty busy, because I had to practice with our choir for 3,5 hours for the upcomming christmas concerts. I knew that this monday the time for trading will be short so I tried to place some trades on sunday as the market opened, but I had problems to get in. I placed one another trade today which went better then the first one, so the day was positive which is good after I took this loss last friday.

Targeted Day-Profit: 8,49 $

Achieved Profit: 8,74 $

Targeted Cash Balance: 247,69 $

Current: 235,83 $