Daytrading for steady income is a great reason to trade but it also is a great way at forcing us to improve our own self awareness. A trader is not the same thing as a person trying to trade. As people, we often want things and do things that are counter productive to creating a steady income trading.
It’s important to be steadfast and strong with our goals of trading for income. The best way to achieve that is to be able to quit our trading sessions with a positive result a majority of the time while controlling our drawdown. That’s sounds easy, right? At least the idea is something we can agree to. It’s a big Dah!, actually..
Why is it so hard for most people to achieve? In a word — overtrading! If you embrace the idea that ‘less is more’ you will have taken the first step towards achieving ongoing equity growth with minimal drawdowns — along with other benefits that are easy to understand like, less time needed. Time is money too, right?
This simple one and done plan, daytrading the NQ tells the same story. It has won 73.5% of all its trades (and sessions) over the past 6 months, which is as far back as we can pull data for.
Notice the Avg Net Profit per trade. If you can make $50 net, accounting for all wins and losses, you can grow that into a substantial income while you continually grow your position size over time. Einstein was onto something, naming the power of compounding the 8th wonder of the world. Let’s use that!
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