Day trader success stories and advice

The world of day trading might be a lot more accessible, but that doesn’t mean that profiting from it has become easier. Sure, you’ve got high speed internet, automated trading software and access to all the applicable news resources and outlets online; including Flyte, which allows trading information and access to help grow future wealth for those under the age of 18. However, despite access to more information, no trader worth their salt will ever tell you that there are guaranteed outcomes. The volatility of the market remains such that great risk is part and parcel of the process, and while great risk can equate great rewards, those who have made a success of day trading have done so by applying certain key principles. Discipline, patience, thoughtfulness and a lack of emotions are some of the key psychological principles that successful traders use in their day-to-day trading activities.  And here’s the thing; there are major success stories in this industry. There are individuals who have truly coined it, and it is three of these people to whom we shall now look. 

1. George Soros

It would be impossible to talk about trading or the stock market without talking about George Soros – considered a legend amongst traders. Soros has been deemed the best trader ever, after having earned the nickname ‘the man who bankrupted the Bank of England.’  Soros has had one of the longest careers in the business. He graduated back in 1969 and began working at Quantum Fund where he turned a profit in no time, so much so, that the company’s profits matched McDonald’s annual income for 1996. The man was clearly ahead of his time. Soros’ biggest claim to fame in the day trading arena came in 1992 when he netted $200 million within a month. He’s gone on to publish several books on the subject while his peers have pointed out his humility regardless of his success, saying that he never argues when he makes a mistake and usually ponders on it. It’s safe to assume that Soros realised early on in the game that in order to be successful when trading USD and other currencies,  one must be accepting of the fact that not every trade is going to profitable.

2. Ross Cameron

A much more recent success story would be Ross Cameron, an architect turned day trader.  After graduating from the University of Vermont, Ross headed off to Manhattan where he was employed by a design firm and took an interest in the money market. However, upon seeing that his portfolio was being poorly managed, Ross decided to do it himself. He went back to his home town of Vermont and took it upon himself to day trade in stocks under $20. In his quest to spread the knowledge of his findings, he founded the Day Trade Warrior in 2012– a forum for the sharing of industry-related ideas. In 2014 he began offering courses focusing on stock selection, risk management, and maximum entry security, and it was reported that in 2016 he creamed an incredibly decent $$222,244.91.

3. Mark Minervini

Mark Minervini spent almost 10 years doing comparative analyses to the point that he eventually developed his own trading methodology and implemented it to great success. In 2000 he founded his own hedge fund –  Quantech Fund LP, after which he became the chairman for Quantech Research Group – a company that specialises in high-profile clients using Mark’s developed methodology.  By day Mark busies himself with all sorts of corporate investors and clients and at night studies various the financial movements of various companies. Mark’s big reveals to any day trader would be to rather focus on trends as opposed to buying at the lowest possible rate, and when faced with a complicated market situation, to rather lower your risk and with that, your profit expectations. 

Featured Image Credit: Nicholas Cappello on Unsplash