Some Advice From Maurice Kenny for Young Traders and Investors
For those people that want to get into day trading and make $10,000, Maurice has 3 important tips for how you can achieve that.
- Have a Plan: Before ever entering a trade, you need to have a well-defined plan. That means planned entry points based on the naked chart, planned exit points where you will sell for a profit, and planned exit points for a stop-loss to sell at a much smaller loss. 90% of people do not have this and it’s similar to driving a car with a blindfold on. You may be okay for some time going straight, but your luck will quickly run out. So, have a plan and stick to it.
- Listen to the Chart: The naked 5-minute chart for day trading shows you directionally where the chart is going without any technical indicators or having to understand the news. If you learn to understand the language of the candlesticks, they clearly tell you exactly where the chart will bounce, fly up, or fall down. The 1-minute chart will tell you exactly if you should or should not enter a trade based on the 5-minute chart direction. The key here is to wait for those candles to close—it gives you all the information you need.
- Stop Over-Trading: Most people think they need to trade 6 hours a day in order to make $10,000 a month. Depending on the move, 2 minutes can equal a 10% gain, so when you think about it, you really don’t need to be right for that long when you buy what’s known as same-day expiration SPY contracts. You just have to be directionally correct for 2–10 minutes and you will be profitable, which my students have proved time and time again. Besides, when you think about it, if you can’t be profitable by taking 1 trade, why take more trades to fix that problem? Stop over-trading and go back to steps 1 & 2, because those are your issues.
You learn more about Maurice Kenny and his company, MK Financial LLC, at their Website: https://www.mauricekenny.com/