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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


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.
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.

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

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 "