How I Made $2,877 in 7 Minutes So You Can Copy Me

Summary

In this video, the speaker reveals a straightforward day trading strategy that earned him $2,877 in just 7 minutes. He emphasizes the importance of simplicity, encouraging viewers to forget complex indicators and avoid funded accounts. The strategy focuses on identifying stocks that 'gap up' due to significant news, creating a watchlist, and waiting for a 5-7% pullback before entering trades. The speaker highlights the significance of monitoring VWAP for potential profit-taking. Ultimately, he invites viewers to join his trading community for additional resources and support, aiming to help them achieve consistent trading success.

Takeaways

• 😀 Forget everything you know about trading and embrace a new, simplified approach.
• 📈 Focus on stocks that have gapped up significantly due to news events, ideally 20% or more.
• 📝 Use a gap scanner to identify potential stocks for trading; TradingView and other free tools can be helpful.
• 🚫 Avoid complex indicators and strategies; simplicity is key to successful trading.
• ⏳ Wait for a 5-7% drawdown after the market opens before entering a trade to mitigate initial losses.
• 💧 Ensure that the stocks you trade have high liquidity to allow easy entry and exit without major losses.
• 📉 Sell when stocks show weakness at critical levels like VWAP to secure profits.
• 🧑‍🤝‍🧑 Be cautious of funded accounts; they can be risky and are often not used by successful traders.
• 💵 Take profits quickly to capitalize on successful trades; don’t hold out for unrealistic gains.
• 👥 Join a trading community for support and shared insights to enhance your trading strategy.

Q & A

What is the main trading strategy discussed in the video?

The main strategy is to identify stocks that experience significant price increases, known as gappers, typically those that gap up over 20% due to news or catalysts.

Why does the speaker advise against using complex indicators?

The speaker believes that complex indicators clutter the trading environment and can lead to confusion, recommending instead a simpler approach.

What are funded accounts and why does the speaker discourage their use?

Funded accounts allow traders to pay upfront for access to larger trading capital after passing a test. The speaker discourages their use, describing them as cash grabs and suggesting traders should use their own funds.

How does the speaker recommend finding gapping stocks?

The speaker suggests using gap scanners to identify stocks that have gapped up significantly, with recommendations for platforms like TradingView or free YouTube resources.

What is the importance of waiting for a pullback before entering a trade?

Waiting for a pullback of 5-7% helps avoid losses from immediate price drops that often occur when the market opens.

How does the speaker determine when to take profits?

The speaker aims for a profit of around 25% and closely monitors resistance levels, such as the VWAP, exiting the trade if the stock fails to rise above these levels.

What types of stocks does the speaker recommend trading?

The speaker recommends trading liquid stocks, which have high trading volumes, to ensure easy entry and exit from positions without significant losses.

What tools does the speaker mention for creating a watchlist?

The speaker mentions using TradingView to create a watchlist of potential gapping stocks and indicates that they share their watchlist with their community daily.

What resources does the speaker offer to viewers?

The speaker offers a free trading bundle that includes a course, ebooks, and a checklist, as well as access to a trading community for further support.

What does the speaker emphasize about the trading community?

The speaker emphasizes that the trading community, known as the Draco room, provides support and shares successful trading strategies, with many members reportedly making consistent profits.