Learn to Day Trade - Simple futures trading strategy

Hello and welcome to realityfuturestrading.com. In today's video, I am going to be discussing the $50 a day program. Now, not everybody agrees with the $50 a day program. We've always got the expectancy crowd jumping in with their opinion. Well, you guys are entitled to your opinion just as I am entitled to mine, along with anybody else who trades for a living. I came up with the $50 a day program a couple of years ago when I first got started trading. Much like everybody else, I struggled. I had a really hard time. I would get a method, I would pay good money for it, I would try it. Well, of course, the first time it failed me a couple of times I'd move on to something else. And before you know it, after about a year-- that would be my first year day trading the futures markets-- I was going broke, breaking even at best. I went to see a friend of mine and he had suggested the $50 a day program. And the $50 a day program involves using one high-probability set up, taking one trade a day, making your $50, and then stopping for the day. Ideally what the $50 a day program is really designed to do, it's designed to help you with your trading psychology as well as help you with your discipline. And the rules are as follows-- you take one trade a day. If you make any more than $50, unless it's positive slippage you have to count that as a losing day. Now I know you're probably saying to yourself, jeez, $50 a day, that's ridiculous. Well, if you're like I was and you're losing money on a daily basis, breaking even at best, well then $50 a day is not such a bad proposition. And let me ask you, if you can consistently make $50 a day for one month straight on one contract, how much is that going to improve your discipline? As well as improve your confidence, as well as add a little bit of money to your trading account. I mean, let's face it, your average trader starts out with roughly a $5,000 account-- not a whole lot of money. If you put everything into perspective, if you can average $50 a day over an average of 20 trading days a month, that's $1,000 a month. That's a 20% increase on your trading account before commissions, which that's better than most hedge fund managers if you really look into it. One thing I suggest when you do opt to do the $50 a day program, you need to commit to it. And you really need to stick to your guns. I know you're sitting there and you're still saying jeez, Ray, $50 a day, that's not a whole lot of money. Well you know, you're right, it's not a whole lot of money. Well, the real secret comes in when you've completed your first month, you've averaged $50 a day. Sometimes you'll do it in one trade, sometimes it'll take you a couple, you will have some losers. However, if you can complete the 30-day program, if you can stay focused, if you can stay disciplined, then the following month, the second month, all you've simply got to do is add a contract. Same thing goes for the third month. Now instead of trading two contracts at $50 a day, now you're trading three. Ideally the goal is to try to get yourself to eight or 10 contracts after about 10 months. And if you look at the big picture, $50 a day on 10 contracts is $500 a day before commission. No more sitting around, staring at the screens for hours upon hours all day long. It's simply get in, make your high-probability trade, make your $50 on however many contracts you're trading and then go get on with your day. Folks, I'll tell you what, there's more to life than staring at the screens eight, 10, 12, 16 hours a day. It didn't do me any good, and I'm willing to bet it's not doing you any good either. Let me go ahead, I'm going to show you a couple examples here using the Falcon Swing Trader of some $50 a day trades you could have taken today here on the NQ. All right, our first trade of the day was pre-market right here. I wouldn't be interested in taking that. However, I did get my signals. I got two sell warning dots, which is a strong sell signal. I had a nice red Swing Trader filter down here. I got my short entry triangle my entry bar, short entry hash mark and sure enough, down I go. My entry would have been right around 28,12,75-- call it 28,12,50, and let's allow a tick for slippage. And I easily get my 10 ticks on the NQ right there. I've got a long set up here, however I don't have a green warning dot on my entry bar so I'm going to pass on that trade. My next trade comes after that. I've got a green filter dot right here on my Falcon Swing Trader filter. There's my buy warning dot, my long entry triangle. Price is trading above the Falcon Swing line. I enter here on my hash mark-- even with a tick or two of slippage, again, I easily get my 10 ticks. So like I said, why spend hours a day sitting in front of the screens just waiting for every little move that comes by like we're going to knock it out of the park every time when you can wait for a high-probability set up, make your quick $50 on how ever many contracts it is you're trading, and they just get on with your day? All right, well I hope you found this video to be informative. If you have any questions, please feel free to email me at Ray@realityfuturestrading.com. Thanks, and have a great day.