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Happy 4th of July weekend! Today marks the beginning of a new direction for me. Starting today, I will be using this newsletter to document my day trading journey. Below, I will explain why I've decided to pursue day trading and why I will be publicly sharing my progress.

Oh and by the way, I know this is a massive change in direction, so no hard feelings if you choose to unsubscribe. 

Why I decided to Start Day Trading

A while back, I was talking to a friend who has been a successful day trader for the last 15 years. He was telling me about his trading system, which allows him to make consistent income while trading just 2-3 hours per day. This guy has a greater than 70% win rate and he is literally done trading by 10am mountain time, which gives him the freedom to do whatever he wants the rest of the day. The more I talked to him, the more I realized that day trading might be right up my alley.

So two months ago, I decided to go all in on learning technical analysis and how to day trade. Since that time, I've been diving head-first into books on trading psychology, listening to podcast interviews of traders, and watching more hours of YouTube than you can possibly imagine.

I've also been actively trading. Most people don't recommend that beginners start live trading as quickly as I did, but I believe the best way to learn is to jump in head first.

For the first few weeks, I was trading at an impressively bad win rate of 14.5%. I'm not going to lie, being that bad was pretty demoralizing and I questioned whether or not I could make this trading thing work. But I kept with it. I continued to study, I continued to trade, and most importantly, I continued to learn from my mistakes. As a result, I have slowly but surely increased my win percentage and I'm ALMOST to the point where I am a break-even trader.

That might not sound all that impressive, but if you ask any veteran trader, they'll tell you that becoming a break-even trader is a massive milestone on the path to profitability.

Documenting My Trading Journey

As I mentioned above, I will be using this newsletter to document my day trading journey. I will be sharing my trading stats, learning lessons, resources, and more.

My plan is to start with a $5,000 trading account, and each week, I will share my win %, P&L, my best trades, my worst trades, and any other relevant stats.

The reason I am doing this is to:
1) Help other beginners set realistic expectations for their trading journey. 
2) Hold myself accountable: If I know I am going to be sharing my trades publicly, I am more likely to follow good habits and avoid poor risk management decisions. 

In addition to documenting my trading stats, I will also be sharing what I learn each week. Learning lessons could be related to chart patterns, candlestick patterns, price action analysis, indicators, trading rules, risk management, and more. These lessons will include real-world examples plus any videos or educational resources that I find particularly helpful. The purpose of this is to:

1) Help other traders become profitable more quickly.
2) Keep a record of my favorite resources and tips in case I need to refer back to them later. 
3) Force myself to review my trades and search for big takeaways and lessons that will make me a better trader moving forward.

How to Follow Along

If you want to follow along, I'd encourage you to subscribe to my newsletter (if you haven't already). Next week will be the first week that I officially document my trading stats and learning lessons.

You can also follow along on Twitter. It might be a few weeks before I get started there, but right now, I plan to provide daily trading updates and tips via my Twitter account.

Twitter will also be the place where I share all of the other random things that I'm working on, discovering, or that I just find interesting. Topics could include entrepreneurship, parenting, gadgets & gear, golf, crypto, NFTs, and more. 

Thanks as always for reading and I'll see ya next week!

- Eric