7 things I learned from making $15 Million as a Day Trader....

Last updated: May 21, 2023

The video by Umar Ashraf is about the lessons and things he learned throughout his journey as a day trader, including not having to trade every day, adapting to the market, and setting realistic goals.

The video is about a day trader who made over $15 million in 10 years of trading and shares the lessons he learned throughout his journey.

He emphasizes the importance of not trading every day and focusing on finding opportunities in the market.

He also stresses the need to adapt to the market and recognize when strategies are not working.

The trader advises setting realistic goals that are not solely money-related, such as improving win percentage or risk-to-reward ratio.

He encourages traders to focus on identifying opportunities and setting small goals to achieve success.

Focus on finding opportunities in the market and don't feel the need to trade every day.
Adapt to the market by recognizing shifts and making proper transitions.
Set realistic goals that are not solely money-related and focus on improving win percentage and risk to reward ratio.
Track and analyze trades to identify areas of strength and improvement.
Have playbooks and setups for consistency and discipline in trading.
Establish entry and exit criteria and manage risk through journaling and emotional management.
Understand the psychology involved in trading and manage emotions to keep losses and gains manageable.
Flexibility and adaptability are key to success in trading.
Having a game plan and sticking to it is crucial for success in trading.

7 things I learned from making $15 Million as a Day Trader.... - YouTube

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Not Having to Trade Every Day

Focus on finding opportunities in the market.
The market does not give you an opportunity every single day.
Identify the way you trade and your strategies.
Approach each trading day according to what the market presents.
Realize that it's okay to stay cash if the market doesn't present an opportunity.

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Adapting to the Market

The market changes year over year and has seasons.
Recognize when the market shifts its direction or pauses.
Make the proper transition and adapt to the market.
Understand the market from a macro point of view.
Realize that change will happen and make adjustments accordingly.

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Setting Realistic Goals

Set goals that are not money-related.
Focus on improving your win percentage, risk to reward ratio, and R multiple.
Don't create false expectations and pressure by setting unrealistic money goals.
Make small goals such as not having a drawdown more than 10% or keeping your winning percentage at 60%.
Build those goals and go deeper into goals such as not taking more than five trades a day.

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7 things I learned from making $15 Million as a Day Trader.... - YouTube

Other Lessons Learned

Don't be afraid to take a break from trading.
Don't let emotions control your trades.
Don't chase trades or have FOMO (fear of missing out).
Have a game plan and stick to it.
Be patient and wait for the right opportunities.

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Setting Realistic Goals

Goals should be manageable and achievable.
Creating false expectations and high pressure for oneself does not work out.
Risk is crucial in trading and should be managed and controlled.
Before taking any trade, define the area of risk and accept the loss.
Factoring in risk is important to have a healthy P&L curve in trading.

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Tracking and Analyzing Trades

Every trader should journal their trades.
Tracking and analyzing performance helps to see where one excels and where one needs improvement.
Measuring winning percentage, average win/loss ratio, and effective strategies is important.
Tracking allows for cutting off heavy baggage and focusing on areas of strength.
Tradezilla is a recommended tool for tracking trades.

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Having Playbooks and Setups

Having an outlined example of strategies is crucial.
Playbooks should include entry and exit criteria and market conditions.
Playbooks become effective when the market is reacting in a certain way.
Multiple playbooks can be developed for different market conditions.
Having a playbook allows for consistency and discipline in trading.

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Adapting to the Market

The market is constantly changing, and traders need to adapt to it.
Traders should not have to trade every day.
Adapting to the market means being patient and waiting for the right opportunities.
Traders should not be emotionally attached to any trade.
Flexibility and adaptability are key to success in trading.

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Entry Criteria and Playbook

Break down the opening range breakout strategy.
Identify the entry criteria for market conditions.
Look for volume above average and breaking above the supply zone.
Establish a setup and playbook that is effective for trading.
Ask yourself what your strategy is, what your entry criteria is, and what market conditions are needed.

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Exit Criteria and Risk Management

Having an exit criteria in your game plan is crucial.
Always know where you're going to exit if you're wrong.
Exit criteria allows you to be fluid in your trading and have a visualized game plan.
Journaling can help you understand how you respond to certain things in the market.
Manage your emotions by understanding them and dealing with them.

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Trading is 90% Emotional

There is so much psychology involved in trading.
You can't eliminate your emotions, but you can manage them.
Understand how you respond to emotions and journal about it.
Think about your next 100 trades to keep losses and gains manageable.
Don't let one trade impact your psychology or emotions.

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Lessons Learned

Break down the opening range breakout strategy.
Identify the entry criteria for market conditions.
Establish a setup and playbook that is effective for trading.
Having an exit criteria in your game plan is crucial.
Manage your emotions by understanding them and dealing with them.

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Lessons Learned from Making $15 Million as a Day Trader

It's important to not get ahead of yourself and to narrow down your trades.
Trading is a long-term game and success may not come in the first few years.
Most of the money made came in the last five years of trading.
One year made up over 50% of trading profits.
Consistency and working on skill sets is key to compounding success year after year.
Take trading seriously and focus on knowledge and wisdom in trading.

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7 things I learned from making $15 Million as a Day Trader.... - YouTube