I said yesterday that we don’t need to rely on outliers like KRTX to make decent profits from day trading. Wednesday proved the point, with this nice little double from NVDA:
Like KRTX before it, this was a standard setup — nothing fancy, all simple stuff. The first exit came when the momentum dropped away and we were at a target price.
After a bit of consolidation, there was another push. With profit in the bag it’s always easier to take a second shot, with the usual proviso that an early exit will limit losses. NVDA pushed up all the way to the previous day’s high, which was the logical target. It kept moving for a bit so I hung on probably a few minutes longer than I should have (execution score 4 in the trading journal!) That put almost a thousand dollars more into the pot.
Making more than two and a half thousand dollars in two trades on a single stock over a period of less than an hour is a good day, don’t get me wrong. My point is that there are many, many good days like this. We don’t need supernova stocks like KRTX to make a decent living from day trading. A solid strategy, a bit of practice, some mental fortitude (which comes with the practice), and showing up every day in front of a screen, is enough to make a nice living for relatively little time spent ‘working’.