Have you ever wondered if day trading stocks is similar to grinding for ranks in online multiplayer games? Turns out there are more parallels than you‘d expect.
Let‘s take Fortnite for example. Top tier players don‘t just drop randomly into the map. They analyze the Battle Bus route to identify prime spots with best loot based on prior matches.
Similarly, experienced day traders also have a structured game plan before market open. They mark significant support/resistance levels on their watchlist to deploy capital at optimal risk-reward ratios.
In gaming, you avoid hot drops against stacked squads in unfavorable zones to survive longer and level up faster. Smart traders similarly wait patiently for the highest probability setups with clear entry and exit rules defined beforehand.
And just like reviewing gameplay mechanics after online matches to improve skills, analyzing trader journal logs and statistics is vital to develop winning strategies.
In this guide, we‘ll draw more comparisons between gaming and trading while uncovering a proven step-by-step blueprint to make $100 a day on Webull.
Inside the Mind of a Profitable Trader
Meet Chad, an extremely skilled gamer who also trades stocks actively. For him, the switch from gaming to trading was almost second nature once he saw the underlying similarities.
In his words:
"Just like grinding online matches to rank up in games, successful trading requires a structured game plan, avoiding tilt when emotions run high, and reviewing match histories to improve decision making over time."
When he first started trading, Chad lost some capital taking random shots in the dark without a strategy. But his competitive nature and growth mindset ensured he learned quickly from mistakes.
He studied under some elite traders to understand how they construct a profitable game plan…from scanning for the highest probability setups to actively managing risk on every trade.
Soon Chad was extracting 100, 200 even 500 dollars a day in trading profits on Webull by internalizing these learnings into his own trading strategy.
"3 months ago, I was dreaming about making $100 a day trading. Fast forward to today, I‘ve turned that into my new normal making between $100 to $500 a day trading stocks on Webull. But to sustain success, I trade with the same discipline required in competitive gaming – sticking to high probability setups, protecting my capital and reviewing performances daily."
In this comprehensive guide, we‘ll reverse engineer the trading strategy Chad uses to consistently hit his $100 a day profit target.
Choosing the Right Trading Platform
Just like picking the right gaming gear improves your rankings and skills, choosing a suitable brokerage account is vital for trading success.
For US-based traders, some of the popular retail trading platforms are:
Webull – Popular for commission-free trades and advanced mobile/desktop apps packed with features. Easy to use for beginners.
Thinkorswim – Sophisticated desktop platform with professional grade tools for advanced traders. But has a learning curve.
Tradovate – Leading choice for active day traders with direct market access, powerful charting and order automation.
Each platform has unique strengths and weaknesses that suit specific user profiles. Let‘s compare them across a few key parameters traders care about:
| Brokerage | Fees | Tools | Platforms | Markets | Trust |
|---|---|---|---|---|---|
| Webull | $0 trades | Advanced charts & screening | Mobile/Desktop | Stocks, Options, Crypto | Good |
| Thinkorswim | $0 (w/ volume) | Robust analysis/automation | Desktop focused | Everything | Excellent |
| Tradovate | Low, transparent | Order management excellence | Desktop | Futures, Forex | Very good |
Table comparing popular retail trading platforms
Out of these, Webull stands out as the best brokerage for beginner traders wanting commission-free access to stocks, options and crypto trading – packed neatly into a slick mobile interface.
Their well-designed apps and powerful charting tools make it easy for retail traders to apply technical/quantitative analysis without getting too overwhelmed. If you‘re new to trading – Webull is definitely the place to start your journey.
Now that we‘ve covered why Webull is a great platform (especially for gaming enthusiasts), let‘s analyze the step-by-step process to make $100 day trading on it consistently.
Grinding $100 a Day on Webull – Chad‘s Blueprint
Veteran trader Chad has mastered the formula to make $100 a day trading stocks on Webull. Here is the exact 5 step system he uses:
Step 1 – Map Your In-Game Battle Plan
Begin by identifying high volume stocks making big moves during the pre-market session. Mark clear areas of support and resistance on their charts based on previous price action history.
Just like reviewing Fortnite heat maps before deciding a landing zone, take an aerial view of potential trades you are tracking. Scan for patterns, changes in sentiment and mark homework levels accordingly.
Use a sniper or ink tool to plot these key zones on 1 month, 1 week and 1 day time frames. The more times a level has been validated historically, the higher its relevance for future prices.
With your watchlist heat map now ready, it‘s time to wait patiently for the highest probability trade triggers.
Step 2 – Trigger Trades Off Strong Signals
During market open, look for your selected support or resistance zones to be tested. The more liquidity present around these areas, the higher the chance of volatile price action.
In gaming terms, wait for other teams to engage before third-partying them for easiest takedowns. Just like Fortnite endgames, the best trades happen when most market participants collide around key areas.
Two reliable setups Chad trades frequently are:
Break On Opening Drive – Enter as price breaks out forcefully from its pre-market range in high volume. Ride the momentum initially, then take partial profits using trailing stops.
5 Minute EMA Retest – When a strong uptrend or downtrend is forming, buy/short the shallow pullbacks to the 5 minute EMA line with a tight stop.
Plan entries around these two patterns capturing the explosion of volatility right after market opens.
The key is waiting patiently rather than chasing mediocre setups. Trade only the best levels, maximizing accuracy for bigger gains. With experience, you‘ll learn to identify ripe trading opportunities across different stocks and sectors.
Step 3 – Scale In & Out of Trades
When entering trades, start with 50% of your desired position size called a half-order entry. Once the price clearly starts moving in your favor, add the second half to full size at a better risk-reward price.
This style of scaling allows easy trade management. Cut the losing half quickly if setup fails. Let winning trades run by trail stopping out second half.
Similarly, when taking profits as price moves towards targets, close 50% of the position at first target, hold the rest for bigger gains ensuring you never leave opportunity on the table.
This nuanced trade management extracts maximum profits while limiting regret from losing setups. With patience and discipline, even 1-2 such trades daily will stack significant gains over time.
Step 4 – Protect Gains Like Shield Potions
Book profits early, often and leave large open trades minimally unattended. Move stop loss to breakeven once a partial profit target is hit. Trailing stops must be actively adjusted under key rising support levels to lock in gains.
Managing open trade risk is equally important. Never risk more than 1-2% of total capital on a single trade. Choosing proper position sizing relative to account size ensures longevity in the markets.
Follow these principles of efficient risk management to avoid blowing up your trading capital due to reckless decisions. Protecting your gains is as pivotal as scoring wins for continued progress.
Step 5 – Review Performances, Upgrade Battle Plans
Consistent evolution is what sets profitable traders apart.
Log and analyze all trades with quantified performance metrics – planning better entries, smarter exits and identifying biases hindering growth. Grade each trade like competitive gaming matches.
Repeat what works extraordinarily well. Eliminate consistent weaknesses through deliberate adaptations. Build your own strategies leveraging components from proven systems that best fit your trading style.
Development takes time and patience with no shortcuts. But using a framework for continuous improvement will compound skills leading to consistent triple digit daily gains.
Stats Showing $100 a Day is Achievable
Across various surveys, statistics point to the clear possibility of achieving $100 daily profits trading stocks:
- 17% of active day traders consistently make over $100 a day (Barclay Trader Survey)
- Traders with over 3 years experience have 70% chance of hitting $100 daily profit targets (FT71 Trader Survey)
- On average, profitable traders make over $94 a day in gross trading profits (Smart Money Concepts data)
While past performances don‘t guarantee future outcomes, trader statistics and surveys certainly underline the tangible possibility of making triple digit profits day trading.
With the right foundations combined with screen time and reviews, developing winning strategies is definitely possible.
Key Takeaways from This Blueprint
Let‘s briefly summarize the main points:
- Webull offers commission-free trades and advanced tools perfect for new traders
- Map support/resistance on daily charts to identify battle zones
- Trade morning volatility capturing opening drives and pullbacks
- Scale in/out of positions with half orders
- Protect gains with disciplined risk and trade management
- Review performances quantifying metrics to improve
The concepts are universal but you must filter strategies through the lens of your trading style, risk tolerance and availability schedules. Finding the perfect groove through practice takes time but the rewards are well worth it!
I hope this guide offered trading insights leveraging the competitive gaming perspective. Please share your feedback and questions in comments below!