Day trading mentor
Instead of practicing law, Kirk turned to the stock market. He began trading stocks for his own account full-time. But Kirk wanted to reach "the little guy" who had less means and needed more help, the kind of help he needed when he was starting. In blog format, something new at the time, Kirk shared the trading techniques and strategies he used to build his own net worth. He traded both stocks and ETFs day and swing trades using proprietary tools he had developed. A combination of hard work and unusual performance garnered quick and widespread recognition.
Over the years, he continually made changes to its content to help educate his readers and give them the tools to help their performance. As he fine-tuned his format, Kirk made sure to include what he enjoyed most, mentoring aspiring traders.
In the years , Kirk posted on his site information about stocks, trading, investing and the stock market with the emphasis on teaching rather than recommending stocks.
He wanted to create an educational environment that fostered individual trader development rather than guru following. He wanted his readers to learn by doing it themselves, just as he had done.
His mission was to teach the little guy trader and investor to make informed unemotional decisions and to shorten the learning curve it takes to be successful. Although Kirk's mission was to enable his readers to think and act independently, he was fighting an uphill battle.
Most of his readers, attracted by his outstanding track record, wanted to copycat his trades. In the early years, Kirk reluctantly agreed to share with his followers the stocks he was buying and selling, and the details of the trade.
Explaining how he set up and executed his own trades in real time was the maximum teaching tool, but that exposure put him under constant pressure.
Word of Kirk's track record and his blog spread quickly. In , the widely followed investment publication, Barron's , sent a reporter out to Kirk's home in Hugo, Minnesota to do a feature profile. Words like "remarkable" and "amazing" were used to describe Kirk's track record.
The article reported Kirk had never had a down year as a stock trader, and in a sweeping bear market he showed substantial gains, and that 4 out of every 5 trades were successful. Traders and non-traders flocked to his website Kirk says he received over 26, emails wanting to know what stocks he was buying.
Kirk was unprepared for the overnight deluge, many of whom were unwanted "seekers of short cuts, easy answers and get-rich-quick methods". It put strains on his resources and on himself, personally. Trading in a fishbowl, he felt continuous pressure to have to prove himself. The process of having to perform, and, at the same time, servicing the needs of his burgeoning daily readership, caused a near nervous breakdown. It was clear that major changes were needed in his method of operation to relieve the stress.
The "Barron's Curse" was taking a toll not only on his health but also on his market performance. It is his view that what investors and traders most need to succeed in the markets is to have the knowledge, experience and skill sets so they can create and maintain their own personal strategies, rather than copy any other person including his own.
Kirk's passion is to help students who want to improve their trading skills. He says, "The very best experience I have had in my career comes from mentoring other traders. There is nothing quite like knowing that you have helped another trader achieve some major lifetime financial goal like paying for their children's college because of something you did or said that was helpful. I now do The Kirk Report in order to pass my experiences and skills to others so they can also benefit as I did from my own mentor.
When he initiated a mentorship program in , he realized his long-term vision of helping others take their own trading strategies and skills to the next level. Kirk plans to continue to expand and develop his mentorship group and has expanded his devotion to the mentorship group after his retirement from full-time trading in By far the most important part of trading successfully, according to Kirk, is the management of risk.
Because he knew how to manage risk. He has previously quoted Stanley Druckenmiller , "It's not whether you're right or wrong that matters but how much money you make when you're right and how much you lose when you're wrong. In a January, interview with Traders On-line Magazine,  he says he uses both technicals and fundamentals. He uses popular screens that have proved useful but then customizes them with his own innovations. He utilizes his own proprietary screening software to monitor for actionable trading setups and patiently waits for low risk, high reward entry points and will stay out of the market until he finds one.
In discussing the outlook for the market, Kirk's priority is always on the price action of the market itself, not what he or others think that price action should be. He says, "My goal is simply to make money, not to prove to others how smart I am. Kirk is not a big user of "indicators".
He says, "The best indicator is the price action of the stock itself and the patterns that develop from it, remembering to use a consistent stop loss system. Kirk says his own Achilles heel is that he tends to be too risk averse. Kirk is brutally honest with his readers about how extremely difficult it is to be a successful full-time trader.
He says it takes a tremendous amount of time, hard work, determination, persistence, self-motivation, and skill. For every person who trades full time for a living, there are probably 20 or more that can't make it.
As a profession, it's suitable for only a few. However, the money in his long-term portfolio comes mostly from his very "active" short-term trading. At this time, it is not possible to verify Mr. While it is believed by many of his followers that he has been successful, no independently audited returns or track record are available to verify that performance. When visitors to The Kirk Report request performance stats, they are informed that he is not a trading advisor or broker and does not provide investment advice.
Therefore, no track record has been maintained to provide upon visitor request. His father, an executive for a shoe company and a strong positive influence, died from diabetes at They lived in Atlanta where Charles worked as a private investigator, and then in St. Paul, Minnesota where he graduated law school.
They moved nearby to Hugo, Minnesota and Charles set up shop in his home to trade stocks full-time rather than practice law. The stock market was his passion. He says he read over books on the market. He wanted to know everything. Encouraged by some early success trading part-time, Kirk hoped he could make a living and trade full-time doing what he loved to do. He felt he had an edge, namely his willingness to work harder than others.
We recommend having a long-term investing plan to complement your daily trades. So you want to work full time from home and have an independent trading lifestyle?
If so, you should know that turning part time trading into a profitable job with a liveable salary requires specialist tools and equipment to give you the necessary edge. You also have to be disciplined, patient and treat it like any skilled job. Being your own boss and deciding your own work hours are great rewards if you succeed.
Whilst it may come with a hefty price tag, day traders who rely on technical indicators will rely more on software than on news. Whether you use Windows or Mac, the right trading software will have:.
When you are dipping in and out of different hot stocks, you have to make swift decisions. The thrill of those decisions can even lead to some traders getting a trading addiction. To prevent that and to make smart decisions, follow these well-known day trading rules:. Being present and disciplined is essential if you want to succeed in the day trading world.
This site should be your main guide, but of course there are other resources out there to complement the material:. For the right amount of money, you could even get your very own day trading mentor, who will be there to coach you every step of the way. Opt for the learning tools that best suit your individual needs, and remember, knowledge is power.
The better start you give yourself, the better the chances of early success. This is especially important at the beginning. The other markets will wait for you.
Even the day trading gurus in college put in the hours. You need to order those trading books from Amazon, download that spy pdf guide, and learn how it all works.
This is one of the most important lessons you can learn. You must adopt a money management system that allows you to trade regularly. Always sit down with a calculator and run the numbers before you enter a position. One of the day trading fundamentals is to keep a tracking spreadsheet with detailed earnings reports.
If you can quickly look back and see where you went wrong, you can identify gaps and address any pitfalls, minimising losses next time. Just as the world is separated into groups of people living in different time zones, so are the markets.
If you start trading on the Cac 40 at So, if you want to be at the top, you may have to seriously adjust your working hours. Should you be using Robinhood? What about day trading on Coinbase? Do you have the right desk setup? Where can you find an excel template? How do you set up a watch list? The meaning of all these questions and much more is explained in detail across the comprehensive pages on this website. Furthermore, a popular asset such as Bitcoin is so new that tax laws have not yet fully caught up — is it a currency or a commodity?
How you will be taxed can also depend on your individual circumstances. Due to the fluctuations in day trading activity, you could fall into any three categories over the course of a couple of years. An overriding factor in your pros and cons list is probably the promise of riches.
Whilst, of course, they do exist, the reality is, earnings can vary hugely. Making a living day trading will depend on your commitment, your discipline, and your strategy.
All of which you can find detailed information on across this website. The real day trading question then, does it really work? Brokers Reviews 24Option Avatrade Binary. Reviews 24Option Avatrade Binary. Top 3 Brokers in Germany. Trade Forex on 0.