Day trading millionaire

Day trading millionaire: A definitive guide

A day trader is someone who holds a position in the market for a short time. A day trader trades stocks, futures, or foreign currency.

A day trader focused on buying selling stocks

There are many stories about people who have made millions through day trading. They have become the media favorites around trading.

This blog will look at the ins and outs of day trading and how to become a day trading millionaire.

Let’s diver right into it.

What is a day trading millionaire?

A day trading millionaire is someone who has profited from day trading, which is the buying and selling of financial instruments within the same trading day.

Day traders typically have a high level of skill and experience, so you can expect them to make more money than most other traders. 

However, it’s essential to know that this type of activity carries risk too—and if you’re not careful with your investments, you may lose everything!

Can I become a millionaire by day trading?

man sitting in front of the MacBook Pro

Yes, it’s quite possible to become a millionaire trading stocks. But you need to build a trading plan to get started with it.

However, many have lost millions by day trading. It’s not easy, so if you don’t have the right temperament and are disciplined, you will lose money. 

It’s not for the faint of heart!

The first thing that you need to learn is how to read charts. This will require some studying. Day trading is a very risky business, but if you learn more and more it can generate profit for you.

You will need a considerable amount to start trading. You cannot make trades with having $100 in your trading account.

Even if it makes huge returns it will make you a few dollars nothing more.

However, for learning purposes, you can trade in small amounts to learn more and more without losing much.

How to become a day trading millionaire?

So you’ve decided to become a day-trading millionaire. You’ve read about it, heard about it, and maybe even watched some videos about it. 

But now you’re feeling unsure of whether or not this is for you. 

Well, don’t worry! I’m here to tell you that certain steps must be taken if you want to become a millionaire through day trading.

To be successful, you need to understand the markets and build your skills. You also need to be disciplined, patient, and able to handle stress and losses.

Find the right broker

You can’t start stock trading without having an account with a broker. You can list down the features you are looking for in a broker and go one by one with the available brokers.

The most important thing when choosing a platform is customer service: if there are any issues or questions about how things work within the system after signing up for an account as it may create a hindrance in performing trades in the future.

It’s also imperative that any given trading platform has highly liquid markets where orders can be filled efficiently without waiting hours or days just because someone else wants their position filled before yours does.

You should also look at whether there’s any minimum balance requirement before allowing users access to certain features like margin lending/borrowing.

Put in the work first

Candlesticks chartpattern

The first thing that you need to build a trading plan to get the most out of the time you invest in learning price movements or other aspects of trading.

To become a day trading millionaire, you need to be able to make good decisions. You also need to be able to read the market and manage your money for it not to be lost.

  • Learn the basics. If you’re new to trading, it’s important to learn how things work before diving into day trading. You can do this by reading books or taking courses online.
  • Practice with a demo account (free). Many brokers offer free access to live to trade, but these accounts aren’t always available in all markets and may require more effort than you want to put in at first.

It is also important that you improve your trading strategy with new learnings which you gain trading stocks.

Don’t give up your day job right away

Don’t quit your day job! Day trading is not for everyone; many people start losing money because they don’t know what they’re doing or don’t have enough time on their hands (or both).

Start small $50 here or there and keep working until you feel comfortable with what it takes to succeed financially as an individual rather than just making money off someone else who does know what they’re doing.

They start with a part-time job, then gradually work their way up until they’re making more money than they ever thought possible. 

This can take years and requires dedication and perseverance on the part of both individuals and families – so don’t give up your day job until you have a good feel for how the market is moving!

Start small

Trading thousand of dollars in expectation to generate great returns will be foolish. You should start with a small amount or you will be at the urge of losing money all at once.

Successful traders do stock trading with small amounts in their initial phase. And only prefers to trade with proper risk management.

This may sound like it would be too much for your bankroll, but this method has been proven effective for many people to achieve financial freedom.

Be consistent with learning

person wearing suit reading business newspaper

When I started trading it took me 3 months to make my first good profit and eventually slow down the process of learning which later costs me $2K in just one trade.

Being consistent with the learning helps you master it. You cannot reach perfectionism in trading you have to face losses in every phase but what can make a difference is “Learning”.

It can be through courses, books, or any other source. While I always prefer to go with books while it may differ on personal levels.

A millionaire trader develops trading skills by learning technical analysis and price chart movement. They also keep disciplined with their trading education.

Top Day trading millionaires

The most successful day traders are those who have been trading for years and have built their systems. 

Here are some day trading success stories which you need to know. How people use their trading strategy while day trade.

You can learn from these pros by following their strategies and applying them to your trades.

George Soros

George Sorus
Source – Forbes

George Soros is currently the head of Soros Fund Management. 

Despite being one of the most successful traders nicknamed “The Man Who Broke the Bank of England” when he made a $1 billion profit on a short sale valued at $10 Billion, Soros made his riches through several other investing ventures. 

As of  2022, his estimated net worth stands at $6.7 billion.

Jesse Livermore

Jesse Livermore
Source – Business Insider

Jesse Livermore has been an icon for many people in the world of trading due to the huge profits valued at $100 Million he made during the 1929 stock market crash.

He had also written a book named “How to trade in stocks” which offers tons of value to traders. However, the devices are almost 100 years old but it still offers insightful learnings to the reader.

Jesse started as a day trader where he made his initial fortune and later become a swing trader and long-term trader.

One of the important pieces of advice he gave to trader are – 

  • In a bull market only strong stocks and bear market only short weak stocks
  • Don’t trade if you don’t have a proper setup
  • Always trade with stop losses
  • Don’t close a trade too early

Ross Cameron

Ross Cameron
Source – Yahoo Finance

In the year 2016, Ross Cameron reportedly makes $222K and become one of the most successful day traders.

He is the founder of a chat room named “Warrior Trading” made for day traders to discuss it. It has been in operation since 2012.

However, unlike others, he only focuses on the momentum of stocks ranging under $20.

According to him, a day trader should find their limitations and also find out their most productive hours to trade on.

He also emphasizes proper risk management and keeping a trading strategy as simple as you can.

Rayner Teo

Rayner Teo
Source – TradingwithRayner

Rayner Teo is one of the modern-day traders and had been known for his excellent marketing strategies.

His website TradingwithRayner is full of trading strategies you can look for.

He also has a youtube channel with over 1.6 Million subscribers by the name “Rayner Teo”.

According to Teo sometimes low-risk trading strategies can make you more. He also mentioned price movements are highly important to understand to make money.

How do intraday traders make money?

Day trading is a high-risk, high-return investment strategy that involves consistently buying and selling stocks or other securities within a specific time frame. 

Day traders aim to make money by making quick profits from small movements in the market.

Day trading isn’t for everyone but if you can stomach the risks involved and manage your emotions well, it could be the perfect fit for you!

How much does a day trader make in a day?

According to Zippa an experienced day trader make an average of $57 per hour which amounts to $118K+ a year. 

However, according to Glassdoor, it ranges between $36K to $200K and the median stands at $74K per year.

Calculating the rate of return on the size of the account is a more reasonable variable to look upon rather than the absolute amount a trader makes.

The rate of return on a portfolio can vary from losing your whole capital to making 100x or even 1000x. 

While in general, an experience trader’s return ranges from -20% to 60% on account size every month.

And three major factors result in how much a day trader makes which include experience and skill set, funds, and strategies applied to it.

Who is the most successful day trader ever?

Jesse Livermore is the most successful day trader ever majorly knowns for the profits he made during the 1929 stock market crash valued at $100 Million.

He had also written a book named “How to trade in stocks” which offers tons of value to traders. However, the devices are almost 100 years old but it still offers insightful learnings to the reader.

Jesse started as a day trader where he made his initial fortune and become a swing trader and long-term trader later on.

Who is the richest day trader in the world?

George Soros the current head of Sorus Fund Management holds a net worth of $8 Billion and is the richest trader in the world.

He is also known as “The Man Who Broke the Bank of England” when he made a $1 billion profit on a short sale valued at $10 Billion.


Becoming a millionaire trader is possible, but it’s not easy.

It takes dedication, self-discipline, and a lot of hard work. But if you can master trading skills to achieve financial freedom.

You might think that day trading is a glamorous job that is full of action with a lot of money being made but it’s not. People who make a lot of money are usually making it in the long term.

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