No two trading journeys are alike.
I like to say that my teaching style is like training wheels. I’m just here to teach you how trading stocks works and the basics.
I don’t want anyone to copy me. Instead, I want my students to study my lessons and learn from my trades.
I want traders to use my trading education resources to build their knowledge accounts so that eventually, they can develop their own strategy.
A lot of people don’t get it. They just want hot stock picks.
But plenty do get it.
I’ve gotta say, it’s a beautiful thing when I see students working hard and getting to the point where they’re ready to ditch the training wheels.
Today, I want to tell you about Dan Irish.
Dan may have crossed the $1 million-dollar mark … But his career started with $12,000 in losses.
Dan’s Million-Dollar Trading Milestone
When I started teaching, I had a clear goal of helping traders become millionaires.
My dream became a reality when one of my first students, originally a hater, crossed the million-dollar mark. But it wasn’t enough!
Since then, I’ve welcomed many more millionaire students to the fold: Tim Grittani, Jack Kellogg, Matthew Monaco, Mariana … just to name a few. (Click on any of their names to read their stories.)
Now I’ve got Dan to add to the mix.
According to Dan, “Desperate times got me into trading.” He was at a low point and looking for opportunities — that’s how he found me on YouTube.
Soon after, he opened his first account. He deposited $30,000 into a margin account so he could be over the PDT rule (ending soon!).
He didn’t think he’d lose at first … But he did.
Dan spiraled out of control, chasing losses and taking risky positions. Within about three months, he’d lost around $12,000 of that initial account.
It put a huge dent in his life savings and caused him “unbearable” emotional pain.
Luckily, it also made him realize he needed to change his ways to avoid blowing up entirely.
He withdrew his account but didn’t stop trading. Instead, he switched to paper trading.
Dan was so dedicated that he dropped out of college to become a full-time paper trader, devoting full weekdays and some weekend hours to the process.
This might sound extreme, but it was actually a game-changing act.
Before this shift, he traded to escape reality. Now, he made trading his reality. He also ditched toxic friendships to focus on his trading career.
After eight months of paper trading, he started again with a $10,000 cash account. He played poker on the side to earn more trading money.
By this point, he knew how to trade. But going from paper trading to real trading was still tough.
He lost about $3,000 at first, but these were “good” losses — controlled, responsible, and within his strategy.
After a challenging first three months, things started shifting. Dan started to figure out what worked for him and refine his process.
His strategy began to come together…
Dan’s ‘Aha’ Moment Trade
One of Dan’s most memorable trades happened early in his career. It was a $1,007 win on XTL Biopharmaceuticals Ltd (XTLB).
At the time, that was a big win for Dan.
But the dollar amount wasn’t the only reason it was a memorable trade. For him, it was one of the first times he completely trusted his strategy and process and allowed the trade to unfold.
Happily, it resulted in a win. But the most important part? Dan followed his plan entirely.
Talk about dedication.
Dan tells me, “I estimate in total I’ve devoted around 12,500 hours into my career so far over a span of four and a half years.”
His go-to strategy is long bullish structures that he finds predictable. Typically, he looks for stocks that have a history of being explosive.
Dan tries to time his entries with what he has determined is his best risk/reward.
But even with a clear-cut strategy, he understands the importance of adapting.
He flows with whichever sector is working best, and he’s constantly making adjustments to his strategy as needed.
Dan realizes that trading is like a math equation — sort of.
Yes, stocks follow patterns, but it’s not an exact science. You must consider all the details surrounding the trade at the moment.
Understanding this allowed him to build the framework for his own strategy.
And I hope his lessons can help you next.
If you have any questions, email me at [email protected].
Cheers,
Tim SykesEditor, Tim Sykes Daily
