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February 4, 2019

Many people are looking to find out if it is possible to earn a living by day trading stocks. Our work shows it is, and we’ll tell you how! We will try to learn from the real-life examples of one of the leading day traders, Scott Malatesta.

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  • Who is Scott Malatesta and How Much He Trades Per Week

Scott Malatesta is a Vice President, Analyst, and Mentor at Tradenet. He has trained and mentored hundreds of traders from across the world and his mentorship has helped many traders transition from beginners to professionals.

 

Scott spends most of his day following his passion for trading and imparting education to the aspiring traders through Tradenet’s live trading room. He is highly dedicated to his profession and loves doing what he does.

  • When Did He Start?

After graduating with a degree in business from Michigan State University in the 1980s, Scott started working with General Motors. After 25 years of working as a reputed Zone Manager with GM, Scott decided to resign and pursue day trading as his full-time profession.

 

After several years of learning, making mistakes, retrying, and getting inspired by Meir Barak, Scott has established himself as one of the most successful day traders and a passionate mentor to look up to.

  • How Did He Acquire The Required Knowledge and Skills?

Like any newbie day trader, Scott had to face numerous challenges at the beginning of his career as a day trader. It was not easy to start making a living day trading. He read many books and gathered as much knowledge as possible.

 

However, the turning point in his career was when he stumbled upon Meir Barak in an online forum. Scott was so impressed with Meir’s knowledge and skills that he requested Meir to be his mentor. Under the mentorship of Meir, Scott learned all the required skills and developed all the strengths to be able to make a living day trading.

How Does Scott’s Day As A Day Trader Look Like?

For those who are aspiring to make a living day trading stock, Scott’s trading day can be an excellent example to learn.

  • Preparing for the Trade: One of the most critical aspects of day trading for a living is to be prepared for the trade, every day. This includes getting the required information about the world news, stocks of interest, gaps, European and Asian market trends, among others. At the same time, a day trader also needs to be prepared mentally for the day to come. All the feelings and emotions associated with the previous day need to be brushed aside before starting to trade for the day.
  • Following the exchanges and the stocks: The next step is to follow the exchanges and specific stocks closely. All the price movements, volumes, and related events are followed meticulously. This gives an overall picture of the market.
  • Especially, Scott starts his premarket routine by looking for gap stocks. Those are often stocks of companies that released earnings after closing yesterday, or before opening today.
  • Trading for a defined number of hours: The actual process of day trading starts after preparing for the trade and following the markets and stocks. Scott trades for a pre-defined number of hours every day. He ensures that he is entirely dedicated towards his trading during those hours, without any distractions.
  • Concluding the Trading Day: with day traders, all the positions have to be closed by the end of the trading day. An efficient day trader, like Scott, concludes his trades effectively and professionally.
  • Preparing for tomorrow: Day trading is a continuous learning process. Therefore, it is critical for day traders to analyze their own trades for the day and learn from their mistakes and losses. So, Scott ends the trading day by going through his trades for the day, observing his strengths and drawbacks, and learning from them to prepare for the next day.

What Keeps Scott Going?

Scott has always had a liking for the stock markets. There was always something about the markets that spoke volumes to him. He loves the adrenaline rush, the ability to be one’s own boss and deciding your own working hours, and the comfort of being able to work from anywhere in the world.

As a successful day trader and an experienced mentor at Tradenet, Scott always suggests the newbies never to give up. He advises them to keep learning by reading excellent trading books like ‘The Market Whisperer’ by Meir Barak and by following a passionate mentor like Meir Barak himself. He also recommends the new traders never to trade against the market’s direction. To earn a living day trading is tough, but if and when it works, it is the best profession in the world!

Scott’s Gains

Scott Malatesta started like any other beginner day trader. Through his perseverance and the knowledge and skills that he gained under the mentorship of Meir Barak, he has become one of the most successful day traders we have. He earns a fantastic living day trading and makes high gains day trading.

Scott deploys several risk-management and money-management techniques to prevent huge losses. The secret behind earning a living day trading is to respect risks and manage them effectively through techniques like stop-losses and take-profits.

Importance of Tradenet in Aiding Newcomers

Tradenet is one of the world’s leading trading academy. It offers all the support that newcomers need to transition from beginners to professionals.

Tradenet’s role includes imparting education through its education packages at different levels, live trading rooms to watch the top analysts trade and mirror their trades, and YouTube videos to learn the tricks of the trade. Tradenet also offers funded account programs for new traders to pay only for their education and become eligible to apply for a funded trading account, and full-fledged mentorship programs to learn from Meir Barak, Scott Malatesta, and other top traders.

To sum it up, it is possible for new traders to earn a living day trading. The process of learning and evolving becomes simpler and fruitful if the beginners can learn from the experience of the top traders under their mentorship. Tradenet prepares neophytes to become capable of making a living day trading.

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