If you’re looking for advice on how to make money as a day trader, you need to hear it from people who are successfully making money in the market — Limitless Volume members! This is the first installment in our new series “Get To Know A Day Trader” where we interview a Limitless Volume member whose experience and success as a trader makes him or her, well, someone you want to get to know. These are real people with real lives, and they’ve learned how to succeed from the training and mentorship Daryl Morse provides as founder and head trader of Limitless Volume.
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Today we interview Eric Kreager, a member of both the Limitless MAX Volume Day Trading membership and the Long Term Options Trading membership. Eric also guides other members through the technical setup of their trading system (like setting up your computer for trading, configuring the trading system to make it easy to see what’s happening in the market and what’s happening with your stocks, etc.). That alone makes him a good guy to know.
But what also makes Eric someone to keep tabs on is his ability to make money as a day trader. He’s REALLY good at picking the right trades, with a nearly 95% success rate. We wanted to dig a bit into his approach to trading — including what motivates him, what challenges him, and what advice he has for other traders.
Limitless Volume: Hi Eric! Tell us how you got into day trading.
Eric Kreager: For me day trading was something I was introduced to very young at about age 16 when my father heard of a trading group that Daryl (Morse, Limitless Volume’s founder and head trader) actually was apart of which is where we would meet for the first time. As I graduated high school I was struggling to find a career path that I found interesting and captivating. So I sat back and asked myself what do I really want to achieve. For me it was charitable giving, financial freedom, and time freedom. I saw no better vehicle than day trading as a method of achieving those 3 things.
Sell half and LET YOUR WINNERS RUN!
-Eric Kreager
Limitless Volume: When you were starting out, what did you find most challenging about trading and how did you overcome it? What do you still find challenging and how are you managing that?
Eric Kreager: When starting out the biggest issue I had was trying to not trade from a place of fear. I was fresh out of high school and didn’t have much money to work with. I worked hard at a food service job to make my initial starting capital and my worst fear was always losing the money and having to go back to work. This caused me to constantly trade from a place a fear where I was always taking my profits way too quickly, letting my losers get way too big (because I never wanted to lose I struggled to close out my losing positions which doesn’t work and just leads to larger losses), and passing on great setups for the fear of it not working. This combination of things just lead to a slowly diminishing account. What helped me get out of this rut was taking a 10 thousand foot view of all my trades (looking back over the last 3-6 months of trades), and finding where all the weak spots were. I would tally my trades on two pieces of paper. One piece was for trades that I followed my trading plan with and I would mark down if the trade worked or didn’t. The second paper was for trades that I mismanaged or did not follow my trading plan. This allowed me to clearly see all the holes in my trading ability. If I had a bad trading plan it would show up from the first paper and I would refine which patterns worked the best to trade. If my emotions were getting in the way I could clearly see that too and take corrective actions. This allowed me to slowly build more and more confidence in myself and get past that fearful state and feel confident in the trades I was making.
Limitless Volume: If you could go back to the start, what advice would you give to yourself on how to make money as a day trader?
Eric Kreager: Sell half and LET YOUR WINNERS RUN!
Limitless Volume: What makes a good trader?
Eric Kreager: A good trader is someone that has a burning desire for trading and life mastery. People who don’t make it are the ones who lack discipline in all aspects of life and are not willing to work through hardship. Let’s get one thing right, trading is HARD! The people who are cozy and comfortable will never put up the work to make it in this business. After all, this is a competitive career. You are taking other people’s money! If you don’t put in the time and effort to be better than 95% of your competition then you will be eaten alive. Most of all, you have to learn how to become great at losing money too. People who cannot manage their losses can never get ahead and most people can’t manage their own emotions when it’s their money on the line. The worst part is, to learn this skill you have to lose money. So people who look at losses as nothing more than learning and growth opportunities are really on the right track.
Limitless Volume: With a 95% success rate on your trades, you’re clearly making good decisions. Of course, every trade is different, but what are some of the most important things you look for when deciding to get into a trade – and out of it?
Eric Kreager: For me I have found the morning star and evening star pattern to be the most effective trade. Specifically I look for the stock to be overextended from the moving average either above for an evening star or below for a morning star. The more distance you have between the stock and the moving average the more powerful the reversal becomes. Think of it like a rubber band. The further you stretch it the harder it’s going to snap back. If you can also get the overextended pattern to form on a support or resistance level, that’s even better. I also pay attention to if the market is moving in my favor, against it, or turning with it.
Limitless Volume: You’re a pretty young guy. Many young traders throw caution to the wind and think, “I’ve got time… I don’t need to worry about risk.” And before they know what happened, their trading account is gone. What’s your perspective on risk? Would you say you’re risk averse? Does making money as a day trader really just come down to finding the “right” trades?
Eric Kreager: Your exactly right that it comes down to the “right” trades. I would say that I’m generally a risk adverse person but I force myself to get out of my comfort zone when the signals align for a good trade. I stay patient like a sniper waiting to take my shot. Sometimes I even wait an hour and a half before I take my first trade for the day after the market opens. It just depends on what the day looks like. But I know from past studies what constitutes a good trade from a great one, and when those arise I do my best to size up my positions a little.
Limitless Volume: What is the best trade you have made so far?
Eric Kreager: A good one that comes to mind was the MRNA evening star that happened this Friday (September 3, 2021) on the 15 minute chart.
Limitless Volume: What stocks are exciting you lately as a day trader and why?
Eric Kreager: The stocks that excite me most are the ones that have incredible volume and volatility. But clean volatility where they make nice swings up and down. Usually these are tech stocks but as I said above things like MRNA (Moderna) are in play right now just because of the medical climate. My usual favorites are TSLA, NVDA, and FB.
Limitless Volume: What’s your daily routine?
Eric Kreager: My daily routine consists of getting up at least an hour before the market opens to prepare. I then trade the market open for at least 2 hours. From there I continue to watch the market throughout the day and make smaller trades while I get other work done. I skip breakfast and don’t eat until noon typically because I intermittent fast. When the market closes at 2PM for me I’m usually off to the gym 5 days a week for a nice 2-3 hour session. I head back home and have free time for whatever. Typically I’m reviewing my trades and reading during this time and then I’m off to bed early — usually almost always by 10pm to do it all over again the next day. Trading is amazing because I’m not a slave to any employer and I can always change my schedule around to do the things I like best!
Limitless Volume: In what ways has having Daryl Morse as your trading mentor helped you?
Eric Kreager: Daryl has been one of the biggest blessings in my life. I feel so lucky to have met and connected with him at such a young age because he has graced me with countless amounts of wise information. I think most people who get to know him would say the same thing as well. But beyond that, I couldn’t have made it to where I am today without his mentorship, which is a huge component to day trading success. Yes some people can make it by themselves but there are only about 4 people I know in the world that have done it well. (I’m sure there are probably a few more.) Typically, people don’t have the mental fortitude to stick it out through the losses while your learning. A mentor helps to bridge that learning curve gap and prevent you from losing unnecessarily.
Want to learn how to make money as a day trader — and do it consistently? You need a MENTOR… Daryl Morse! Fast-track your way to success with a master day trader as your mentor – join us as a Limitless Volume trader!
