Use this calculator to quickly figure out how many shares to long or short, based on typical InTheMoneyStocks recommended day trade position sizes.
Quickly see how many shares of a stock to buy based on your portfolio and recommended position size.
Use this calculator to quickly figure out how many shares to long or short, based on typical InTheMoneyStocks recommended day trade position sizes.
Using the right day trading software and day trading tools is critical. Trades need to be executed at a lightning pace and to ensure you have the correct position size, you need a tool that can calculate how many shares to buy automatically. Why do you need a position calculator tool? Preparation! A day trade…
After looking at day trading as an alternative to starting a new business, I concluded after significant analysis that it was worth giving it a try. On the advice of a risk averse and smart engineering friend I joined the InTheMoneyStocks Live Day Trading service. After 6 months of waking up at 5:30AM Pacific time…
Using the right day trading software and day trading tools is critical.
Trades need to be executed at a lightning pace and to ensure you have the correct position size, you need a tool that can calculate how many shares to buy automatically.
Why do you need a position calculator tool?
- Preparation! A day trade level could take hours to reach or it can happen right at the opening bell. Knowing how many shares to buy for your first position will help you execute that trade faster.
- Multiple stocks on your radar could hit their price levels at the same time. Being able to quickly see all the stocks and how many shares to buy for them all is crucial.
- A stock you are currently in, could go against you and you need to know how many shares to buy at the next level for your second (or sixth) position. Knowing exactly how many shares to buy at multiple price levels in advance will help you capture maximum profits
LND Life Day Trade Position Calculator Features
Preset Position Sizes
Quickly be able to set the amount of your portfolio you want to risk.
Choose your position size, a helpful dropdown has a 1/6th, 1/5th and 100% you can quickly choose from.
This tool helps to ensure you protect your position size and you stay disciplined with your next positions.
Uses GoogleFinance functions to show you how far away the current price is to your price level.
Portfolio and Trade Tracker
Have a real time view of your entire portfolio, and the performance of each trade.
This tool can figure out your gains/losses whether it was a long trade or short trade.
Can also account for commissions if you use a brokerage that charges them.
See your average entry and exit price and your profit per share.
See what proportion of your portfolio is currently in a trade and a summary of your total gains/losses.
Built in Take Profit Target Calculator
See your target exit price for each price level, as well as the target exit price based on all positions/entires.
Free Cash Flow Budget vs Actual Tool
Look at best and worse scenarios and see your cash position at the end of each month.
Track your actual gains/losses, expenses to see how you perform versus your budgeted forecast.
Maximize Your Profits
Developed after hundreds of trades
After looking at day trading as an alternative to starting a new business, I concluded after significant analysis that it was worth giving it a try. On the advice of a risk averse and smart engineering friend I joined the InTheMoneyStocks Live Day Trading service.
After 6 months of waking up at 5:30AM Pacific time to day trade, here are my tips and takeaways to maximizing profits in a super fast paced day trade environment where lightning quick execution and anticipation is essential.
Most trades happen between 9:30AM to 11:00 AM EST
After 6 months of being in the live day trading room everyday, more than 80% of trades happen first thing in the morning.
Gareth Soloway runs the morning day trade chat room, while Nick Santiago runs the afternoon session.
Takeaway: If you live on the West Coast, you have half a day left to do other things.
You can do other tasks / activities after 11AM EST
Since most trades are done by 11:00AM EST and since I’m based on the west coast, I’m done trading by 9AM, usually earlier.
For the first few months, I still stayed on the computer for the afternoon session with Nick Santiago and just listened to him talk people out of risky swing positions, learning his methodologies and hoping he see’s a good level on day trade.
The last few months, I still have Nick Santiago in the background while I work on other projects or just take it off to have a long lunch with the wife.
Be at peace when a trade you exited at a profit kept pumping
When first day trading with real money, I put lots of pressure on myself to earn a certain amount of money per week. This is #1 amateur move and will result in getting rekt.
When you exit a trade that profited $1 per share or a 1% profit margin, be grateful and happy. Do not FOMO that you could have made $2 per share or 2% profit margin if you had held on a few more minutes or hours.
Full position size can sometimes become more than full position size
Full Position sizes with Gareth Soloway
Many times when I first started day trading, I was keen when prices of a stock we longed kept going down, as that meant we would leg in, 2/6th, then 3/6th, and sometimes we would go a full 6/6th of a position.
The profits from a full 6/6 is quite significant!
However, do be aware that a trade could go against you and there have been times where Gareth has exceeded a full 6 of 6 position size and has done a 9/6th position to lower the average entry price.
Full Position sizes with Nick Santiago
I used to think Nick only does full position sizes.
But recently, I’ve seen him add more.
Takeaway: Be ready to go over a full position size when entering a day trade.
Day trades sometimes turn into swing trades
In those rare times when you go full position size or more than a full position size on a day trade, Gareth may keep this day trade over night or even turn it into a swing.
I was quite surprised to learn Gareth had a multiple day trades that turned into a swing from many months before I joined the service.
Nick does not keep his positions over night. He will exit at a loss rather than keep it over night or turn it into a swing.
Takeaway: Make sure when entering a day trade with Gareth, that you are prepared to keep a day trade with a full position or more, overnight or even for a few months. Another reason not to use your entire portfolio when trading.
Paper trade for at least 2-3 weeks
Do not use real money your first few weeks of joining.
You will learn how the trading room works, the flow and how fast things happen.
You will figure out how to best calculate the number of shares to long or short, based on how much of your portfolio you want to risk and the starting position size.
Find Youtube clips on day trade layouts for your trading platform
Watch a bunch of different youtube clips of people showing you their day trade layouts on the trading platform you use (Thinkorswim, Interactive Brokers, etc)
While you paper trade, you will start figuring out which layouts are best for the number of monitors you have, so you can be ready to be in 3 or more active day trades at the same time.
What is a pierce of a level?
Gareth often will say he’s interested in a stock for a day trade at a “pierce” of $X.XX.
He won’t say the exact number but usually it’s within 5 -10 cents below a long level or within 5 – 10 cents above a short level.
Market Order vs Limit Order
Both Gareth and Nick only do limit orders.
When Gareth says he will enter a long position on a pierce of $30.00 for example, you can then set a limit order of $29.95. Sometimes the stock will get down to $29.96 and then bounce. Sometimes, it will keep going down and you’ll hear Gareth say “Alright, I’m in at $29.76”.
If the stock has a tight spread, I’ll usually market buy when I hear Gareth say he’s in a position.
If the stock as a wider spread, then I’ll just put a limit order and be at peace with not getting in at the same price as Gareth.
Know your take profit target
Gareth and Nick will guide you with a reasonable take profit target based on their own average entry prices.
Though if you enter a trade that they didn’t filled on, or you were far from their entries, you should know your take profit target. Very often it’s between $0.50 to $1.00 of your average price. This is easy to calculate if you only had one position, but if have multiple positions, your average price will change. Most trading platforms should calculate your average price for you.
Tools and Workspace Setups
Here are the setups and tools I use to ensure I can get as close to Gareth Soloway and Nick Santiago’s entry and exit prices.
Think Or Swim with real time data
I use thinkorswim as my trading platform as I found it the easiest to use, via a custom Active Trader layout.
There are plenty of youtube tutorial videos on how to setup and customize an Active Trader Layout. Be sure to increase the allowed Memory Usage when starting TOS.
This layout is what I found works best for my monitor size and the way InTheMoneyStocks’ day trade flows.
I have 2 monitors and an iPad on my desk.
My main monitor positioned directly in front of me is a curved 32″ Samsung monitor, which I have thinkorswim setup on.
I also have a 24″ Dell monitor that I’ve setup in portrait mode to the right of my main monitor. This monitor is mainly used to display the InTheMoneyStocks GoToMeeting window. Gareth and Nick share their screens via GoToMeeting and it’s great to glance over to see what they are teaching or showing in terms of price levels, patterns, etc.
The iPad on my left is used to display the Trading View app, which usually shows the chart of whatever stock I’m in on a day trade, the DXY 10 min chart or the BTCUSD 10 min chart.
An app I like to use is Trading View, which is also what Gareth uses to draw trend lines, channels, and quickly see indicators like Fibs and Moving Averages.
I like to write notes down, draw trend lines and channels on my own and see if there is confluence with what Gareth and Nick show as well.
I bought additional indicators from Trading Alpha, though I’m not sure I will renew when my year long subscription expires.
Must Have Spreadsheet Needed For Day Trading
I recently noticed lots of new members in the day trade chat room, so I decided to give access to Google Sheets spreadsheet I use to quickly solve for a number of calculations needed to ensure maximum profitability. This spreadsheet has evolved over the many months and is dialed in for the purposes of day trading with ITMS.
In a recent trade we did on a META long, Gareth came online to the GoToMeeting webinar shortly before the opening bell. Once the markets opened, he said we are quickly approaching a price level for META, then shortly after mentioning, he said he was already in a long. Having a spreadsheet open and ready to calculate your position size and the number of shares at the price level is essential.
Below are the main features and calculations needed to be successful day trading with ITMS. The main goal is to have a place where you can immediately see how many shares you need (position size) based on what you want to risk for your first entry position, what it will be for your next entry, etc. These are crucial for you to be able to execute a precise trade at lightning speed.
Position Size Based On How Much You Want To Risk
This is the most important calculation.
After deciding how much of your portfolio you want to risk, you then need to calculate what 1/6th of that equates to.
Number of Shares To Long / Short Based On Price Level
When looking and scanning for stocks, there could be multiple stocks that could have levels good for a day trade long or short.
Not only do you need a place to record all those key levels, but to also know how many shares needed for that trade.
Very often, a price level will start to appear and you only have seconds to figure out how many shares you should be using. Based on the volatility, you may need to get into a second, third or more position quickly after.
Average Entry Price and Your Take Profit Target
Often times, you will enter a trade with an initial 1/6th position, then leg in as price moves in the opposite direction.
As your average entry price changes based on the number of positions you enter, so does your take profit target.
Knowing what your average entry price will allow you to know what your target take profit price should be.
Track your trades accurately to get a precise picture on how much of your portfolio is currently in a trade, your percent profit/loss including commission fees and your overall profit / loss across all your trades.
I found many trading platforms do not calculate this for you, or do not make it easy to quickly see the performance of each individual trade. Many trading platforms give you a YTD performance of a stock you traded. Since we trade the same stock multiple times per year, you can only see your overall performance.
If you need an easier way to maximize your day trade profits, check out the spreadsheet I developed and optimized. It can be used for any day trade workflow or service regardless of portfolio size or trade frequency.
Be Ready For That Trade
And Get More Profits
Download the ITMS Day Trade Trade Tool
In early 2022 sold a retail brick and mortar business that had a strong online presence and e-commerce component after operating it for over 10 years.
A major factor in why I decided to sell the business was not being able to spend time with my family and kids. The summer was the busiest time of the year, so we could never travel as a family during the kids’ summer break. Every long weekend or statutory holiday, my staff had off and I had to cover those days.
After exiting that business, my options were either I could apply for a corporate finance job or start a new business. The challenge is I now have 2 young kids, so getting a new business to operate without you having to work super long hours takes a few years, and working a 9 to 5 after determining my own hours for a decade would be a tough adjustment.
After getting rekt on Bitmex and Deribit a few years ago, I never thought about trading as a full time job, but a smart computer engineering and risk averse friend of mine introduced me to a swing trade service called In The Money Stocks he subscribes to that yielded him very decent returns and high win rates. I was super skeptical but they listed all their trades going back several years, both wins and losses and their track record was impressive.
Anyone can post random trades and claim they are real, but after a few months of subscribing to their swing trading services, I started to trust them and their track record since each trade was actually executed. After some impressive gains, I poked around their website more and noticed they also offered a day trading service. This intrigued me as I could use a swing account to build wealth and a day trade account to pay bills. Here is a screen shot of their recent trades:
While operating the business I just sold, I also did consulting as a business analyst, doing lots of financial forecasting and feasibility models for large companies.
As a Finance major and former business analyst for a publicly traded company, I was educated to be aligned with a similar investing philosophy to Brian Feroldi.
Safe to stay, I was very skeptical of technical analysis and purely trusting charts.
Coming back to deciding between day trading or starting a business, I created a financial forecast spreadsheet, typical of what I would produce for a large company with revenue streams, expenses and capital expenditures. Having owned a B2C business, I needed to take a loan out to fund the build out of the store and working capital, I needed to spend money on marketing, rent and as we grew, labour costs were our highest line item. We had revenue streams from in store sales, online sales and corporate accounts.
With a similar logic, I built this financial forecast tool.
|Typical Business||Day Trading|
|Revenue||In store product / service sales, |
|Expenses||Payroll, Rent, Inventory, Marketing|
Utilities, Credit Card Processing Fees,
Interest Payments, Professional Fees
(Accountant, Lawyer, Consultants)
|ITMS Monthly Fee, |
Losing Trades, Commissions,
Optional Services (Trading View)
Here are some key assumptions made in the above forecast, which come from extracting 3 years of historical trades posted on the ITMS Day Trade Page:
Average Trader Per Day: 1.2
Using pivot tables and pulling in a couple years of historical trades posted on the ITMS Day Trade Page, they had an average of 1.8 – 1.9 trades per day.
From my experience, sometimes we’ve gone 2 or 3 days with no trades, and occasionally we did 4 trades in a day.
To be conservative, I used an average of 1.2 trades per day. Then to add ANOTHER layer of being conservative, I took the total number of trades per month and reduced it further by 25%.
Average Position Size: 23% of Your Portfolio
Position size is very important. Typically, Gareth Soloway will leg in, usually starting a position with 1/6th of what you want to risk. If we are long and the price goes below the entry price level by $0.50 to $1.00 depending on the stock, he will add another position to make it 2/6th in order to lower your average price. If the stock is very volatile, I’ve seen multiple times where we went full position (6/6). Nick Santiago will usually only do full position sizes and not leg in.
To be conservative, the assumption in this forecast is using 23% of your portfolio
That being said, on occasion Gareth Soloway will go 12/6th or more!
Stay tuned for my takeaways, tips and review of ITMS.
Portfolio Size: $200,000
Assumes a starting portfolio size is $200,000.
This portfolio size is meant to be the amount you are willing to risk day trading. That does not mean your entire portfolio you have available. Only what you’re willing to risk, and I recommend starting small when first starting out.
Owners Compensation (Paying Yourself): $40,000
Based on the above assumptions, since they are quite conservative, there is a good chance after 12 months you’ll earn about $88,000 from day trades.
After paying for various expenses such as the ITMS service, commissions, interest payments and other fees, you’ll have enough to pay yourself approximately $40,000 and around $10,000 as contingency or to pay down a portion of the loan assumed.
I am now almost 1 year into day trading and swing trading with In The Money Stocks (ITMS) I now see Technical Analysis is the way. Had I started swing and day trading with ITMS years ago, my portfolio would be significantly higher than it is now.
Being able to make money whatever direction the markets are moving is a great feeling. When I had the business, the pressure of ensuring there was enough cash in the bank to make payroll and rent was much more than being in a trade that went against me.
If you’ve been thinking about giving day trading a try, download the day trade earnings forecast tool below and see if it’s worth it!
Get The Forecast Tool Free
Wondering if you should try Day Trading?
Enter your own assumptions and see what you could earn day trading.
If you’ve taken a look and have decided to give day trading a try, I highly recommend joining a day trade chat room to help guide you as you start out.
There are quite a few day trade chat rooms out there, here is my 6 month review of In The Money Stocks’ Live Day Trading room.