Day 24 of My New Small Account Day Trading Challenge | Recap by Ross Cameron transcript

[Music] what's up everyone all right so today is day 24 of the small account challenge and has been the best day so far of the challenge best day in terms of total profit best day in terms of percent return it's been a really good day it was unexpected i didn't see it coming at all this is tuesday in august and we ended up having the stock squeeze up over 100 between um the gap the the news at 9 00 a.m gapping up about 58 and then squeezing at the open into a halt continuing higher all the way from low of about five uh to a high of 10. very impressive really really nice action and i capitalized on it i did well on it i got some great trades now in my big account i did the classic ross move of overstaying my welcome so in this recap i'm up 21 000 in the main account and i'm up 2 300 in a small account well by the time i did the large account recap recap i was up just under 11 000. i gave back about half of the profit i overstayed my welcome reminding as always how quickly profits can come and go that's trading easy companies to go my results are not typical in case you thought trading was easy i'll be the first to tell you it's not most traders lose money because trading is risky so you should assume as a beginner trader you'll also lose money without assumption in mind trading a simulator before you put real money online if you can practice as a simulator you can use that sort of as proof of concept you can export all of your metrics you can see what your accuracy is what your profit loss ratio is and you can start to build a sense of confidence yes it's a simulator it's not real money but if you're using real-time market data it feels very very similar so i really encourage you to trade the simulator before you trade real money but in any case i wanted to just get that make sure i communicate that to too clearly so uh today yeah it was a big surprise i wasn't expecting this big move but we got it and uh here we are day 24. it counts up about 29 today tomorrow i'll be starting with over thousand dollars in the account so now the account by itself is up over a hundred percent i started with a little over four thousand so now we're all the way up to ten thousand making progress and continuing to grow so i'll be back at it i'll see you here tomorrow for day 25 please hit that thumbs up if you haven't already and enjoy the recap all right so today is day 24 small account challenge and i'm up 2 dollars and 35.99 cents two thousand came from brpx which is up 123 right now almost 30 million shares of volume had news at nine a.m and started off a little slow but then really uh picked up the pace on that squeeze into the open and then opened around seven up to a halt at 7-eleven open continued higher up to 860. i took my last trade at 8 30. then my last exit was 8 33 i didn't overstay my welcome in this um i from there picked up and got aggressive in my main account and grabbed twenty one thousand dollars well i was up 24 but gave back three thousand off the top on this little false breakout right there i was looking for the break of 10. you know the fact is it's very easy to overstay your welcome on these types of stocks and usually i i do finish the day on a parabolic stock having given back some gains the challenge and this is always hard is knowing when to walk away you know if you walk away too soon you feel like you left a lot on the table if you overstay your welcome and give back a bunch of profit you feel like you know i stayed too late so like right here for instance as it's coming up uh i'm honestly not comfortable trading this year because i i just would be too concerned about a nasty false breakout the five minute is extended you know it's a bottoming tail candle here but you've got two sort of double top dojis after a false breakout now if you manage to get the dip off of nine you're in great shape here you can take profit if it breaks if it doesn't break you're still a winner if you're not in and you buy here for the first trade you know or this is like your entry right here at 90. all of a sudden you're like uh oh it's not breaking 10. and wait a second there's a seller at 10. is it gonna break and it does but does it hold because what we often see when we do dip trades are a break below a whole dollar and then i get long as it comes back through it so this broke above a whole dollar and then dipped back below it which can create a bull trap and now as it's in the 90s it's below the whole dollar now it's in the 80s so that ends up becoming in that moment a false breakout now you could have made money on false you can make money on false breakouts if you're quick but not everyone's quick not everyone's able to be quick so it's gone a little higher now what you end up having are three green candles in a row and it's extended so you know you got in there at 95 and all of a sudden it starts to pull back in a bigger way you're gonna look at the five minute chart and realize wait a second this thing is super extended off the volume weight average price this isn't the place for me to be um you know holding during a sharp pullback i could end up giving back a lot of gains so it's always a challenge and again i'm maybe i end up maybe this ends up going quite a bit higher and i leave money on the table but this had a couple things going for it it's a somewhat recent um ipo so ipo'd in uh february all-time highs is 8.59 and it just ripped right up to that level it's got 31 million shares of volume now so you see the volume is cranking which is good that allows for larger positions which is why i was able to do quite well in my main account but in the small account of course did well on it so let's dial this in um a little bit more here so i'm going to back this up to pre-market which is where i took my first trade on it i took my first trade as it was squeezing up right here so as it started to move up right here i hesitated at first i wasn't you know i was kind of like i don't know if i should you know jump on this but the thing is as it squeezed up to five and then 550 uh it became the leading gaffer in the market at that moment it was the leading gap in the whole market it was it ended up gapping up 57 but it was didn't take much for it to surpass bond which was up only 28 so as it was squeezing up there that's when i started thinking all right this is time for me to take this more seriously it's our leading gap and if i don't jump on it i'm going to miss the opportunity so let's look at some of these micro pullbacks we had a micro pullback right here at 521. we had another one right here at six there was another one right here at 638 and then this is a little choppy right here because it's it popped up to a high of 709 and then it dropped and then right at the open i took a dip trade on it and it squeezed into a halt at the open so that dip trade was picture perfect that was a full dollar a share on that dip trade which was phenomenal now because i had eight thousand dollars in the account i was able to trade this with between 900 shares once it got a little higher priced above eight to as much as about 1500 shares when it was down in the fives and sixes so i was able to trade it pretty aggressively which was fantastic for me and i had the last trade i had taken before that was pbts and i had bought pbts with uh 3 800 shares that was the nice thing about that stock which i really liked about it was that um let's see pbts i could take 4 000 shares of it because i have the buying power to do it so 10 cents on that you know you're talking about a 400 winner so when vrpx popped up i was already kind of in this mindset of going all in i pressed shift 3 which is a hotkey that calculates a share size based on ninety percent of my cash balance which is eight thousand dollars so just to give you the account value so eight thousand thirteen dollars and ninety five cents that was my starting balance today up 2 35.90 that's going to give me over 10 000 tomorrow on day 25. so now the account is up more than 100 since i started the small account challenge it started with just over four thousand dollars so it's now well over um a thousand percent uh sorry pbts so anyways this one um it didn't end up really giving any opportunities but then vrpx started squeezing up and so when this started squeezing up some people mentioned it hey look at the rpx i had news at 9am i pulled it up i saw yep there was news at 9am it's moving it's squeezing and that's when i start trading so each of these pullbacks represented buying opportunities i didn't get all of them but these this was the first the second the third the fourth maybe i don't there was another one there but the thing is i took three trades on bond one trade on pbts and then my fifth trade of the day was on vrpx so i traded more today but it was absolutely the right move when you have something moving this quickly you might say oh i've already taken three trades and cut myself at three trades you're unfortunately what you're doing is you're selling yourself short you're capping your profit potential for the day you know yes on the other hand you're minimizing your risk but if you're already green on the day then your risk should be well i don't want to give back more than a certain percentage of my profit and if i do then that's the point where i stop so for me i set that mentally at fifty percent if i give back half of my gains and that's the time to stop so i did i had not done that i had one loss of the thirty seven thirty seven dollars but that wasn't bad so anyways um my last trade on it was um a dip trade right in here for the break through the high and that was pretty nice as well we got a high of 850 and i sold the rest of it i sold it into that move there high was 845 but then sold as it came back down 831 834 833 the first trade of the day was on bond b-o-n this at the time was our leading gapper it had earnings this morning and i thought it was worth a stab because it was giving us an abcd pack i also recognized somewhat recent ipo with all-time highs at 17.60 and so my trade on it was a dip trade at 13.50 the half dollar and that was right here on this red candle it dipped down to 1350 which was the volume weighted average price i bought the dip and then we got that nice move there up to a high of 14.15 and i took three trades on so my first trade um was uh 1349 to 1382 the second one was 1388 to 14 and the third one was 1371 to 1377. so three dip trades there and with that i kind of thought all right those are your three trades of the day um so let's let's be careful you're up 277 bucks that's good and it's not phenomenal but it's good so let's not be too aggressive let's just take it slow pbts that one came up and i said you know what all right i'll give it a stab and i took a trade on it um for the break of 76 i got in at uh i believe it was 75 and stopped at 74. so those are my trades there um yeah so 76.75 so i was in 76 out of 75. that was right there it ended up giving us that move at the open up to 89 and i was still watching it for a trade at the open because i knew that this one if i could buy 4 000 shares was probably my best shot at having like a six seven eight hundred dollar green day and that's just because i really wasn't expecting um such a phenomenal move on vrpx that was unexpected but i think that that also tells a little bit of the story of um july and august and even december if you look back at december the day that acy made its really big move right here this was on december 28th so you know isn't it kind of funny how in a typical low which is between the holidays between christmas and new year's typically the market's very slow except all of a sudden you had this stock that made a huge move became as it started to move became obvious and all of a sudden traders were jumping on it and next thing you know you got some really good opportunities so sometimes um because there's not a lot moving when something does start to open up it becomes um exciting and people jump on it so now the high here is 1008 and this five minute candle you can see right here it's a green five minute candle 990 is the high so this is where you're starting almost to have like a head and shoulders pattern shoulder head shoulder so you know as it comes back up a second time i get a little nervous about that as a breakout because you've got declining volume not only you have declining volume on the on the red candles that's okay but you also have declining volume on the green candles right so technically this is a five minute setup and i would consider this to be the first pullback and then this will be the second i wouldn't really say that this was too much of a pullback it's not super well defined although some might say it is so that was the first and that's the second and then this is the third and typically the third pullback starts to get riskier so i don't know but you know this is going to be one of those times where i'm going to say uh yeah look at that it's better to throw in the towel in the green uh and maybe be leaving a little money on the table to overstay my welcome so it's 10 15 i'm shutting it down i'll live to trade another day i'll be back at it uh first thing tomorrow which would be day in the small account which now as it's over 10 000 is not so small anymore it's growing but uh yep that's the plan but of course as always in case you already know trading is risky the uh my results are not typical in fact the typical experience for most beginner traders is that they will lose money you should assume therefore you will also lose money and with that assumption in mind do yourself a favor and trade in a simulator before you put real money on the line now i'm going to log out here i'm going to close this and let's see um all right so um i'm gonna open this up here this is the right password oh um well now i can't remember my password okay well in any case i was going to log in and show you how the simulator is essentially it looks identical to the software i'm using with real money so the benefit there is if you can do it in the sim it's a good proof of concept so do yourself a favor and train the simulator before you put real money on the line and with that i'm going to let you guys go and i will see you um back at it first thing tomorrow morning for day 25. all right i'll see you then and that right there was an entire video with no ads i don't monetize my youtube channel with video ads which means you guys get to enjoy the content but do me a favor please hit that subscribe button and give me a thumbs up and let youtube know that this channel is the channel to watch if you want to learn about day trading you