Day 5 of My New Small Account Challenge | Recap by Ross Cameron transcript

[Music] what's up everyone all right so today is day five of my small account challenge and another green day one trade one entry one exit a lower price stock and the setup i traded today was the break of a whole dollar i'll break it down in the recap in more detail in case you didn't already know day trading is risky most traders lose money and my results are not typical you should assume as a beginner trader you will lose money and with that assumption in mind trade in the simulator before you put real money on the line so in my small account i did one trade a day one trade a day it's a small account way one trade one entry one exit got green in my big account the first trade i took was a little risky a little aggressive and i went red the second trade i got aggressive trying to make back the initial loss i did make back half of it and then the third trade i got aggressive hoping that i would get myself through the the red and into the green ended up going way down into the red and hitting my daily max loss in the big account reminding me that one trade a day is so important especially in a choppy market and today was choppy so i'm green in the small account today uh on the one stock i traded i didn't trade that stock in my main account but i'm uh red in my main account you could watch the main account recap separately if you're interested but in any case today was a tricky day so as i come in tomorrow i'm gonna be thinking about the fact that while i was green in the small account today uh it was choppy overall and the stock i trade it didn't hold up super well and that i better be a little more cautious tomorrow as i'm looking for that first trade and make sure it really looks solid all right i'm gonna break down the recap i hope you guys enjoy hit that thumbs up and subscribe the channel and i'll see you guys tomorrow for day six [Music] what's up everyone all right so i'm to break down my one trade today on aehr it was our fourth leading gap we're gapping up 45 with a 20 million share float and currently over 37 million shares of volume uh this is the stock right here aehr so my trade on it um was a trade at the open and you know it ended up being a pretty nasty false breakout but what i was looking for was the breakthrough five ideally a breakthrough a half dollar a whole dollar gives us a bit of a bigger move than this typically what i look for is volume increasing as we approach half dollars in whole dollars and so in this particular case my entry was at um 495 right here so i'm in at 495 and then as it breaks through that level i take profit on the break on this one there was a big seller at five i don't know maybe like 50 or 70 000 shares and it tapped it pulled back and then when it broke through it i wanted to sell because i i just wasn't sure it was going to be able to hold over that level with that big seller that had been there i just didn't know if it was going to hold and in fact it did not it broke hit 508 and then came back down so my exit was pretty good usually with this setup i'd like to see it break over five and i'm usually thinking if it can break well the whole dollar whatever the dollar is five six seven eight nine ten doesn't matter i like to see it break the whole dollar and if you can break through that dime so in this case five ten that shows me some confidence that it's breaking through the level then often they come back down they retest that level and if they hold above it or dip below it but get right back above it then the next break through that previous high of 5 10 5 12 whatever it is is where i would look to either add to the position or add back if i took profit during the initial break on this one in this particular instance we got the break it came back re-tested and flushed back down and it hasn't gotten above five so this was our second or our fourth leading gapper our second leading gap or nrxp also was weak at the open and weak pre-market cytk was not strong so generally we haven't had really good follow-through today i see this mtsl hitting the scanner uh you know it's kind of this surprise momentum i don't see news on it it's got a couple big red candles on the daily chart you know this stuff like this is hard to trust and in the small account at this time of day there's no way i wouldn't be able to um i wouldn't be able to keep trading so you know it is what it is i took my one trade and it's a small winner but it's green i think the biggest winner i've had uh since i started this challenge was actually like on day one or two when i was up six hundred dollars uh the last couple days last two days have been smaller in the gains but uh but they're still significant i mean they're still significant in the fact that hey a hundred dollars a day is is great and the account this morning had a starting balance of um approximately five thousand seven hundred and twenty six dollars so given the fact that you know i've got a pretty small account and i'm not using any leverage making a hundred or two hundred today a day would be phenomenal so you know i'm grinding on these numbers right now i uh have the benefit that each one of these days helps grow the account so it's getting a little bigger a little bigger and then you know eventually when we start seeing some really nice follow-through and some really clean action by that point you know 10 days like this my account's going to be bigger and then i can take a bigger position on that day when the market's really hot so these days are important and it's much much better to be up 100 than you know down 100 or down 50 or whatever it is so slow and steady progress one trade a day is the small account way so one trade entry exit that's it keep it simple we'll be up about a hundred dollars a little over 100 after fees and commissions so that's it for me that's day five in the books i'll be back at tomorrow for day six and what i would hope tomorrow is that we have a better gap scan where one of these gappers is really clean has great catalyst and is moving quickly and just like that it's going to change the tide of momentum but you know when we just don't have great gappers and we don't have great news that comes out pre-market there's not much we can do so made the best of today could have just as easily not taken any trades and that would have been okay too but the break of the whole dollar was the setup i took so got green and that's it for me all right thank you for tuning in i'll see you guys first thing tomorrow 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 daytrade [Music]