Day 11 of My New Small Account Challenge | Recap by Ross Cameron transcript

[Music] What's up everyone? All right, well today is day 11 of the small account challenge and I'm up about $383. Not bad. Two trades again today. One, a $29 winner. So, basically a break even trade. The second, a decent winner. Not not huge, but you know, like 350 bucks or whatever it was, 360 bucks. So, took two trades today, same as yesterday, got green, shutting it down. And I'm happy. 5% gain, that's a great day in a small account.

So, I started with $6,800 in the account today, adding another 383, whatever, it's going to put me up over 7,000 in the small account. I still have a ways to go. I want to continue to grow the account slow and steady, cross that 10,000 mark, then 12,000, 15,000, up to 20,000. It's going to take some time to get there, but what I think you're going to start noticing is that as the account is getting bigger, the days will get bigger as well.

The green days will get bigger because I can afford to buy more shares. It's that simple. With a 3,000, 4,000 dollar account, you know, you can't even buy a thousand shares of a five dollar stock. But now I can. Now I can buy a thousand shares of a stock all the way up to six dollars and eighty cents, and that means if I can just get twenty cents a share, I'm hitting two hundred dollars a day. That was initially my goal, two hundred a day.

That would be a great day, two hundred a day, you know, if you average that out over the whole year, that's a fifty thousand dollar a year. To possibly be able to do that from an account as small as initially four thousand three hundred dollars would be a huge accomplishment. So, it's not my expectation that I will continue to only average Well, right now my winner green days have been averaging about three hundred dollars.

So, let's see. Well, we can put it together. Um today is day 11. Uh so, 4300 minus um 6800 what So, 2500 dollars of profit. Uh but then remember, I had one um red day, and that red day was 330 bucks. So, my total winning days right now are uh 2,830 dollars of profit, and I did that in nine No, let's see. I did that in 10 days. Um nine days because the tenth day was red. So, divided by nine is an average of 314 dollars a day.

So, about 314 dollars a day on my winning days. That's solid. I'm totally happy with that. That exceeds the two hundred dollar a day goal. But of course, I have a red day in there. So, today's day 11, so we'll kind of do that again. So, let's say 7100 minus 4300 is 2800 divided by 11 is 254 dollars a day. So, once you include that one losing trade, all of a sudden, your daily average, you know, gets drawn down quite a bit.

So, 250 dollars a day, that's over 50,000 dollars a year if I was consistent, but I know the green days, as they're already starting to get a little bit bigger, will continue to get bigger as the account grows. And once you start to get some confidence, you know, your first five, ten days trading a small account. Remember, ten days is two weeks. And because five day five trading days a week, so you get now two weeks into the small account, three weeks, four weeks, you get a full month under your belt.

You've gotten a full month under your belt and you haven't blown up the account, you're making slow and steady progress, you're inevitably going to start to gain confidence. That's just the path. Now, of course, if you hit some bumps in the road, you have losses in that first week or the first two weeks, you may lose confidence, and that's why it's so important that you start off with really small size so that if you do have that kind of confidence break, that it's it's moderate, you know, it's not like, "Whoa, I just blew up my account, you know, on on day two or whatever." And you know, you might think Ross isn't probably afraid of any of that.

I absolutely am. I I I'm always afraid of blowing up an account because I know that there's a high level of risk in trading. And I actually had a dream that I blew up this account, this small account that I took a trade and was down so much my account got auto liquidated and the balance was zero. And it was gone. It's a scary thought. Such a scary thought I had a bad dream about it. It's not impossible. It really isn't.

And that's why you have to remember, trading is risky, you shouldn't trade with money you can't afford to lose, and given that most traders lose money, you should assume that you have a high likelihood of loss, and therefore trade in a simulator before you put real money on the line. Now, if you trade in a simulator, what you'll have is a track record before flipping the switch, and that track record is the beginning of you building some confidence in your skill.

So, you know, the first first nine days I took one trade a day. Here we are at day 10 and day 11 taking two trades a day. We'll slowly increase that as I get a little bit further into the challenge as the account grows, which would be the normal evolution. I think for most beginner traders, focusing on one trade a day is a really good approach until you have a long period of confidence building and building profit cushion.

The fact is, when you start over trading, you can get into those traps of getting more and more emotionally frustrated as you start to lose money. Less is more. All right, but at the same time, we all want to grow an account, we want to try to capitalize on opportunities in the market, and there will be some days where there are several opportunities. It's kind of funny, yesterday and today both sort of similar in that I had uh two trades that each of them Well, the first one today and the first one yesterday were both like break even trades.

And then it was the second trade that ended up being better. So, uh that that may be the luck of the draw. Um if my first trade is red, I I would probably uh hesitate to take a second trade because then I feel like I'm already off to kind of a bad start. But we'll we'll see how it goes and we'll see what the market uh offers us. So, you know, this is an interesting time of year to do a small account challenge. Typically, I trade the very best it in uh Q4 and Q1.

So, October, November, December, January, February, March. That's a six month period where I usually do the very best. So, I'm doing a small account challenge during a time of year that I know I actually don't trade as best uh uh or as well. July can be so-so, August and September can be slow, and I'll have the small account challenge kind of, you know, just chugging along during this period, which um you know, it's it's fine.

I I don't mind doing it, but it's worth being mindful if you ever think about starting a small account challenge, when is the right time of year to to be considering going live? When is the right time of year to be aggressive, and when is the better time of year to be more conservative? And we're coming into a time that for me is better to be more conservative. So, I hope you enjoy the recap. Give me a thumbs up if you haven't already, I really appreciate that.

Thank you, and as always, trading is risky, so approach it with caution, assume you'll lose money, and remember that my results are not typical. All right, I'll see you first thing tomorrow for day 12. [Music] Okay, so here's day 11 small account challenge, two trades. Uh first trade was on GN, $29.36. Nothing to be too excited about. Uh tried to take a trade on the break through uh 440. Entry was 439. It hit a high of 445, and I gave it a chance to break through the half dollar.

It didn't break, so I stopped out. More or less break even. Uh you know, $29 is not really a winner. Uh but it's not a loser either, so a very small gain. Second trade, FLGC. This one hit the high day momo scanner. So, it hit the high day momo scanner uh right here as it started squeezing up this morning. FL uh GC did have some news. It's kind of interesting. Uh what I liked most about it was the daily chart, blue sky, recent IPO, all time high six dollars.

So, I knew if it broke over six, we were working with a pretty strong setup, and I was looking for that trade through all time highs. The catalyst on it um related to um CBD, so a little bit in the um uh cannabis sector, which, you know, is coming in and out of popularity. So, I thought maybe there'd be something there, but um in fact, there there really wasn't a lot. But there was a trade at the open or for or pre-market as it started to squeeze up here, uh and I jumped on and basically rode this wave of momentum, and held my final piece until it started to come back down here where I stopped out at 510.

So, I held it into the open, gave it a chance for that bigger move, couldn't do it, but 354 dollars of profit. So, on GN, I bought uh 1,300 shares, and on FLGC, I bought 1,150 shares. Remember, the total quantity is the shares that you bought and the shares that you sold. So, those are my uh trades, and that's it for me for day 11. Not going to overstay my welcome. Got green, staying green. Two trades. That's the max right now during this period of the small account challenge.

So, two trades a day. All right, that's it. Uh stay tuned for day 12. Coming 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 day trading. [Music]