Day 8 of My New Small Account Challenge | Recap by Ross Cameron transcript

[Music] what's up everyone all right well today is day eight of the small account challenge and today is the first day that i'm sitting here really kind well it's the first day of this small count challenge uh i'm sitting here feeling kind of disappointed in how i traded three weeks ago or so when i did my first day one of the small account challenge where i traded with leverage and i was super aggressive i wasn't very happy with that day but then i pressed the reset button and start a new challenge the following week so i started over with the challenge that is on day eight right now which is trading with the cash uh balance only and one trade a day so today is uh the eighth day of one trade a day but i hesitated and chose not to trade the biggest momentum stock today because i thought because the price was higher at 34.30 34. well even at 25.26 when it was a little lower i just thought that price was too high i could really only buy like 200 shares of it i just thought i don't know you know buy 200 shares i'm going to make three dollars a share and i have a winner yesterday i was up 700. on you know one pretty nice trade about 750 shares got a dollar a share that's more realistic it was a lower price stock so i said you know what i'm gonna i just can't do it well the stock ends up going from 26 27 28 29 30 all the way up to 40 a share ah so i could have ended up having a great trade or made some really good money and i totally missed it so then another stock starts to pop up and i jumped in i was like i'm jumping in this it was lower priced i got in at 380 and my entry wasn't good it just wasn't a good entry so as a result as soon as it started to sort of hesitate as it came up to a double top i was nervous because i was in too high and i didn't have a good entry i said you know what just get out so i and i bailed uh made five cents a share uh which was 77 on like 1500 shares and then the stock ends up pulling back and then ripping like 25 cents so oh you know and i was tempted to go back in because i was like okay well i took my one trade but it wasn't good i should i should take another trade and you know but then i said no that's the whole deal one trade a day some days it's gonna be good some days it won't be as good and you should have waited you should have been more patient and waited for a better quality setup so this is the this is the punishment if something else forms its equality you're going to miss it because you blew your one trade on a chase and it didn't end up working out so well so you know again it's it's a green day and i was trading the leading gapper so of all the stocks out there that i could possibly choose to chase it was probably one of the safer ones but it didn't end up positioning me well because as soon as it ran into resistance i got nervous and then i stopped out on support and then it goes you know just so you know you get a trade off to a bad start with a bad entry and that can really screw things up so anyways i hope you enjoy the recap here for day eight the small account challenge is going well overall i've got eight trades so far they're all green so uh eight decent little winners here today's i think the smallest one so far but um but you know it's still green so that's good and i'll be back at it tomorrow for day nine um i feel like i was gonna say something well well i try to remember what i was gonna say uh i'll remind you as always the trading is risky my results are not typical and then the experience for most beginner traders and traders just in general is that you'll lose money trading in a small account is hard you've got some disadvantages you can't really average down if you have a losing trade that's a good strategy but you can't do it you know you start going in with max buying power you're on leverage there's leverage restrictions on stomach on some stocks and and then there's just the fact that one loss can potentially blow your entire account so i encourage you to practice by trading this simulator and not flip the switch to real money until you've first proven you have what it takes to be profitable in the sense and then when you flip the switch to real money one trade a day with small size is a great approach because ultimately the small account by itself is kind of like the next level of sim trading yes it's real money but you should kind of approach is like a prototype or like a proof of concept you know can i actually make money in this thing with real money therefore justifying investing more and having a larger account because it's kind of like trying to run a food truck i don't know out of a um well i don't know out of like a kids like uh you know toy toy truck or something like that like it's not a real truck uh could you sell some muffins at the farmer's market and people will buy it i think it's funny i guess so but you're probably not going to really grow a business but it's proof of concept okay so now maybe if it worked on that scale can i justify spending the money on the big truck or the beer account and then you know or do i have how many muffins do i have to sell in the small truck before i can reinvest it i don't you know you sort of have to do the math but the purpose of a small account really is still just proof of concept so take it slow and um yeah i guess that's all i was gonna say obviously my results are not typical the account right now start at 4300 and is it 6600 so it's up over 50 uh yeah a little over which is great so i'm making some good progress in the account and i'll continue tomorrow on day nine but i'm not out of the woods yet you know one lapse of judgment could result in a big loss and it could you know i could give back days of profit just like that and that's very common so you know three steps forward and then three steps back that's what happens to a lot of traders so i've got to be careful i will have a red day at some point today was a little bit of a close call i've got to do a little bit better tomorrow so hope you guys enjoy the recap and i'll see you tomorrow for day [Music] all right everyone so um small account recap here today is day eight of the small account challenge came in this morning with six thousand six hundred seventy five dollars and seventy cents of equity thanks to the profit from the last seven days i started it for four thousand three hundred and thirteen dollars so the account uh right now is up over fifty percent which is great that's phenomenal uh of course my results are not typical but uh i'm very happy with that and i have not been using any leverage so even though i have daytime buying power i haven't been using any of that leverage so my one trade today was uh igc i bought it 380 1544 shares which was the most pretty much the most i could buy with um that buying power and uh i sold it for five cents profit so you know this one look at this drop here from 460 all the way down to 360. pretty choppy and in my main account i traded it later in the day and i lost 15 000 on this drop right here and that was where i said all right i'm done for the day but in the small account my one trade on it was a pre-market and it was kind of a chase it wasn't the best entry i should have waited and since i'm restricting myself to one trade a day it's disappointing that i kind of blew that one trade on a chase i added at 380. you can see right there in at 380. well 373 would have been a better place because that was a little pivot the high there 373 but even that would have been a chase i was looking for the break through 384 which was the high of this green candle and then the squeeze through 389 and it moved right up to four and i was thinking all right 1500 shares we squeeze up to four maybe four fifteen which we ended up doing a few minutes later um that could that could work you know three four hundred dollars a profit and my stop however i knew had to be really tight so when it popped up and double topped at 89. i said uh oh this is doing a double top i gotta get out so i got out i hit the bid i bailed out for five cents profit 77.20 it pulled back down to 378 which means i would have been down two cents a share and then it ripped up to three to 403 then it pulled back and then it squeezed up to 425 and then at the open it moved a little higher so it's kind of annoying because you know the better entry would have been waiting for the first one minute pullback right there and then it would have been in at 385 basically exactly where i sold but i could have actually gotten more like 10 cents a profit it then pulled back to 384 which would only to break even before the second attempt through three through uh through 403 which gave us that bigger move and what i have held on that squeeze from 389 from a 384 entry to 403 when it dipped back down to 82 wait what was the low there went to 84. i don't know you never like to have a rejection of a half dollar like that or a whole dollar i might have just taken it off the table at like 95 when it broke back below four so realistically it still might not have been that big of a trade and the trade that i did so well on in my main account on neuro i didn't trade it in the small account because my first entry on neuro was at 26 dollars and 13 cents on a bottoming candle wick like right down in here well actually that wasn't my first trade but that was um that was the one of the best trades so i had that trade right there 34 uh sorry um 26 uh 14 or 13 or something like that we had this awesome pullback right here we had this one right here we had this one this one i mean it was just super strong but once it took off like that i just felt like i couldn't trust chasing it in the small account and of course by that time uh i let's see what time did i take my first trade so yeah so i took this trade in my main account first and i was like oh man that worked out a lot better than i thought but i can't chase in the small account i can only buy 200 shares and so i so i left it alone yeah sometimes that's that's what happens you know the one that becomes the biggest uh mover is just not uh one that you can afford the risk on and if that's the case it is what it is you know trade tr you know you just gotta trade what works for you what fits within the strategy so anyways uh that's that's it for me day eight uh in the book cents small progress and just have to wait for kind of the next stock that fits a little bit better within my strategy and i wish that maybe i had been a little more patient uh today i think because i had missed already missed the trades on neuro in the small account when igc started to move up i was like i better jump in it right here i don't want to miss it so that kind of gave me some fomo because as it turns out if i had bought 200 shares of neuro even if i had bought it you know down here at like 27 30 27.50 i i could have made 600 bucks on it even more because it went so much higher uh but you know that's just um that's those are the emotional traps in the market so anyways it's uh coming up towards 10 a.m i'm shutting it down a small account progress good but this would probably be the closest trade i've had so far during this challenge to a breakeven trade where i got in not very good entry and then had to just get right back out so not not really a great day here on day eight but it's green and i'll live to trade another day i'll be back at it tomorrow all right that's it for me for the small account recap thanks guys for tuning in 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]