I overtraded…😓 transcript

all right everyone so I'm going to do a recap here I'm going to go over the trades from today this was a little bit of a rocky day had a bumpy start and kind of a rough middle and then I then the day ended so I wouldn't say this was a great day for me and it was nearly a red day and it's of course the last day of the month and it's a Friday before a holiday weekend so wouldn't that be just classic Ross to have a big loss going into the weekend unfortunately that disaster was narrowly averted but really just barely so let's start let's go back to the very beginning here and um look at the first trade of the day so I sat down this morning on the early side it was um uh it was around 6:30 and pulled up the scans and saw bnrg was our leading Gainer now this stock um is an energy stock it's got a low float of 1.6 million shares it's got 80 million shares of vol volume right now um but it's cheaper and this presented a challenge for me if you look at the chart what do you think it is the move started after hours I I I always feel like I missed the move right I missed the early jump trading it in here when it made its biggest squeeze and now I'm kind of jumping in late so like yes it is pushing higher but honestly I just I don't have the interest in trading this it's too cheap it's a grinder and and I mean occasionally I will trade lower price stocks uh someone asked me yesterday they said Ross why don't you trade penny stocks and so so here's the issue I trade with a broker uh that's a little bit different from the Brokers that a lot of people use a lot of people um you know today are using Brokers like um thinker swim or with Charles Schwab or they're using Weeble or Robin Hood um you know maybe E Trade I've been using light speed and I am not an affiliate so I make no money money if you use light speed use them if you want don't use them if you don't want it doesn't matter to me um but I will say the reason that I like light speed is because um the software is um is is pretty fast and the order routing is pretty fast so when I was learning to trade this is more than a decade ago I was I initially started with um Amer trade and E Trade and in those days um the commissions on TD and Amer trade TR let's see if Google can tell us in 2010 what was the commission at E Trade question mark um let's see yeah there it is so draft uh $9.99 cents per trade $10 okay so just think about that for a second and let's just just today so let's go to um let's see what can I what can I add here oh we'll go to um trade count so we're going to add um a uh tra no is it trade count what is it available um trade count we're going to add that we'll just move it up here all right so this is the number of and no that's the let's see that's this that's the shares I bought um let's see uh maybe it's tickets what is it tickets traded um oh trade count oh no it's here um there we go so we'll move this one up okay so so here I've got 88 tickets 88 tickets 88 individual trades so that's how many times I bought and sold bought and sold bought and sold through the whole day so so if I had done that in10 with eade I would have spent $800 on commissions today $880 to be exact now it's kind of remarkable because today it's commission free which makes you think wait a second did they not actually need to charge commissions all those for all those years since clearly they're still in business without charging Commissions in any case so in those days um most traders who were active day Traders would switch to platforms like light speed and there's a number of others there's Cobra there's Guardian there's centerp point and these are Brokers that generally charge between at a high $5 per trade which is 50% lower than commission than the E Trade Ander trades of the world of those days um but if you trade a lot you can get discounted commissions so let's see so for stocks and ETFs so they say um your commissions are um let's see under $2 if you do more than 3,000 trades in a month which is a lot of Trades but it's you get under $2 per ticket I pay a dollar per ticket right now so I paid $88 for for all the trades I took but you also pay a routing fee and this is the one thing that um is tough so if you route your orders to NASDAQ you're paying 0.3 per share that means on 10,000 shares you're going to pay 30 bucks in ecn fees so now let's go back and think about um we'll just do um let's see so let's just do the math here so if I bought a penny stock at 50 cents and I buy 10,000 shares of it I'm going to pay $30 to buy it plus the $1 ticket so I'll pay 31 to buy it if I then sell it at 51 I'm going to pay another $30 to sell it plus the one so I'm going to have $62 in fees and that means if I got in at 50 cents and I got out at 51 cents I'd only make $100 on 10,000 shares and after $62 in fees I'm only up 38 bucks right so the profit to loss ratio is not great if you're trading a penny stock if you make four cents a share 25% of that profit goes to fees and commissions and 4 cents a share is is a pretty nice trade on a stock that's trading at 16 cents a share getting in at 16 cents getting out 20 cents so unfortunately with this type of broker you're a disadvantage to trade low price stocks and Penny stocks now I do have a thinker swim account which I could use for penny stocks I've been thinking that maybe I will the next time we have a a hot penny stock cycle but nonetheless I've mostly avoided low price stocks because the commission structure just doesn't really make sense um so BR bnrg you know lower pric stock it's obviously moving but this morning when I first sat down at 7 I just was like I don't think it's worth it it kind of squeezed here into seven and into 7: a.m. and then sells off pops back up sells off back up back down St stepping up so it starts getting really choppy here all right so the bnrg long story short it's not very short I didn't trade it I didn't feel good about it so that was our leading gapper so that was 700 a.m. now 7:30 there's no news there's nothing 8: a.m. all of a sudden bcda starts popping up and when I see bcda popping up I'm thinking uh I mean it was just up the other day you know what let's look at it so I see it's at $4 all of a sudden instantly and I see that there's news of an offering so I'm like offerings are normally bad why is this up this much maybe the price so I'm thinking maybe they pric the offering high and so the the stock is squeezing up so I look at the price I see it's $3 I'm like $3 2.4 million shares I don't understand why this is popping up but nonetheless it's obviously moving higher so I'm going to go ahead and take a trade on it hey buddy come here come talk to me he got you what did you get in a fight with your brother thought you hurt what happened buddy this is not good are you okay he didn't bite you well thank goodness for that [Music] oh no I'm really sorry about that well this is this is this is definitely tough news um I I have a question though for you um just for a second how are your contacts can you show me where you put them in I'll just check him all right so um a I know there's a lot of red we do not like that we do not like to see that red we want to see green on these charts so this was a stock that was squeezing up this morning and on bcda I decided uh basically just to break the ice I was like you know what it's squeezing it doesn't make sense but I'm going to jump in it had a small micro pullback um right around just under four I missed it and I got in for the break of the half dollar 448 442 448 450 and it pops up to a high of 482 I take my profit and boom 1,200 bucks so I was like you know what can't really complain about that breaking the ice that's green so now I'm up 1,200 on the day or 1100 anyways it's it's breaking the ice so that was my first trade that was at 8 a.m. and then it's once again kind of dead nothing's moving and I see at the corner of my eye qtn M hitting my scanner and this is a stock uh actually q&m this is a stock that I've traded before or no I haven't traded but it's been on the SC for a couple days it's a lower float I saw that it has news and so as it started to squeeze up right here I did a trade which is a little aggressive um getting in as it broke over 525 ends up squeezing up to 540 and then there was a hidden seller at 540 so I was like you know what I'm just going to jump out of that so I made 500 on that then I had uh my first close call of the day atpc this stock pops up kind of out of nowhere 200% goes a reverse split and goes from $150 to four bucks so it makes a huge move right here and I saw it as it was pulling back and I was like you know what I'm going to watch this for a dip so I bought the dip on this at uh it was 295 right down here for the bounce back over three about 2 285 it bounces up to 315 and then it flushes here all the way down to two so I was like whoa that was nasty did a dip off of two but on the first trade I lost $900 on the dip I only made like 200 or something it was a very small winner and then I got back in here at 225 for this curl back up and I worked my way back to um down only 400 on it maybe 300 so it's was like small so I was I was like all right making a little progress and then I was like I don't know this thing is really choppy it's weird it's got a lot of selling it comes back up again here um and I jumped in right uh it was right here I jumped in and I caught that red candle dropping down and I went back to um minus 1500 on it so now I'm basically flat on the day I was up 199 on the day but that doesn't include fees and commissions so I was probably read 100 bucks after fees and commissions and then it comes back up and I got back in it rips through 20 320 I took my profit then it dips down I get back in right here for the break through 320 and got myself to up 2,000 on the day then I tried to do a dip right here and boom gave back 300 250 so at that point I was like you know what let's you're I think you're playing with fire here it's getting a little risky remember it's a Friday going into a long weekend we've got the market holiday on Monday I don't need to overstand my welcome what are you doing here and so this ties back into what I was talking about um during my my class today that um this was not a day to size up there was no call there was no reason to size up in a big way today so although I did have sort of a swing in my p&l you know going from Green um you know I guess 2,000 at my Peak or so500 1,800 back down to 200 in total I wasn't exposing myself fortunately to having like a three or $4,000 red day everything is kind of compressed because today was not a market that called for being aggressive and taking a lot of risk so I just played it safe I was like you know what this is just a time to go easy and since it didn't come easily to get my cushion today I don't need to you know push it now yesterday I got my cushion real quick and then I started to get aggressive I was like all right here we go and next thing you know I'm up you know 4,000 5,000 6,000 8,000 10,000 I ended up being up $122,000 yesterday so in a fantastic Green Day was not really expecting to have such a solid green day but obviously grateful for it I I'll take it and that is going to tide me over for today so today is going to be a slower day but you know I have yesterday which which makes up for it so if we look at my reports here um I'm clear this out for a second so yeah so that was 11, um 358 that was after the fees and commission so you could see gross and net so right now last 90 days right here I mean you can see I'm on this nice little streak coming up 5290 days so it's like a small Green Day small Green Day solid day sizing up getting aggressive and then today another small Green Day base hits add up that's that's the end of the day base hits add up so the thing that has taken me all these years to kind of realize and I don't know how long I'll be able to maintain the discipline to stick with this but um hopefully I'll stick with it for a long time is that there are some days that just simply are not calling for you to trade with big size and on days like that you should just sit on your hands or trade was small size today was a small size kind of day and I knew that from the beginning because it was a Friday last day of August before a long weekend is this the type of day a company's going to put out a good news headline you can have that I'll have it too if you want but you can have it and the answer to me was was no right what company's going to put out great news before a 3-day weekend so the result is that we didn't have a lot of news plays today we had a couple but but not much we had an offering headline which surprisingly made a stock pop up and then we had bnrg which was an energy stock with news from yesterday but again like that's not that's not something that's really going to give me um typically a a good trade so you know at this point I'm just feeling to be honest thrilled that August is in the books um I mean I'm I'm on a little bit of a hot streak here knock on wood it almost ended today and it wouldn't have been a big deal if it had but um you know I'm I'm focusing on consistency my accuracy has been higher than usual um the market has been cooperating and I'm looking forward to seeing what I can do for the rest of the year so if we look at year to date right now excuse me um year to date I'm sitting at let's see it's going to be about 700 $719,000 not including today so that'll put me at $720,000 so $720,000 on the year right now accuracy 65% right here I've taken a total of 3,000 uh trades as you can see so and these are this is a little different than what light speed would consider a trade because these are grouping trades it's not tickets anyways um profit loss ratio is positive and at this point my goal minimum goal is to keep hitting at least $1,000 a day yeah the calculator I don't think we brought that with us but you could use this one here I know that one's a little bit of pretend one I know we forgot your calculator shoot you could look around so so so July August right so um so if I can maintain $1,000 a day just like you know get my cushion $1,000 then you know bare minimum 20,000 a month so 2 4 six so potentially $80,000 for the rest of the year that would put me up around $ 820 I don't think it's unrealistic to stretch that and you know be trying to get2 $3,000 a day average I think a million dollar is Within Reach it might not happen at the end of the day it's going to be what the Market's willing to give me if the market keeps giving us great opportunities I think a million is Within Reach if the market cools down for whatever reason well that's going to be a different story however it seems and I said this a year ago that what what I think is going to happen with the Federal Reserves are going to keep interest rates really really high and then just before the election they're going to drop them back down and then the Market's going to be screaming through all-time highs going into November it's like it's just it's just feels like that's exactly what's going to happen so we're probably if I'm right on that uh going to have a strong Market going into the the end of the year uh so I think that we're probably going to see some nice momentum and um I think I'm going to be able to ride that momentum through um through Q4 so you know we'll see I mean I could be wrong but but that's that's my guess right now so I'm just going to try to sit down every single morning and follow the same process so looking for the leading gainers today of course didn't have a lot to work with but looking for the leading gainers and focusing on just trading them on their pullbacks so those of you guys um who are tuning in on YouTube if you didn't already know right now we have Labor Day sales that are underway Labor Day is you know pretty big holiday here in the state so we've got a Labor Day sale that's going on so if you come over and click on uh join now you'll see our Labor Day sales here on um we've got day trade Dash Warrior starter Warrior PR memberships so uh these are different bundles down here day trade Dash is um software only so You' be subscribing just to the charts the scanners the newsfeed but not my broadcast you don't get my broadcast you just get the software which I'm happy for people that want to use just the software that's totally okay but if you want to have access to my broadcast you have to be in the classes and you can become part of the classes by either being a warrior starter or a warrior Pro member the reason that I'm no longer streaming uh on YouTube just like my morning show is that I felt that it was enabling people to try to trade above their level without first dedicating themselves to following the process like when I'm just streaming and you just dip in for one day you're like oh this guy's streaming you know I'll follow 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