Day 2 😡 RED DAY RECAP 📉 😥 Small Account Challenge Ep 8 transcript

what's up everyone all right so here we are day two of the small camp challenge now today I'm up $12 and that's before Commission's so I'm actually down about twelve dollars after commissions which means it's my first red day which is not great for day two it's not really what I wanted but a small red day it's not a big deal and I have this rule right now the second I go red I'm done I'm walking away I am NOT gonna allow myself to have a day where I go little red and try to get back to green and then just go deeper and deeper and deeper can't happen I don't have a cushion so the second I go red hands off I'm done today I was up about $75 I took two trades to $35 winners roughly and then I took you know a third trade and I lost 60 bucks on it was a full 20 cent stop on 300 shares lost 60 bucks and just like that I went from 75 to up only $12 on the day and then of course with Commission's now down 1215 on the day yesterday being up about 140 after commissions let's say for every $10 that's one step forward so yesterday was fourteen steps forward which is awesome today is two steps back I'm okay with that it's a little pullback I didn't want that for day two but I'm okay with it the question always is was I managing risk and was I following my rules and the answer today is yes I took a total of three trades had two winners which means right now on the challenge I've taken five trades and had four winners one loser so you know 80% accuracy right now the only two days in let's see how that looks you know three or four days the goal is just to continue to focus on a quality setups and if today's a day where I'm kind of grinding and I give back a little bit and fifteen bucks it is what it is I'll live to trade another day you never want to empower one trade or one bad day to blow up your account and so in a way it's kind of nice just to have the first red day in this account behind me under my belt and now I can bounce back tomorrow and hopefully have a green day I had someone into chat room asked me this morning he said Ross are you gonna change your strategy to try to accommodate this commission issue because typically with a large account I would take a starter and that would cost me you know one commission because I press the Buy button once and then I would add to the position right on the confirmation so now I've got two trades and then on the breakout I would sell half and then if it continues higher I would sell another half and then I would sell the rest when I finally bail out so for each single trade essentially I'm taking five individual trades five times two is ten dollars right now that's okay when I'm trading with 6000 shares and I'm making 600 or $800 on a trade but I'm trading with only 200 shares you know and I'm making only $40 that's still ten bucks and now that's 25% of the profit so you know that's kind of the question is does it make sense to change the strategy and what do you guys think yeah feel free to comment below my thought on it initially is that I don't want to change anything the strategy that I use for getting in stocks proven profitable you know even with a small account because I've done it before this is the same strategy I used when I took $583 and turned it into a million dollars so I don't really want to change anything if I change something then the metrics that I'm you know using to kind of feel confident and taking trades and pressing the buy and sell button well I don't know that they're valid because I've made a change to the strategy you don't really want to make a change in production until you really know whether or not it you know it's a profitable change or or whatever so I think for right now I'm not gonna change anything yes yesterday 10% of my profits went back to commission today you know all of the profit I had a little bit of had went away to commissions but as the account grows commissions will become a smaller and smaller percentage the most important thing is that I you know continue to focus on the strategy that is proven profitable and so I think that's kind of my approach right now so anyways we'll break it all down here and a to the live recording for today's trades will be uploaded for students in the warrior pro classes so those you guys where your pro classes you can watch the livestream it's about an hour long I traded right from 9:30 all the way to about 10:30 tomorrow and for the rest of the week you know we'll see what I have for trades if I have something that's like really really awesome that I want to show you guys Amy I'll put that down below in the description for YouTube but for this one this is gonna be for warrior pro students all right so as always questions comments leave them below love the thumbs up subscribe to the channel if you haven't already I'll see you guys alright everyone so we're gonna do our recap here today is gonna be day two of the small count challenge as you can see I'm up $12.20 but that's before Commission and so after commissions today I'm gonna be down probably about fifteen dollars my Commission's are two dollars for every trade I take so I've got one two three four five six seven eight nine ten eleven twelve so that's 24 dollars in commissions plus I pay an ECCN fee of point zero zero three per share and I traded 2,200 shares so 2200 times point zero zero three is six sixty plus 24 that's 30 dollars in commissions - $12.20 of profit I'm gonna be down $18.40 today which is kind of a bummer you know but at the same time that's that's fine from a risk management standpoint I had three trades today two winners and one loser and I'll break down these trades for you of course I recorded all the trades from this morning and said those you guys who are warrior pro students those are gonna be uploaded so you guys can watch them later today so this morning was kind of interesting because our gap scanner was a little on the light side DL PN leading gapper but too cheap edn t one of the top gap errs but the chart not super pretty pre market because it was already fading the bell rings and squeezed up to 245 and has been fading since then so no trades on that and then s MIT is down here this is the one that I ended up trading in making 37 on great headline announcing a two million dollar stock repurchase plan alright so shortly after the bell rang I got in you can see that we had these two little pops this one right here and this one right here I got in for the break over for and it popped up to a high of 411 and I got out of that with I don't know six or seven cents of profit I took five hundred shares so on that trade that was let's see right here five hundred shares and I was out at oh I guess I got in at 97 those nice 97 and then 404 and 405 so you know eight cents per share nothing to be crazy excited about but a small profit and then we had P tgx now P tgx I'm read on so you can see down 25 dollars and it's kind of disappointing because the stock made this really impressive move this morning however the bulk of it was without a pullback the stock first squeezes from 540 up to 625 it then pulls back and pops up to 643 at this point I was watching it but skeptical because the float is 22 million shares it's a higher float slightly 23 million slightly higher float stock and it's a gap down reversal so yeah or yesterday it dropped down and then today it's bouncing off the low which is a setup that I typically don't like because the inherent weakness from a stock you know having dropped so much the previous day so I was just not feeling super trusting on it early on both because of the float and because of the daily chart setup and so when it popped up to 625 I was like yeah I see that but I don't know and then here it drops to 590 breaks over 6 10 and then rips up to 643 so right through here I started watching it and I said okay guys at this point this is what it looks like we have this topping tail candle at 643 what we need is an ABCD pattern on the one-minute chart and that would create it most likely a 5-minute resting period and then I'll buy the first 5-minute candle to make a new high so I know the high right here is 643 and so I want to let this candle maybe hit 630 and then drop back down to 608 and then when it comes back up to 630 I get in to anticipate the break over 643 what I said I didn't like was the fact that this went from 643 and all the way back down to six dollars that's a forty three cent pullback you know that's a pretty serious pullback that's just not something I'm super crazy about so you know I I said I'm gonna leave it alone and then it breaks 43 and I was like okay well you know but this five-minute doji I don't think I can you know I can't trust that and it goes up to 70 to 80 to 90 to $7 then we have a doji at the high and I'm like okay finally well you know what that's great it broke out but I stand by the fact that I really couldn't manage risk on it in a safe way it was the right thing for me to sit on the sidelines I gonna wait for the first red candle first pullback and then I'll get it and then it rips up to 748 and I was like god dang it 748 stocks halted all right so now it's halted 7:48 I haven't taken any trades on it and you know I'm reminding myself that you know what you couldn't afford the risk on the trade so you didn't take it you can't beat yourself up to see it run without you when if you had taken a trade and lost you would have been upset with yourself so I followed the rules and you know this is just one of those times we're breaking the rules would have rewarded you so it resumes from the halt it squeezes up to a high of 813 I'm holding my hands I'm not taking any trades on it it then pulls back we've got a shooting star doji but it rips up despite that to a 20 and then up to 834 it then pulls back right here on the first pullback we finally get a pullback and I took my first trade right here from 825 up to a high of 850 on that trade I made about $35 so I made $35 on a 300 share position so about 15 cents per share and I felt okay about taking this trade because I had now waited for the first red candle the first pullback so I made 25 bucks over 35 bucks whatever was so I was up 76 on the day it then consolidates here it's pulling back it's dropping and now finally we're getting a five-minute setup all right so now we're getting this five-minute setup forming and I was watching 788 for the first five-minute Campbell to make a new high and I thought a break of 788 we'll get a trip back to 8 I move back up to 8:15 8:20 May a double top at 8:50 best-case-scenario I don't really think it's gonna rip up to nine but you know we'll see what it does so right here it dipped down it popped up to 75 but then pulled back and I got in right here anticipating that the break over 75 that this was the beginning of trending back up because we were going from stair stepping down to stair stepping up so I got in at 72 it hits 84 and then pulls back and then right here it pops up to 88 and I was expecting an immediate break of 88 and into the 90s that didn't happen I tried to sell I didn't get filled at like 82 and then I hit the bed and got filled at 51 so I stopped out right here at 51 you know which is a bummer it dropped to a low of 35 but it was the right exit because of course this has gone lower since then so you know this is sort of the pattern this was the beginning of a pull back this is a possible moment where we were gonna see a five-minute bull flag pattern kind of like this pattern that you see right here the first 5-minute candle to make a new high first one-minute candle that didn't happen in this case and so I ended up giving back the 35 I've made and being down 25 on the stock which you know is disappointing and so what I have to sit with today is a feeling of a little bit of FOMO and a little bit of loss FOMO that ptg ex you know ripped up 50% and I sat on my hands waiting when I finally got a pullback I lost money on it so that's frustrating I feel FOMO and I feel like man I should just jumped on it that's the feeling I should have just jumped on it but it was the right thing to sit on the sidelines you know and I feel a little sense of loss because now instead of being up 75 on the day I'm up only 12 before Commission's you know but big picture it's okay it's not the end of the world so I'm not gonna beat myself up over it and you know it's whatever being down 15 $18 is fine so I'll be back at it tomorrow my next best chance for a really good trade is tomorrow morning it's not gonna be to continue to trade today if I continue to trade today I'm just gonna churn shares I'm gonna lose more money on commissions and very unlikely I would see a big momentum stock at this point unless something comes out with breaking news so um now on the buying power issue I reached out to cmeg yesterday because I was like you know yesterday I only had three hundred ninety five dollars in my account right which was a surprise and what was even the bigger surprise was that I was able to take two hundred shares of DRI Oh at nine eighty seven or nine eighty nine eighty eight which was almost two thousand dollars I know some of you guys are doing the math you're like well wait a second first of all you're not supposed to have margin below $500 with cmeg and if you do it's only four times so $395 times four is only $1500 how did you buy almost two thousand dollars worth of stock so I emailed him I said hey you know what's what is the deal with my buying power and they said well your buying power was actually based on five hundred and twenty before we did the withdrawal so I was five hundred and twenty I said was it four times leverage and he said yeah I was four times leverage so I had four times leverage on five hundred and twenty dollars yesterday despite the fact that you know obviously I only had three hundred and ninety five in the account because they'd taken out the platform software fee so I'm not really sure why that was the case but in any case I asked them to credit that back the the the hundred and twenty five because I hadn't used the platform in November and so they did so they credited back the 125 plus I had the fifty eight dollars or so of profit from yesterday so now I've got about six hundred and let's see was this six hundred and fifty nine dollars and seventeen cents in the account right now so tomorrow I'll probably have about you know six hundred and whatever forty five dollars which you know it's kind of a bummer but I should have four times leverage on that which is about twenty five hundred dollars in buying power what's interesting is that one of you guys who are in the chat room said that on PT GX even though you only had a $500 account you were able to take 5000 shares TGX look at this so sorry you were able to take 500 shares so I say 5500 shares so what that means is that you were getting six times leverage on your 500 because obviously 500 shares you know at six dollars is three thousand bucks and five hundred times four is only two thousand so I'm not totally clear on what methodology or what system they're using for how to determine how much margin to give the website says below 500 is no margin and between 500 and 2,500 is only four times and yet they also say that it varies based on the price of the stock stocks between two and four you only have two times margin or yeah I think two times and stocks four and up you can have up to six times margin so I'm not you know it's they start have two sets of rules and it seems like sometimes one is the leader and sometimes the other one is the leader at least based on what you guys are saying and I see Manuel you're saying sometimes it happens they give you six times margin so you know I I don't really know but in any case I'll upload my broker statements at the end of the month as I always do so those of you guys who want to look at them you know whatever you're welcome to look at them so today second day of the small count challenge a little bit of a setback down $12.20 before commision down about 15 after but obviously not a blowout as far as red day's go it was bound to happen that I would have won I'm glad it wasn't on day one I'm a little disappointed it's on day two I maybe should have just taken my seventy-five dollars and walked away but I I did go ahead and take that one last trade on ptg X right here and and that in this case ended up not working you know and I was up ten cents a share on it I was up thirty bucks and I did try to sell half of it when I was up in the you know $30 range but I didn't get filled and then it dropped pretty quickly so you know live to trade another day and survive to you thrive so I'm just gonna kind of grind through today a little bit of a pullback but you know if yesterday was let's say one step forward for every $10 yesterday was about 15 steps forward and today is about two steps back I'm okay with that all right so that's it for me it's all about risk management kept the risk tight didn't give in to FOMO wait for good quality setups took them and finish today with about 66 percent accuracy green on two out of the three trades I took so I'll be back at it first thing tomorrow hopefully we see and you know something a little bit stronger a little more consistent out of the gates and maybe a better gapper and can have a quick trade in the first 30 minutes that gives me a little bit of a cushion and then I can afford to take some of the more aggressive micro pullback trades that today I felt I couldn't justify the risk of taking alright you guys I'll see you all tomorrow morning bye everyone hey have you seen my most popular video on YouTube it's got over five million views you can check it out right here and check out one of my other videos on YouTube right here I hope you guys enjoy it as always if you have questions leave them down below in the comment section I personally respond to every comment that's 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